Press release from TheNewswire.ca
Happy Creek Provides an Exploration Update
Tuesday, July 05, 2011
Happy Creek Provides an Exploration Update14:00 EDT Tuesday, July 05, 2011(via Thenewswire.ca) July 5, 2011 - Vancouver, British Columbia - Happy Creek Minerals Ltd. (TSX-V: HPY, the "Company") announces that it has brought a second drill to the Rateria property, located a new copper-molybdenum zone on the Hen property, and Newmont Mining Corp. is another new neighbor on the Silverboss property. Highland Valley District The Company has a 100% interest in approximately 145 square kilometres of mineral claims that adjoin Teck's Highland Valley Copper (HVC) mine property, Canada's largest copper producer, located in south central British Columbia (B.C.). Over 1.8 billion tonnes of resources in five deposits have been discovered in the Highland Valley district. HVC is currently mining material with an average grade of around 0.26% copper. Happy Creek has discovered Zone 1 and Zone 2 on the Rateria property, located approximately 6.5 kilometres southeast of Teck's Highmont mine. On June 1, 2011 Happy Creek announced preliminary results from drill hole R11-1 that returned a significant interval from Zone 1. Final results from this hole are received and include 95.0 metres grading 0.67% copper and 3.62 g/t (grams per tonne) silver or 95.0 metres of 0.72% copper equivalent*. Preliminary geochemical results from five holes are currently being reviewed and assays are pending for over limit and higher grade sections. Happy Creek announces it has engaged a second diamond drill at the Rateria property in order to conduct testing of the numerous quality targets it has developed using geology, geophysical and geochemical surveys. This drill is currently testing a new target located approximately 800 metres west of Zone 1 and has intersected Bethsaida phase intrusive rock with multiple, relatively narrow intervals containing positive alteration, quartz veins and bornite (copper sulphide) from bedrock surface to a current depth of about 200 metres. These observations are thought to be encouraging and suggest this new area has significant potential. Eight diamond drill holes have been completed in Zone 1 to date this year and several more are anticipated in order to fully define this copper zone. Drilling has tested Zone 1 at deeper levels and the overall mineralized system has been expanded in certain areas and is up to 150 metres or more in width, over 850 metres in length and at least 400 metres in depth and remains open in extent. It is thought that Zone 1 continues to the south and further drilling in this direction is planned. "Zone 1 changes from dominantly chalcocite copper mineralization near surface to a more typical bornite-chalcopyrite copper porphyry system at around 200 metres depth and we have not found the end of mineralization at 440 metres below surface." states David Blann, President and CEO of Happy Creek. "In addition, there is more confidence that the extension to Zone 1 occurs a few hundred metres further south where previous shallow drilling results are similar to the upper levels of Zone 1 and suggest proximity to a very large porphyry system. With a 100% interest, it is exciting to test a new target because we have the right geology and proof new deposits exist. There is an excellent opportunity to discover more, and potentially a giant for which Highland Valley is known". Cariboo District The Hen property is located northeast of 100 Mile House, B.C. and 7 kilometres south of Xstrata's former Boss Mountain molybdenum mine. Recent prospecting on the Hen property has located a new showing of significant interest. An area approximately 400 metres by 250 metres in dimension contains abundant quartz veinlets with chalcopyrite (copper sulphide) and molybdenite (molybdenum sulphide) that is hosted by a granitic intrusive rock. No assays have been received to date, however the preliminary observations suggest the mineralized zone is open in extent beneath glacial till and thought to represent a new bulk tonnage copper-moly-gold target. Soil geochemical sampling is underway. During a recent review of the Company's 540 square kilometres of mineral tenures, it has learned that Newmont Mining Corporation has acquired mineral tenures that adjoin the Company's 100% owned Silverboss property along the northwestern side. The Silverboss property is approximately 150 square kilometres in area and surrounds Xstrata and partner NMC Resource Corp?s former Boss Mountain molybdenum (moly) mine. On the Silverboss property the Company has outlined on surface large scale copper, molybdenum and gold targets (refer to website www.happycreekminerals.com). In 2010, rock samples returned 2.52 percent copper, 6.21 g/t gold, 295 g/t silver and 6.76 g/t indium from the Silverboss Shaft, and 0.05% copper, 0.012% molybdenum and 0.96 g/t gold from the Horse Trail zone. "Happy Creek began field work in February this year and we continue to conduct multi-property exploration. Our 100% owned Silverboss and Hen property appears to be situated in an important part of an emerging copper-moly-gold camp, as highlighted in a recent Northern Miner article. With Xstrata, Gold Fields and now Newmont, this area has attracted the Majors for a good reason, and we are pleased to have already identified quality large scale copper, moly and gold targets on several 100% owned projects." The Company has granted to a consultant 400,000 Options of the Company at $0.23 per share that are exercisable for a period of one year. The options will vest at a rate of 25% of the total number of options granted every three months. 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. Preliminary analyses are performed by Agat Laboratories of Ontario using a geochemical aqua regia digest and ICP-MS finish, with final results determined by a larger pulp sample, aqua regia digest and Atomic Absorption (AA) finish. Results for copper and silver are provided in PPM (parts per million or grams per tonne), with values converted to percent by dividing by 10,000. N/A= Not Available. Quality control protocol includes on-site pick up of samples by the laboratory, routine insertion of blanks, standards and duplicates in addition to the laboratory internal controls. *Equivalent grades assume 100% recovery and payable metal prices of $3.50/lb copper and $31.0/oz silver, and prices in U.S $. 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.