Happy Creek Outlines Plans to Advance Fox Tungsten Project, British Columbia
January 12, 2023, Vancouver, British Columbia – Happy Creek Minerals Ltd. (TSXV:HPY) (“Happy Creek” or the “Company”) is pleased to provide an update on the Company’s plans 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 Officer of Happy Creek stated “Fox has a world‐ class tungsten grade and is approaching the threshold of contained metal1 to justify advanced engineering, economic and environmental studies. The Company has submitted a substantial, 5‐ year permit application to the BC Government for the purpose of implementing a large exploration and drilling campaign. This effort includes meaningful indigenous community engagement activities. As tungsten prices continue to show strength, our goal is to increase Happy Creek’s resource and advance Fox as one of the highest grade tungsten projects in the western world.”
1The current National Instrument 43‐101 resource estimate for Fox is:
582,400 tonnes grading 0.826% WO3 (indicated category)
565,400 tonnes grading 1.231% WO3 (inferred category)
(WO3 is tungsten trioxide)
For details of the project and the resource estimate see the report by Pierre Desautels, P. Geo, AGP Mining Consultants Inc. and Paul Berndt, FAusIMM, dated April 9, 2018 and titled “NI 43‐101 Resource Update for the RC and BN Zones and Maiden Resource Estimate for the BK Zone of the Fox Tungsten Project British Columbia” available on the Company’s website at www.happycreekminerals.com and on the Company’s SEDAR profile at www.sedar.com.
Mr. Hughes continued, “Happy Creek has a great opportunity to expand the existing zones and make additional discoveries on this large, district‐scale project. Tungsten is recognized as a “Critical Mineral” by Canada and other western nations because of its essential hard metal uses in tools for manufacturing, defense and other sectors. Currently 85% of primary world production comes from China and there is very little western production. Fox represents a potential low‐ impact, long‐term and secure supplier of this critical mineral for the North American and global economy.“
To achieve Happy Creek’s goals for Fox, the Company has 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 km of machine trenching, 15 km of temporary drill access trails and other activities. This work would be primarily focused along the 2 km trend of the BN, RC and BK zones which host all of the existing, mostly near‐ surface, high‐grade resources outlined above (see Figure 1). The goals of this work are to predominantly expand the resource and collect information for use in geological modelling, resource estimates, metallurgical testing, mine design, economic feasibility studies, environmental assessment and mine permitting. The proposed work will be conducted with input from and aligned with Indigenous and Government agency interests and other land users to minimize impacts on the environment, wildlife and other values, and to provide opportunities to the local community.
History and Proposed Work
Happy Creek acquired Fox in 2006 and has discovered all of the mineral prospects on the property through prospecting, trenching and drilling. In 2011, the first drilling of the RC, BN and BK prospects returned high tungsten grade and thickness, leading the Company to its current resources.
The BN‐RC‐BK trend has been partially defined by some 11,000 m of drilling in 142 drillholes and the zones remain open for expansion. To date, all of the work in this area was supported by helicopter, however recent (2018‐2022) logging activity has extended roads much closer to the deposits. The 2023‐2027 proposed work plan and permit application includes a 5.1 km exploration access trail into the BN‐RC area with a new drill camp. This access would allow for more efficient and non‐weather dependent mobilization and field operations, improving worker safety and reducing exploration costs.
The Company recognizes the opportunity to support initiatives for the supply of critical metals to the western world. The Fox is well located, and the Company has a strong technical background in tungsten geology and advancing projects.
Indigenous Communities
Happy Creek is committed to responsible mineral resource development. The Company’s priority is to build and sustain mutually beneficial relationships with the Indigenous Communities in the territories in which the Company explores.
The Company operates within the principles and guidelines set out for COVID‐19 that are established by provincial health and safety authorities to protect workers and the communities in which the Company operates.
About the Fox
The Fox is a district‐scale, high‐grade critical mineral project that Happy Creek has advanced from initial discovery to the resource stage. The project is host to the BN, RC, and BK deposits with current mineral resources (see Happy Creek’s news release dated Feb. 27, 2018, and the April 9, 2018, 43‐101 technical report filed under the Company's profile on SEDAR for details). In addition, the project hosts the Nightcrawler ‐ Creek, Discovery, and South Grid zones which have significant tungsten drill intercepts, and multiple other un‐drilled prospects.
About Tungsten
Tungsten is a rare metal with unusual physical characteristics including extreme hardness and a very high melting point. These features make it an important metal for many industries. It is used mainly in cemented tungsten carbide and high‐speed alloy cutting tools and other automotive, energy, defense, manufacturing and high‐tech applications.
About Happy Creek Minerals Ltd.
Happy Creek is focused on making new discoveries and building resources in proximity to infrastructure on the Company’s 100‐percent‐owned portfolio of diversified metal projects in British Columbia. The Company’s Management, Board of Directors and Technical Advisors have extensive expertise and experience in the mineral resource sector and capital markets.
More information on the Company’s projects can be found on the Company’s website at www.happycreekminerals.com.
Qualified Person Statement
The technical and scientific contents of this release have been prepared, verified, and approved by David Blann, P.Eng., a director of the Company, and a qualified person pursuant to National Instrument 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, PLEASE CONTACT:
Peter Hughes, President and Chief Executive Officer Office Phone: (604) 802‐7372 Email: [email protected]
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.
The reader is cautioned that results or information from an adjacent property does not infer or indicate similar results or information will or does occur on the subject property. Historical information from the subject or adjacent property cannot not be relied upon as the Company’s QP, a term which was created and defined under NI‐43‐101, has not prepared nor verified the historical information.
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", “foresee”, "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.
Figure 1. Fox Project Area