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HPY Happy Creek Minerals Ltd

0.055
0.00 (0.00%)
25 Jul 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Happy Creek Minerals Ltd TSXV:HPY TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.055 0.05 0.06 0 13:57:52

Happy Creek Expands Zone 2 in 2009 Highland Valley Drill Program

13/11/2009 9:07pm

Marketwired Canada


Happy Creek Minerals Ltd. (TSX VENTURE:HPY) (or the "Company") announces the
completion of its 2009 drill program on its Rateria property that adjoins Teck
Resources Ltd.'s Highland Valley copper mine property and is approximately ten
kilometres southeast of the concentrator, in south central British Columbia. The
Highland Valley Copper mine is North America's third largest copper producer.


The 2009 diamond drilling program totaled approximately 2,000 metres in nine
holes. The objectives of the program were to test for mineralization in a five
kilometre long and 500 metre to one kilometre wide portion of the property in
which Zone 2 occurs at the northern end, and test the new "High-Res" target
located to the east of Zone 2. Drill core assay results are pending for the
drill program.


Three drill holes in Zone 2 have expanded its length from 200 to over 450
metres. Copper minerals are dominantly bornite and chalcocite (copper
sulphides). During 2008, the first drilling in Zone 2 returned two higher grade
intervals including 27.0 metres containing 1.05 percent copper, 0.02 percent
molybdenum, 5.0 g/t (grams per tonne) silver and 0.24 g/t gold, and 17.5 metres
containing 1.12 percent copper, 0.01percent molybdenum, 5.46 g/t silver and 0.02
g/t gold. These intervals occur within a mineralized envelope containing 177.0
metres grading 0.37 percent copper and 103 metres grading 0.33 percent copper,
respectively. Currently, Highland Valley Copper is profitably mining an average
grade of 0.32% copper (SEDAR: TCK third quarter MD&A). Zone 2 remains undefined
and open to expansion in several directions. Geophysical and geological
information strongly suggests Zone 2 may be over one kilometre in length, with a
500 metre portion that is untested by drilling. Importantly, Zone 2 contains
elevated molybdenum, gold and silver credits that occur with the copper values.


Further to the southwest of Zone 2, four widely spaced reconnaissance holes
within a three kilometre portion of a large geological corridor contain
favorable degrees of fracturing and alteration with minor concentrations of
bornite, chalcocite and chalcopyrite copper minerals. During 2008, two drill
holes within this corridor returned 114.0 metres grading 0.09% copper and 334
metres grading 0.07% copper, respectively. The 2008 and 2009 drill holes are
thought to reflect excellent potential for copper deposits to occur within this
corridor and large areas remain untested by drilling.


One drill hole tested the new "High-Res" target approximately two kilometres to
the east of Zone 2. Drill core contains bornite and chalcopyrite near the top of
the hole, and starting around 75 metres depth, reasonably consistent trace
concentration of very fine grained native copper to 200 metres depth and the end
of the hole. The High-Res target is overall approximately 1.2 kilometres by 1.6
kilometres in dimension, and the Company considers this first drill hole as
positive and reflecting potential for significant copper mineralization in a
different geological setting than Zone 2.


Previous drilling results from Zone 1 include 100.0 metres grading 0.29 percent
copper, 84.0 metres of 0.30 percent copper, and 10.4 metres grading 1.55 percent
copper. Several holes ended in copper mineralization, and this zone also remains
undefined and open in extent.


Happy Creek has assembled a 100 percent interest in over 140 square kilometres
of mineral claims that are close to North America's third largest copper
producer. The property is largely covered by glacial till from approximately
three to over thirty metres in thickness, and the most effective exploration
method has been to perform geophysical surveys followed by drilling. Happy Creek
has discovered by drilling two new zones containing significant copper and
associated molybdenum, silver and gold values that remain open in extent, and
identified several other prospective targets. Complete results for the 2009
drill program are expected within six to eight weeks. The Rateria property is
now fully permitted for up to 26 drill holes during 2010, and further drilling
is planned.


The Company also wishes to announce it has engaged Strike Communications Inc., a
Vancouver based investor relations firm. The Company has also granted a total of
650,000 options exercisable at a price of $0.12 per share for a period of five
years to directors, officers, employees and consultants to the Company.


On behalf of the Board of Directors,

David E Blann, P.Eng., President

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.


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