TORONTO, ONTARIO HoneyBadger Exploration (TUF:TSX-V )(“HoneyBadger” or “the Company”) announces it has completed an extensive airborne geophysical survey over its Blackjack and Roulette Properties in the Yerington Copper District of Western Nevada. The survey utilized Geotech Ltd’s newest Audio-Frequency Magnetics - Passive Electromagnetic System technology - AirMtTM.
This is the first commercial application of this airborne technology. Results indicate significant potential for high-grade copper skarns and porphyry copper deposits on HoneyBadger’s Properties.Significant Structures Identified
The AirMtTM survey was conducted over a significant area, covering the Company’s Properties as well as past producing mines and known porphyry copper and copper oxide deposits in the immediate area; including the Ann Mason and MacArthur deposits, the Gallagher, Blue Hills and MacArthur North Porphyry targets (porphyries), the MacArthur and Blue Hills oxide copper deposits/targets and the Ludwig, Douglas Hill and Casting Copper (skarns).
Initial interpretations indicate that the AirMtTM system has not only defined known copper porphyry deposits, but has been able to differentiate associated rock types and alteration as well. The signatures and structures of the defined and known deposits mirror several strong anomalous responses on HoneyBadger’s Property and are interpreted to represent skarn and porphyry mineralization.
Airborne Results Validate the Copper Geological Model
The geological porphyry copper model of the Yerington District was complied and published by Dilles and Proffett in 1995, well known researchers with a long history in the Yerington district (Arizona Geological Society Digest 20, p. 306). This model has tremendous applications to any exploration work that is carried out in the district.
Of critical importance is what the model illustrates. It shows the structural reconstruction of the district (restoration of un-faulted and un-rotated views of the Yerington Copper District). Their reconstruction documents the presence of four separate “swarms” of porphyry-igneous dikes and “cupolas” - environments that contain copper mineralization. The model shows how these centers of mineralization have been dismembered and rotated by subsequent faulting and shifted to their current positions in the district. The current locations of these “cupolas” match up to the known significant porphyry copper deposits in the district - the Ann Mason deposit, the Yerington Mine and the MacArthur deposit.
The AirMtTM data indicates that HoneyBadger’s application of Dilles’ and Proffett’s porphyry copper model is confirmed and several strong anomalous responses define targets that likely represent skarn and porphyry mineralization. This new information will greatly aid in the target selection process and will guide further exploration.
Brent Nykoliation, Vice President of Business Development stated, “The data from the AirMtTM survey over our properties and the neighbouring copper-rich areas has given the Company an effective method in which to directly compare the signatures and structures of surrounding deposits and mines to those identified on our Properties. This is a significant breakthrough in exploration and a potent tool for identification of potential porphyry copper deposits and high-grade copper skarns. To see the signatures and structures identified on our Properties mirroring those of the surrounding deposits is very encouraging”.
Application of the geological porphyry copper model has identified a fifth dike swarm and locus of mineralization. Reconstruction of the mineralization vectors in the model indicate that a copper porphyry source could lie in the southern portion of HoneyBadger’s Property.
Company Immediately Adds Ground
Upon review of the AirMtTMdata the Company immediately staked additional ground contiguous to its Properties. Approximately four (4) square miles (123 claims) were added to HoneyBadger’s sizeable land position in the Yerington Copper District, bringing the total area to more than 20.0 square miles.
The Advantages of AirMtTM
The patent-pending AirMtTMsystem used by Geotech over HoneyBadger’s property is leading-edge audio-frequency magnetics (magnetotellurics) technology.
It is unique as it measures magnetic fields in both the audio and sub-audio frequency range. This gives the system numerous advantages; notably unprecedented depth of penetration – “seeing down” kilometres rather than hundreds of metres, and detection is independent of absolute resistivity – requiring only sufficient contrast – which makes the system ideal for the exploration of porphyry-type deposits.
The power source for AirMtTM is distant lightning strikes, of which there are approximately 100 per second around the globe on a continuous basis. The magnetic field generated by these lightening strikes propagates around the earth, penetrating deep into the earth's crust. AirMtTM detects and reads current channeling from all geologic structures (both vertical and horizontal) assisting in the understanding of the conductivity and resistivity of the geology it passes through.
