According to the updated report, the asset contains 4.8 million kilograms of WO3 in the indicated category and 6.9 million kilograms of WO3 in the inferred category.
Happy Creek said the estimate represents more quality resources and is another step forward for the project.
David Blann, the company’s president and CEO, stated that Fox “[r]emains 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.”
The Fox property includes the Ridley Creek, BN and BK zones, which are portions of a 3-kilometer-long skarn horizon. Fox contains a large scale of recently discovered tungsten and is made up of seven mineralized zones and numerous showings at surface.
Ridley Creek’s indicated resource stands at 582,400 tonnes grading 0.826 percent WO3, while the combined inferred resource for the Ridley Creek, BN and BK zones comes to 565,000 tonnes grading 1.231 percent WO3.
Compared to the previous January 2017 resource estimate for Fox, those are increases of 21 percent for the indicated category and 22.9 percent for the inferred category. Those higher numbers demonstrate the continued increase in scale of the project as work proceeds, the company said.
The selected cut off for the material amenable to open-pit extraction is 0.175 percent WO3, and for material amenable to underground extraction a cut off of 0.45 percent WO3 was applied. According to the company, the Fox property now has among the highest cut-off grades ever reported.
“[W]ith 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,” Blann added.
On Thursday (March 1), shares of Happy Creek Minerals closed down 9.09 percent at C$0.20. The company’s share price has increased more than 11 percent year-to-date.
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Securities Disclosure: I, Nicole Rashotte, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Happy Creek Minerals is a client of the Investing News Network. This article is not paid-for content.