January 31, 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
12-02January 31, 2012 - Vancouver, British Columbia - Happy Creek Minerals Ltd. (TSX-V:HPY, the “Company”) is pleased to announce additional drill results from exploration of the Rateria property, located in the Highland Valley district, south central British Columbia (B.C.), Canada.
The Company has a 100% interest in approximately 145 square kilometres of mineral claims that adjoin Teck’s Highland Valley Copper (HVC) mine property that is Canada’s largest copper producer and currently mining material with an average grade of around 0.26% copper.
On the Rateria property, Happy Creek has discovered Zone 1 and Zone 2 located approximately 6.5 kilometres south-southeast of Teck’s Highmont mine. Drilling highlights from within Zone 1 include R10-12 with120.0 metres of 0.38% copper (starting at surface), R11-1 with 95.0 metres of 0.67% copper, 3.6 grams per tonne (g/t) silver, R11-8 with 250.0 metres of 0.25% copper and R11-11 with 102.5 metres of 0.43% copper, 2.9 g/t silver and 0.11 g/t rhenium. New drill results presented below are located to the north and south of these holes and tested at depth and peripheral areas of Zone 1. Due to drilling difficulty and limitations, several holes ended at the edge of, or prior to cutting the main mineralized zone.
David Blann, President and CEO of Happy Creek states: “Drilling during 2011 was successful in defining continuous copper mineralization in Zone 1 to 1.2 kilometres in length. Longer holes are showing Zone 1 is a much larger copper system than previously thought, and its ultimate size still remains unknown. It is important to keep in mind this is a new discovery with similar geology to the very large deposits to the north, and about 6.5 kilometres from one in production.”
New results include R11-23, located in the south central part of Zone 1, which returned 12.5 metres of 0.59% copper, 3.9 g/t silver, and 0.11 g/t rhenium ending at 380.0 metres. It is thought that the hole only partially cut into the main mineralized zone. In the northern part of Zone 1, R11-24 intersected 75.0 metres of 0.21% copper within a mineralized zone of 212.5 metres containing 0.12% copper that remains open in extent at 447.0 metres. At the south end of Zone 1, R11-28 returned 40.0 metres of 0.28% copper and another 22.5 metre interval of 0.20% copper near the end of the hole at 505.0 metres. Overall, R11-28 contains a mineralized zone of 307.8 metres with 0.10% copper. Importantly, this hole is an undercut of R07-14 that returned positive geology and 0.03% copper to the end of the hole at 200.0 metres. As with other longer holes in Zone 1, R11-24 and R11-28 indicate the size of Zone 1is increasing substantially at depth. R11-26 is the furthest step out hole to the south and intersected 55.0 metres of 0.15% copper starting at 62.5 metres. Moderate to strong sericite alteration and locally positive copper values occur to the end of the hole at 407 metres. Geophysical results indicate a large target occurs beneath the end of R11-26, and is thought to represent the core of Zone 1 mineralization continuing to the south at depth. Deeper drilling in this and other areas of Zone 1 is planned.
