Happy Creek expands Rateria property, Highland Valley, B.C.
September 8, 2017 (Source) – Happy Creek Minerals Ltd. (TSXV: HPY) (the “Company”) announces that it has added 14.52 square kilometres of mineral claims at its 100% owned Rateria copper property in the Highland Valley, B.C., Canada.
The Company has entered into a purchase and sale agreement with two arm’s length vendors to acquire a 100% interest in mineral claim tenures that cover 350.36 hectares, and located approximately 20 km northeast of Lower Nicola in the province of British Columbia, Canada. In total, the Company will pay $30,000 in cash to the vendors and issue 50,000 common shares at a deemed price of $0.20 per share. The shares will be subject to a 4 month hold period commencing on the date of closing.
Completion of the acquisition is subject to the approval of the TSX Venture Exchange.
In addition, the Company acquired by staking for its own account, mineral claim tenures totaling 1,195.63 hectares. In total, the Company acquired 14.52 square kilometres of mineral claim tenure that adjoin to the east, the Company’s Rateria copper property.
About the property
The Company is exploring over 200 square kilometres of mineral tenure that adjoin and surround the southern end of the Highland Valley Copper property of Teck Resources, Canada’s largest base metal mine. The Rateria- West Valley property is thought to be a quality copper exploration asset in a district where four porphyry copper deposits and one copper skarn have achieved commercial production.
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The newly acquired property, formerly known as the Chataway property, was explored periodically since the late 1800’s with more modern work completed between the late 1950’s and 2011. This property contains several copper prospects, although approximately 95% of the area is covered by complex glacial till that limited historical exploration effectiveness. Portions of the new property that are located near the Rateria property are thought to have the potential to host extensions of the known mineralized zones on the Rateria property.
On August 29, 2017, the Company announced that drilling at Zone 2 on the Rateria property returned 105.5 metres of 0.37% copper, 0.14 g/t gold, 1.9 g/t silver and 0.63 g/t rhenium in drill hole R17-05 that expands a higher-grade area by approximately 100 metres to the south. Zone 2 remains open towards the newly acquired property to the southeast. In addition, results from drill hole R17-02 included 5.0 metres of 4.4% copper approximately 200 metres east of Zone 2 that remains open to further expansion.
The Rateria property contains the Zone 1 and Zone 2 deposits, located 6.5 km southeast of the producing Highmont open pit. Drill results from Zone 1 and 2 have returned copper grades consistent with other producing deposits in the district and Zone 2 with elevated gold and rhenium values. There are also numerous exploration targets that have had limited work performed over the years.
The Company plans to compile data from the newly acquired Chataway property in context with its latest results and has approved a second phase of drilling in October to follow up on positive results from R17-05.
On behalf of the Board of Directors,
“David E Blann”
David E Blann, P.Eng.
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 news release. 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. Readers are cautioned that results or information from an adjoining property do not infer that similar results or outcomes will occur on the subject property.
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