Toronto, ON, – Honey Badger Exploration Inc. (TSX Venture: TUF) ("Honey Badger” or the "Company") is pleased to announce that the Spring 2013 exploration program has commenced. The plan is to conduct a 1000 – 1500 metre drill hole program on prospective gold targets identified from geological work and, soil and rock sampling programs in 2011.
As previously reported the combined soil and rock sampling program and geological interpretation indicate that the Radisson property is highly favorable for hosting several types of gold deposits, including:
- 1.gold-bearing shear zones,
- 2.mineralized banded and folded iron formations,
- 3.and strongly altered and mineralized potassium-altered intrusions.
The Radisson gold property is located within the James Bay Mining District of Northern Quebec, 550 km north of Matagami. The underexplored 20,340-hectare gold property lies within the Éléonore/Eau Claire Gold District and covers over 25 kilometers of favorable gold-bearing corridors hosting multiple gold occurrences. The property is located within an Archean-aged volcanic-sedimentary system about 10 kilometers west of the LG2 highway and is accessible via logging roads.
Honey Badger 2013 Exploration Program
The Company selected 3 prospective gold targets for drill testing during this program. The remaining targets will be further evaluated by additional prospecting and trenching during the summer field season and will be drill tested in future programs.
Results of Soil and Rock Sampling Program - Geological Significance.
The eastern half of the Radisson property has been interpreted to be a complexly folded and sheared area very prospective for gold mineralization. The results indicate that 374 of the soil samples are anomalous in gold, with 38 of those samples returning values between 0.1 gram per ton and 1.19 grams per tons gold. These elevated gold values are both extensive and coincident with the interpreted gold bearing structures. Some of the targets are also associated with other anomalous gold tracer elements such as elevated copper and potassium as well as high arsenic values (up to 2660 ppm).
Statistical analysis of the soil and rock data by Honey Badger’s consultant, Dr. James Franklin, indicates that the potassic alteration seems to be significant in some sectors. The barium enrichment associated with it is a typical feature of a subset of Archean gold deposits with a porphyry-like association, such as Hemlo. The gold mineralization present at Goldcorp’s Roberto gold deposit is also associated with potassic alteration, metasomatic replacement zones, and tourmaline.
About The Radisson Property
James Bay, Quebec is soon to become one of Canada's newest mining districts with Goldcorp's low-cost, long life Eleonore gold project reaching production in late 2014. The Radisson project is characterized by the same regional geology and associated major structures found throughout each of the mining camps in the Shield.
The Radisson Property is a district scale property with promising and widespread gold, copper and silver values. It is a gold property in the heart of an emerging world class Gold Camp, with excellent infrastructure (paved roads, power corridor). This Gold Camp includes Goldcorp’s Roberto Deposit (3.15 million ounces of measured and indicated gold resources at an average grade of 11.92 grams per tonne and 6.25 million ounces of inferred gold resources at an average grade of 12.93 grams per ton), and Eastmain’s Eau Claire/Clearwater Deposit (1.67 million ounces gold).
The Company will be applying to the TSX Venture Exchange for approval of an extension of the expiry date, to September 27, 2016, of 7,010,000 warrants with an exercise price of $0.20. These warrants were originally due to expire on September 27, 2013. The exercise price will remain the same.
Jean-Philippe Desrochers, Ph.D., Geo. is a Qualified Person registered in Quebec as defined by NI 43-101 and has reviewed the technical information contained in this press release.
About Honey Badger Exploration Inc.
Honey Badger Exploration is a gold and base metals exploration company headquartered in Toronto, Ontario, Canada. The Radisson gold property was acquired under a signed letter of agreement with Eastmain Resources Inc. (TSX: ER) whereby the Company could earn up to a 60% undivided right, title and interest in the property. The Company's common shares trade on the TSX Venture Exchange under the symbol “TUF”.
For more information, please visit our website at http://www.honeybadgerexp.com
Brent Nykoliation, Vice President of Business Development
Phone: (416) 364-7024, (416) 364-2753 (FAX)
Kirk McKinnon, President & CEO
Phone: (416) 364-7024, (416) 364-2753 (FAX)
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. The foregoing information may contain forward-looking statements relating to the future performance of Honey Badger Exploration Inc. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially from Honey Badgerplans and expectations. These plans, expectations, risks and uncertainties are detailed herein and from time to time in the filings made by Honey Badgerwith the TSX Venture Exchange and securities regulators. Honey Badgerdoes not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise. We seek safe harbour.