Happy Creek expands Highland Valley propertyadmin
October 8, 2013 – Vancouver, British Columbia. Happy Creek Minerals Ltd. (TSXV: HPY) (the "Company") is pleased to announce that it has added additional mineral claims to its 100% owned Rateria and West Valley copper property. These properties adjoin Teck’s Highland Valley Copper mine (HVC) property in south central British Columbia, Canada.
The Tyner Lake Option Agreement entails acquiring a 100% interest in 18 mineral claims that total approximately 22.5 square kilometres in area. The property adjoins the Company’s Rateria and Teck’s Highland Valley property to the north and west, respectively. Happy Creek has also acquired by staking for itself, a number of claims that connect the Rateria-Tyner property to the company’s West Valley property.
Together, the Company currently holds a 100% interest in a contiguous property of over 200 square kilometres that surrounds southern portion of Teck’s HVC property, Canada’s largest copper producer. Exploration by the Company on its Rateria property has located two new copper zones with drill results including 95.0 metres of 0.67% copper, 3.6 g/t silver in Zone 1 (see News Release dated July 31 2011). Zone 2 has returned 152.5 metres of 0.35% copper, that includes 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 (see News Release dated January 14, 2013).
The Tyner property is approximately 90% covered by glacial till, however airborne and locally induced polarization geophysical surveys suggest the property contains several strong northerly and northwesterly trending structures that cross through the property. Locally the property is thought to be underlain by younger phases of the Guichon Batholith that are associated with copper deposits in the district. The northeastern portion of the property hosts several outcrops containing positive copper values.
The area of the Tyner property was explored intermittently between 1950 and 1982 with limited effectiveness due largely to the extensive glacial till cover. Between 2006 and 2008, TNR Gold conducted a more modern induced polarization (IP) survey covering a limited portion of the property and mainly focused on historical positive copper in glacial till. The IP survey returned relatively low chargeability values that were subsequently drill tested, however results are not known and the property was allowed to lapse.
Also in 2006 and to the west, Teck performed a thorough induced polarization geophysical survey covering its SKU claims, and continues to hold the property. A report on the results of the survey are available in B.C. government files, and were reviewed by Happy Creek. The report concludes that there are several areas of considerable size with persistent elevated chargeability values that require further geological investigation. Several of these positive geophysical responses are noted to extend out to the east and west edges of the survey. Two areas of positive geophysical response are about one kilometre in a north-south dimension and remain open in extent to the east onto Happy Creek’s Tyner property. Another is approximately 600 metres in a north-south dimension and remains open in extent to the west onto Happy Creek’s West Valley property. In these areas, no modern exploration work is known.
A prospecting report on the Tyner property in 2012 includes samples returning geochemical values of 0.16, 0.91 and 0.83% copper from the northeastern portion of the property- where several outcrops occur. One sample located north of an historical adit returned 4.82 % copper, 0.19 g/t gold and 27.1 g/t silver is thought to reflect part of a large scale northwest trending structure that trends through the Tyner and onto the Company’s Rateria property.
David Blann, President and CEO of Happy Creek states "The Tyner property is a natural addition to the Company’s Rateria property to the south. We see favorable geology and positive historical geophysical survey results that are similar to our Zone 1, and open in extent onto our property. With over 200 square kilometres of mineral claims and two new discoveries to date in this prolific mining district we are well positioned to find more."
To earn a100% interest in the Tyner property, the Company must pay to an arm’s length vendor a total of $30,000 in cash and issue 500,000 shares by September 27, 2014. The Vendor retains a 2% Net Smelter Return Royalty (NSRR), with the Company having the exclusive right to purchase the NSRR for $2,000,000 in cash. There are no fixed work commitments during the earn-in period other than to maintain the property in good standing.
On behalf of the Board of Directors,
"David E Blann"
David E Blann, P.Eng.
FOR FURTHER INFORMATION PLEASE CONTACT:
David Blann, President, CEO
Registered Investor Relations:
James Berard Phone: 604-687-2768 Toll free: 1-877-459-5507
David Blann, P.Eng., is a Qualified Person as defined under Canadian NI43-101 regulations and has reviewed and approved the technical content of this press release. 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.
Posted: October 8th, 2013 under ACCESSWIRE.