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Happy Creek Minerals Ltd. (TSXV:HPY) reached a settlement with the Vendor of the BX property, and will receive compensation comprised of $35,000 in cash, return of 50,000 shares of the Company, and a 100% interest in two mineral properties that are located in an historical mining camp approximately 45 kilometres southeast of Revelstoke, B.C., Canada.
As quoted in the press release:
The first discovery of high grade values of lead, zinc, silver and gold on the Silver Dollar property occurred over 110 years ago. Numerous showings and past-producing prospects occur over a distance of approximately 9 kilometres. There is an access road crossing the length of the property and a historical aerial ore tram and mill site.
The Silver Dollar, Gilman and numerous other prospects are part of the historical Camborne mining camp where development and limited production started around the early 1900’s. In 1933, the Gillman shipped between one and fourteen tonnes of ore grading 62.0 g/t (grams per tonne) gold, 62.0 g/t silver. In 1947, the Silver Pass Development Syndicate processed 6 tonnes of ore and recovered 9,860 grams silver, 1,378 kilograms lead and 1,009 kilograms zinc. With multiple small claim owners, there was intermittent, fragmented surface work and underground development occurring into the 1950’s. Ore shipments were transported to the smelter in Trail, B.C or the United States. In 1984 a drill hole on the Silver Dollar zone returned 2.10 meters grading 229.0 g/t silver, 1.0 g/t gold, 10.95% zinc, 4.04% lead and 0.29% copper. In 1986, a drill hole intersected 0.70 metres grading 38.0 g/t gold. The historical drilling appears to be relatively shallow in depth and selectively sampled. Positive grade intervals are open in width and the mineralized zones remain open at depth. The drill holes also intersected mineralized zones that do not outcrop at surface and are an important indication that hidden or “blind” deposits occur.
Several styles of mineralization are noted, ranging from silver-rich lead and zinc (galena and sphalerite) to gold bearing pyrite (iron sulphide) zones. For example, a massive pyrite zone contains relatively low values of lead and zinc (0.46% and 0.58%, respectively) however it assayed 10.8 g/t gold. Historical drill logs and surface maps indicate that pyrite-bearing silicified zones occur frequently and were not routinely sampled, which indicates more systematic assaying could return favorable gold results. There are currently two geological models proposed for this area; one model is structurally controlled mineralization and a second type where recent reviews suggest there is potential for massive sulphide (VMS) deposits. With current metal prices for lead and zinc around US$0.90/lb, the concentrations of the base metals in the Silver Dollar prospects are of interest in addition to the precious metal values.
Click here to read the Happy Creek Minerals Ltd. (TSXV:HPY) press release
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