FOXT.V · 2022-02-15 12:00:00

Happy Creek Doubles Gus Copper Target to 4.5 Square Kilometres, Identifies New Palladium Potential and Expands Silverboss Property Through Staking

Mergers & Acquisitions Property Options & Staking

Happy Creek Doubles Gus Copper Target to 4.5 Square Kilometres, Identifies New

Palladium Potential and Expands Silverboss Property Through Staking

February 15, 2022, Vancouver, British Columbia – Happy Creek Minerals Ltd. (TSX-V: HPY)

(“Happy Creek” or the “Company”) is pleased to report soil and rock sampling results from the

Company’s 2021 field work on its 100 percent-owned, road-accessible Silverboss property, part

of its broader Cariboo project in southern British Columbia. Based on the results from the Gus

copper prospect, the Company has expanded its mineral claims to cover potential extensions.

Silverboss surrounds Glencore Canada’s past-producing, open-pit and underground, high-grade

Boss Mountain molybdenum mine3, located 55 km northeast of 100 Mile House. The Company’s

work to date at Silverboss has identified potential for bulk-tonnage style and/or high-grade

deposits containing copper, molybdenum and precious-metals. Several drill-ready, high-grade

gold-silver-copper prospects include the Silverboss Shaft, Horse Trail and Dogtooth prospects

are located on the Silverboss property to the west of the Boss Mountain mine. The expanded Gus

target is located two km north of the mine (Figures 1 and 2).

Peter Hughes, Happy Creek’s President and Chief Executive Officer commented “The Gus

anomaly has become a very large and compelling bulk-tonnage style copper target. It is over 4.5

km in length and remains open for expansion. The Company’s 2021 work has also unearthed the

presence of intriguing palladium values in association with copper in both soils and historic drill

core. We now have a better understanding of the geological and geochemical setting of the Gus

target, and believe it has some similarities with both porphyry copper-gold and magmatic-style

copper-platinum group element (PGE) deposits.”

Mr. Hughes continued: “Happy Creek has expanded the property by approximately a third through

staking, and now controls 11,170 hectares of the Boss mining district. Roads and trails within the

Gus target have been rehabilitated to allow vehicle access for prospecting, geochemical

sampling, excavator trenching and drilling. The Company looks forward to getting our exploration

team back in the field to do follow-up work on this project.”

Gus Copper-in-Soil Anomaly

A total of 406 soil, 2 silt and 27 rock and core samples were collected at Silverboss in 2021. The

Gus copper anomaly, with values ranging from 104 ppm (90 th percentile) to 407 ppm Cu has

doubled in size to greater than 4.5 square kilometres and remains open in several directions

(Figure 2). Gus occurs within a very strong regional magnetic high, which is associated with the

Buster Lake gabbro-diorite unit of the Late Triassic-Early Jurassic Takomkane batholith.

Palladium, silver and nickel soil anomalies are coincident with copper and also remain open at

the northeast end of the Gus copper target, following the contact of the gabbro-diorite with mafic

volcanic rocks of the Triassic Nicola Group (Figur e 2). Weak yet consistently anomalous values

for palladium (Pd) range from 10 ppb (90 th percentile) to 22 ppb and were determined by fire

assay for a subset of 262 samples of the 406 soils collected in 2021. The 262 samples cover only

the northern 1.7 km of the overall 4.5 km Gus copper anomaly. The remainder of the property,

including most of the Gus target, has had no PGE analyses in soil or rock.

