(TheNewswire)
January 12, 2023, Vancouver, TheNewswire, British Columbia– Happy Creek MineralsLtd. (TSXV:HPY) (“Happy Creek” or the“Company”) is pleased to provide an update on the Company’splans for the 100 per cent-owned Fox Tungsten Project (“Fox”),located near 100 Mile House in south central British Columbia.
Mr. Peter Hughes, President and Chief Executive Officerof Happy Creek stated “Fox has a world-class tungsten grade and isapproaching the threshold of contained metal 1 to justifyadvanced engineering, economic and environmental studies. TheCompany has submitted a substantial, 5-year permit application to theBC Government for the purpose of implementing a large exploration anddrilling campaign. This effort includes meaningful indigenouscommunity engagement activities. As tungsten prices continue to showstrength, our goal is to increase Happy Creek’s resource and advanceFox as one of the highest grade tungsten projects in the westernworld.”
1 Thecurrent National Instrument 43-101 resource estimate for Foxis:
582,400 tonnes grading 0.826%WO 3 (indicatedcategory)
565,400 tonnes grading 1.231%WO 3 (inferredcategory)
(WO 3 istungsten trioxide)
For details of the project and the resource estimatesee the report by Pierre Desautels, P. Geo, AGP Mining ConsultantsInc. and Paul Berndt, FAusIMM, dated April 9, 2018 and titled“ NI 43-101 Resource Updatefor the RC and BN Zones and Maiden Resource Estimate for the BK Zoneof the Fox Tungsten Project British Columbia ”available on the Company’s website at www.happycreekminerals.com and onthe Company’s SEDAR profile at www.sedar.com .
Mr. Hughes continued, “Happy Creek has a greatopportunity to expand the existing zones and make additionaldiscoveries on this large, district-scale project. Tungsten isrecognized as a “Critical Mineral” by Canada and other westernnations because of its essential hard metal uses in tools formanufacturing, defense and other sectors. Currently 85% of primaryworld production comes from China and there is very little westernproduction. Fox represents a potential low-impact, long-term andsecure supplier of this critical mineral for the North American andglobal economy.“
To achieve Happy Creek’s goals for Fox, the Companyhas applied to the Province of British Columbia for a 5-year amendment(2023-2027) to the Company’s existing Multi-Year Area-Based (MYAB)exploration permit that would allow for up to 570 drill pads, 1.2 kmof machine trenching, 15 km of temporary drill access trails and otheractivities. This work would be primarily focused along the 2 km trendof the BN, RC and BK zones which host all of the existing, mostlynear-surface, high-grade resources outlined above (see Figure 1). The goals of this work are to predominantlyexpand the resource and collect information for use in geologicalmodelling, resource estimates, metallurgical testing, mine design,economic feasibility studies, environmental assessment and minepermitting. The proposed work will be conducted with input from andaligned with Indigenous and Government agency interests and other landusers to minimize impacts on the environment, wildlife and othervalues, and to provide opportunities to the local community.
History and Proposed Work
Happy Creek acquired Fox in 2006 and has discovered allof the mineral prospects on the property through prospecting,trenching and drilling. In 2011, the first drilling of the RC, BN andBK prospects returned high tungsten grade and thickness, leading theCompany to its current resources.
The BN-RC-BK trend has been partially defined by some11,000 m of drilling in 142 drillholes and the zones remain open forexpansion. To date, all of the work in this area was supported byhelicopter, however recent (2018-2022) logging activity has extendedroads much closer to the deposits. The 2023-2027 proposed work planand permit application includes a 5.1 km exploration access trail intothe BN-RC area with a new drill camp. This access would allow for moreefficient and non-weather dependent mobilization and field operations,improving worker safety and reducing exploration costs.
The Company recognizes the opportunity to supportinitiatives for the supply of critical metals to the western world.The Fox is well located, and the Company has a strong technicalbackground in tungsten geology and advancing projects.
Indigenous Communities
Happy Creek is committed to responsible mineralresource development. The Company’s priority is to build andsustain mutually beneficial relationships with the IndigenousCommunities in the territories in which the Company explores.
