Honey Badger Provides Exploration Update and Announces Community Consultation on its Thunder Bay Silver Project
TSX VENTURE: TUF
TORONTO, Aug. 21, 2018 (GLOBE NEWSWIRE) -- Honey Badger Exploration Inc. (TSX-V: TUF) (“Honey Badger” or the “Company”) is pleased to provide an update on its Summer 2018 exploration program including prospecting, community consultation and permit application on its flagship Thunder Bay Silver Project, Thunder Bay, Ontario.
- Positive results from the 2018 drill program-initiated prospecting near the historic Beaver Mine and along the trend of known “five-element” mineralized veins on the property;
- Quentin Yarie, Honey Badger’s President and CEO will be taking part in a community consultation in Thunder Bay on September 12, 2018, led by the Ministry of Energy, Northern Development and Mines (MENDM); and
- Permit applications have been prepared and submitted in preparation for the fall and winter exploration programs.
Quentin Yarie, Honey Badger’s President and CEO, commented: “After receiving positive results for both silver and cobalt from the 2018 drill program we immediately put boots on the ground to prospect in those areas. We prospected near the other historical mines on our property that are situated along these discovered silver and cobalt trends. Geophysical interpretation in context with the drill results define an exploration target over a series of >4 kilometre long parallel trends on the Beaver property alone. While assay results are pending, we are excited by what we’ve found to date and we’re finalizing plans for our upcoming fall exploration program. We will initiate a follow-up drill campaign once permits are received.
"We look forward to participating in the upcoming Community Consultation meeting hosted by the Ministry of Energy, Northern Development and Mines in Thunder Bay in September. This will allow us to showcase our project to the community, highlight our findings to date and outline plans for our upcoming exploration programs.”
Grant of Stock Options
The Board of Directors has granted an aggregate of 2,525,000 stock options to directors, employees and consultants of the Company. Each stock option is exercisable into one common share of the Company at a price of $0.10 per common share, vests immediately upon grant, and expires 5 years from the date of grant.
About Honey Badger’s Thunder Bay Silver Project
Honey Badger’s Thunder Bay Silver Project is comprised of the Beaver Silver, Silver Mountain, and Mink Mountain Silver properties which covers more than 37,850 hectares and includes twelve past-producing high-grade mines with historical production of more than 1.67M ounces silver. The project is located on the Lakehead Region, 25 to 70 kilometres southwest of Thunder Bay, Ontario. It is easily accessible and close to infrastructure.
There are two main polymetallic vein groups in the Lakehead Region – the Mainland and Island vein groups that were historically mined for silver, cobalt, copper, nickel, lead and zinc. Some of the veins also produced gold. The Island Vein group produced a total of 3,188,297 ounces silver with most of that production coming from the Silver Islet Mine. The Mainland Group of silver veins produced 1,991,314 ounces silver. The polymetallic silver veins in the region are most often found hosted in sediments, most notably the upper Rove Unit, near or within diabase intrusions. This geological setting parallels the other major silver district in Ontario – the Cobalt Silver District. Grades from the Mainland vein groups include up to 1.4% cobalt and 25% nickel (historic assay results from Geological Survey of Canada Report, 1889).
Honey Badger is the early mover in consolidating key ground in this historic silver camp that has strong potential for polymetallic mineralization. The Company initiated its exploration program on its Thunder Bay Silver Project in March 2018 and has made several promising discoveries:
- Geophysics and drilling uncovered >2 km “five-element” veins (polymetallic veins that can contain, amongst others, silver, cobalt, copper, nickel, lead and zinc) at the Beaver Mine;
- Airborne geophysics identified numerous targets on the project’s land package that exhibit the same response as the historic Beaver Mine “five-element” vein; and
- Initial assay results from the 2018 drilling program discovered a wide and near-surface zone of high-grade cobalt mineralization in the Rove Shale, near the historic Beaver Mine (0.085% cobalt over 24.1 metres, including 0.83% Cobalt over 1.7 metres) and identified high-grade silver mineralization below the lower-most level of the Beaver Mine (682 g/t silver over 2.4 metres, including 1254 g/t silver over 1.2 metres).
Based on the excellent results to date, the Company is finalizing its fall exploration program and will initiate a follow-up drilling program once permits are received.
Quentin Yarie, P Geo. is the qualified person responsible for preparing, supervising and approving the scientific and technical content of this news release.
About Honey Badger Exploration Inc.
Honey Badger Exploration is a gold and base-metals exploration company headquartered in Toronto, Ontario, Canada with properties in Quebec and Ontario. The Company’s common shares trade on the TSX Venture Exchange under the symbol “TUF”.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This News Release contains forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.
Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.