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TORONTO, July 08, 2021 (GLOBE NEWSWIRE) — Honey Badger Silver Inc. (TSX-V: TUF) (“Honey Badger Silver” or the “Firm”) is happy to announce that it has engaged Archer, Cathro & Associates (1981) Restricted (“Archer Cathro”) to supervise the Section 1 work program on its 100%-owned 5,690 hectare Plata Silver Property (“Plata”) positioned in east-central Yukon. Archer Cathro is the established chief in Yukon mineral discoveries.
The Plata Silver Property lies inside the Tintina Gold Belt and shows quite a few similarities to the world-class Keno Hill Silver Mining Camp, Canada’s second largest main producer of silver with manufacturing from roughly thirty-five vein deposits between 1913 and 1989.
Plata Property Highlights:
- Historic floor trenching and shallow drilling has recognized thirty-two (32) identified mineralized zones, comprising high-grade silver, gold, lead and zinc-bearing veins and stockwork zones;
- A number of areas of the property had been mined traditionally for high-grade silver and yielded 9,020 kg (290,000 oz) of silver from a reported 2,041 tonnes of hand sorted materials, equal to a recovered silver grade of roughly 4,420 grams per tonne (g/t) silver.
Historic drilling to this point has demonstrated potential for steady mineralization over a strike size of practically 800 metres on the Aho Zone (Determine 1). This zone is a semi-continuous mineralized system developed inside the airplane of the Plata Thrust Fault that extends intermittently over a complete strike size of 800 metres and to a most of 580 metres downdip and stays open to extension alongside strike and downdip.
Concerning the Plata Silver Property
Historic exploration on the Plata Silver Property from 1969 to 2011 recognized thirty-two (32) identified mineralized zones, extending over a 2.5 kilometre space, internet hosting slim high-grade silver, gold, lead and zinc-bearing veins and stockworks. Mineralization at Plata is believed to be related to hydrothermal fluids associated to the Tombstone intrusive suite and bears similarities to the prolific Keno Hill Silver Mining Camp, Canada’s second largest main producer of silver with manufacturing from roughly thirty-five (35) vein deposits between 1913 and 1989.
Excessive precedence goal areas at Plata embody:
- P-4 Zone: The P-4 Zone has undergone extra intensive drilling relative to different targets at Plata and demonstrates steady mineralization over 200 metres of strike size that is still open in all instructions. Common grades and widths from fourteen (14) core drill holes in 1987 had been 1.9 metres grading 337 g/t silver, 3.65 g/t gold, 1.59% lead and 1.7% zinc.
- P-3 Zone: On the P-3 Zone, rock samples have returned extraordinarily excessive gold assays (as much as 78.3 g/t) and chip sampling returned 1.96 metres grading 2,383 g/t silver, 9.85 g/t gold and seven% lead.
- P-6 Zone: Drilling in 2011 confirmed the continuity of serious polymetallic silver mineralization at depth and laterally over a strike size of 150 metres. Highlighted drill intercepts embody 1.0 metre grading 1,655 g/t silver and 1.09% zinc, and 6.63 metres grading 164 g/t tonne silver and a couple of.34% zinc. Veining mapped at floor and anomalous soil geochemistry recommend the P-6 construction could lengthen for 500 metres to the northwest.
- P-2 Zone: Detailed trenching of the P-2 Zone returned a weighted common of 812 g/t silver, 24.48% lead and 17.02% zinc throughout a median width of 1.93 metres for a strike size of 85 metres. Drill holes focusing on the P-2 Zone yielded intercepts of as much as 1,060 g/t silver and three.86% zinc over 0.87 metres and 110 g/t silver and 39.77% zinc over 0.93 metres.
Importantly, drilling from 2008 to 2011 has demonstrated that the P-3 and P-4 veins are half of a bigger, semi-continuous, mineralized system known as the Aho Zone, which is developed inside the airplane of the Plata Thrust Fault and varies from 0.3 to three.0 metres in width. This zone extends intermittently over a complete strike size of 800 metres and to a most of 580 metres downdip and stays open to extension alongside strike and downdip (Determine 1).
