News

August 8, 2019

Honey Badger Discovers New Silver Veins on the Beaver Property; Expands the Footprint of the Beaver Cobalt Zone

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Toronto, OntarioAugust 8, 2019 – Honey Badger Exploration Inc. (TSX-V: TUF) (“Honey Badger” or the “Company”) announces the final assay results for its 2019 drilling program that was completed in June 2019. In addition to the Beaver Vein, the remaining holes of the program were targeting favorable structures in the predicted extensions of the veins mined in the Elgin and the Stewardson mines (Figure 1).

Honey Badger drilling was successful in both proving the continuity of the structures hosting historic Elgin and Stewardson mines and identifying silver-lead-zinc mineralization. Honey Badger also discovered three new silver-bearing structures in the black shales of the Rove Formation. Two are located near the Beaver Mine and the other is located near the Stewardson Mine.

These new discoveries along with the previous announced high grade silver intersects in BM-19-014 of 1,004 g/t Ag over 4 metres, including 1,674 g/t Ag over 2.4 metres (core length) and a second silver-bearing vein and contains 69.2 g/t Ag over 1.8 metres (core length) prove that the these structures have considerable lateral extension.  The Company will focus on extending these high-grade intersections along strike and to depth.

In the Beaver Mine area, the Beaver Cobalt Zone was extended over 130 metres from its intersection in hole BM-18-004. However, as the cobalt zone is not associated with recognizable visual indicators in the diabase sill that hosts it, the structure controlling the Beaver Cobalt Zone remains undefined,

Assay Highlights (Table 1)

  • BM-19-012 collared in a sub-cropping silver vein near the Beaver Mine that contains 46 g/t AgEq over 1 metres (core length)
  • BM-19-015 intersected a new silver-bearing zone near the Beaver Mine that contains 90 g/t AgEq over 2 metres(core length)
  • SM-19-021 discovered a new silver-bearing zone near the Stewardson Mine that contains 105 g/t AgEq over 2 metres
  • BM-19-015 discovered the western extension of the Beaver Cobalt Zone and contains 0.05% Co over 9.45 metres

Quentin Yarie, President and CEO of Honey Badger stated: “Our 2019 drilling program was successful. We found the continuity of the high-grade silver zone in the Beaver Vein, we proved that the silver-bearing structures hosting the Elgin and the Stewardson mines extend laterally and remain prospective for high-grade silver mineralization, and we discovered multiple new silver-bearing structures near the Beaver and Stewardson mines. We now have high-quality exploration targets on the Beaver Property where, as indicated by our 2018 and 2019 drilling, near-surface zones of silver mineralization grading over 1000 g/t can be discovered. We are looking forward to execute the following phase of our exploration program on the Beaver Property and expand our silver discoveries.”

Table 1 – Assays results highlights for lead, silver and zinc from the 2019 drilling program

Hole

From (m)

To

(m)

Length (m)

Estimated true width (m)

Pb (%)

Zn (%)

Ag (g/t)

AgEq* (g/t)

Zone

BM-19-012

9.7

10.7

1

Unknown

0.02

0.14

38

46

Discovery

BM-19-015

99.7

101.7

2

Unknown

 

0.03

87

90

Discovery

EM-19-016

39.6

40.9

1.3

Unknown

 

0.08

8.5

14.5

Elgin Vein

EM-19-017

47.2

48.2

1

Unknown

 

0.25

2.7

16.7

EM-19-018

Intersected Elgin Mine – no recovery

SM-19-020

73.9

76.3

2.4

Unknown

 

0.34

1.8

19.8

Stewardson Vein

SM-19-021

34.1

36.1

2

Unknown

 

0.1

98

105

Discovery

SM-19-021

100.8

101.8

1

Unknown

 

0.37

5.4

25

Stewardson Vein

* AgEq = (Ag (g/t)*0.53$/(g/t) + Zn(wt.%)*24.36$/wt.% + Pb(wt.%)*19.82$/wt.% + Cu(wt.%)*59.26$/wt.%) / 0.53$/(g/t Ag). Spot metal prices taken after market closure July 31, 2019

Table 2 – Attributes of the drill holes

Hole Id

X

Y

Z

Azimuth

Dip

Depth (m)

BM-19-012

304488

5355056

379

201

-50

240

BM-19-015

304349

5354944

374

20.8

-61.7

202

EM-19-016

305055

5356061

344

4

-45

82

EM-19-017

305054

5356061

343

25.8

-55

126.16

EM-19-018

305053

5356062

343

304

-45

44.56

BF-19-019

304345

5354323

305

165

-45

100

SM-19-020

306758

5355569

356

135

-45

100

SM-19-021

306758

5355568

356

173

-60

114.48

SM-19-022

306757

5355569

356

241

-52

136

Figure 1 – Location of the 2019 Diamond Drill Collars

About the Thunder Bay Silver-Cobalt Project

Honey Badger’s Thunder Bay Silver-Cobalt Project is comprised of the Beaver Silver, Silver Mountain, and Mink Mountain Silver properties, covers more than 37,850 hectares and includes twelve past-producing high-grade mines with historical production of more than 1.67M oz 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 oz silver with most of that production coming from the Silver Islet Mine. The Mainland Group of silver veins produced 1,991,314 oz 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. 

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 in March 2018, and has made several promising discoveries since:

  • 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
  • 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 (26% Cobalt over 10.8m ) and identified high-grade silver mineralization below the lower-most level of the Beaver Mine (682 g/t silver over 2.4 metres, including 1,254 g/t silver over 1.2 metres core length).

On-site Quality Assurance/Quality Control (“QA/QC”) Measures

Drill core samples were transported in security-sealed bags for analyses to Activation Laboratories Ltd. in Thunder Bay, Ontario. Individual samples are labeled, placed in plastic sample bags and sealed. Groups of samples are then placed into durable rice bags that were delivered by Honey Badger to the lab in Thunder Bay. The remaining coarse reject portions of the samples remain in storage if further work or verification is needed.

Administrative

In accordance with the Cairngorm Mines Limited options agreement the Company issued 6,000,000 common shares.

Qualified Person

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”.

For more information, please visit our website at http://www.honeybadgerexp.com.

Or contact:

Quentin Yarie, President & CEO, (416) 364-7029, qyarie@honeybadgerexp.com

or

Mia Boiridy, Investor Relations, (416) 364-7029, mboiridy@honeybadgerexp.com

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.

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