Sampling of Historic Drill Core

In 1971, Exeter Mines Ltd. is reported to have drilled two holes within what is now the Gus soil

anomaly. Holes 71-4 and 71-5 were drilled to depths of 153 m and 151 m, respectively. The 2021

work was successful in locating the historic drill core and collars, drill logs and a geology map

(Reference BC Property File PF5207747 by D.W. Tully, 1984). The geology map shows nineteen

occurrences of chalcopyrite in an area of about 300 by 200 m near the 1971 drill collars, within

the broader Gus soil anomaly (Figure 2). The drill logs note the presence of finely disseminated,

blebby, and fracture-controlled chalcopyrite throughout nearly the full lengths of the holes, along

with local occurrences of native copper and molybdenite. The historic core appears to have been

split for sampling, however no assays are reported in the public literature.1

In 2021, seven randomly selected samples 2 from the top-most boxes of the 1971 drill core

returned weakly anomalous copper (68 to 651 ppm) and palladium (9 to 39 ppm) (Table 1).

The core is very poorly preserved however some depth marker blocks could still be discerned.

The samples were collected between blocks over intervals from 1.8 to 3.0 m in length. Values for

other PGM metals (Pt, Pd, Rh, Ir, Os, Ru) are near or below detection limit in 5 samples analyzed

for the full PGE suite.

Table 1. Gus 2021 Historic Drill Core Sampling Assay Results. 2

Sample ID Cu (ppm) Pd (ppb) Au (ppb) Ag (ppm) Description

Gus21MCR01 68 13 5 0.1 core, 2.1 m, Hole 71-4, diorite

Gus21MCR02 148 11 3 0.1 core, 3.0 m, Hole 71-4, diorite

Gus21MCR03 176 16 6 0.2 core, 1.8 m, Hole 71-5, diorite

Gus21MCR04 162 19 6 0.1 core, 1.8 m, Hole 71-5, diorite

Gus21MCR05 651 21 9 0.3 core, 1.8 m, Hole 71-5, diorite

Gus21MCR06 130 39 3 0.1 core, 2.7 m, Hole 71-4, diorite

Gus21MCR07 263 9 1 0.1 core, 3.0 m, Hole 71-4, diorite

Mineralization observed in the 1971 core consists of finely disseminated chalcopyrite and pyrite

hosted in fresh to altered, medium to coarse-grained gabbro-diorite. Alteration includes chlorite,

amphibole, epidote, sericite, carbonate and hematite.

Style and Geological Setting of Gus Mineralization

The setting in gabbro-diorite of the Late Triassic to Early Jurassic Takomkane batholith, combined

with the mineralogy and alteration suggest that the Gus target has characteristics of both porphyry

Cu-Au and magmatic Cu-PGE styles of mineralization.

The most significant porphyry Cu-Au deposits in the Takomkane batholith are the Woodjam

deposits, located 32 km northwest of Silverboss. At least six zones of porphyry mineralization

have been identified at Woodjam. These are hosted in both alkaline to sub-alkaline monzodiorite

and calc-alkaline quartz monzonite phases of the Takomkane batholith, which intrude into Nicola

Group volcanics and sediments, a setting very similar to Gus. The total measured and indicated

resource for the Southeast, Deerhorn and Takom zones at Woodjam is reported as 262.8 million

tonnes grading 0.30% Cu and 0.11 g/t Au (Effective Date May 13, 2013; Reference Consolidated

Woodjam Copper Corp website).3

The Gus mineralization also has some characteristics of gabbro-hosted magmatic Cu-PGE

deposits in BC and elsewhere. The association of Cu, Pd, Ag and Ni in soils, the relatively high

Pd to Cu ratio and low sulphide content in drill core, and the fresh to weakly altered gabbroic host

rocks are reminiscent of certain low-sulphide magmatic Cu-PGE deposits including the feasibility-

stage Marathon project in Ontario. Marathon is reported to have a total measured and indicated

resource of 244.9 million tonnes grading 0.53 g/t Pd, 0.20% Cu, 0.07 g/t Au, 0.18 g/t Pt, and 1.58

g/t Ag (Effective Date June 30, 2020; Reference Generation Mining Limited website).3

Magmatic Cu-Ni-Co-PGE mineralization is know to be present in several places in British

