Happy Creek Minerals Ltd. reported the delineation of several new multi-kilometre copper-molybdenum targets from the Company's 2021 exploration activities on the Highland Valley project. In addition, the TSX-V has approved the Purchase and Sale Agreement for the adjoining and highly prospective 438-hectare Mystery property, as announced on February 24, 2022. During summer and fall 2021, Happy Creek collected over 2100 soil, stream silt and prospecting rock samples.

The 2021 field work was primarily focused on the northern part of the Rateria property, near the Company's Zone 2 porphyry copper-molybdenum-silver-gold deposit. Drilling by the Company at Zone 2 since its discovery in 2008 has returned consistently strong copper grades, with locally enhanced gold, silver and molybdenum values, over an area of 900 m by 600 m. Highlight drill intercepts include 105.5 m grading 0.37% Cu, 0.14 g/t Au, and 0.005% Mo in hole R17-05, 126 m grading 0.46% Cu, 0.10 g/t Au and 0.008% Mo in hole R08-05, and 5.0m grading 4.41% Cu, 0.21 g/t Au, 20.0 g/t Ag, 0.031% Mo and 6.86 g/t Re (rhenium) in R17-02. A total of 1907 soil samples were collected on the Rateria soil grid and resulted in the discovery and delineation of several multi-kilometre copper and molybdenum anomalies.

Anomalous copper values range from 100 ppm (84th percentile) 2190 ppm Cu. Anomalous molybdenum values range from 3 ppm (90th percentile) to 48 ppm Mo. The new anomalies have had minimal past exploration but appear much larger and stronger than soil anomalies associated with known mineralization.

This is best demonstrated by the relatively small Cu and Mo anomalies over the Zone 1 Cu-Ag deposit and the Zone 2 Cu-Mo-Ag-Au deposit. Both of these deposits have drill holes with mineralization intersected beneath glacial till at the bedrock surface. The impressive Billy Copper anomaly has been outlined over an area of 3500 by 1000 m and remains partially open to the east.

Maximum values occur at the north end (2190 ppm Cu) and are coincident with the strongest Mo values with up to 48 ppm in the 500 by 1000 m Billy Moly anomaly. The Northwest Moly anomaly is strong, with values of molybdenum-in-soil ranging from 3 to 23.5 ppm Mo, and large, with dimensions of 2500 m by 500 m. It partly overlies the Zone 2 Cu-Mo-Ag- Au deposit and extends northwesterly onto the newly acquired Mystery property where it remains open. Scattered values of high copper in soil also fall within the molybdenum trend.

This anomaly has very good potential for discovery of new mineralization along the untested two-kilometres between the Zone 2 deposit and historic Mystery hole 93CVS-11, described below. The Corridor Copper-Moly-Gold target is located 1000 m west of Zone 2. The new soil results demonstrate a series of discontinuous Cu soil anomalies that trend northerly for 2 km onto the Mystery property, where it merges with the Northwest moly anomaly described above. Two 2021 prospecting rock samples returned strong Cu (to 9370 ppm) with anomalous Mo and Au values, as described below.

Previous drilling has not fully tested this target. Several other strong but smaller areas of Cu and Mo in soil are also present and have received scant prospecting or drilling. Rock Sampling and Targeting: Nineteen prospecting rock samples were collected across the property in 2021, mainly from bedrock exposures and road cuts .

Twelve of the 17 prospecting samples returned copper values ranging from 1000 to 14,500 ppm (1.45%) Cu. Three rock samples in the Rateria area were also anomalous for Au (120 to 142 ppb) and one carried 256 ppm Mo.2 A float grab sample (#4899) from the new Billy Road prospect within the Billy soil anomaly returned 14,500 ppm Cu (1.45%), 167 ppb Au, and 4.1 ppm Ag. The sample is located 200 m north of several historic bulldozer trenches, where 2020 samples by Happy Creek returned 6090 ppm Cu from a spoil pile, and 4090 ppm Cu from a 25 cm shear zone.

There has only been two historic drill holes in the Billy target area and additional IP surveys and prospecting are required prior to final selection of drill sites. In the Corridor target, about 1000 m west of Zone 2 deposit, two prospecting samples and a series of discontinuous Cu-in-soil anomalies suggest the potential for a new, parallel mineralized trend. A 15 cm chip of a boulder contains 9370 ppm Cu, 256 ppm Mo, 120 ppb Au and 7 ppm Ag, and a grab from bedrock contains 5310 ppm Cu and 142 ppb Au.

Previous drilling has not fully tested this target, with R08-06, intersecting 334.66 m grading 0.07% Cu that confirms the potential for very broad porphyry mineralization here. In the West Valley portion of the property, seven chip and two grab samples were collected from the Abbott South area, which straddles the regionally important Lornex fault. Results averaged 3552 ppm Cu within a range of 85 to 11,150 ppm (1.15%) Cu.

Reconnaissance of this area was performed after the recent forest fires and was aided by new access roads and bedrock exposures. There is no record of previous drilling in this area. Previous induced polarization (IP) geophysical surveys by Happy Creek and others had identified promising chargeability and resistivity features within these target areas.

Limited additional surveying is warranted to expand the IP coverage prior to drilling.