Fox Tungsten is advancing one of the world’s highest-grade tungsten deposits in central British Columbia

The Fox Tungsten project is one of the highest-grade tungsten resources in the world, located in central British Columbia near roads and power lines.  

It is a premier, 100%-owned critical minerals deposit, uniquely positioned to solve the West’s urgent tungsten supply deficit.

Fox Tungsten Ltd (TSX-V:FOXT, OTC:HPYCF, FRA:1HC) is racing to prove its North American asset can become the West's answer to a tungsten shortage that shows no sign of easing.

With two drills turning on a high-grade tungsten resource in British Columbia, a fully funded treasury of about $15 million, and a preliminary economic assessment targeted for the second quarter of 2027, CEO Stephen Gray is trying to move faster than the market can catch up to the story.

That story has changed shape fast. Six months ago, the company was still called Happy Creek Minerals. Now it is Fox Tungsten, with a new name, a rebuilt leadership team, and a resource base it is racing to grow before it locks in its development plan.

The timing lines up with a structural shift in the metal itself: tungsten prices have jumped more than 500% over the past year as China, which controls roughly 80% of global supply, tightens its export restrictions, and Washington moves to secure what little domestic supply exists. In August, the US Department of Commerce moved to restrict exports of tungsten waste and scrap without a license, part of a broader push under the Defense Production Act to secure domestic supply of critical minerals deemed essential to national defense.

Fox Tungsten Ltd (TSX-V:FOXT, OTC:HPYCF, FRA:1HC) CEO Steve Gray talked with Proactive about the company's fully funded 20,000-metre drill program at the Fox Project in British Columbia's Cariboo region, providing an update on encouraging early-stage drilling observations before assay results are available.

Proactive: Welcome back inside our Proactive newsroom. Joining me now is Steve Gray, CEO of Fox Tungsten. It's good to see you again. How are you?

Fox Tungsten Ltd (TSX-V:FOXT, OTC:HPYCF, FRA:1HC) said drilling at its fully funded 20,000 metre program at the Fox project in British Columbia has intersected visible scheelite mineralization in multiple target areas, including several previously unrecognized parallel mineralized zones at Fox North.

Analytical results have not yet been received, but visual observations from drilling completed to date indicate the exploration program is successfully expanding the mineralized system, the company said.

Happy Creek Minerals Ltd. (TSX-V:HPY, OTC:HPYCF) has been awarded a ‘Long’ rating by Hallgarten & Company in their initial coverage of the company, with a price target of $0.32, which suggests upside of almost 150% from current levels.

The ‘Long’ rating indicates potential capital appreciation to Hallgarten’s target price during the next 12 months, reflecting the firm’s view that Happy Creek is well-positioned to benefit from both rising Tungsten prices and its development plans.

The analysts believe Happy Creek stands out as one of the few pure Tungsten explorers remaining after a decade of market consolidation.

Happy Creek Minerals CEO Jason Bahnsen joined Steve Darling from Proactive to share exciting findings from the company’s 2024 reconnaissance fieldwork on its Silverboss and Hen-DL properties in south-central British Columbia. During the field season, the company collected 56 rock, 113 soil, and 17 stream sediment samples, which revealed anomalous copper, gold, and silver values, underscoring the potential for discovering significant mineral deposits on both projects.

On the Hen-DL property, a standout discovery was a large boulder near the Eureka thrust fault, yielding highly anomalous results for nickel, chromium, cobalt, and platinum. This boulder is believed to originate from a relatively unexplored area of the property, signaling the potential of the mineralized system. Similarly, on the DL property, the team identified a large gabbro-pyroxenite rock boulder, which also exhibited highly anomalous assay results for nickel, chromium, cobalt, and platinum, further pointing to mineralization associated with the Eureka fault area.

“These results validate the geological potential of our properties,” said Bahnsen. “We are excited about the discoveries made during the 2024 field season and the opportunities they present for advancing exploration on both the Silverboss and Hen-DL projects.” The company plans to further investigate the source of these boulders and the mineralized zones, emphasizing the significant exploration potential within these promising British Columbia assets.