The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from TheNewswire.ca

Happy Creek commences drilling on the Fox tungsten property

Thursday, July 26, 2012

Happy Creek commences drilling on the Fox tungsten property 14:00 EDT Thursday, July 26, 2012(via Thenewswire.ca) July 26, 2012 - Vancouver, British Columbia - Happy Creek Minerals Ltd. (TSX-V:HPY, the "Company") is pleased to announce that drilling has started on its 100% owned, 165 square kilometre, Fox tungsten property. The Fox property is located approximately 75 kilometres northeast of 100 Mile House, British Columbia (B.C.), Canada. The Company is currently testing one of four known high grade surface tungsten zones that occur over a distance of three kilometres. Previous trenching results from several zones include 7.0 metres of 0.80% W03 (tungsten trioxide), 4.9 metres of 1.07% W03, 7.3 metres of 1.25% W03, and 0.40 metres of 11.10% W03. The first ever reconnaissance drilling of the Ridley Creek area conducted in 2011 returned results including 4.7 metres of 1.02% W03 and 7.35 metres of 1.22% W03. Refer to press releases dated October 3rd, October 20th and November 1st, 2011. David Blann, President and Chief Executive Officer of Happy Creek states: "Drilling is now underway and we are happy to continue expanding on last year's high grade, near surface discovery. We will also be testing a very compelling geophysical target situated about 65 metres below the surface zone. We have discovered tungsten grades and thickness that are important on a global scale and anticipate the results from the definition of the first of the four known zones." Tungsten prices are currently around US$38/kg W03 as APT*, or around US$29.60/kg W03 in a 65% W03 concentrate. One tonne of 65% W03 contains 650 kg W03. On the Fox property, the tungsten mineral is scheelite (calcium tungstate) which contains approximately 80.5% W03. Processing scheelite ore to a suitable concentrate is typically performed by gravity separation and flotation methods. Tungsten is used for hard metals such as tungsten carbide, as well as other electrical, catalyst and superalloy applications. At the Ridley Creek area, elevated zinc and indium also occur with the scheelite. Indium is a rare metal used in liquid crystal display and touch screens. The geological setting, nature and scale of mineralization at the Fox property are similar to other tungsten mines and advanced stage projects world-wide. Happy Creek has advanced the Fox prospect from a very early stage to a large scale system that is approximately three kilometres by 10 kilometres in dimension containing positive tungsten values in drill holes, outcrops, stream sediment and soil. Diamond core drilling in 2012 is planned to consist of 3,000 metres in 25 holes. Geology mapping, sampling, detailed topographic surveys and initial metallurgical and environmental studies are also planned. On behalf of the Board of Directors, "David E Blann" ____________________ David E Blann, P.Eng. President, CEO 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: 604-687-2768Toll 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. * APT is ammonium paratungstate, a product derived from tungsten concentrate. 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. 0- Copyright (c) 2012 Thenewswire.ca - All rights reserved.