Happy Creek drills 42.0 metres grading 0.865% copper at Rateria Property, Highland Valley, B.C.admin
Happy Creek Minerals Ltd. announce it has received preliminary drilling results from its 100% owned Rateria Copper property. Diamond drilling in 2008 is testing the “A” target located 12 kilometres southeast of Teck Cominco’s Highland Valley copper concentrator. In its second quarter Teck Cominco reported a $160 million operating profit from mining an average grade of 0.31% copper. To date the Company has received results from the first four drill holes and a portion of the fifth. The Company has drilled a total of nine holes to date this year.
Drilling of the “A” target has identified a new zone containing 42.0 metres grading 0.865% copper, 0.012% molybdenum and 4.36 g/t (grams per tonne) silver in drill hole R08-05.
Assay results are pending for 133 metres of drill core beyond the 179 metre depth reported in R08-05. A map showing the drillhole locations and technical data will be posted to the Company’s website shortly. Diamond drill hole R08-05 is located approximately 200 metres south of hole R08-01. Drilling to date suggests the mineralized zones are sub-vertical in orientation and occur from surface to depths of over 350 metres and remain open in extent. Drill holes R08-02 and R08-04 are located approximately 500 metres west and 350 metres northwest of R08-01, respectively. Hole R08-03 was directed eastward from hole R08-01. Drill holes R08-02, 03 and 04 tested peripheral portions of the “A” target and were overall weakly mineralized, however localized zones contain encouraging copper values.
Of interest to the Company is a 3.0 metre interval returning 0.645% copper and 1,479.6 ppb (parts per billion) or 1.48 g/t gold along with other low but encouraging gold values in hole R08-01, the only hole to date for which gold results have been received. These gold values in addition to molybdenum and silver add potential value to the copper zone.
The mineralized zones in holes R08-01 and R08-05 appear to trend north to northeast-southwest and are part of a corridor estimated to be over five kilometres in length and between 350 to 650 metres in width through the property. To date, mineralization identified within this corridor is comprised predominantly of bornite and chalcocite copper sulphides that occur in proximity to district-scale contacts between several phases of the Guichon Batholith. Bornite and chalcocite are high grade copper minerals that increase the value per tonne of copper concentrates.
As a result of the successful exploration efforts this year, Happy Creek has recently expanded its land position in the Highland Valley area by purchasing two additional claim blocks (see news release dated September 11, 2008). The Company’s 100% owned property now totals almost 13,000 hectares (130 square kilometres) on the southern side of the productive Guichon Batholith and adjoins on the east, south and west side, Teck Cominco’s Highland Valley copper property. These additional properties have documented copper prospects thought to cover prospective geology and structures that appear similar to the Rateria property and the Company will conduct preliminary exploration on them this fall.
The Company is now awaiting assays for all of the holes that will allow the best possible advancement of this new discovery by further diamond drilling.