Happy Creek Completes Option- now owns 100% of Rateria Copper Propertyadmin
Tuesday, August 5th 2008
Happy Creek Minerals Ltd. is pleased to announce it has completed its final option payment and now owns an undivided 100% interest in the Rateria Copper property. The property is now subject only to an NSR (Net Smelter Royalty payment) up to a maximum $3,000,000.
The Rateria copper property is located 10 kilometres southeast of Teck Cominco’s Highland Valley Copper mine, Canada’s largest. Diamond drilling has tested the “A” target with five widely spaced holes. Currently, drill hole R08-6 is located approximately 1.2 kilometres southwest of drill hole R08-05, with visually detected copper mineralization occurring from bedrock to its current depth of approximately 320 metres, and the hole is continuing. Observation of copper mineralization is felt to be positive and encouraging, however the Company wishes to emphasize that assays are pending.
Drill hole R08-6 consists of variably intense pervasive quartz, sericite and clay altered quartz diorite containing fracture controlled and in part disseminated bornite, chalcocite and chalcopyrite (copper sulphides) with semi-massive veinlets of bornite and chalcopyrite noted up to 1 cm in thickness.
A magnetic geophysical survey is underway over known mineralized zones and other proposed drill targets identified by the recent 3D Induced polarization geophysical survey. The Company has completed 125 kilometres of 3D induced polarization and approximately 100 kilometres of magnetic geophysical surveys to date on the Rateria property.