Monday, January 21, 2013

HPY.v Shows us more

It was nice to see their new results after a nice break.What we are seeing here is a nice near surface deposit beginning to take shape. The copper equivalent shows what looks like a decent economic deposit. Refer to:  You can see the relationship between Zone 1 and 2. The company should have an update map of the drill locations soon. Refer here for a better table of results:

If you've been following Gold Reach and Copper Fox then you have something to compare these results to. You'll notice they are stepping across their deposits to a depth of about 350 meters. Of note is the formation of the mineralization.

"The mineralized zone is comprised of predominantly bornite, chalcocite, chalcopyrite (copper sulphides) and variable concentrations of molybdenite that are associated with k-feldspar and quartz-sericite alteration."

This stock falls into the category of way under valued. They have a collection of properties that far exceed the value of the sunk costs. Because this is still very early in the process no one is paying attention. People are still looking for glory hole news when the world is telling us that glory holes have been on the decline for a couple of decades.

I think that these styles of deposits just don't attract attention and the good value goes unnoticed until it's bought out and the majority of people miss the boat. This company's spread of properties dictates that it will have to develop them incrementally. Due to the slow build up you have to be in early.

Happy Creek drills 152.5 metres of 0.35% copper, 0.57 g/t rhenium at Rateria, Highland Valley, B.C.
January 14, 2013 - Vancouver, British Columbia - Happy Creek Minerals Ltd. (TSX-V:HPY, the "Company") is pleased to announce drill results from its 100% owned Rateria property, located in the Highland Valley district, south central British Columbia (B.C.), Canada. Teck's Highland Valley Copper (HVC) mine is Canada's largest copper producer. On the Rateria property, Happy Creek has discovered two new copper zones located approximately 6.5 kilometres south-southeast of a producing open pit.
In late November, 2012, the Company drilled two holes in Zone 2. R12-01 (090/-60 degrees) is located 60 metres north of R11-36 (152.5 metres of 0.26% copper, 0.67 g/t rhenium). R12-02 (090/-60 degrees) is located approximately 380 metres south of R12-01 and 150 metres west of R08-05 (126.0 metres of 0.46% copper, 0.10 g/t gold).
New drill results from Zone 2 include R12-01 with 92.8 metres of 0.30% copper, 0.15 g/t gold starting from bedrock surface and the zone remains open in extent. R12-02 returned 152.5 metres of 0.35% copper and 0.57 g/t rhenium, including 32.5 metres of 0.91% copper, 0.010 % molybdenum, 4.0 g/t silver, 0.11 g/t gold and 1.83 g/t rhenium.
2012 Drilling Summary from Zone 2
 |Hole    |From |To   |Interval|Cu  |Ag |Au  |Re  |
 |        |(m)  |(m)  |(m)     |%   |g/t|g/t |g/t |
 |R12-01  |12.2 |105.0|92.8    |0.30|1.5|0.15|0.02|
 |includes|60.0 |72.5 |12.5    |0.63|3.2|0.66|0.01|
 |R12-02  |172.5|325.0|152.5   |0.35|1.7|0.06|0.57|
 |includes|182.5|215.0|32.5    |0.91|4.0|0.11|1.83|
David Blann, President and CEO of Happy Creek states: "Zone 2 continues to expand with positive results that are near surface and located about 6.5 kilometres from a producing open pit. The strong rhenium enrichment and gold values could increase the potential value, and metallurgical tests are planned. We are pleased with the new results from this zone and believe it is an important addition to the Company's assets."
Beyond the core intervals shown in the table above, F12-01 also returned 2.5 metres containing 0.029% molybdenum and 3.0 g/t rhenium starting at 192.5 metres. Other samples returned 0.10 to 0.12% copper near the end of the hole at 237.5 metres where the final sample contains 0.019% molybdenum. With mineralization occurring in the first and last sample, the width of the zone remains open in extent in several directions.
Higher grade intervals in R12-02 include 2.5 metres containing 0.93% copper, 1.03 g/t gold, 5.5 g/t silver, 0.024% molybdenum and 3.38 g/t rhenium. Overall, F12-02 contains 257.3 metres of 0.23% copper starting at 70.0 metres. Approximately four hundred metres to the northeast, drill hole R10-7 intersected 40.0 metres grading 0.32% copper, 0.12 g/t gold and 0.12 g/t rhenium near the end of the hole.
Drilling at Zone 2 has returned elevated to substantial copper, molybdenum, gold, silver and rhenium values within an area approximately 1.0 kilometre by 600 metres in dimension and to a depth of at least 350 metres, and remains undefined and open in extent. The mineralized zone is comprised of predominantly bornite, chalcocite, chalcopyrite (copper sulphides) and variable concentrations of molybdenite that are associated with k-feldspar and quartz-sericite alteration. Pyrite (iron sulphide) content is very low.
Rhenium occurs with molybdenum in porphyry copper deposits and is a rare metal used to strengthen stainless steel for very high temperature conditions and prices range from around US$4,000 to $9,000 per kilogram. Drill core intervals in Zone 2 contain relatively high rhenium enrichment in the molybdenite with calculated values ranging from around 4 to 10 kg Re per tonne molybdenite (refer to news release June 11, 2012).
Plans for Zone 2 include drilling to define and expand the mineralized zone, and metallurgical work. Mineralology and metallurgy provide valuable information on the nature and character of the mineralization and its potential to produce a commercially salable concentrate product. Results of metallurgical work performed on Zone 1 are pending.

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