Plata Section 1 Program:
The first goal of the Section 1 program deliberate for this summer season by Archer Cathro is to finish detailed mapping and rock and channel sampling at quite a few precedence goal zones at Plata with a purpose to higher perceive structural controls of silver mineralization. This may present invaluable perception for eventual drill gap focusing on.
The secondary goal of the Section 1 program might be to raised outline the total extent of mineralization at Plata. In the direction of this finish, soil grids might be accomplished in beforehand unsampled areas to extra completely outline anomalous geochemical zones and tendencies.
Technical info on this information launch has been authorised by Heather Burrell, P.Geo., a geologist with Archer, Cathro & Associates (1981) Restricted and certified particular person for the aim of Nationwide Instrument 43-101.
Closing of First Tranche of Circulation-By way of Personal Placement
The Firm additionally publicizes that it has closed the primary tranche of its ongoing non-brokered flow-through non-public placement (the “FT Providing”) by issuing 1,681,800 Circulation By way of Shares (‘FT Shares”) at a value of $0.15 per FT Share for gross proceeds of $252,270. The gross proceeds from the Providing might be used to fund the exploration program on the aforenoted Plata silver property and future exploration applications on the Firm’s different properties within the Yukon in addition to the Thunder Bay District of northern Ontario, which qualify as flow-through shares for functions of the Earnings Tax Act (Canada).
The Firm expects to shut a second and remaining tranche of the FT Providing shortly.
In reference to the foregoing, the Firm paid finders’ charges totalling $17,239 and issued non-transferable buy warrants entitling the acquisition a complete of 114,926 widespread shares of the Firm at a value of $0.15 per share for a interval of 24 months following the closing. All securities issued in reference to the FT Providing are topic to a maintain interval of 4 months plus a day from the closing. The FT Providing stays topic to the ultimate approval of the TSX Enterprise Change.
For extra info, please go to our new web site at https://www.honeybadgersilver.com.
Or contact: Ms. Christina Slater at cslater@honeybadgersilver.com.
About Honey Badger Silver Inc.
Honey Badger Silver is a Canadian silver firm based mostly in Toronto, Ontario centered on the acquisition, growth, and integration of accretive transactions of silver ounces. The corporate is led by a extremely skilled management workforce with a monitor file of worth creation backed by a talented technical workforce. With a dominant land place in Ontario’s historic Thunder Bay Silver District and superior tasks within the southeast and south-central Yukon, Honey Badger Silver is positioning to be a high tier silver firm. The Firm’s widespread shares commerce on the TSX Enterprise Change underneath the image “TUF”.
Neither TSX Enterprise Change nor its Regulation Providers Supplier (as that time period is outlined in insurance policies of the TSX Enterprise Change) accepts accountability for the adequacy or accuracy of this launch.
This Information Launch comprises forward-looking statements. In some circumstances, you possibly can determine forward-looking statements by terminology comparable to “could”, “ought to”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “proceed” or the destructive of those phrases or different comparable terminology. These statements are solely predictions and contain identified and unknown dangers, uncertainties and different elements which will trigger our or our trade’s precise outcomes, ranges of exercise, efficiency or achievements to be materially totally different from any future outcomes, ranges of exercise, efficiency or achievements expressed or implied by these forward-looking statements.
Though the Firm believes that the assumptions and elements utilized in getting ready the forward-looking info on this information launch are cheap, undue reliance shouldn’t be positioned on such info, which solely applies as of the date of this information launch. The Firm disclaims any intention or obligation to replace or revise any forward-looking info, whether or not because of new info, future occasions or in any other case, aside from as required.
Determine 1: Map depicting choose mineralized zones at Plata in relation to the Plata Thrust Fault and the Aho Zone is out there at https://www.globenewswire.com/NewsRoom/AttachmentNg/3f0bccd2-cebf-4419-875a-227888c8859f
