Happy Creek's Zone 1 returns 39.6% copper, 398.8 g/t silver in concentrate at Rateria Property, B.C.13-02
February 28, 2013 — Vancouver, British Columbia — Happy Creek Minerals Ltd. (TSX-V:HPY, the “Company”) is pleased to announce results of metallurgy and mineralogy performed on its Rateria property, located in the Highland Valley district, south central British Columbia (B.C.), Canada.
The Company has a 100% interest in the Rateria and West Valley property, totaling approximately 175 square kilometres adjoining Teck’s Highland Valley Copper mine property, Canada’s largest copper producer. On the Rateria property, Happy Creek has discovered two new copper zones located approximately 6.5 kilometres south and southeast of the producing Highmont mine.
During 2012, the Company provided 220 kg of drill core samples from Zone 1 to Met-Solve Laboratories of Langley, British Columbia. A bulk sample was prepared by the lab and returned head grade assays ranging from 0.21 to 0.25% copper. Met-Solve performed mineralogy and metallurgy tests producing a concentrate product containing 39.6% copper and 398.8 g/t silver. As these are preliminary tests, the initial recovery of 75.5% can be expected to improve with locked cycle testing to more closely reflect a full scale mill, and potentially with additional re-grinding.
The tests indicate that relatively simple flotation techniques can upgrade Zone 1 material over 150 times into a quality, high grade copper-silver concentrate.
David Blann, President and CEO of Happy Creek states: “This is an excellent concentrate product thought to be comparable to that at Highland Valley. It provides information to assist with an appropriate cutoff grade, and with the geology which has similarities to the deposits currently in production to the north. The mineralization in Zone 1 is open in extent beyond 400 metres below surface and this area is thought to host potential for another large scale deposit. We anticipate building upon our discoveries and continuing exploration for additional quality deposits in this highly prospective district.”
Mineralogy indicates the dominant copper minerals consist of chalcocite and bornite with minor or trace covellite, djurelite and chalcopyrite. Textures indicate that chalcocite has replaced bornite that replaced chalcopyrite. Native silver grains occur within chalcocite. The main gangue minerals present are dominantly quartz, plagioclase and muscovite (2M1) with variable amounts of kaolinite, calcite, dolomite, chlorite (clinochlore) and hematite. The copper and gangue minerals present are consistent with a porphyry system, and post-mineral faulting and lack of pyrite is thought to have played a role in the deep in-situ development of chalcocite. This process has occurred to over 400 metres below the current surface.
In Zone 1, drilling of 37 holes has outlined a continuous copper zone approximately 1.2 kilometres in length, 50 to 200 metres in width and extends from surface to a depth beyond 400 metres. Results include 367.3 metres of 0.10% copper, 250.0 metres of 0.25% copper and 95 metres of 0.67% copper. West of Zone 1, drilling in 2011 returned 7.5 metres of 1.70% copper, 30.7 g/t silver and 7.5 metres of 1.35% copper, 12.4 g/t silver. Many of the recent and historical holes around Zone 1 were generally relatively shallow in depth. They ended in rock with hydrothermal alteration suggesting the underlying system is widespread and larger than previously thought. Zone 1 is located in proximity to contacts between the Bethsaida, Skeena and Bethlehem phases of the Guichon batholith that are the main host to the large deposits in the district.
Zone 2 is located approximately 2.0 kilometres to the northeast of Zone 1 and occurs in proximity to Skeena and Bethlehem phases of the Guichon Batholith. Previous results from Zone 2 include R08-05 with 126.0 metres of 0.46% copper, 0.008% molybdenum and 0.10 g/t gold. During 2011, drilling returned additional positive results including R11-36 containing 152.5 metres grading 0.26% copper, 0.008% molybdenum, 0.07 g/t gold and 0.67 g/t rhenium. This includes 42.5 metres of 0.37% copper, 0.17 g/t gold, 0.025% molybdenum, 1.82 g/t rhenium. On January 14, 2013, the Company announced results from two additional holes: R12-01 returned 92.8 metres of 0.30% copper, 0.15 g/t gold from bedrock surface and R12-02 contains 152.5 metres of 0.35% copper and 0.57 g/t rhenium. Zone 2 remains undefined and open in extent. Metallurgy is underway for Zone 2 material that will provide more detailed information on the copper, gold, silver and molybdenum-rhenium found in this style of mineralization.
On the Rateria property, the positive geology, drilling and metallurgical results are thought to be consistent with Highland Valley type deposits. Both Zone 1 and 2 remain open in extent and additional drilling on these and a number of other prospective targets on the properties are planned.
The TSX Venture Exchange has approved an extension for a total of 3,537,500 warrants with an exercise price of $0.35 that now expire on December 21, 2013.
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.
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:April 3rd, 2013, Happy Creek completes Geophysical Survey at Silverboss property, B.C.
You can view the Previous News item:January 14th, 2013, Happy Creek drills 152.5 metres of 0.35% copper, 0.57 g/t rhenium at Rateria, Highland Valley, B.C.
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