February 21, 2014
Happy Creek drills 26.25 metres of 1.19% tungsten trioxide (WO3) at the Fox Property14-03
February 21, 2014 - Vancouver, British Columbia. Happy Creek Minerals Ltd. (TSXV: HPY) (the “Company”) announces final drill results from the 2013 drilling on its 100% owned, 165 square kilometre Fox tungsten property. The property is well situated approximately 25 km east of the past producing Boss Mountain molybdenum mine, and 75 km northeast of the town of 100 Mile House in the south-central Cariboo region of British Columbia, Canada.
Highlights of new results from the RC zone include F13-19 returning 26.25 metres of 1.19 percent tungsten trioxide (W03), including 3.66 metres of 4.60 percent tungsten trioxide, 0.62 percent zinc, 1.25 g/t silver, 0.05 g/t gold and 3.3 g/t indium. F13-08 returned 2.7 percent tungsten trioxide over 3.18 metres, and F13-09 returned 1.0 metre of 3.69 percent tungsten trioxide that are both within overall wider intervals.
At the RC, drilling continues to outline a new tungsten deposit that starts at surface and dips shallowly westward. Drill holes F13-08, F13-09, F13-15 and F13-19 have demonstrated continuous mineralization occurs and expanded the zone an additional 50 metres to the south and 33 metres to the northwest. The zone remains open to further expansion. A map detailing drill hole locations and a summary of previous drill results are located on the company’s website: www.happycreekminerals.com.
Highlights of new drill results
|W03 (%) tungsten trioxide||Kg of W03
David Blann, President and CEO of Happy Creek states: “Drilling continues to produce excellent tungsten grades and the RC zone is open for further expansion. New results from the RC prospect includes 3.66 metres of 4.6 percent tungsten, which is a similar grade to F12-27 located about one kilometre away at the BN prospect that returned14.98 metres of 4.0 percent tungsten. These very strong tungsten grades occur quite frequently on the Fox property and attest to the strength and quality of this mineral system. To date, we have focused on just a portion of one target that is approximately three kilometres by one kilometre in dimension. Results clearly warrant advancing the project and we see an excellent opportunity for an important new tungsten deposit to be developed in British Columbia.”
Results and descriptions of holes F13-01 to F13-07 were announced August 7and September 9, 2013. With the gently-dipping favorable skarn horizon, vertical drill hole intersections are near true thickness, while angle drill hole intercepts are approximately 130-135% of true thickness and closer to surface than the down-hole starting point. Drill hole F13-08 is a step out located 50 metres south of F13-07 and returned 14.8 metres of 0.59 percent tungsten trioxide starting at 12.0 metres. This includes 3.18 metres of 2.7 percent tungsten trioxide, 0.18 percent zinc, 0.07 g/t gold and 1.1 g/t indium. F13-09 is located approximately 20 metres northwest of F13-03, and returned 17.35 metres of 0.50 percent tungsten trioxide starting at 31.35 metres, or approximately 25 metres below surface. This interval includes 1.0 metre of 3.69 percent tungsten trioxide. F13-15 is located 75 metres southwest of F13-08 and returned 4.0 metres of 0.58 percent tungsten trioxide.
F13-10 and 11 are located 50 metres south of F13-08. Results from F13-10 include 4.0 metres of 0.20 percent tungsten trioxide. F13-11 from the same set up was lost due to a drill problem at 17.0 metres and the final 2.97 metre sample returned 0.12 percent tungsten trioxide. This hole did not cut the full thickness of the favorable target horizon, however results indicate the mineralized zone is present and remains open in extent to the south. F13-16 is an angle hole from the collar of F13-15 and returned 10.0 metres of 0.05 percent tungsten trioxide starting from 44.0 metres. F13-12, 13, 14 and 17 are located to the south and southeast, up to 200 metres from F13-08. These holes cut the favorable skarn geology with multiple 1.0 to 3.0 metre intervals containing trace (less than 0.05 percent) tungsten trioxide. F13-14 ended at a depth of 36.8 metres, which may have been too short to test the full thickness of the favorable horizon. Additional drilling nearby is required to define the extent of high grades occurring in trenches RT 1-5 (7.0 metres of 0.80 percent tungsten trioxide) and drill hole F11-02 (5.15 metres of 0.91percent tungsten trioxide).
Drill hole F13-18 is located approximately 50 metres north of F12-15/16, and returned an 18 metre interval of skarn containing trace tungsten including 2.1 metres of 0.14 percent tungsten. This hole is thought to define the eastern edge of higher grade mineralization. F13-19 is an angle hole located adjacent the collar of F12-11 (vertical with 14.0 metres of 0.66 percent tungsten trioxide) and returned 26.0 metres of 1.19 percent tungsten trioxide starting at 31.75 metres, including 3.66 metres of 4.66 percent tungsten trioxide. The interval in F13-19 is horizontally between approximately 20 and 33 metres away from F12-11, and the mineralized zone is open in extent. F13-20 (vertical) is located approximately 50 metres northeast of F12-09 (vertical with11 metres of 0.82 percent tungsten trioxide) and returned 8.3 metres of 0.15 percent tungsten trioxide. F13-21 is located at the collar of F13-02 (hole may have been short of full zone thickness), and returned 22.0 metres of 0.26 percent tungsten trioxide including 2.0 metres of 1.0 percent tungsten trioxide. These results are consistent with results of F13-02.
