Precious Metals

Silver Investing

Honey Badger has obtained an exploration permit for its silver-cobalt project and a new diamond drilling program is now imminent.

Honey Badger Exploration (TSXV:TUF) has obtained a three-year exploration permit for its Thunder Bay silver-cobalt project located west of Thunder Bay, Ontario, the miner announced on Wednesday (January 3).

With this permit, the miner will drill for silver at its Beaver mine, where a 2018 drilling program intersected 682 grams per tonne silver over 2.4 metres, including 1,254 grams per tonne silver over 1.2 metres.

“We are pleased with the timely receipt of this permit. We made some significant silver-cobalt discoveries around the Beaver Mine in 2018. Results from our Spring 2018 drill program showed that near-surface, arsenic-free cobalt mineralization is located at the contact between a large diabase sill that caps the Beaver Mine and the Rove Shale unit,” said Quentin Yarie, president and CEO.

“With this permit, we can now target this newly discovered zone of cobalt mineralization and expand our program to areas beyond the Beaver mine. A follow-up 1,500 meters diamond drilling program is planned this winter,” he added.

A second silver target takes place in a down-dip extension of the vein mined in the Beaver mine where one hole of the 2018 drilling program intersected 682 grams per tonne silver over 2.4 metres, including 1,254 grams per tonne silver over 1.2 metres.

Rounding out the white metal mining, the company will focus in on a high-grade silver intersection near the historic Stewardson mine, which is located 2.4 kilometres east of the Beaver mine.

In addition to silver mining, the company plans to target cobalt mineralization that resides in a large diabase sill at its contact with the underlying Rove Shale. This location is where Honey Badger discovered 0.26 percent cobalt over 10.8 metres last year.

The miner noted that before it begins it diamond drilling program, it will conduct a geological and logistical observation in order to validate all of the aforementioned targets, identify if there are any new targets, and find suitable access to the prioritized target zones.

This portion of the program will begin in the coming weeks with a 1,500 metres diamond drilling program to follow soon after.

The Thunder Bay silver-cobalt project covers more than 37,850 hectares and includes 12 past-producing high-grade mines with historical production of more than 1.67 million ounces of silver.

Of those ounces produced, the Island Vein group has an output total of 3,188,297 ounces of silver, with most of that production coming from the Silver Islet mine. Additionally, the Mainland group of silver veins has produced 1,991,314 ounces of silver.

As of 2:15 p.m. EST, Honey Badger was up 33.33 percent, trading at C$0.04.

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Securities Disclosure: I, Nicole Rashotte, hold no direct investment interest in any company mentioned in this article.


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