Happy Creek provides an update on the Silver Dollar property; Historical drilling returns 41.2 metres of 2.56 g/t gold from surface15-07
June 11, 2015 - Vancouver, British Columbia. Happy Creek Minerals Ltd. (TSXV: HPY) (the “Company) is providing shareholders with an update on its 100% owned Silver Dollar property, located in the Camborne mining camp, approximately 45 kilometres southeast of Revelstoke, B.C.
The Company has acquired two new claims which cover ground inside its existing claims at the northern end of the Silver Dollar property. The new claims cover the historical Goldfinch mine and Lost Cup claims dating from around the early 1900’s. Data for this prospect is available in B.C. government records, performed under supervision of a Professional Engineer and believed to be of good quality, with drill core and underground sampling results from fire assay analyses by B.C. Certified Assayers. However, under NI43-101 rules it has not been verified by a QP, and as such cannot be relied upon and must be treated as historical in nature (1).
Historical work completed on the Goldfinch mine includes underground development and production in 1902-1903 averaging 15.9 g/t gold and 4.3 g/t silver from 1,316 tonnes mined. In 1980, Granges rehabilitated the underground workings of the Goldfinch mine and conducted a bulk sample from a vein averaging 0.45 metres in thickness and 44.7 g/t gold. Underground sampling of vein material includes 0.85 metres of 141.6 g/t gold. Diamond drilling was performed in 1976 and between1985 and1988.
On the Goldfinch prospect, generally northwest trending subparallel zones each having widths of approximately 10-30 metres or more, consists of quartz-carbonate-sulphide veins, stock work and silicified phyllite containing variable and locally high gold values. Sulphides include dominantly pyrite, and locally sphalerite, chalcopyrite and tetrahedrite occur. Individual sample assays range from less than 0.03 up to 302.62 g/t gold and trace to 330 g/t silver, with visible gold flakes noted in the higher grade sections. The presence of gold and silver values however, is not easily predicted based on visual geology.
Historical drill holes were not completely sampled. Some holes have high grade samples and no sampling on either side, and some holes ended with samples containing positive values up to 1.02 g/t gold. In many cases, drill holes appear to be too short to fully test for multiple, parallel zones. Overall, a structural zone that is 75-150 metres in width may be viewed as a potential bulk tonnage, open-pit target and it remains un-defined and open in extent in several directions.
Preliminary Historical Results from Goldfinch
|Win-89||5.46||74.4||68.9||1.01||3.93 metres un-sampled “0” grade|
|and||54.8||60.18||5.38||0.65||end of hole|
|DDH-3||4.57||45.8||41.2||2.56||Last sample 0.34 g/t gold|
|Underground chip sampling|
|U6||0.0||1.25||1.25||36.04||Open in width|
David Blann, P.Eng., President and CEO states:” The newly acquired claims are a great addition to the Silver Dollar property. Historical bulk samples indicate successful processing of material with good recovery to a payable, gold-silver concentrate. Previous work focused on the high grade veins, but there is also potential for a larger system to consider a bulk tonnage, open-pit approach. Based on historical activities, the zone can be traced for 2.0 km and is under-explored.”
Results from the Company’s 2014 work on the Silver Dollar property confirm the Camborne structure to be a key feature for mineralized zones at the northern end (Goldfinch zone) as well as ten kilometres southeast at the Silver Dollar and Gilman zones. Sampling in 2014 of numerous quartz veins located well beyond the Camborne structure at the Goldfinch zone returned low to negligible gold and silver values, while several taken closer to the central structure returned up to 2.29 g/t gold and 6.17 g/t silver. The recently acquired claims cover more of the central portion of the key northwest trending structure. Approximately eight kilometres south, a sample collected from within the Camborne structure at the Gilman zone returned 6.28 g/t gold and 41.3 g/t silver.
The Silver Dollar property spans a distance of 14 km, covering significant sections of an approximately 40km long structure known as the Camborne fault, in which numerous high grade gold-silver-lead-zinc historical producers and prospects occur. Knowledge of the geology and structural controls of the mineralized zones in the district are limited, and exploration and development was focused on near-surface prospects. The Company views the geology to hold potential for base and precious metal deposits from surface to over one km in depth, which is thought to provide large scale targets.
Compilation and geological work is continuing to interpret the economic potential of the property.
On behalf of the Board of Directors,
“David E Blann”
David E Blann, P.Eng.
FOR FURTHER INFORMATION PLEASE CONTACT:
David Blann, President, CEO
Ron Birch: Phone: 250-545-0383
Toll Free: 1-800-910-7711
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.
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. Work completed in 2014 includes assays performed by Agat Laboratories of Vancouver, B.C. using aqua regia digest and ICP -ICP-MS. (1) Historical drill core and underground samples were Fire Assayed at Eco-Tech Laboratories or Chemex laboratories by a certified assayer. A portion of the assays returning less than detection (0.03 g/t gold) are assumed to contain 0.015g/t gold, and un-sampled intervals are given a zero grade for preliminary compositing of mineralized zones. Complete results are published within B.C. Government Assessment Reports 9137, 16753, 17929, 31445 and Government of B.C. Production Report 082KNW076.
This press release contains “forward-looking information” within the meaning of applicable securities laws, including statements that address capital costs, recovery, grade, and timing of work or plans at the Company’s mineral projects. Forward-looking information may be, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “planned”, “continue”, “expect”, “thought to”, “project”, “predict”, “potential”, “targeting”, “intends”, “believe”, “opportunity”, “further” and others, or which describes a goal or action, event or result such as “may”, “should”, “could”, “would”, “might” or “will” be undertaken, occur or achieved. Statements also include those that address future mineral production, reserve potential, potential size or scale of a mineralized zone, potential expansion of mineralization, potential type(s) of mining, potential grades as well as to Happy creek’s ability to fund ongoing expenditure, or assumptions about future metal or mineral prices, currency exchange rates, metallurgical recoveries and grades, favourable operating conditions, access, political stability, obtaining or renewal of existing or required mineral titles, licenses and permits, labour stability, market conditions, availability of equipment, accuracy of any mineral resources, anticipated costs and expenditures. Assumptions may be based on factors and events that are not within the control of Happy creek and there is no assurance they will prove to be correct. Such forward-looking information involves known and unknown risks, which may cause the actual results to materially differ, and/or any future results expressed or implied by such forward-looking information. Additional information on risks and uncertainties can be found within Financial Statements, Prospectus and other materials found on the Company’s SEDAR profile at www.sedar.com. Although Happy creek has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Happy creek withholds any obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by law.
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