Summary of 2013 drilling results from the RC zone
|F13-01||vertical||26.80||2.7||2.01||Hole lost at 30.4m. Portion of zone only|
|F13-02||270/-50||40.44||1.4||2.22||Ended in granite sill: may not have cut lower zone|
|includes||26.60||3.3||2.14||Upper zone (above granite sill)|
|includes||35.00||5.0||1.86||Lower zone (below granite sill)|
|F13-04||vertical||30.00||4.0||0.03||Still in calc silicate at end of hole at 50.9m|
|F13-11||270/-55||14.00||3.0||0.12||Hole lost at 17 .0 m at beginning of upper zone|
|includes||37.30||3.7||4.60||Upper zone (above granite sill)|
|includes||45.00||9.8||1.39||Lower zone (below granite sill)|
A review of all drill results since discovery in 2011 indicate 33 selected drill core intervals have a width-weighted average grade of 2.48 percent tungsten trioxide over 2.92 metres. These results provide an indication of the frequency for very high grades in this new discovery and the potential for more with further drilling. A grade of 2.5 percent tungsten trioxide contains 25.0 kg of W03 per tonne of rock, and recent tungsten prices are around Can$40.0.0/kg W03 (1).
For deposits in a reasonably favorable location worldwide, published tungsten deposit cutoff grades (estimated financially “breakeven” grade) vary for underground situations (0.15 - 0.35 percent tungsten trioxide) and open pit (0.10 - 0.15 percent tungsten trioxide). The Company has not yet determined a cutoff grade for the Fox property.
The Company has explored the Fox property from an early stage returning positive values of tungsten in rock, stream sediment, soil and drill core in an area 10 km by 3 km in dimension. In the northern area and on the east side of Deception Mountain, four outcropping mineralized zones are named from south to north; the 708, BN, RC (Ridley Creek), and BK prospects. These prospects are within a favorable calc silicate-skarn unit that span a distance of three kilometres and a lateral extent thought to be greater than one kilometre. To date, the Company has tested by drilling three of the prospects, with the central RC zone being the main focus of the 2011-2013 drilling.
During 2013 a reconnaissance traverse over 1.5 km to the southeast of the RC zone investigated positive tungsten values occurring in soil and located angular subcrop rubble containing scheelite (tungsten mineral). The positive soil anomalies in this area are at the end of the soil grid lines and remain open in extent; they are thought to potentially reflect a lower elevation tungsten skarn horizon not previously located. Much of the Fox property remains underexplored.
Tungsten is regarded by the British Geological Survey as a strategic and critical metal essential for industrialized countries. Over 50% is used in cemented tungsten carbide to make cutting tools for the construction, metalworking, mining, oil and gas drilling industries. The balance is used in applications requiring high temperature stability and density in electronic components, super-alloys, wear-resistant alloys and chemicals. Values of zinc, gold, silver, indium and bismuth also occur with tungsten at the Fox property. Indium is a rare metal used in liquid crystal applications such as touch screens.
On behalf of the Board of Directors,
“David E Blann”
David E Blann, P.Eng.
FOR FURTHER INFORMATION PLEASE CONTACT:
David Blann, President, CEO
Registered Investor Relations:
James Berard Phone: 604-687-2768 Toll free: 1-877-459-5507
David Blann, P.Eng. is a Qualified Person as defined by National Instrument 43-101 and is responsible for the preparation and approval of the technical information disclosed in the news release. Happy Creek employs a strong Quality Assurance and Control system for its drilling programs. Samples are cut from NQ size drill core using a rock saw and a blank, certified standard or duplicate are inserted into the sample string every tenth sample. Samples are sealed and shipped to Agat Laboratories in Burnaby, B.C. Samples are prepared and analyzed first by aqua regia digest and ICP- OES+ ICP-MS finish for zinc, gold and silver values in parts per million (ppm) or grams per tonne (g/t). Zinc values are divided by 10,000 to give zinc %. Samples that return greater than 50 ppm W (tungsten) are re-tested in triplicate using a peroxide fusion digestion and ICP-finish and are averaged to provide a final assay result. Triplicate results averaging greater than 1.0% W are checked again by an XRF assay and that result is averaged with the triplicate peroxide fusion to give a final result. Tungsten assay results are around +/- 5 to 10% of the final average and considered reasonable for a nugget effect inherent in coarse grained scheelite/tungsten mineralization. Tungsten (W) assays are converted to W03 (tungsten trioxide) with a multiplication factor of 1.261. W03 is the basis of tungsten market pricing. (1) Tungsten APT (ammonium paratungstate) prices converted to Canadian dollars are from Metals Pages December 2013.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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