Toronto, ON, January 22, 2010 - HoneyBadger Exploration Inc. (TSX.V:TUF – “HoneyBadger” or the “Company”) announces that it has completed its first stage exploration over its Blackjack property (“Property”) located near Yerington, Nevada. This exploration program consisted of geological mapping and soil geochemical surveying, and has delineated copper porphyry exploration targets that will be drill tested in Q2, 2010.
The Company employed state-of-the-art hand-held X-ray diffraction (XRF) technology to analyse soil samples in the field to delineate high priority copper porphyry targets. In conjunction with the XRF analyses, geologists with extensive copper porphyry experience mapped alteration haloes associated with copper porphyry systems. Four high priority copper porphyry target regions were identified on the Property through this exploration program, with the Blue Hills West region standing out as the most prospective.
HoneyBadger’s Blue Hills West Target
Soil geochemical sampling over HoneyBadger’s Blue Hills West target yielded copper values to 0.2%. The dispersion pattern of these anomalous copper samples indicates that this area is likely an extension of the copper porphyry mineralization seen on the adjacent Blue Hills property of PacMag Metals Limited (ASX:PMH – “PacMag”).
PacMag’s Blue Hills Project is located northwest of PacMag’s Ann Mason copper-molybdenum porphyry deposit which has a non-43-101 (Joint Ore Reserves Committee - “JORC”) compliant inferred resource of 810 million tonnes grading 0.4% copper and 0.004% molybdenum. According to a PacMag press release (July 17, 2008), “The alteration and sulphide species logged in each of the Blue Hills holes confirms a large porphyry copper-molybdenum system had been defined, but that neither the core of the system nor its extents have been determined.”
Aggressive Drill Program Planned Q2 2010
As the operator of the Blackjack Property, Entrée has submitted a budget to HoneyBadger’s Technical Committee outlining expenditures for an aggressive exploration program to commence in Q2 2010. The exploration program was designed by Company consultants in consort with senior Entrée geological staff, and consists of RC and diamond drill holes totalling a combined 2,800 m,, as well as an 8 line, 33 line km conventional IP survey. The program will test targets generated from the recently completed geological mapping and soil geochemical sampling program, as well as from the high-definition airborne Geotech AirMt survey.
Land Position Contiguous to Both PacMag and Quaterra
HoneyBadger’s joint-venture option agreement partner, Entrée Gold (TSX:ETG; NYSE Amex:EGI “Entrée”), announced on November 29, 2009 that it has entered into a definitive agreement with PacMag to acquire all of the issued shares and options of PacMag. With Entrée’s agreement with PacMag, and their previous option agreements with HoneyBadger and Arizona-based Bronco Creek Exploration, they have consolidated their exploration and development position in the highly prospective Yerington Camp. With this consolidation, HoneyBadger stands to benefit by reduced exploration costs due to strategic synergies, as well as by having a partner that is committed to the ongoing exploration and development of what it sees as a highly prospective copper porphyry district.
As part of its commitment to ongoing exploration in the area, and based on promising first-stage exploration results, Entrée has applied for permits to conduct a drill program to start in Q2, 2010 over HoneyBadger’s Property.
Prolific Mining Area
Considerable exploration and mining has been done in the Yerington region since the early part of the twentieth century. Between 1953 and 1978, Anaconda produced almost 2 billion pounds of copper from a single open pit. The area was generally inactive in the 1980s and 1990s, but has seen renewed interest in the past few years. The agreement between HoneyBadger and Entrée gives their respective shareholders a foothold into this highly prospective area.
Quentin Yarie P.Geo., Vice President Exploration of HoneyBadger, is the qualified person in regard to the technical data contained within this news release and oversees all aspects of the exploration program.
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” is a copper porphyry and skarn property near the town of Yerington, and positions the Company for new exploration in prolific copper districts. The Company's common shares trade on the TSX Venture Exchange under the symbol “TUF”.
About Entrée Gold Inc.
Entrée Gold Inc. is a Canadian mineral exploration company focused on the worldwide exploration and development of gold and copper prospects. In North America, the Company is exploring for porphyry-related copper systems in Arizona and New Mexico under agreements with Empirical Discovery LLC and now in Nevada through an option agreement with HoneyBadger Exploration Inc.
The Company is a large landholder in Mongolia, where it holds three exploration licenses comprising the 179,590 hectare Lookout Hill property. Lookout Hill completely surrounds the 8,500-hectare Oyu Tolgoi project of Ivanhoe Mines, and hosts the Hugo North Extension of the Hugo Dummett copper-gold deposit and the Heruga copper-gold-molybdenum deposit.
Ivanhoe Mines and Rio Tinto are major shareholders of Entrée, holding approximately 15% and 16% of issued and outstanding shares respectively.
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
or Kirk McKinnon, President & CEO, or Richard Schler, Chief Operating Officer & CEO
This News Release contains forward-looking statements. Forward-looking statements are statements which relate to future events. 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.