Columbia. The Giant Mascot mine near Hope is reported to have produced about 4.3 million

tonnes of ore containing Ni, Cu and Co. PGEs were likely recovered but were not reported. The

Turnagain deposit in northern BC hosts a very large, low-grade resource of Ni-Co in ultramafic

rocks (Reference Gigametals Corp website). Recent studies by the BC Geological Survey and

others have recognized both chromite-hosted PGE and sulphide-hosted Cu-PGE styles of

mineralization in Alaskan-type ultramafic-mafic in trusions in the Province, including in the Iron

Lake area 18 km to the south of Gus, and at the Tulameen and Polaris complexes.3

Additional work is needed to better understand the genesis and controls of the Gus mineralization,

and to prospect the new soil anomalies to find better Cu – PGE values in rock. Geological studies

including polished thin-section and whole-rock geochemistry are underway. Additional core

sampling will be attempted in 2022.

Claim Acquisition and Other Copper Targets

To cover potential extensions of the Gus copper target, four claims, totaling 2503 hectares, were

acquired by staking. The Company now controls the full 18 km of strike length of the prospective

geology and magnetic anomaly that hosts the Gus copper target.

Review of historic literature identified two copper prospects in geological settings similar to Gus

that are now covered by Happy Creek mineral tenures (Figures 1 and 2). The Telephone Hill

(Golden Cyprus) prospect is located 1200 m east of the Boss Mountain mine tailings pond and

was reported in 1984 to have returned anomalous Cu, Au, Ag and As values along a road for over

450 m. The best rock sample is reported to have assayed 1.06% copper and 3.5 g/t silver from

argillaceous rocks intruded by Buster Lake gabbro-diorite. The Bowldy (Jack Pot) prospect occurs

beside the Boss Mountain mine road and two assays in 1984 returned 1129 and 630 ppm

copper. The report notes that “fracture filling mineralization within the shear zone is visible over

100 metres by 300 metres” and is hosted by diorite and diorite breccia (Reference BC Assessment

Report 13418).1

Silverboss Shaft and Dogtooth Gold-Silver Targets

In summer 2021 the Company completed a field review and collected 14 rock samples from the

Silverboss Shaft, Dogtooth and Horse Trail prospects in preparation for future drilling (Figures 1

and 2). The work confirmed the grades and geological setting and several good drill sites were

selected in the field.

At the Silverboss Shaft, four 2021 grab samples of dump material returned assays ranging from

0.216 to 9.28 g/t Au, 2.44 to 299 g/t Ag and .055 to 3.12% Cu.2 Previous work by Happy Creek

and others outlined a 0.5- to 2.0-metre-wide shear-vein that was traced for 350 metres along a

northeast trend, as evidenced by several pits and trenches and a single short adit and shaft. It is

accessible by an old dozer/all-terrain vehicle trail from the nearby Boss mine access road. The

mineralized zone is hosted by diorite of the Takomkane batholith and feldspar phyric dikes, and

is reported to have been discovered before 1917. Sampling prior to 2021 by Happy Creek and

previous operators has returned values ranging from 0.22 to 72.8 g/t Au, 28 to 1,026 g/t Ag, and

trace to 11.95 % Cu from grabs of dump materials and chip samples up to 0.5 metre in width. 1,2

Despite the good access, locally high grades, and nearby Induced polarization (IP) chargeability

features extending from surface to over 350 metres in depth, there is no record of any previous

drilling near the shaft.

