check this playHappy Creek drills up to 17.7 g/t rhenium in Highland Valley, B.C.
Feb 02, 2010 (TheNewswire.ca via COMTEX News Network) --
(via Thenewswire.ca)
February 2, 2010 - Vancouver, British Columbia - Happy Creek Minerals Ltd. (TSX-V: HPY, or the "Company") is pleased to announce preliminary results of additional geochemical1 analyses performed on a portion of one of its drill holes from the Rateria property.
A portion of drill hole R09-06 from Zone 2 has returned 7.5 metres containing 7.2 g/t (grams per tonne) rhenium, along with 0.34 percent copper and 0.085 percent molybdenum. Individual samples indicate up to 17.7 g/t rhenium over 1.5 metres. Mineralization in R09-06 remains open in extent.
Rhenium (Re) is a metal primarily used in making high temperature super-alloys and catalysts. Rhenium prices are currently around US$6.25 per gram2, and have recently ranged up to US$12.00 per gram over the past few years.
David Blann, President of Happy Creek Minerals Ltd. states "We are pleasantly surprised to see values up to seventeen grams per tonne rhenium in the first drill hole analyzed. This discovery significantly adds to the potential value of the copper-molybdenum zones we have already identified, and I expect it will play a role in our exploration goals in Highland Valley. We look forward to providing further information when we receive more complete assay results for this and our other drill holes."
Happy Creek's 100 percent owned Highland Valley project is comprised of the West Valley and Rateria property. These properties comprise over 140 square kilometres that adjoin the west and east side, respectively, of Teck Resources Ltd.'s Highland Valley Copper mine property, Canada's largest copper producer. The Highland Valley Copper mine is currently mining material grading approximately 0.32 percent copper. On the Rateria property, the Company has discovered by drilling two new zones containing potentially economic copper grades that remain undefined and open in extent. Drill results from Zone 2 for which rhenium analyses are pending include 177.0 metres grading 0.377 percent copper, including 27.0 metres grading 1.05 percent copper, 0.019 percent molybdenum, 5.0 g/t silver and 0.24 g/t gold.
Exploration on the Rateria property during 2010 is planned to include drilling, geology and additional three dimensional induced polarization and magnetic geophysical surveys.
On behalf of the Board of Directors,
"David E Blann"