Happy Creek engages Toll Cross Securities to pursue strategic alternatives for Fox tungsten property
January 3, 2014 (Source: Accesswire) — Happy Creek Minerals Ltd. (TSXV: HPY) (the “Company”) announces that it has engaged Toll Cross Securities to act as advisors to pursue and evaluate strategic alternatives including finding appropriate joint venture partners for its Fox tungsten property.
Toll Cross Securities Inc. specializes in equity research, institutional equity trading, and providing independent advice to corporations on M&A, financing and restructuring transactions. Toll Cross Securities Inc. is a member of the Investment Dealers Association of Canada and the Canadian Investor Protection Fund as well as a participating organization of the TSX and TSX Venture Exchanges. Through Sales, Trading, Research, and Investment Banking functions, it offers a full slate of services to both public and private companies.
David Blann, President and CEO of Happy Creek states: “The Fox is an exciting story and an example of our original objective to make new discoveries from scratch and in a good location. From here, the Fox tungsten project requires a focused and dedicated team of technical and financial experts. I am pleased to have engaged Toll Cross, a financial and advisory team with strong resource experience and international reach.”
The Fox tungsten property is owned 100% by the Company and covers an area of 165 square kilometres. The property is well situated approximately 25 km east of the past producing Boss Mountain molybdenum mine, and 75 km northeast of the town of 100 Mile House in the south-central Cariboo region of British Columbia, Canada.
The Company has explored the Fox property from an early stage returning positive values of tungsten in rock, stream sediment, soil and drill core in an area 10 km by 3 km in dimension. Drilling by the Company in 2011, 2012 and 2013 has returned encouraging results. Together, the high grades that are in a near surface position, the large scale of the mineral system and its proximity to infrastructure are believed by the Company’s management to indicate a potentially globally important new discovery of the strategic tungsten metal. Detailed exploration drilling in one area (RC) has outlined a well-mineralized zone that remains open in extent, and is just part of a target over three kilometres in length.
Drill highlights from discovery in 2011 and follow up in 2012 at the RC prospect include 7.35 metres of 1.22% tungsten trioxide, 19.4 metres of 0.82% tungsten trioxide, 11.0 metres of 0.80% tungsten trioxide, 20.0 metres of 0.63% tungsten trioxide and 24.7 metres of 0.68% tungsten trioxide. One kilometer south of the RC prospect, the BN prospect returned three intervals in hole F12-27: 4.1 metres of 1.78% tungsten trioxide at surface, 14.8 metres of 4.0% tungsten trioxide and 24.0 metres of 0.79% tungsten trioxide including 5.8 metres of 2.01% tungsten trioxide. One kilometre north of the RC prospect, drilling at the BK prospect returned 5.0 metres of 0.68% tungsten trioxide. (Refer to Press Release dated November 19, 2012). On September 9th 2013 the Company announced hole F13-3 returned 22 metres of 0.76% tungsten trioxide and F13-07 returned 8.2 metres of 0.86% tungsten trioxide at the RC prospect.
Recent tungsten prices are around US$38.0/kg W03 as APT (ammonium paratungstate) (1). Tungsten is regarded by the British Geological Survey as a strategic and critical metal essential for industrialized countries. Over 50% is used in cemented tungsten carbide to make cutting tools for the construction, metalworking, mining, oil and gas drilling industries. The balance is used in applications requiring high temperature stability and density in electronic components, super-alloys, wear-resistant alloys and chemicals. Values of zinc, gold, silver, indium and bismuth also occur with tungsten at the Fox property. Indium is a rare metal used in liquid crystal applications such as touch screens.
The Fox property is thought to represent a unique and attractive new exploration discovery in the global tungsten sector. Additional results are pending.
On behalf of the Board of Directors,
“David E Blann”
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. W03 (tungsten trioxide) is the compound used for pricing/ sales of tungsten. (1)Tungsten prices from Metals Pages January 2014.
Neither the 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.
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