At the Dogtooth vein target 900 m to the south, three 2021 samples returned 1.86 to 2.96 g/t Au,

3.89 to 257 g/t Ag, and 78 ppm to 6.00% Cu2, plus highly anomalous arsenic, bismuth, antimony

and tellurium values from quartz-sulphide veins cutting diorite. Work by Happy Creek in 2005-

2006 returned assay values of 0.05 to 53.18 g/t Au and 0.8 to 365 g/t Ag in grab samples, and

a one-metre chip assayed 10.06 g/t Au and 26 g/t Ag .1, 2 Also present nearby are zones of

sheeted and stockwork veinlets of quartz with narrow selvages of epidote, chlorite and potassium

feldspar alteration. The prospect occurs within a broad gold-in-soil anomaly. The geological

setting and metal association at Dogtooth are suggestive of intrusion-related gold deposits similar

to Kinross’ Fort Knox mine in Alaska and Victoria Gold’s Eagle mine in Yukon.3

Work Plans, Permitting, and COVID Safety

The Silverboss Shaft, Dogtooth and Horse Trail gold-silver targets have never been tested and

remain a priority for future drilling. Happy Creek also plans to follow-up on the Gus results with

additional soil sampling, prospecting and geological mapping. The Company is applying for an

amendment to its Silverboss exploration drilling permit to add trenching and drilling at the Gus

target.

Happy Creek operates with the principles and guidelines set out for COVID-19 that are

established by provincial health and safety authorities to protect workers and the communities in

which the Company operates.

Indigenous Communities

Happy Creek Minerals is committed to responsible mineral resource development. The

Company’s priority is to build and sustain mu tually beneficial relationships with Indigenous

Communities in the territories in which Happy Creek operates.

About Happy Creek Minerals Ltd.

Happy Creek is focused on making new discoveries and building resources in proximity to

infrastructure on its 100-percent-owned portfolio of diversified metals projects in British Columbia.

The Company’s Management, Board of Directors and Technical Advisors have solid expertise

and depth in the mineral resource sector and capital markets.

About the Cariboo Project

The Cariboo Project includes the contiguous Art, DL, Hen, Silverboss and Fox Tungsten

properties, which are located east of the community of 100 Mile House in Southern BC. The

project is road accessible and transects the Quesnel Trough Porphyry Copper – Gold Belt and

the Cariboo Orogenic Gold Belt. These well-endowed mineral belts include several important

mines and deposits including the operating Gibraltar copper-molybdenum, Mount Polley copper-

gold and QR gold mines, Boss Mountain molybdenum mine (closed), Cariboo Gold (Barkerville)

project, Spanish Mountain Gold project, Frasergold project and the Woodjam porphyry copper-

gold project and many more.3

More information on the Company’s projects can be found on the Company’s website at

www.happycreekminerals.com.

Sample Preparation and Quality Assurance / Quality Control Procedures

Samples were shipped to, prepared, and analyzed at ALS Canada Ltd (ALS) facilities in Kamloops

and North Vancouver, British Columbia and Johannesburg, South Africa (for platinum group

metals). ALS meets all requirements of International Standards ISO/IEC 17025:2005 and ISO

9001:2015 for analytical procedures. Samples are analyzed for gold and platinum group elements

using ALS fire assay methods Au-ICP21, PGM-ICP23 and PGM-MS25NS, and for trace elements

by ultra-trace aqua regia method ME-ICP41. High-grade samples are re-run by specific methods.

For soil and prospecting samples, the Company relies on ALS internal laboratory quality

assurance / quality control.

Qualified Person Statement

The technical and scientific contents of this release have been prepared, verified and approved

by Mike Cathro, P.Geo, a director of the Company, and a qualified person pursuant to National

Instrument 43-101 – Standards of Disclosure for Mineral Projects.

References and Disclosure

1 The Qualified Person has not completed sufficient work to verify the historic information on the

Property, particularly in regard to historical drill results. However, the Qualified Person believes

that drilling and analytical results were completed to industry standard practices. The information

provides an indication of the exploration potential of the Property but may not be representative

of expected results.

2 Grab and chip samples are selective by nature and the values reported may not be

representative of the entire mineralized zone.

3 Mineralization hosted on adjacent and/or nearby pr operties is not necessarily indicative of

mineralization hosted on the Company’s property.