Exploration Program Planned
Based on its current database and information acquired from the AirMtTM survey HoneyBadger will re-formulate an exploration program to define copper mineralization on its property. The AirMtTM survey has defined a significant number of targets that provide strong indications of potential mineralization. The exploration program will require a significant drilling component to adequately test the potential of HoneyBadger’s property.
Discoveries in the Immediate Area
The HoneyBadger land position puts the Company’s Properties directly adjacent to active exploration and the recent discoveries by Quaterra Resources Inc. and PacMag Metals Ltd. The Company’s Properties lie within 4,900 feet and along strike of the recently announced porphyry copper discoveries termed the “Gallagher Prospect” (see Quaterra’s news release dated May 14, 2008). The recent porphyry copper discovery by PacMag Metals at Blue Hills lies 2,600 feet east of HoneyBadger’s ground and west of PacMag’s Ann Mason deposit.
PacMag Metal’s Sep 3 2008 press release reviewed their new results indicating a significant oxide copper discovery at Blue Hills immediately adjacent to HoneyBadger’s Property. The zone described below directly abuts HoneyBadger’s claims.
“Based on the new field observations and soil assays (up to 0.13% copper), the Company has expanded the copper oxide target zone at Blue Hills to an area 1.5km by 350 metres. Previously reported oxide drill intersections at the northern eastern end of the target zone include; 21.3 metres @ 0.46% copper, 36.3 metres @ 0.46% copper, 32.7 metres @ 0.22% copper and 39.6 metres @ 0.26% copper, defining a continuously mineralized zone over 360m of strike length within the new 1.5km long target.
Potential exists for the development of a substantial horizontal, near-surface copper oxide zone, developed within a zone of deep weathering which extends to depths in excess of 120 metres.
New assays for the mineralized interval in hole BH08006 confirm copper oxide mineralization is acid soluble, with an average acid soluble copper assay recovery of 80%. This result is an excellent result and indicates the potential for copper oxide extraction via simple acid leaching, with corresponding low operating and low start-up capital costs.
The widths, tenor and depth to mineralization intersected by PacMag at Blue Hills are consistent with that of the nearby MacArthur copper-oxide deposit, located approximately 7 km north-east of Blue Hills, where TSX listed Quaterra Resources is currently undertaking resource drilling. The MacArthur copper-oxide mine operated in the 1970’s, at a time when copper prices were significantly lower than today’s price”
The same rock units hosting these new oxide discoveries extend over much of HoneyBadger’s Yerington West “Blackjack” property where significant soil geochemical copper anomalies have been previously reported on land contiguous to the PacMag geochemical anomaly. HoneyBadger’s copper in soil results are higher than the soil geochemical results utilized by PacMag to extend their oxide zone. On the HoneyBadger land this anomalous copper in soils area is approximately 5200 ft x 4000 ft.
The Board of Directors of the Company granted 865,000 stock options to directors, officers and consultants of the Company under the terms of the incentive stock option plan of the Company filed with the TSX Venture Exchange and approved by shareholders at the last annual general meeting of shareholders of the Company held on June 10, 2008. The options are exercisable at a price of $0.10 per share for a period of four years and are subject to a four-month hold period from the date of the issuance thereof.
About HoneyBadger Exploration Inc.
HoneyBadger Exploration is a gold and base-metals exploration company headquartered in Toronto, Ontario, Canada. The Company’s current exploration projects are focused in the mining-friendly State of Nevada. The “Yerington Project” consists of two copper porphyry and skarn properties near the town of Yerington – HoneyBadger’s original and expanded Blackjack Property along with the recently acquired Roulette Property, optioned from Bronco Creek Exploration (BCE) in April 2008. The “Bonanza Gold” Project consists of two epithermal gold properties - “Warm Springs” and “Stealth” Properties located near Tonopah. Management believes that these properties give HoneyBadger very promising exploration opportunities, and positions the Company for new exploration in prolific, gold and copper districts. The Company's common shares trade on the TSX Venture Exchange under the symbol “TUF”.
Michael Marchand, Ph.D., P.Geol., Director, and Bill Nielsen, P.Geo., are the designated qualified persons for the technical information contained in this release.
For more information, please visit our website at http://www.honeybadgerexp.com
HoneyBadger Exploration Inc.
Vice President of Business Development
Tel.: (416) 364-4029
Fax: (416) 364-2753
Honey Corporation - Calgary Office
Michael Marchand, Ph.D., P.Geol.
Vice-President of Exploration
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.