Happy Creek completes Tyner copper property acquisition, Highland Valley area B.C.admin
February 18, 2014 – Vancouver, British Columbia. Happy Creek Minerals Ltd. (TSXV: HPY) (the “Company”) is pleased to announce that it has amended and completed its Option to earn a 100% interest into the Tyner copper property. The Tyner property adjoins the 100% owned Rateria property in the Highland Valley area of south central British Columbia, Canada.
The original terms as announced October 8th 2013 entailed earning a100% interest in the Tyner property, by paying to an arm’s length vendor a total of $30,000 in cash and issuing 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.
Under the amended Agreement, the Company pays a total of $25,000 cash and issues 250,000 shares, and the Vendor retains the NSRR as above, while all other terms and conditions remain the same. The first cash payment and share issuance was made on signing the original Option in September, 2013. The second and final cash payment was completed Monday, February 17th. The Property is now registered as100% owned by the Company. Maps of the Company’s Highland Valley property are available on the website.
The Tyner Lake property consists of 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.
Together, the Company currently holds a 100% interest in a contiguous property of approximately 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 magnetic and other surveys suggest several strong northerly and northwesterly trending structures occur. Locally, younger phases of the Guichon Batholith that are associated with copper deposits in the district also occur on the property. The northeastern portion of the property hosts several outcrops containing positive copper values. Historical induced polarization geophysical surveys identify several sizable zones of interest that are open in extent onto the Tyner property and additional surveys followed by drill testing are planned.
David Blann, President and CEO of Happy Creek states: “The Tyner property is an extension to the Company’s Rateria property southward where favorable geology and positive geophysical survey results appear similar to our Zone 1. With our large land position and two discoveries to date in this prolific mining district we are well positioned to find more of these quality copper deposits.”
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: February 18th, 2014 under ACCESSWIRE.