February 19, 2015
Happy Creek samples 7.3% copper from Rateria & West Valley property and Zone 2 first stage metallurgy returns 627 g/t rhenium with 7.7% molybdenum15-02
February 19, 2015 - Vancouver, British Columbia. Happy Creek Minerals Ltd. (TSXV: HPY) (the “Company”) is pleased to announce results from comprehensive geological work performed on its 100% owned Rateria and West Valley copper property in the Highland Valley area, British Columbia. The Company’s property is approximately 180 square kilometres in area and adjoins Teck’s Highland Valley Copper mine property.
Key 2014 results:
- Detailed geological investigations provide a clear picture of the mineral zones, and where to focus work to expand existing zones, and increased confidence for new, large discoveries.
- Zone 2 preliminary metallurgical results are positive:
- Zone 2 has mineralogy and metallurgy compatible with Zone 1 so future resources may be combined.
- Rhenium is almost completely contained within molybdenite.
- Preliminary concentrate products include 7.7% molybdenum and 627 g/t rhenium. Further cleaning/upgrading is thought to have potential for 4 kg rhenium/tonne of molybdenum concentrate.
- Preliminary copper concentrate product returned 36.2% copper, 7.49 g/t gold and 189.0 g/t silver indicating gold is recoverable with copper.
- Rhenium enrichment level appears similar to other B.C. copper-gold deposits, unlike others in Highland Valley.
- Rock samples return up to 7.3% and 3.2% copper from West Valley and Rateria, respectively.
During 2014, the Company performed geological mapping, sampling, a LIDAR airborne topographic survey, drill core review, a TIMA petrographic study and metallurgical sample analyses. A plan view and cross sectional alteration map of Zone 1 and 2 advances understanding of the geology in the area. Rock samples from the Rateria and West Valley property returned positive copper values. An initial metallurgical test of Zone 2 indicates standard flotation methods can be used as for Zone 1, and potential for encouraging rhenium-molybdenum and copper-gold-silver concentrates.
Rock grab samples from the West Valley returned from trace up to 7.3% copper and 8.2 g/t silver, and from the Rateria, trace to 3.21% copper, 23.0 g/t silver, 0.26 g/t gold, and 8.4 ppb palladium. Geological work included surface mapping around Zone 1 and 2 on the Rateria property. As 95% of the area is covered by glacial till, a review of drill core and TIMA petrographic analyses assisted this work. Results have outlined propylitic, phyllic and potassic alteration zones associated with copper sulphides that are porphyry style and structurally-controlled. In Zone 1, chalcopyrite is replaced by bornite which is largely replaced by digenite and chalcocite to around 300 metres below surface and is associated with quartz, plagioclase and muscovite minerals. Below 300 metres, phyllic alteration decreases and potassic alteration increases while positive copper values remain open at depth. Carbonate and clays such as kaolinite variably overprint earlier alteration. Dominant alteration assemblages depend on the composition of the host rocks; mineral zones in the younger more felsic phases of the Guichon batholith have predominantly quartz muscovite-sericite alteration, whereas in the more mafic phases, chlorite-epidote, carbonate, quartz -sericite and k-feldspar alteration occurs. The Yubet, Zone 1 and Zone 2 are in proximity to strong northerly trending structures and geological contacts of the Bethsaida, Skeena, Bethlehem and Guichon/Highland Valley phases of the Guichon Batholith. Dikes of pale green feldspar phyric and aplite composition occur. Geological, geophysical surveys and historical shallow percussion holes have identified several targets on the Rateria property that remain untested by drilling. A similar geological setting occurs over portions of the West Valley property, where over 75% of the area is covered by glacial till. Outcropping copper zones are in part hosted within more mafic rock phases cut by dykes of the more felsic phases of the batholith. The Company has identified at least three untested target areas thought to hold potential for large copper deposits.
A 23.5 square kilometre LIDAR topographic survey covering the southern portion of the Rateria property has identified linear features that may be related to geological structures trending northward through the property towards Zone 1.
