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Happy Creek posts new BN tungsten resource, ups Ridley Creek resource at Cariboo

Happy Creek Minerals Ltd. posted an initial resource for the BN zone and updated the resource estimate for the Ridley Creek zone, both part of the company's Cariboo tungsten property in British Columbia.

At a cutoff of 0.55% tungsten trioxide, Ridley Creek hosts indicated resources of 486,000 tonnes at 0.817% WO3 for 3.97 million kilograms of contained metal, comprising in-pit resources containing 2.5 million kilograms and underground resources containing 1.47 million kilograms.

Inferred resource for the combined Ridley Creek and BN zones amounted to 361,000 tonnes grading 1.568% WO3 for 5.66 million kilograms of contained WO3, according to the company's Jan. 26 statement.

The National Instruments 43-101-compliant resources were based on a price of US$16.65 per kilogram of WO3 and the concept of a small-scale, open-pit and underground room-and-pillar operation at Ridley Creek. The estimate for the BN zone was based on an underground room-and-pillar mining operation.

In March 2016, Happy Creek posted an initial resource for Ridley Creek, comprising indicated resources of 505,000 tonnes grading 0.468% WO3 and inferred resources of 280,000 tonnes grading 0.456% WO3, but at a lower cutoff of 0.1% WO3.