Happy Creek drills 2.7 metres of 2.0 % tungsten (W03) at the Fox property
August 27, 2013 — Vancouver, British Columbia (Source: The Newswire) — Happy Creek Minerals Ltd. (TSXV: HPY) (the “Company”) is pleased to announce preliminary results from the first drill hole of the 2013 program 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.
At the RC prospect, drill hole F13-01 is a step out approximately 40.0 metres west of F12-17 (20 metres of 0.63% tungsten trioxide (W03). F13-01 is a vertical hole that was lost at a depth of 30.4 metres while in the mineralized zone due to a drilling problem. The favorable geology consists of calc-silicate and skarn which was intersected from surface, with trace tungsten beginning from 8.0 metres. Starting at 26.8 metres the hole intersected 2.72 metres grading 2.01% tungsten trioxide that is thought to be near true thickness. Other values in this interval include 0.27% zinc, 1.85 g/t silver, 0.09 g/t gold and 1.63 g/t indium. This drill site was subsequently repeated and completed through the favourable horizon and results are pending.
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. Drilling by the Company in 2007 at the Nightcrawler zone outlined positive tungsten values in multiple horizons over an area 1.5 km by 500 metres in dimension. Four kilometres to the north, four outcropping mineralized zones are named from south to north the 708, BN, RC (Ridley Creek) and BK prospects. These prospects are within a favorable target horizon (calc-silicate or skarn) spanning a distance of three kilometres and a lateral extent thought to be greater than one kilometre.
A review of drill results from the Fox property to date identified 23 intervals averaging 3.1 metres and 2.41 % tungsten trioxide that comprise a portion of the favourable horizon thickness. Drill highlights from 2011 and 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, drilling at the BN prospect returned three intervals in hole F12-27: 4.1 metres of 1.78% tungsten trioxide, 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).
A grade of 2.4% tungsten trioxide contains 24.0 kg W03 per tonne of rock, and tungsten prices are around US$35.0/kg W03 in concentrates and US$42.0/kg W03 as upgraded APT (ammonium paratungstate) (1).
Tungsten is regarded as a strategic and critical metal 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 for heavy alloy in applications requiring high temperature stability and density in electronic components, super-alloys, wear-resistant alloys and chemicals for various applications. Tungsten is being used and evaluated as a more effective radiation shield than lead, requiring 1/10th the thickness of lead (2). Zinc and indium also occur with tungsten at the Fox property. Indium is a rare metal used in liquid crystal applications such as touch screens and prices have risen to over US$550/kg ($5.50/gram).
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The proximity to infrastructure, near surface setting, large scale and presence of high grade tungsten are thought to make the Fox property 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.
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. Happy Creek employs a strong Quality Assurance and Control system for its drilling programs. Samples are cut from NQ size drill core using a rock saw and a blank, standard or duplicate are inserted into the sample string every tenth sample. Samples are sealed and shipped to Agat Laboratories in Burnaby, B.C. Samples are prepared and analyzed first by aqua regia digest and ICP + ICP-MS finish to give zinc, gold and silver values in parts per million (ppm) or grams per tonne (g/t). Zinc values are divided by 10,000 to give zinc %. Samples that return greater than 50 ppm W (tungsten) are then re-tested in triplicate using a peroxide fusion digestion and ICP-finish and are averaged to provide an assay result. Results of greater than 1.0% W are checked by an XRF assay and that result is averaged with the triplicate peroxide fusion to give a final result. Tungsten assay results are around +/- 10% of the final average and considered reasonable for a nugget effect inherent to coarse grained scheelite/tungsten mineralization. Tungsten (W) assays are converted to W03 with a multiplication factor of 1.261 as it is the compound used for pricing/ sales of tungsten concentrate or APT. (1)Tungsten prices from Metals Pages August 2013. (2) www.thirdwave.de/3w/tech/armor/tungstenrayshield.pdf.
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.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>