On behalf of the Board of Directors,

“Peter Hughes”

President and Chief Executive Officer

FOR FURTHER INFORMATION, PLEASE CONTACT:

Peter Hughes, President and Chief Executive Officer

Office Phone: (604) 662-8310

Email: [email protected]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is def ined in the policies of the

TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The reader is cautioned that results or information from an adjacent property does not infer or indicate similar results

or information will or does occur on the subject property. His torical information from the subject or adjacent property

cannot not be relied upon as the Company’s QP, a term wh ich was created and defined under NI-43-101, has not

prepared nor verified the historical information.

This press release contains "forward-looking information" within the meaning of applicable securities laws, including

statements that address capital costs, recovery, grade, and timing of work or plans at the Company’s mineral projects.

Forward-looking information may be, but not always, identi fied by the use of words such as "seek", "anticipate",

“foresee”, "plan", "planned", "continue", "expect", “thought to”, "project", "predict", "potential", "tar geting", "intends",

"believe", “opportunity”, “further” and others, or which describes a goal or action, event or result such as "may", "should",

"could", "would", "might" or "will" be undertaken, occur or achieved. Statements also include those that address future

mineral production, reserve potential, potential size or scale of a miner alized zone, potential expansion of

mineralization, potential type(s) of mini ng, potential grades as well as to Happy Creek’s ability to fund ongoing

expenditure, or assumptions about future metal or mineral prices, currency exchange rates, metallurgical recoveries

and grades, favourable operating conditi ons, access, political stab ility, obtaining or renewal of existing or required

mineral titles, licenses and permits, labour stability, market conditions, availability of equipment, accuracy of any mineral

resources, anticipated costs and expenditures. Assumpti ons may be based on factors and events that are not within

the control of Happy Creek a nd there is no assurance they will prove to be correct. Such forward-looking information

involves known and unknown risks, which may cause the actual results to materially differ, and/or any future results

expressed or implied by such forward-looking informati on. Additional information on risks and uncertainties can be

found within Financial Statem ents, Prospectus and other materials f ound on the Company’s SEDAR profile at

www.sedar.com. Although Happy Creek has attempted to identify im portant factors that coul d cause actual actions,

events or results to differ materially from those described in forward-looking information, there can be no assurance

that such information will prove to be accurate as actual results and future events could differ materially from those

anticipated in such statements. H appy Creek withholds any obligation to update or revise any forward-looking

information, whether as a result of new information, future events or otherwise, unless required by law.

Figure 1. Silverboss property map showing key prospects and anomalies

2022 claim

expansion

Bowldy

(Cu)

Telephone Hill

(Cu)

Silverboss Shaft

(Au-Ag-Cu)

Dogtooth

(Au-Ag)

10 Mile

(Mo-W-Cu)

Horsetrail

(Au-Ag-Cu-Mo)

Open pits

Gus Cu Anomaly

(4.5 by 1 km)2022 claim

expansion

South

(Cu-Mo)

to Happy Creek’s

Hen, DL, and Fox

properties

Hendrix

Lake

2 km

50 km

Glencore Canada

Boss Mtn Mine

Happy Creek Minerals Ltd

Silverboss

Property

Karus

Engold

Woodjam

Williams Lake

100 Mile House

Happy

Creek

Teck

Figure 2. Map of Gus copper soil anomaly and other prospects in northern Silverboss property.

Buster Lake Gabbro

‐

Diorite

Boss Creek Granodiorite

Nicola Group

Volcanics

Cenozoic

Volc

Boss Mtn

Stock

‐

Glencore Canada

Boss Mountain Moly Mine

(Closed)

<17

104

407

Cu in Soils

(ppm)

Pits

Tailings

1971 drill collar

Historic chalcopyrite

occurrence at Gus target

2021 soil sample site

2006‐2011 soil sample site

Prospect

OpenOpen

Open

Gus ‐ Area of Partly

Coincident Ni‐Pd‐Ag in Soil

Gus Copper Anomaly +4.5 km