Happy Creek returns up to 50.3 g/t gold and 4,496 g/t silver from Silver Dollar13-04
May 16, 2013 - Vancouver, British Columbia - Happy Creek Minerals Ltd. (TSX-V:HPY, the “Company”) announces results from its first reconnaissance of the 100% owned Silver Dollar property.
The Silver Dollar property is approximately 46.9 square kilometres in area and located approximately 45 kilometres southeast of Revelstoke, B.C., Canada. The property is a consolidation of numerous, small, historical mineral claims within the Camborne gold-silver mining camp, including several past producing mines and developed prospects. Historically fragmented exploration as well as limited and shallow drilling is thought to provide opportunity for discovery of new deposits. The property covers over 9 km of a 40 km long trend that contains two dominant deposit types: gold-silver and lead-zinc-silver-gold. Road access is a positive feature of this property.
During 2012 the Company completed a Heli-GT, three axis magnetic gradient and spectrometer geophysical survey, and collected 38 grab and chip samples from surface and historical underground development. The known mineralized zones occur in structures that can be seen in the geophysical results. These and other sub-parallel zones extend through the property. Locally, very strong precious metals occur including samples containing 50.30 g/t gold, 216 g/t silver and 4.49 g/t gold, 4496 g/t silver. Important base metal results include 1.8 metres of 16.8% zinc, 3.9% lead, 1.67 g/t gold and 241.0 g/t silver in a chip sample.
2012 Silver Dollar Rock Sample Highlights
David Blann, President and Chief Executive Officer of Happy Creek states: “With our first evaluation we have confirmed that significant gold-silver and base metal values occur in or near large scale structures that cut through the property, over a distance of around nine kilometres. The large scale of the mineral system and high grades are encouraging. Our next steps are to continue compilation of historical data, and conduct detailed geology to assist in building geological models and selecting exploration targets.”
Specifically, 2012 rock samples were collected from the Silver Dollar, Gillman and Wheelbarrow prospects over a distance of 3.5 kilometres. Samples were taken from mineralized quartz veins, quartz stringers and pyrite (iron sulphide)-bearing meta-sedimentary wall rock. The Company also identified the presence of the rare metal indium in concentrations up to 4.9 g/t that is thought to be the first mention of this metal in the Camborne mining camp.
2012 Silver Dollar Prospecting Rock Sample Results
|Prospect||Sample Type||Width (m)||Number||g/t||g/t||%||%||%|
The spectral and magnetic airborne geophysical surveys covered a nine kilometer long portion of the property. Positive potassium and in part thorium/potassium ratio signatures form a broad envelope around multiple northwesterly trending structures that are identified in the magnetic survey. These structures are coincident with mineral-controlling fault zones at several of the known prospects. Other structures are apparent from the data that are sub-parallel and oblique in orientation to the known mineralized zones.
The Camborne fault is part of an estimated 40 kilometre-long mineralized trend containing numerous past-producers and developed prospects. The large scale of the hydrothermal system and presence of locally very high grades are thought to be favorable conditions for developing quality mineral deposits.
Happy Creek is pleased with its’ initial results from the Silver Dollar property. Historical data compilation and detailed structural geology mapping are planned. The work performed by the Company has extended the expiry date of the key mineral claims until 2015 or 2016.
The Company would also like to announce that it has extended the expiry date of 1,330,000 share purchase warrants from the original expiry date of May 14, 2013, to May 14, 2014. Each warrant is exercisable to purchase one common share of the Company at an exercise price of $0.35 per share. The warrants were issued in November 2011 in connection with a non-brokered private placement, non-flow through share financing with an original term of 18 months. Proceeds from any exercise of warrants will be used to continue to fund exploration activities and for working capital purposes.
On behalf of the Board of Directors,
“David E Blann”
David E Blann, P.Eng.
FOR FURTHER INFORMATION PLEASE CONTACT:
David Blann, President, CEO
David Blann, P.Eng., is a Qualified Person as defined under Canadian NI43-101 regulations and has reviewed and approved the technical content of this press release. Rock samples were shipped by bus from Revelstoke to Agat Laboratories in Vancouver, B.C. All samples were analyzed by ICP-MS, fire assay for gold and silver, and over-limit base metals by AA. Q/A Q/C by the laboratory includes internal repeats and inserted blanks and standards.
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.
You can view the Next News item:May 27th, 2013, Happy Creek provides update on Fox and West Valley properties
You can view the Previous News item:April 3rd, 2013, Happy Creek completes Geophysical Survey at Silverboss property, B.C.
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