Honey Badger Exploration Ltd. [TUF-TSXV; HBEIF-OTC] was an active trader Thursday July 18 after the company released new assay results from its silver-cobalt project near Thunder Bay, northwestern Ontario.
The company said the latest results are from the first six holes of a 2019 drilling program that was completed in June. It said the 2,000-metre drill program was a follow-up to a 2018 program that returned significant high-grade silver mineralization in the Beaver Vein.
Drilling highlights from the latest batch of results included hole BM-19-014, which intersected the Beaver Vein and contains 1,025 g/t silver equivalent over 4.0 metres (core length), including 1,701 g/t silver equivalent over 2.4 metres (core length).
Honey Badger shares advanced on the news, rising 33% or $0.01 to $0.04 on volume of over 5.2 million. The shares are trading in a 52-week range of $0.02 and 17 cents.
The Thunder Bay Silver Project is comprised of the Beaver Silver, Silver Mountain and Mink Mountain Silver properties, which are located between 25 km and 70 km southwest of Thunder Bay.
The respective name of each property refers to the name of the main historical silver mine within or near the property boundaries. Over five million ounces of silver were produced in the region, mostly before 1900, and well before the advent of modern exploration techniques and mining practises.
Honey Badger is the early mover in consolidating key ground in this historic silver camp that has strong potential for polymetallic mineralization, the company has said.
Drilling this year in the Beavery Mine area was designed to test 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 last year in drill hole BM-18-006, which returned 682 g/t silver over 1.1 metres true width, and to define the possible down-plunge direction of that high-grade silver zone in the vein.
Honey Badger said four of the holes reported on Thursday were successful at extending, 35 metres down-dip, the high-grade 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,” the company said.
Results from eight more holes are still pending.
“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,” said Honey Badger President and CEO Quentin Yarie.
“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,” Yarie said.
Honey Badger recently increased its land position near the Thunder Bay Silver Project by staking an additional 1,077 claims covering more than 23,400 hectares to cover the southern extension of the main structures that are interpreted to control polymetallic silver mineralization in the district.