Happy Creek Minerals Ltd. (TSXV:HPY) announced an update to its mineral resource estimate for the Ridley Creek and BN zones, as well as a first-time resource estimate for the BK zone on its Fox tungsten property.
As quoted in the press release:
The Fox property contains a recently discovered, large scale, 10 km by 3 km tungsten skarn mineral system containing seven mineralized zones and numerous showings at surface. The current resource is for the Ridley Creek, BN and BK Zones, which are portions of a 3 km long skarn horizon that outcrops at surface and dips gently westward.
The total Indicated Resources for the Ridley Creek zone amount to 582,400 tonnes grading 0.826% WO3 and the total Inferred Resource is now 565,000 tonnes grading 1.231% WO3 for the Ridley Creek, BN and BK Zones combined. Based on what is now among the highest cut-off grades reported in the industry, this represents an increase in contained tungsten of 21% for indicated and 22.9% for inferred from the previously reported January 2017 resource estimates and demonstrates the continuing increase in scale of the project as work proceeds. The selected cut-off for the material amenable to open pit extraction is 0.175% WO3 and for material amenable to underground extraction, a cut-off of 0.45% WO3 was applied.
David Blann, P.Eng., president and CEO, commented:
This update has added more quality resources and is another step forward for the Fox property. It remains among the highest grade in the western world, comparable to the now closed Cantung mine in the Yukon/Northwest Territories, and the Fox is much closer to infrastructure and in a better operating climate. We have not yet included the potential for by-products zinc, indium, bismuth, gold and silver values which would require more detailed metallurgical testing for a more advanced economic study.
The three zones with resources remain open to expansion and comprise a portion of a three-kilometre-long horizon having wide gaps that remain un-tested by drilling. In addition, the South Grid and Nightcrawler Zones have both returned positive drill intercepts to follow up that are well above cut-off. With the current resource and clear opportunity to expand it, we are confident that the project can progress to the next stage of development and have initiated engineering and environmental-related data collection for more advanced permitting and economic study. The Fox property continues to advance as a new high-grade tungsten project in the western world.