Friday, September 27, 2013

Happy Creek drilling proves it

For those of you wondering what I see in Happy Creek, this is more of it. Their tungsten property just keeps growing. David Blann, CEO, does not seem in any hurry to develop it for a quick sale. He just keeps expanding and filling it in. They are well on their timeline (I gave two years last summer for them to take the first steps) towards achieving an operating mine.

Happy Creek drills 8.2 metres of 0.86% tungsten trioxide (W03) near surface in southward step out hole at Fox property

September 25, 2013 - Vancouver, British Columbia. Happy Creek Minerals Ltd. (TSXV: HPY) (the "Company") is pleased to announce results from an additional four drill holes on its 100% owned, 165 square kilometre Fox tungsten property. 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 a 10 km by 3 km area. Positive to potentially economic values of tungsten occur in two areas located on the south and north sides of an granitic intrusive rock that is similar in age to the Boss Mountain mine.
In the northern area on the east side of Deception Mountain, four outcropping mineralized zones occur over a three kilometre distance: from south to north, the 708, BN, RC (Ridley Creek), and BK prospects. These prospects span a distance of three kilometres and have a lateral extent thought to be greater than one kilometre. Since the first drilling discovery in 2011, the Company has tested three of the prospects with encouraging results. The main focus of the 2011-2013 drilling was the RC zone.
At the RC prospect, drilling continues to define and expand a new tungsten deposit that occurs at surface and dips shallowly westward. Drill holes F13-04 (vertical) and F13-05 (-50 degrees to the west) are located approximately 40.0 metres southwest of F13-3 (22 metres of 0.76% tungsten trioxide (W03). Refer to News Release dated September 9, 2013). F13-04 and 05 encountered the favorable geology from surface, with values of 0.01 to 0.03% tungsten trioxide starting at 6.0 metres. F13-04 ended at 50.9 metres, with the final 0.5 metres containing moderately strong pyroxene calc silicate thought to indicate potential for additional tungsten mineralized zone to occur at depth.
F13-06 (-55 degrees west) is located approximately 40 metres south east of F13-04/05, and starting from 14.0 metres returned 16.0 metres of 0.23% tungsten trioxide including 6.2 metres of 0.55% tungsten trioxide and 0.25% zinc.
F13-07 is located approximately 60 metres east of F13-04/05, and 35 metres south of F12-17 (20 metres of 0.63% tungsten trioxide). F13-07 (vertical) returned 22.0 metres of 0.36% tungsten trioxide starting at 12.0 metres below surface, including 8.2 metres of 0.86% tungsten trioxide.
David Blann, President and CEO of Happy Creek states: "F13-06 and 07 have expanded the near-surface zone southward with positive grades and it remains open in extent. The results fit within our target range for potentially economic near-surface mineralization, and compare favorably to other known tungsten mines. The RC prospect is just one of four prospects containing high tungsten grades at and near-surface and we continue to see tremendous potential in this new discovery over the three kilometre long target area."
Due to the flat-lying mineralized horizons, vertical drill hole intersections are very near true thickness, while angle drill hole intercepts are approximately 130-135% of true thickness. 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). A review of drill results from the Fox property to date identified 25 intervals averaging 3.2 metres and 2.36% tungsten trioxide that comprise a portion of the favourable horizon thickness.
A grade of 2.4% tungsten trioxide contains 24.0 kg W03 per tonne of rock, and recent tungsten prices are around US$34.0/kg W03 in concentrates and US$42.0/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 and indium also occur with tungsten at the Fox property. Indium is a rare metal used in liquid crystal applications such as touch screens.
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 exploration discovery in the global tungsten sector.

1 comment:

  1. Hi Webgogs...what's up with this share price? It really isn't reflecting the results or the deposit at all. Do you have any explanations other than the venture market, time of year, etc or any ideas as to timelines for a return on investment?
    Thank you

    ps Merry Christmas in advance!