The Company operates within the principles andguidelines set out for COVID-19 that are established by provincialhealth and safety authorities to protect workers and the communitiesin which the Company operates.
About the Fox
The Fox is a district-scale, high-grade criticalmineral project that Happy Creek has advanced from initial discoveryto the resource stage. The project is host to the BN, RC, and BKdeposits with current mineral resources (see Happy Creek’s newsrelease dated Feb. 27, 2018, and the April 9, 2018, 43-101 technicalreport filed under the Company's profile on SEDAR for details). Inaddition, the project hosts the Nightcrawler - Creek, Discovery, andSouth Grid zones which have significant tungsten drill intercepts, andmultiple other un-drilled prospects.
About Tungsten
Tungsten is a rare metal with unusual physicalcharacteristics including extreme hardness and a very high meltingpoint. These features make it an important metal for many industries.It is used mainly in cemented tungsten carbide and high-speed alloycutting tools and other automotive, energy, defense, manufacturing andhigh-tech applications.
About Happy Creek MineralsLtd.
Happy Creek is focused on making new discoveries andbuilding resources in proximity to infrastructure on the Company’s100-percent-owned portfolio of diversified metal projects in BritishColumbia. The Company’s Management, Board of Directors and TechnicalAdvisors have extensive expertise and experience in the mineralresource sector and capital markets.
More information on the Company’s projects can befound on the Company’s website at www.happycreekminerals.com .
Qualified Person Statement
The technical and scientific contents of this releasehave been prepared, verified, and approved by David Blann, P.Eng., adirector of the Company, and a qualified person pursuant to NationalInstrument 43-101 – Standards of Disclosure for Mineral Projects.
On behalf of the Board of Directors,
“Peter Hughes”
President and Chief Executive Officer
FOR FURTHER INFORMATION, PLEASECONTACT:
Peter Hughes, President and Chief ExecutiveOfficer
Office Phone: (604) 802-7372
Email: petehughes@me.com
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release.
The reader is cautioned that resultsor information from an adjacent property does not infer or indicatesimilar results or information will or does occur on the subjectproperty. Historical information from the subject or adjacent propertycannot not be relied upon as the Company’s QP, a term which wascreated and defined under NI-43-101, has not prepared nor verified thehistorical information.
This press release contains"forward-looking information" within the meaning ofapplicable securities laws, including statements that address capitalcosts, recovery, grade, and timing of work or plans at the Company’smineral projects. Forward-looking information may be, but not always,identified by the use of words such as "seek","anticipate", “foresee”, "plan","planned", "continue", "expect",“thought to”, "project", "predict","potential", "targeting", "intends","believe", “opportunity”, “further” and others, orwhich describes a goal or action, event or result such as"may", "should", "could","would", "might" or "will" beundertaken, occur or achieved. Statements also include those thataddress future mineral production, reserve potential, potential sizeor scale of a mineralized zone, potential expansion of mineralization,potential type(s) of mining, potential grades as well as to HappyCreek’s ability to fund ongoing expenditure, or assumptions aboutfuture metal or mineral prices, currency exchange rates, metallurgicalrecoveries and grades, favourable operating conditions, access,political stability, obtaining or renewal of existing or requiredmineral titles, licenses and permits, labour stability, marketconditions, availability of equipment, accuracy of any mineralresources, anticipated costs and expenditures. Assumptions may bebased on factors and events that are not within the control of HappyCreek and there is no assurance they will prove to be correct. Suchforward-looking information involves known and unknown risks, whichmay cause the actual results to materially differ, and/or any future results expressed or implied bysuch forward-looking information. Additional information on risks anduncertainties can be found within Financial Statements, Prospectus andother materials found on the Company’s SEDAR profile at www.sedar.com . Although Happy Creek has attempted toidentify important factors that could cause actual actions, events orresults to differ materially from those described in forward-lookinginformation, there can be no assurance that such information willprove to be accurate as actual results and future events could differmaterially from those anticipated in such statements. Happy Creekwithholds any obligation to update or revise any forward-lookinginformation, whether as a result of new information, future events orotherwise, unless required by law.
Figure 1. Fox Project Area
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