Press release from TheNewswire.ca
Drilling Underway at Happy Creek's Fox Tungsten Property
Tuesday, July 16, 2013
Drilling Underway at Happy Creek's Fox Tungsten Property14:00 EDT Tuesday, July 16, 2013
July 16, 2013 - Vancouver, British Columbia - Happy Creek Minerals Ltd. (TSXV: HPY) (the "Company") is pleased to announce that drilling is underway 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.
Drilling on the Fox property is planned to consist of approximately 1,200 metres in 12 to 15 holes. Most holes are planned to be relatively short in length due to the near-surface position and near-horizontal orientation of the main mineralized zone, however a number of holes will test for additional mineralized horizons. Mapping between and beyond the known zones will be performed to provide a wider geological perspective of the area.
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. These prospects span a distance of three kilometres. Surface chip sampling and drilling have returned positive tungsten (W03- tungsten trioxide) grade and thickness that are near surface in an open-pit setting.
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 at the BN prospect, F12-27 returned three intervals: 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 (Refer to Press Release dated November 19, 2012). Geological mapping and results from drilling in three areas indicate the main calc silicate/skarn unit hosting variable concentrations of tungsten is around 25-40 metres in thickness and approximately two kilometres by over one km in dimension. Results from F12-27 suggest multiple (stacked) mineralized zones occur.
A positive feature of the mineralized skarn zone is its potential to host very high grades: results include 0.40 metres of 9.60% tungsten, 3.64% zinc and 19.20 g/t indium (DDH F11-07). A grade of 0.7% tungsten contains 7.0 kg W03 per tonne of rock, and tungsten APT prices have recently risen to around $40/kg W03. Indium is a rare metal used in liquid crystal and touch screens and prices have also risen to over US$550/kg ($5.50/gram).
Tungsten is regarded as a strategic and critical metal for industrialized countries. According to U.S. Geological Survey statistics, an apparent US$ 1 billion of tungsten was consumed in the U.S. during 2012. 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 h eavy alloys 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.
The Fox property is thought to be 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
David Blann, President, CEO
Registered Investor Relations:
James Berard Phone: 604-687-2768Toll 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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