Zone 1 and Yubet Drill Results
| Hole ID | From m |
To m |
Width m |
Cu % |
Ag g/t |
Mo ppm |
Re g/t |
Location |
|---|---|---|---|---|---|---|---|---|
| R11-14 | 50.0 | 57.5 | 7.5 | 1.35 | 12.4 | 16 | south Yubet | |
| R11-16 | 237.5 | 245.0 | 7.5 | 1.70 | 30.7 | 119 | 0.09 | south Yubet |
| R11-22 | 257.5 | 267.5 | 10.0 | 0.12 | 0.1 | 22 | Skuhun Creek | |
| R11-23 | 367.5 | 380.0 | 12.5 | 0.59 | 3.9 | 14 | 0.11 | Zone 1- south central-open at EOH |
| R11-24 | 217.5 | 430.0 | 212.5 | 0.12 | 1.1 | 11 | 0.02 | Zone 1- north central- open at EOH |
| R11-24 | 335.0 | 410.0 | 75.0 | 0.21 | 1.6 | 23 | 0.04 | |
| R11-26 | 62.5 | 117.5 | 55.0 | 0.15 | 0.8 | 2 | Zone 1- south extension-open at EOH | |
| R11-28 | 197.5 | 505.0 | 307.8 | 0.10 | 0.6 | 8 | Zone 1- south- open at EOH | |
| R11-28 | 245.0 | 285.0 | 40.0 | 0.28 | 1.5 | 9 | 0.02 | |
| R11-28 | 475.0 | 497.5 | 22.5 | 0.20 | 1.1 | 26 | 0.02 | |
| R11-30 | 27.5 | 37.5 | 10.0 | 0.14 | 0.9 | 1 | South Yubet | |
| R11-30 | 107.5 | 110.0 | 2.5 | 0.37 | 2.5 | 3 | ||
| R11-30 | 210.0 | 212.5 | 2.5 | 0.32 | 0.1 | 33 | 0.01 | |
| R11-31 | 228.0 | 230.0 | 2.5 | 0.19 | 1.9 | 11 | 0.02 | South Yubet |
| R11-34 | 203.0 | 215.0 | 12.5 | 0.13 | 1.1 | 5 | South Yubet | |
| 330.0 | 337.5 | 7.5 | 0.60 | 3.5 | 4 | |||
| EOH= End of Hole | ||||||||
In Zone 1, copper and associated silver values are mainly contained in chalcocite and bornite that are copper sulphides with 79.8% copper and 63.3% copper by weight, respectively. These quality copper minerals confer potential to produce a higher grade, low sulphur, copper-silver concentrate and preliminary metallurgical tests are in preparation.
Exploration of the extension to Teck’s Yubet zone has returned 7.5 metres of 1.70% copper, 30.7 g/t silver in drill hole R11-16 that is approximately 125 metres beneath an intercept in R11-14 containing 7.5 metres of 1.35% copper, 12.4 g/t silver. These holes confirm positive grade and vertical continuity of mineralization. Approximately 600 metres south of these holes, R11-34 intersected 7.5 metres of 0.60% copper, 3.5 g/t silver, as well as 12.5 metres of 0.13% copper. R11-30 and 31 are located further south of R11-34. The Yubet is comprised of a series of northerly trending, mineralized structures covering approximately 250 metres in width that have now been traced for over one kilometre southward. The width and strike remain open in extent. These zones consist of dominantly quartz veins containing bornite and locally chalcopyrite and are hosted within sericite altered Bethsaida and Skeena phases of the Guichon Batholith.
Zone 2 is located approximately 2 kilometres to the northeast of Zone 1 and widely spaced drill holes have identified a 1.5 kilometre long and 600 metre wide trend that remains undefined and open in extent. Previous results include 126.0 metres of 0.46% copper, 0.008% molybdenum and 0.10 g/t gold and 113.0 metres of 0.33% copper and 0.05 g/t gold. Other results of interest include 6.4 metres of 1.65% copper, 0.017% molybdenum, 0.03 g/t gold, 9.4 g/t silver and 5.2 g/t rhenium and 38.2 metres of 0.11% copper, 0.029% molybdenum 0.03 g/t gold and 2.14 g/t rhenium.
Rhenium is obtained largely as a byproduct of copper-molybdenum mining and is a rare metal used to impart high-temperature strength in steel. It is used in materials such as jet engine turbine parts and petroleum catalysts. Prices have ranged over the past 5 years from around $4,575 per kilogram to $9,000 per kilogram.
Drill results from Zone 2, and results of geochemical surveys from the West Valley property are pending. The Company is currently planning an aggressive exploration program on its Highland Valley properties during 2012. A larger drill has been engaged to complete deeper holes in Zone 1. Geological modeling of Zone 1, Zone 2 and analyses of the entire 145 square kilometre, 100% owned property is underway. Subject to government permits, drilling is planned to begin within approximately 8 weeks.
On behalf of the Board of Directors,
“David E Blann”
____________________
David E Blann, P.Eng.
President
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:
Corporate Office:
David Blann
Phone: 604.662.8310
Email: Info@happycreekminerals.com
Website: www.happycreekminerals.com
Investor Relations:
James Berard
Phone: 604-687-2768
Toll free: 1-877-459-5507
Neither 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:February 9th, 2012, Happy Creek Announces Default by Vendor on Mineral Claims Comprising BX Property
You can view the Previous News item:January 12th, 2012, 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.
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