Happy Creek Minerals Ltd. completes drilling at Fox tungsten property
02.08.2013 | The Newswire
August 2, 2013 - Vancouver, British Columbia. Happy Creek Minerals Ltd. (TSXV:HPY.V - News) (the "Company") is pleased to announce that drilling is completed on its 100% owned, 165 square kilometre Fox tungsten property. The Fox property is located approximately 75 km northeast of 100 Mile House, in the south-central Cariboo region of British Columbia, Canada.On the Fox property, positive values of tungsten occur in rock, stream sediment, soil and drill core in a 10 km by 3 km area. On the east side of Deception Mountain, four outcropping mineralized zones are named from south to north the 708, BN, RC (Ridley Creek) and BK prospects. Together, these prospects are within a favorable target horizon (calc-silicate or skarn) spanning a distance of three kilometres and a lateral extent thought to be greater than one kilometre.
During July 2013 the Company drilled approximately 1,300 metres of NQ size core at the RC prospect. Eighteen drill holes were completed and an additional three holes were lost prior to cutting through the target horizon. All completed drill holes intersected the favorable target horizon that starts from surface and is estimated to be between 15 and 40 metres in thickness. Using Ultra Violet light to fluoresce tungsten, the target horizon in the drill holes contain variable concentrations of tungsten from trace to very strong. The mineralized zone remains open in extent. Drilling to date at the RC prospect has tested approximately 10-15% of the potential target area on Deception Mountain. Logging and sampling of drill core is currently being completed, and results will be released when available.
Drill highlights from 2011 and 2012 at the RC prospect include 7.35 metres of 1.22% tungsten (W03), 19.4 metres of 0.82% tungsten, 11.0 metres of 0.80% tungsten, 20.0 metres of 0.63% tungsten and 24.7 metres of 0.68% tungsten. One kilometer to the south of the RC prospect, drilling at the BN prospect returned three intervals in hole F12-27: 4.1 metres of 1.78% tungsten, 14.8 metres of 4.0% tungsten and 24.0 metres of 0.79% tungsten including 5.8 metres of 2.01% tungsten. One kilometre north of the RC prospect, drilling at the BK prospect returned 5.0 metres of 0.68% tungsten. (Refer to Press Release dated November 19, 2012).
A grade of 0.7% tungsten contains 7.0 kg W03 per tonne of rock, and tungsten concentrate prices have recently risen to around $36/kg W03 with more refined APT (ammonium paratungstate) prices around $42.0/kg W03. Tungsten is regarded as a strategic and critical metal for industrialized countries. Over 50% is used in cemented tungsten carbide for making cutting tools for the construction, metalworking, mining, oil and gas drilling industries. The balance is used for heavy alloy in applications requiring high density such as electrodes, filaments, wires, and other components for electronic, heating, lighting, welding, steels, super-alloys, wear-resistant alloys and chemicals for various applications. Zinc and indium also occurs with tungsten at the Fox property. Indium is a rare metal used in liquid crystal applications such as touch screens and prices have also risen to over US$550/kg ($5.50/gram).
The near surface setting, proximity to infrastructure and presence of high grades are thought to make the Fox property a unique and attractive new discovery in the global tungsten sector.
On behalf of the Board of Directors,
"David E Blann"
David E Blann, P.Eng., President, CEO
FOR FURTHER INFORMATION PLEASE CONTACT:
Happy Creek Minerals Ltd.
David Blann, President, CEO
Corporate Office:
Phone: 604.662.8310
Email: Info@happycreekminerals.com
Website: www.happycreekminerals.com
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.
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