Thunder Bay Silver Project

 

Targeted Commodity:

Silver (Cobalt, Gold, Zinc and Lead)

Property Size and Position:

16,800 hectares located in the historical Thunder Bay Silver District. The land package is ideally located close to roads, power lines, infrastructure, and a skilled labour force.

Net Ownership:

Beaver Silver Property: 100% ownership on 201 claims. Option to acquire 100% interest on 6 Cairngorn Mines Limited patents.

Silver Mountain/Mink Property: 100% ownership

Exploration History:

Honey Badger’s land package hosts 12 past-producing high-grade mines with historic production of over 1.67M oz silver.

The Beaver Silver Property covers some of the most productive silver-bearing veins of the Rabbit Mountain group of deposits. including the high-grade Beaver Silver Mine that operated between 1884 and 1891 and produced over 500,000 oz silver at an average grade of 0.25% with zones grading up to 3.42% Ag (Ingall, 1889, Szetu, 1969).

Honey Badger’s Silver Mountain/Mink Property is approximately 50 metres south of the Silver Mountain Group of deposits which produced 700,000 oz of silver from 1888-1903 and in 1911 (Franklin et al., 1986). The veins in Silver Mountain were up to 1,500 metres in strike length, trending east-west (Franklin et al., 1986). The historical Mink and Silver Wolverine mines fall within the property claims, but little is known about these historical mines and their historical silver production and grade.

Mineralization Potential:

The geological history and the overall geological setting of the Thunder Bay Silver Project make it a prime target for the discovery of high-grade polymetallic silver (Cobalt, Gold, Zinc and Lead) mineralization.

Polymetallic silver deposits occur in two main districts in Ontario; that of Timiskaming near the town of Cobalt (the Cobalt Silver District) and that of northwest Lake Superior near the city of Thunder Bay (the Thunder Bay Silver District).

Polymetallic silver mineralization in the Cobalt District formed in a sedimentary sequence capping an Archean basement, and occurred in spatial association with diabase sills emplaced in an extensional setting (see Potter, 2009 for the geological history of the Cobalt District). The Thunder Bay Silver District exhibits the same geological setting and controls. Furthermore, a report filed with the Bureau of Mines in 1913 (REPORT OF THE BUREAU OF MINES VOL. XIX., PART II., The Cobalt-Nickel Arsenides and Silver Deposits of Temiskaming (Cobalt and Adjacent Areas), WILLET G. MILLER, Provincial Geologist, 1913) compared the minerals of the Port Arthur silver mines (Thunder Bay, ON) with those of the Temiskaming veins (Cobalt, ON) and found the following commonalities:

  • Native elements: Native silver, native bismuth, graphite.
  • Arsenates: Cobalt bloom, annabergite.
  • Sulphides: Argentite, zinc blende, galena, pyrite, marcasite, pyrrhotite, chalcopyrite, copper glance.

Also, “The vein filling materials are quartz, barite, calcite, dolomite, rhodochrosite and Fluorite.” (T. Macfarlane, "Am. Inst. M. E.", Vol. VIII. 1S79-80, page 238) 1

The group of properties held or optioned by Honey Badger covers some of the most productive veins of the Thunder Bay Silver District. The geological attributes of the area and the spatial distribution of the polymetallic silver mines, showings and occurrences over approximately 100 kilometres suggest good potential to discover additional high- grade polymetallic silver veins in the region.

2018 and 2019 Exploration Programs

The Company initiated its exploration program in March 2018 and made several promising discoveries:

  • >2 km “five-element” polymetallic vein with the potential to contain silver, as well as cobalt, copper, lead and zinc was discovered 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.
  • Grab samples* taken around the 12 historic mines on the property returned up to 1,503 g/t silver and 14.94% zinc.
  • Drilling identified multiple zones of near-surface, arsenic-free, cobalt mineralization (0.26% cobalt over 10.8 metres in BM-18-004) and high-grade silver mineralization (1,254 g/t silver in BM-18-006).

* Grab samples are selective by nature and they may not represent the true mineralization of the prospect.

In addition to identifying several drill-ready exploration targets for follow up, the program outlined high-grade silver mineralization below the historic Beaver Mine in two separate structures, broad zones of cobalt mineralization near the Beaver Mine, and a chemical zonation in the shales suggestive of a large hydrothermal system.

A 2,000 metre drilling program was initiated in the spring of 2019 in follow-up to the Company’s 2018 drilling program where significant high-grade silver mineralization was intersected in the Beaver Vein.

Drilling was successful in proving the continuity of the high-grade silver mineralization of the Beaver Vein.  BM-19-014 extended high-grade silver 35 metres down-plunge of the intersection in BM-18-006. Combined with the geometry of the Beaver Mine underground developments, the intersections in BM-18-006 and BM-19-014 suggest a moderate southerly plunge as the main direction of high-grade silver mineralization in the Beaver Vein.

Beaver Mine Mineralization

  • BM-19-014 intersected the Beaver Vein and contains 1,025 g/t silver equivalent (AgEq) over 4 metres (core length), including 1,701 g/t AgEq over 2.4 metres (core length);
  • BM-19-014 also intersected a second silver-bearing vein and contains 87.8 g/t AgEq over 1.8 metres (core length).

BM-18-006 and BM-19-014 High Grade Silver Intervals

BM-19-014 is also the southernmost hole drilled in the high-grade silver zone discovered in the Beaver Vein that is open down-plunge. BM-19-014 may also have discovered the extension of the high-grade silver vein intersected in BM-18-004 (921 g/t silver over 1.4 metres) and is hosted in a structure distinct from the Beaver Vein.  Although more drilling remains necessary to constrain the geometry of that vein, the intersections in BM-19-004 and BM-19-014 indicates that, in addition to the Beaver Vein, other vein sets in the vicinity of the Beaver Vein also contain high-grade silver zones.

The 2019 drilling program was completed in June 2019.  In addition to the Beaver Vein, the remaining holes of the program targeted favorable structures in the predicted extensions of the veins mined in the Elgin and the Stewardson mines

2019 Drill hole locations

Drilling successfully proved the continuity of the structures hosting historic Elgin and Stewardson mines. 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 these structures have considerable lateral extension. The Company will focus on extending these high-grade intersections along strike and to depth.

For further details of the above-noted drilling programs and QA/QC measures, please refer to the Company’s news releases on the website:  honeybadgerexp.com