Happy Creek completes Tyner copper property acquisition, Highland Valley area B.C.
February 18 2014 - 11:00AM
Access Wire
February 18, 2014 - Vancouver, British
Columbia. Happy Creek Minerals Ltd. (TSXV: HPY) (the
"Company") is pleased to announce that it has amended and completed
its Option to earn a 100% interest into the Tyner copper property.
The Tyner property adjoins the 100% owned Rateria property in the
Highland Valley area of south central British Columbia,
Canada.
The original terms as
announced October 8th 2013 entailed
earning a100% interest in the Tyner property, by paying to an arm's
length vendor a total of $30,000 in cash and issuing 500,000 shares
by September 27, 2014. The Vendor retains a 2% Net Smelter Return
Royalty (NSRR), with the Company having the exclusive right to
purchase the NSRR for $2,000,000 in cash. There are no fixed work
commitments during the earn-in period other than to maintain the
property in good standing.
Under the amended Agreement,
the Company pays a total of $25,000 cash and issues 250,000 shares,
and the Vendor retains the NSRR as above, while all other terms and
conditions remain the same. The first cash payment and share
issuance was made on signing the original Option in September,
2013. The second and final cash payment was completed Monday,
February 17th. The Property is now
registered as100% owned by the Company. Maps of the Company's
Highland Valley property are available on the website.
The Tyner Lake property
consists of 18 mineral claims that total approximately 22.5 square
kilometres in area. The property adjoins the Company's Rateria and
Teck's Highland Valley property to the north and west,
respectively.
Together, the Company
currently holds a 100% interest in a contiguous property of
approximately 200 square kilometres that surrounds southern portion
of Teck's HVC property, Canada's largest copper producer.
Exploration by the Company on its Rateria property has located two
new copper zones with drill results including 95.0 metres of 0.67%
copper, 3.6 g/t silver in Zone 1 (see News Release dated July 31
2011). Zone 2 has returned 152.5 metres of 0.35% copper, that
includes 32.5 metres of 0.91% copper, 0.010% molybdenum, 4.0 g/t
silver, 0.11 g/t gold and 1.83 g/t rhenium (see News Release dated
January 14, 2013).
The Tyner property is
approximately 90% covered by glacial till, however airborne
magnetic and other surveys suggest several strong northerly and
northwesterly trending structures occur. Locally, younger phases of
the Guichon Batholith that are associated with copper deposits in
the district also occur on the property. The northeastern portion
of the property hosts several outcrops containing positive copper
values. Historical induced polarization geophysical surveys
identify several sizable zones of interest that are open in extent
onto the Tyner property and additional surveys followed by drill
testing are planned.
David Blann, President and
CEO of Happy Creek states: "The Tyner property is an extension to
the Company's Rateria property southward where favorable geology
and positive geophysical survey results appear similar to our Zone
1. With our large land position and two discoveries to date in this
prolific mining district we are well positioned to find more of
these quality copper deposits."
On behalf of the Board of
Directors,
"David E
Blann"
____________________
David E Blann, P.Eng.
President, CEO
FOR FURTHER INFORMATION PLEASE
CONTACT:
David Blann, President, CEO
Corporate Office:
Phone: 604.662.8310
Email: Info@happycreekminerals.com
Website: www.happycreekminerals.com
Registered Investor
Relations:
James Berard Phone: 604-687-2768 Toll free:
1-877-459-5507
David Blann, P.Eng., is a
Qualified Person as defined under Canadian NI43-101 regulations and
has reviewed and approved the technical content of this press
release. 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.
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