Preliminary Metallurgy of Zone 2
Met-Solve Laboratories of Langley B.C. prepared a drill core composite sample from Zone 2 containing 0.44% copper, 0.01% molybdenum, 0.74 g/t rhenium (Re), 0.06 g/t gold and designed a test to focus on the potential recovery of rhenium in a molybdenite concentrate. Results from the rougher-scavenger and differential flotation concentrate recovered 54.5% of the molybdenum and 65% of rhenium into a first stage moly concentrate and scavenger with1.79% molybdenum and 168.24 g/t rhenium, 7.1% copper, 2.8 g/t gold, 99.28 g/t silver. As a cleaner concentrate returned 9.9% copper, 7.7% molybdenum and 627 ppm rhenium, further cleaning (removal of copper for one), could increase the molybdenum concentrate grade, however, this will require a larger bulk sample. Although not the main focus of this test, a rougher-cleaner float test contained a copper cleaner concentrate with 36.2% copper, 7.49 g/t gold and 189.0 g/t silver and suggests potential for a quality copper concentrate.
Happy Creek is pleased with this preliminary work as it confirms Zone 2 has mineralogy to support positive recoveries and quality concentrate grades using standard flotation methods that are compatible with Zone 1. As the ratio of rhenium to molybdenum holds well for the composite sample through to the concentrate product, the test was successful in showing almost all the rhenium occurs within the molybdenite. Should the rhenium:molybdenum ratio hold with further cleaning and upgrading, there is potential to achieve in the order of 4.0 kg/tonne rhenium in a typical 50% molybdenum concentrate. Rhenium is currently priced around US$$1,800-$2,750/kg and in 2008 reached $10,000/kg (1). Molybdenum is currently around US$17/kg. Rhenium is a very rare metal used in the manufacture of specialty steel for aerospace (new jet engine components), and catalysts for unleaded gasoline production. A larger bulk sample is planned to obtain sufficient molybdenum and copper concentrate to further advance metallurgy.
About the Rateria Property
Happy Creek has discovered two new copper zones located approximately 6.5 km from a currently producing open pit mine.
Zone 1, outlined by approximately 35 drill holes, is approximately 1.2 kilometres in length, 50 to 200 metres in width, 400 metres in depth and remains open in extent. Highlights include 95.0 metres of 0.67% copper and 250 metres of 0.25% copper. A large percentage of the copper mineral in Zone 1 consists of chalcocite. Metallurgical testing of Zone 1 returned a positive copper leaching response. In addition, standard flotation tests returned a rougher flotation concentrate containing 32% copper and 467 g/t silver, and with subsequent cleaning, a concentrate with 39.9% copper and 398.0 g/t silver (refer to News Release dated February 28, 2013).
Zone 2 is located 2 km to the northeast of Zone 1 and is less defined with 10 holes outlining a mineralized zone approximately 500 metres in length, 50-150 metres in width, 350 metres in depth and remains open in extent. Outlying holes have also intersected positive intercepts over a 600 metre by 1 km area. Highlights from Zone 2 include 152.5 metres of 0.35% copper, 0.06 g/t gold and 0.57 g/t rhenium and 92.8 metres of 0.30% copper, 0.15 g/t gold.
The relatively high rhenium enrichment of molybdenite in Zone 2 is similar to several predominantly copper-gold deposits in B.C. and may reflect a different style of deposit in the Highland Valley area.
Complete details of drill results can be found on the Company’s website at www.happycreekminerals.com, or within news releases filed on SEDAR.
The Company has booth 2425b at the PDAC Tradeshow in Toronto, on Tuesday March 3 and Wednesday March 4th, 2015, and we look forward to meeting the tradeshow attendees.
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. Rock sample analyses were performed by Agat Laboratories of Burnaby, British Columbia, using aqua regia digestion and ICP/ICP-MS/OES, and by ACME Analytical Laboratories using aqua regia digestion and ICP-MS, 4-acid digestion and ICP-ES, LiBO2/LiB4O7 fusion with ICP-ES/ICP-MS, and fire assay fusion. Values are provided in PPM (parts per million, or grams per tonne) ppb (parts per billion). Drill Core composite sample prepared by and metallurgical testing performed by Metsolve Analytical Services of Langley B.C. 1) Rhenium and molybdenum prices in US currency are from Taxfreegold.co.uk and LME websites, respectively.
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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