January 4th, 2016 -- Vancouver, British Columbia. Happy Creek Minerals Ltd. (TSXV: HPY) (the 'Company) is pleased to announce results from geological work conducted on its 100% owned Fox tungsten property located in the south central Cariboo, British Columbia.
Between May 18 and November 14, 2015, the Company performed geological work in the Deception Mountain area where the BN, Ridley Creek (RC), BK and North zones occur. Mapping, sampling and prospecting used Ultra Violet (UV) light to reveal the tungsten mineral scheelite. Tungsten assays are reported in percent W03 (tungsten trioxide) for which prices in the past four years have ranged from US$190 to $460/mtu (where 1 mtu = 10 kg W03). The geological work has improved the understanding and potential of an historically un-mapped area that is part of a 3 km long trend containing a number of high grade tungsten prospects.
The main results of this work are:
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At the BK zone, prospecting located two new outcrops 20 and 60 metres south, respectively, of previous trenches containing 3 metres of 2.0% W03, and 7.3 metres of 1.25% W03. One new outcrop returned 3.57% W03, 0.34 g/t gold, 2.9 g/t silver, 1060 g/t bismuth and 3.5 g/t indium in a grab sample. Forty metres further south a chip sample returned 1.42% W03 over one metre. The new surface samples are open in width and part of a mineralized zone that is partially exposed at surface. In 2012 a drill hole located 30 metres west of the trenches cut 9.0 metres of 0.42% W03, including 5.0 metres of 0.68% W03 and starting from 20 metres below surface.
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The favorable layer of rock containing the BN, RC and BK tungsten zones was traced continuously at surface over a distance of two kilometres. Reconnaissance testing by UV light in a number of locations between the RC and BK zones indicates positive tungsten results. The favorable host rock between these zones is gently dipping and is from 10 to over 20 metres in apparent thickness.
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Two other similar tungsten-bearing layers were located at higher elevations along the northeastern side of Deception Mountain. The upper-most layer was traced at surface from the east side of Deception Mountain to the North zone on its western side. Grab samples of rocks having positive tungsten from UV light inspection in the two upper layers have returned values of 0.10 to 0.29% W03. The mineralized samples are open in width. Similarly, approximately one kilometer south and above the RC zone, a second band was identified and locally contains strong scheelite under UV light.
David Blann, P.Eng., President of Happy Creek states: 'On Deception Mountain, the mapping has shown the RC and BK zones are connected and that three distinct tungsten-bearing layers occur. We have increased our confidence that they continue through Deception Mountain a distance of approximately 1.5 km. This geology and scale compares with that found almost ten kilometres to the south at the Nightcrawler and South Grid zones and clearly adds to the overall resource potential on the property. In addition, the BK zone was extended at surface and still remains open in extent. With its high grade, it is shaping up to be another area similar to the RC zone that is potentially amenable to simple surface cut mining methods. The Fox project continues to increase in quality, and we see it advancing as a new, globally top-tier tungsten discovery.'
While the Company has continued to explore the greater resource potential of the property, it is also focusing specifically on the Ridley Creek (RC) zone, one of the five known prospects. During October, the Company collected a 500 kg sample from the RC zone and is currently performing additional mineralogy and mineral processing test work under the supervision of Paul Berndt, Director. The Company has also engaged an independent consultant to perform detailed geological deposit modelling for a resource study.
The Company's plans for 2016 include taking steps toward further economic evaluation of the RC zone and environmental and other work to allow more advanced development stages to proceed. In addition, it is planned that trenching and drilling of the new South Grid target will begin in May, 2016.
About the Fox property
The Fox property hosts a tungsten mineral system that is 10 km by 3 km in dimension. Although most of the property is under-explored, five large scale targets occur. Three separate zones on Deception Mountain occur over a distance of two kilometres and are connected by the same favorable geological layer. Results include 33 selected intervals averaging 2.5% W03 over 2.92 metres, and overall, 49 out of 60 holes drilled average 8.2 metres of 0.72% W03 starting within 26 metres of surface. Highlights of drilling in two zones include intervals such as 26 metres of 1.2% W03 and 14.8 metres of 4.0% W03. The Nightcrawler zone is an area 2.0 km by 500 metres in dimension where widely spaced drilling has returned positive results in multiple horizons, some of which are exposed at surface. The best results include 5.0 metres of 1.0% W03. The new South Grid target is defined by favorable geology and positive tungsten in soil that is 1.25 km by 500 metres in dimension and remains untested by trenching or drilling. All zones are open in extent.
Complete details of the Company's drill results and maps can be found on the website at www.happycreekminerals.com, or within news releases filed on SEDAR.
On behalf of the Board of Directors,
'David E Blann'
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David E Blann, P.Eng.
President, CEO
FOR FURTHER INFORMATION PLEASE CONTACT:
David Blann, President, CEO
Corporate Office:
Phone: 604.662.8310
Email: [email protected]
Website: www.happycreekminerals.com
Corporate Communications:
Ron Birch: Phone: 250.545.0383
Toll Free: 1.800.910.7711
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.
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. Rock samples are shipped to, prepared and analyzed at Agat Laboratories in Vancouver. Samples are first analyzed by aqua regia digest and ICP/ICP-MS and for results of greater than 50 ppm W, are analyzed using a peroxide fusion digest in triplicate to obtain average tungsten (W) assay results. W is multiplied by 1.261 to obtain W03, the compound for which tungsten prices are quoted. Agat performs duplicates and checks, for which results are compared and fall within a satisfactory range.
This press release contains 'forward-looking information' within the meaning of applicable securities laws, including statements that address capital costs, recovery, grade, and timing of work or plans at the Company's mineral projects. Forward-looking information may be, but not always, identified by the use of words such as 'seek', 'anticipate', 'plan', 'planned', 'continue', 'expect', 'thought to', 'project', 'predict', 'potential', 'targeting', 'intends', 'believe', 'opportunity', 'further' and others, or which describes a goal or action, event or result such as 'may', 'should', 'could', 'would', 'might' or 'will' be undertaken, occur or achieved. Statements also include those that address future mineral production, reserve potential, potential size or scale of a mineralized zone, potential expansion of mineralization, potential type(s) of mining, potential grades as well as to Happy creek's ability to fund ongoing expenditure, or assumptions about future metal or mineral prices, currency exchange rates, metallurgical recoveries and grades, favourable operating conditions, access, political stability, obtaining or renewal of existing or required mineral titles, licenses and permits, labour stability, market conditions, availability of equipment, accuracy of any mineral resources, anticipated costs and expenditures. Assumptions may be based on factors and events that are not within the control of Happy creek and there is no assurance they will prove to be correct. Such forward-looking information involves known and unknown risks, which may cause the actual results to materially differ, and/or any future results expressed or implied by such forward-looking information. Additional information on risks and uncertainties can be found within Financial Statements, Prospectus and other materials found on the Company's SEDAR profile at www.sedar.com. Although Happy creek has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Happy creek withholds any obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by law.