Happy Creek drills 14.8 metres of 4.0% W03 at the Fox tungsten property12-22
November 19, 2012 - Vancouver, British Columbia - Happy Creek Minerals Ltd. (TSX-V:HPY, the “Company”) is pleased to announce final drill results from its 100% owned, 162 square kilometre Fox tungsten property. The Fox property is located approximately 75 kilometres northeast of 100 Mile House, British Columbia (B.C.), Canada. During 2012, 29 holes were completed. Previously released holes from the RC prospect have outlined a zone of continuous mineralization. The balance of 2012 drill results from the BN and BK prospect, and a summary are presented below.
The BN prospect is located one kilometre south of the RC prospect. New results include F12-27 with 4.10 metres of 1.78% W03 (tungsten trioxide) at surface, 14.8 metres of 4.0% W03 starting at 83.2 metres and 24.0 metres of 0.79% W03 starting at 136.0 metres. A 250 metre step-out to the west returned 2.1 metres of 0.52% W03 starting at 56.0 metres in F12-29. The BK prospect is located one kilometre to the north of the RC prospect, and F12-20 returned 5.0 metres of 0.68% W03 starting at 28.0 metres. Results indicate there are multiple (“stacked”) mineralized zones, potentially economic grades in three areas over a two kilometre distance and 250 metre width, and all mineralized zones are open in extent.
David Blann, President and Chief Executive Officer of Happy Creek states: “F12-27 appears to be one of the best tungsten results globally in the past 30 years or more. All results from the property point toward large scale resource potential with good grade. We are very pleased to see the Fox continue to develop as a new top-tier tungsten discovery”.
Highlights of Fox Property Tungsten Drill Results
Tungsten is used to make tungsten carbide and other hard metals that are critical for industrial metal fabrication, rock drill bits and other high tech applications. Indium also occurs in the mineralized zone and is a rare metal used in modern electronics such as touch screen devices. The June 2012 market price for W03 was around $30/kg and as such, 4.0% W03 is equivalent to 16% copper or 1212 g/t silver (Copper/silver equivalent grade does not account for metallurgical recovery and assumes prices of $7.6/kg copper, $1.0/gram silver and $30.0/kg W03).
At the RC prospect, Happy Creek has outlined a continuously mineralized zone with potentially economic grades near surface that fit conceptual open-pit parameters, and it remains open to expansion (refer to news release dated November 14, 2012).
At the BN prospect, F12-27 intersected three (“stacked”) mineralized zones. The first zone cut the surface showing and contains 4.10 metres of 1.78% W03, 0.36% zinc and 1.56 g/t indium. The second zone intersected 14.8 metres of 4.04% W03, 0.91% zinc, 4.51 g/t indium and 4.1 g/t silver. The third zone contains 24.0 metres of 0.79% W03 and includes 5.8 metres with 2.01% W03, 0.84% zinc, 3.9 g/t indium and 9.0 g/t silver.
F12-28 is located approximately 40 metres west of F12-27 and intersected 2.0 metres of 0.57% W03 and 2.9 metres of 1.20% W03, 0.29% zinc and 1.25 g/t indium starting at 83.1 metres. Beyond these intervals, the hole cut dominantly intrusive rock to its final depth of 233.8 metres. The mineralized zone (2.9 metres of 1.20% W03) intersected in F12-28 is interpreted to be a continuation of the second zone in F12-27. F12-26 is an angled hole and intersected the surface zone with 3.0 metres of 1.93% W03, 0.43% zinc and 1.77 g/t indium however the hole ended in an intrusive rock at 81.0 metres and did not reach the depth required to intersect the second or third zone as in F12-27. Similarly, F12-25 is an angle hole that cut the favorable geology approximately 50 metres east of F12-27 and returned 3.1 metres of 0.34% W03 starting at 81.0 metres, but is thought to be too short to cut deeper mineralization.
F12-29 is located 250 metres west-northwest and 50 metres higher in elevation than the BN prospect and returned 2.1 metres of 0.52% W03, 0.33% zinc and 1.36 g/t indium starting at 56.0 metres. This zone is interpreted to be the extension of the first (surface) zone at the BN prospect. The hole ended at 153 metres within meta-sedimentary and calc silicate rock containing geochemically positive values such as 2.0 metres of 0.06% W03, and suggests there is potential for additional mineralized zones at depth. F12-29 is thought to be an important step-out hole for the project in that mineralized zones can extend for at least 250 metres in width.
The BN prospect is located close to a small intrusive stock that separates the Ridley Creek and Nightcrawler areas, and drill core contains a greater proportion of intrusive rock than at the RC and BK prospect to the north. At the BN prospect, drilling through intrusive rock 30 metres in thickness and finding high grade tungsten zones beneath, suggest there is potential for other stacked tungsten zones to occur over the three kilometre long target area. Drilling to date in the RC and BK area averages 73 metres depth and may not have reached deeper zones. The presence of multiple mineralized intervals at the Nightcrawler zone, and now in the Ridley Creek area is thought to substantially increase the resource potential of the Fox property.
The BK prospect is located one kilometre north of the RC prospect. F12-20 intersected 5.0 metres of 0.68% W03. Other intervals contain geochemically positive tungsten of 0.02 to 0.06% W03, and up to 0.36% W03 over 1.0 metre. Similarly, drill holes F12-21 to 24 intersected geochemically positive values such as 1.0 metre of 0.30% W03 in F12-21. From surface, one favorable calc silicate and skarn unit totals around 30 metres in thickness. The average depth of five drill holes in the BK prospect is 60 metres. Prospecting on a slope at higher elevations above the BK drill holes located positive tungsten in skarn and suggests only a portion of the favorable unit was cut by drilling.
The Fox property contains positive tungsten values in drill core, outcrop, stream sediment and soil in an area approximately ten kilometres by three kilometres in dimension that remains largely under-explored. Approximately four kilometres to the south of the Ridley Creek area, widely spaced drilling in 2007 at the Nightcrawler zone has returned encouraging to potentially economic tungsten values. Results include 5.0 metres of 0.33% W03 and 2.0 metres of 0.74% W03 in an area 1.5 kilometres by 500 metres in dimension. As with the Ridley Creek area, the Nightcrawler also remains open to further expansion.
Happy Creek has advanced the Fox prospect from a very early stage to a new tungsten discovery with large scale and grades that are thought to be comparable to some of the best tungsten mines or advanced stage projects world-wide. The near-surface, potentially open-pit configuration at the RC prospect and the nearby resource-based infrastructure are additional positive aspects of this project.
The Company’s current plans are to begin metallurgical and petrographic work on approximately 1.5 tonnes of material collected from the BN, RC and BK prospects.
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 under Canadian NI43-101 regulations and has reviewed and approved the technical content of this press release. Happy Creek employs a strong Quality Assurance and Control system for its drilling programs. Samples are cut from NQ and BQ size drill core using a rock saw or hand-splitter, and a blank, standard or duplicate are inserted into the sample string every tenth sample. Samples are sealed and shipped to Agat Laboratories in Burnaby, B.C. Samples are prepared and analyzed first by aqua regia digest and ICP + ICP-MS finish. Samples that return greater than 50 ppm W (tungsten) are then re-tested in triplicate using a peroxide fusion digestion and ICP-finish and are averaged to provide a preliminary assay result. Results of greater than 1.0% W are checked by an XRF assay and all four assays are averaged for a final result. Final results for holes F12-1 to F12-29 are presented here. Tungsten assay results are around +/- 10% of the final average and considered reasonable for a nugget effect inherent to coarse grained scheelite/tungsten mineralization. W is converted to W03 with a multiplication factor of 1.261.
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.
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