Press release from TheNewswire.ca
Happy Creek Acquires BX Copper Property in Highland Valley B.C.
Monday, June 06, 2011
Happy Creek Acquires BX Copper Property in Highland Valley B.C.14:00 EDT Monday, June 06, 2011(via Thenewswire.ca) June 6, 2011 - Vancouver, British Columbia - Happy Creek Minerals Ltd. (TSX-V: HPY, the "Company") has negotiated an Option agreement with an arm's length vendor to earn a 100% interest in the BX property located in Highland Valley, B.C. The BX property is approximately 11.5 square kilometres in area and adjoins Teck's Highland Valley Copper mine property, approximately six kilometres from the former Bethlehem deposits, the first copper mine in the camp. The BX property is thought to provide the Company with another quality target with resource potential that compliments its on-going development of the Rateria property approximately ten kilometres to the south. The BX prospect consists of a series of trenches dating from around 1958 that partially expose a north to northwesterly trending copper zone approximately 760 metres in length and 120 metres in width. Importantly, the trenches do not delineate the overall width or length of the mineralized zone. The BX prospect is located within extensive northwest trending regional magnetic low and positive historical induced polarization (IP) geophysical anomalies that are coincident with positive historical copper in soil samples. At the northern end of the soil anomaly other historical trenches appear not to have reached bedrock, and boulders contain copper oxides. Together, the trenches, geophysical and geochemical surveys suggest the target area could be 2.5 kilometres in length and wider than the 120 metres that the trenches reveal. In 1969, nine vertical diamond drill holes averaging 95 metres in depth were reported to contain 0.5 to 2.5% copper over intervals of 1.2 to 7.0 metres. It is not known how much of the core was recovered or sampled. During 2010, an assessment of the property was performed by Graeme Evans, P.Geo., an experienced professional geologist that is at arm's length to the vendor and the Company. Seven representative rock samples obtained from the BX trenches range from 0.25% copper to 1.68% copper. These representative samples average 0.86% copper which is consistent with historical trench sampling and could be of economic interest. Several of the historical drill hole collars were located and observed to be small AX size (1.2 inches), that is generally thought to have limited effectiveness within strongly broken rock. "Having a sizeable copper zone already exposed and with encouraging grades is rare and allows us to get to the drilling stage quickly" states David Blann, President and CEO of Happy Creek. "We see considerable potential in light of previous exploration being over 40 years ago and positive copper values in historical shallow drill holes and trenches. The BX property is an excellent addition to our Highland Valley properties and fits our objective to develop resources in the area." The BX property is approximately 95 percent covered by glacial till. The geology consists of Guichon Batholith granodiorite cut by dykes of more felsic Bethlehem or Bethsaida phase and chlorite, epidote, quartz, k-feldspar, sericite and tourmaline alteration minerals occur. Chalcopyrite, bornite (copper sulphides) and malachite, azurite (copper oxides) are the predominant copper minerals present within the trenches. The geology, alteration and copper minerals are consistent with Highland Valley style porphyry copper systems that can have considerable size and depth potential. Together, the published historical exploration up to 1969 and recent results from the BX property are thought to reflect potential for a porphyry copper system up to 2.5 kilometres in length. The Company plans to conduct geophysical surveys followed by diamond drilling as part of its on-going work within the Highland Valley district during 2011. Terms of the BX Property Option The Company has been granted the exclusive right to acquire an undivided 100% interest in the BX property over a three year period, by paying a total of $130,000 in cash, issuing a total of 500,000 in shares and incurring a total of $400,000 in exploration expenditures on the BX property. Upon vesting of the Company's interest, the Optionor will hold a 2% NSR (Net Smelter Royalty), and the Company has the right to purchase 1% of the NSR by paying $1,000,000 in cash to the Optionor. 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. FOR FURTHER INFORMATION PLEASE CONTACT: David Blann, President, CEO Corporate Office: 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. Copyright (c) 2011 Thenewswire.ca - All rights reserved.