Happy Creek drills 7.3 metres of 0.33% W03 (tungsten trioxide), 2.5 metres of 0.89% W03 and a geophysical survey identifies a strong target on the Fox property, B.C.12-01
January 12, 2012 - Vancouver, British Columbia - Happy Creek Minerals Ltd. (TSX-V: HPY, the “Company”) is pleased to announce the final results from the first ever diamond drill program on the Ridley Creek area of its 100% owned Fox tungsten property. The Fox property is located approximately 30 kilometres east of the past producing Boss Mountain molybdenum mine and 75 kilometres northeast of 100 Mile House, in south central British Columbia, Canada. Tungsten is currently priced around $400 per Metric Tonne Unit or $40.0 per kg* (kilogram) of W03 (tungsten trioxide).
2011 Ridley Creek Area Final Drill Results
Drill holes are located in two clusters, with drill holes F11-1 to F11-6 and F11-7 to F11-10 approximately 175 metres apart. The two areas drilled tested for extensions to mineralization occurring in trenches RT-1 to RT-4 and RT-6 and 7, respectively (see Table below). As the high grade tungsten values occur with 5-10% sulphides (pyrite, pyrrhotite and sphalerite) and trace sulphides occur elsewhere, the Company completed a three dimensional induced polarization (3D IP) geophysical survey that is designed to detect sulphide concentrations below surface. The survey has identified a large and positive anomaly located beneath and between the two drill hole clusters and is thought to indicate a strongly sulphide-mineralized body, possibly containing tungsten. The Company encourages a view of drill hole locations and the 3D IP survey results that are posted to the Company’s website (www.happycreekminerals.com/Projects/Fox property/maps and photos).
David Blann, President and Chief Executive Officer states: “The drilling and geophysical results have advanced the quality and potential of this project considerably. Our first ever drilling of the Ridley Creek prospect represents approximately 10% of the area containing positive tungsten in soil and rock samples. The new geophysical results indicate there could also be important large scale mineralized zones beneath the near-surface ones. In addition, our previous drilling at the Nightcrawler zone identified about 1.5 kilometres containing positive tungsten values and that area also remains underexplored. 2012 will be an exciting year for us as we plan to aggressively explore the Fox property.”
2010 Ridley Creek Trenching Results
The 2011 diamond drill program’s objective was successful in confirming the tungsten zones extend at least 25 metres beyond the trenches at or near surface and remain open to further expansion. Further, the 3D IP geophysical survey suggests there is excellent potential for a second zone beneath the shallow 2011 drill holes and 2010 trenches. The BK, BN and other new tungsten-bearing outcrops remain untested by drilling.
The Fox property’s geology is best described as a tungsten-molybdenum porphyry style system, very close in age to the former Boss Mountain molybdenum mine to the west. On the Fox property, the large scale mineralized system cuts calcareous metasediment and limestone, Paleozoic in age. The Ridley Creek and Nightcrawler (2007 drilling returned 5.0 metres of 0.33% W03 and 2.0 metres of 0.74% W03) prospects are approximately 4 kilometers apart, separated by a highly evolved and multi-phase monzogranite. Numerous dykes and sills related to the stock cut the sediment and limestone for several kilometres to the north and south, and is where most of the tungsten zones occur.
During 2011, prospecting and rock sampling was performed in and around the monzogranite stock. Situated directly on top of the monzogranite stock, a new, partially exposed tungsten skarn zone returned 2.38% W03 and 1.60% W03 over about 1.0 metre and are open in width. Outcrops containing positive tungsten values now span a distance of approximately 2.5 kilometres in the Ridley Creek area. Within the monzogranite, a quartz vein swarm around 300 or more metres in width was traced for approximately four kilometres. Eleven grab samples of quartz vein and altered monzogranite returned interesting molybdenum values with assays ranging from trace to 2.04% molybdenum and 1.6 g/t rhenium. The occurrence of significant molybdenum values in fractures and quartz veins within biotite to sericite altered intrusive rock are thought to support potential for a porphyry molybdenum system. Large areas of the monzogranite and quartz vein swarm remain un-prospected or sampled.
Overall, positive values of tungsten occur in rock, soil and stream sediment in an area approximately ten kilometres by three kilometres in dimension. The property is located close to hydropower and excellent resource based infrastructure. The Company believes the Fox property to be an important new tungsten-molybdenum discovery in western Canada.
On behalf of the Board of Directors,
“David E Blann”
David E Blann, P.Eng.
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. Samples are shipped by Greyhound bus to AGAT Laboratories of Vancouver, B.C. Analytical results are obtained using both aqua regia and peroxide fusion digest followed by ICP analyses. Tungsten assay results are provided in percent (%) tungsten metal (W), and W03 (tungsten trioxide) equals 1.26 times contained W. *Recent tungsten prices are based on spot contracts between a supplier and purchaser for kilograms of contained W03. Quality controls include splitting core using a rock saw, routine insertion of blanks, standards and duplicates in addition to laboratory internal repeats and controls.
FOR FURTHER INFORMATION PLEASE CONTACT:
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You can view the Next News item:January 31st, 2012, Happy Creek's drills 0.59% copper, 3.9 g/t silver, 0.11 g/t rhenium in the final 12.5 metres of a deep hole in Zone 1 and Yubet returns 7.5 metres of 1.70% copper, 30.7 g/t silver
You can view the Previous News item:December 21st, 2011, Happy Creek Completes Exploration for 2011
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