Results

Honey Badger Exploration Inc.

07/18/2019 | Press release | Distributed by Public on 07/18/2019 04:59

Honey Badger Drills 1,025 g/t AgEq over 1.9 metres (true width), including 1,701 g/t AgEq over 1.1 metres (true width) at its Thunder Bay Silver-Cobalt Project

Toronto, Ontario- July 18, 2019 - Honey Badger Exploration Inc. (TSX-V: TUF) ('Honey Badger' or the 'Company') announces assay results for the first 6 holes of its 2019 drilling program that was completed in June. The 2,000-metre drilling program was a follow-up to the Company's successful 2018 drilling program where significant high-grade silver mineralization, comprising 682 g/t silver over 1.1 metres (true width) including 1,254 g/t silver over 0.6 metres (true width) was intersected in the Beaver Vein.

Four of the holes reported here were successful at extending, 35 metres down-dip, the high-grade silver mineralization of the Beaver Vein. Furthermore, a second high-grade silver vein, distinct from the Beaver Vein, was intersected indicating that more than one silver-containing vein set is likely in the vicinity of the Beaver Mine. Results for 8 holes are still pending.

Assay Highlights (Table 1):

• BM-19-014 intersected the Beaver Vein and contains 1,025 g/t 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).

Quentin Yarie, President and CEO of Honey Badger stated: 'The discovery and extension of high-grade silver in the Beaver Vein is compelling and indicates that high-grade silver mineralization is continuous down-plunge over 35 metres. The southern extension of that plunge direction in the Beaver Vein is entirely open and, contingent on successful drilling, may lead to the definition of a high-grade silver deposit in the Beaver Vein.'

Table 1 - Assays results highlights for copper, 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-19-009

Intersected Beaver Mine - no recovery

Beaver Vein

BM-19-010

Intersected Beaver Mine - no recovery

BM-19-011

197.7

201.6

3.9

1.8

0.1

0.25

3.2

19.5

BM-19-012

221.5

227.8

6.3

2.6

0.05

0.48

1.9

27.4

BM-19-013

212.2

215.2

3

1.2

0.16

0.34

1.5

24.8

BM-19-014

146.5

148.3

1.8

Unknown

0.11

0.29

69.2

87.8

New Vein

179.3

183.3

4

1.9

0.11

0.33

1004

1025

Beaver Vein

Including

179.3

181.7

2.4

1.1

0.14

0.42

1674

1701

* AgEq = (Ag (g/t)*0.49$/(g/t) + Zn(wt.%)*24.61$/wt.% + Pb(wt.%)*19.74$/wt.%) / 0.54$/(g/t Ag). Spot metal prices taken after market closure July 15, 2019

Table 2 - Attributes of the drill holes

Hole Id

X

Y

Z

Azimuth

Dip

Depth (m)

BM-19-009

304439

5354991

381.7

275

-68

117

BM-19-010

304439.3

5354990

381.2

205

-72

118.37

BM-19-011

304488.1

5355057

379.1

215

-51.5

238

BM-19-012

304488

5355056

379.1

203

-50

240

BM-19-013

304510.1

5355012

384.7

256

-54

235

BM-19-014

304345

5354944

374

107

-54

208

Figure 1. Location of reported drill holes

[Attachment]

Honey Badger's 2019 drilling program in the Beaver Mine area was testing the extension of the Beaver Vein below the underground developments of the mine. The main objectives were to prove the continuity of the Beaver Vein below the mine, to find the extension of high-grade silver intersected in BM-18-006 (682 g/t Ag over 1.1 metres true width) and to define the possible plunge direction of that high-grade silver zone in the vein.

Drilling was successful in proving the continuity of the Beaver Vein and BM-19-014 successfully 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 are suggesting a moderate southerly plunge as the main direction of high-grade silver mineralization in the Beaver Vein. 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.

Holes BM-19-009 and BM-19-010 were drilled in the footprints of the underground development of the Beaver Mine and intersected the mine. Holes BM-19-011 and BM-19-013 were testing the extension of the Beaver Vein north of the high-grade intersection in BM-18-006, whereas hole BM-19-012 was testing the Beaver Vein down-dip of the high-grade intersection in BM-18-006. All the holes successfully intersected the Beaver Vein and contain anomalous silver, lead and zinc mineralization.

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 (0.26% Cobalt over 10.8 metres) 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.

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, [email protected]
or
Mia Boiridy, Investor Relations, (416) 364-7029, [email protected]

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 involveknown 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.
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