|By Marketwired .||
|July 3, 2014 08:00 AM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 07/03/14 -- Honey Badger Ltd (TSX VENTURE:TUF) ("HBE" or the "Company") has received all geochemical analyses for samples collected during its winter field program on the Sagar Property. The metal associations, alteration mineral assemblages and alteration facies identified are typical of those associated with Iron Oxide Copper Gold (IOCG) mineralization. These results indicate that the mineralization found at Sagar is more extensive than previously thought, and that the mineralized occurrences are genetically related.
Anomalous IOCG Metal Associations Identified
During the course of the exploration program, 169 grab samples were collected along strike of previously identified mineral showings. Grab sample assay results indicate the presence of metals associated with an IOCG system. Specifically, the samples have anomalous copper (Cu; up to 7.36% at the Delhi Showing), gold (Au; 500 ppb at the Delhi Showing), silver (Ag; up to 24.9 g/t at the Delhi Showing) and cobalt (Co; up to 0.66% at the Tache Lake Showing)(i).
The grab samples were collected from an area running along the strike length of mineralization at both the Delhi and Tache Lake Showings and extending 400 and 300 metres respectively to the east. Preliminary geophysical interpretations indicate that the mineralization appears to extend even further along strike but is covered by overburden.
(i)Grab samples are selective by nature and are unlikely to represent average grades of the deposits.
IOCG Alteration Minerals Identified Through Thin Section Analysis
A total of 54 thin section samples were collected during the program from representative rock types in order to characterize the style of mineralization at Sagar. Analyses of the samples revealed alteration minerals consistent with an IOCG alteration assemblage. Specifically, the alteration minerals albite, calcite, dolomite, quartz, hematite, biotite, actinolite, magnetite, titanite, white mica tourmaline and epidote were identified.
IOCG Alteration Facies Identified Through Geochemical Analysis
A total of 169 grab samples, and 623 grab and historic drill core samples were analyzed from the exploration program in order to characterize the alteration mineral assemblages through geochemistry. The alteration facies observed over the Sagar Property has all the alteration facies expected in an IOCG system.
Quentin Yarie, HBE's President and COO stated, "We are extremely pleased with these geochemical results. Our Sagar Property shows all the characteristics of an IOCG deposit - the presence of a favourable structural setting, the abundance of polymetallic showings (copper-gold-silver-cobalt) and now, through geochemical analysis, the confirmed presence of diagnostic IOCG hydrothermal alteration".
On-site Quality Assurance/Quality Control Measures
All grab and core samples were shipped to ACTLABS preparation laboratory in Timmins, Ontario. Analyses were performed in the ACTLABS laboratory in Ancaster or Timmins, Ontario. All historic core samples were selected by the Honey Badger site geologist, and were cut in half by diamond core saw. Individual samples were labelled, placed in plastic sample bags and sealed. Groups of samples were then placed into durable rice bags that were shipped out when ready. The remaining coarse reject portions of the samples remain in storage at the ACTLABS preparation laboratory storage facility in the event that further work or verification is needed.
Independent Quality Assurance and Quality Control Protocol
A QA/QC program was implemented to monitor all assays from the exploration program. Grab and historic samples were assembled in batches and sealed prior to shipping. Included in each batch of samples were certified reference standards every 20 samples and blank samples inserted randomly (approximately every 20-30 samples).
About the Sagar Property
The Sagar Property is comprised of 377 claims totalling 107 square kilometres within the Labrador Trough, 200 kilometres north of Shefferville, Quebec. Historically, the property has had high-grade gold and copper showings.
The Sagar Property also includes extensive, untested copper and cobalt soil anomalies, which are all potential targets for copper and cobalt mineralized zones. Historical drilling of a small copper soil anomaly in 2007 produced 6.7 metres @ 2.46% copper and 1.50 metres @ 0.25 grams/tonne gold.
The Company granted a total of 2,780,000 stock options to directors, officers and consultants of the Company on July 2, 2014 under the terms of the incentive stock option plan of the Company filed with the TSX Venture Exchange and approved by shareholders at the last Annual General Meeting of Shareholders of the Company held on June 30, 2014. All options are exercisable at a price of $0.10 per share for a period of 18 months and are subject to a four-month and one day hold period from the date of issuance.
Quentin Yarie, P.Geo is the qualified person in regard to the technical data contained within this news release and will be responsible for overseeing all aspects of the Company's exploration programs.
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 British Columbia. 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.
This News Release contains forward-looking statements. Forward-looking statements are statements which relate to future events. 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 involve known 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.
Cautionary Statement: Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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