Business
Happy Creek to drill Fox tungsten project
(via Thenewswire.ca) June 27, 2013 - Vancouver, British Columbia - Happy Creek Minerals ...
About this update from Fox Tungsten Ltd.
[{"type":"text","content":"Happy Creek to drill Fox tungsten project(via Thenewswire.ca)\n\n \nJune 27, 2013 - Vancouver, British Columbia - Happy Creek Minerals Ltd. (TSXV: HPY) (the \"Company\") is providing an update on its plans for 2013. \n\n \n \nThe Company is making final preparations to mobilize for a drill program on the 100% owned Fox tungsten property. Drilling is expected to commence around July 15th. To date, drilling has returned top-tier tungsten grade and thickness that are at or in a near-surface setting. Results include 19.4 metres of 0.82% W03, 11.0 metres of 0.80%W03, 20.0 metres of 0.63%W03, 24.7 metres of 0.68% W03, 14.8 metres of 4.0% W03, and 24.0 metres of 0.79%W03 (Refer to Press Release dated November 19, 2012). Drilling is planned to continue testing the extent and grade of the mineralized zone with a view to outlining an initial resource. The Fox is thought to be a unique and attractive new discovery in the global tungsten sector. Tungsten is regarded as a strategic and critical metal for industrial countries and prices have recently climbed to over $35/kg W03. A grade of 0.7% W03 contains 7.0kg W03 per tonne of rock. \n\n \n \nTo assist in expediting the drilling program, certain short term measures have been negotiated with management, employees, consultants and other service providers. Starting July 1st overhead costs of approximately $11,500 per month are being deferred to help allow the Company to advance the Fox property with drilling.\n\n \n \nIn connection with these adjustments, and subject to TSX Exchange acceptance, the Company has granted 750,000 Options of the Company to management, employees, and consultants to the Company and exercisable into common shares of the Company at a price of $0.20 for a period of two years and shall vest in accordance with the policies of the Exchange and the company's stock option plan\n\n \n \nDavid Blann, President and CEO of Happy Creek states \"We wish to expresses our appreciation to shareholders and everyone involved in helping the Company deliver a solid exploration success on the Fox tungsten project and the Highland Valley project. For a new discovery, the Fox has produced some of the best tungsten drill results in the Western world. The Rateria property in Highland Valley has returned excellent drill results from two new zones that are 6.5 km from a producing open pit at Ca...