Honey Badger Exploration Inc.

Honey Badger Exploration Inc.

September 03, 2014 08:00 ET

Honey Badger Continues to Expand Sagar Property Potential: New Gold Showing Discovered

TORONTO, ONTARIO--(Marketwired - Sept. 3, 2014) - Honey Badger Exploration Inc. (TSX VENTURE:TUF) ("Honey Badger" or the "Company") reports that its 2014 Summer exploration program continues to highlight the potential for a polymetallic Iron Oxide Copper Gold ("IOCG") discovery at its Sagar Property in Northern Québec. Initial assay results from the Delhi Pacific showing indicate up to 0.89% copper, 0.5 grams per ton gold and 2.42 grams per ton silver.

Delhi Pacific Showing

An inferred extension related to the Delhi Pacific trend mineralized structure was intersected in a drill hole on the Chibtown area, 2 kilometres south-southeast of the Delhi Pacific showing. The results from that intersection were reported on August 13, 2014. The significant assay results for holes DP14-03 and DP14-04 from the Delhi Pacific showing are presented below. Assay results for Holes DP14-05 and DP14-06 are still pending.

Drill Hole From (m) To (m) Length* (m) Copper
(Cu) (%)
(Au) (g/t)
(Ag) (g/t)
DP14-03 160 175.28 15.28 0.57
DP14-03 205.15 216.76 11.61 0.89 0.50 1.95
DP14-04 228.04 257.5 29.46 0.80 0.34 2.42

*Lengths reported above in metres ("m") are drill intersected core and do not represent true widths.

Drilling of the Delhi Pacific showing was undertaken to both confirm the extent and grades of the historically reported mineralization and to extend the mineralization at depth and along strike. The Delhi Pacific mineralized trend forms a 3 kilometre long geophysical anomaly and remains open at depth and along strike. The polymetallic signature (copper, silver, and gold) of the Delhi Pacific mineralization is further evidence of the interpreted IOCG model across the Sagar property.

New Lode Gold Showing at Sagar

The summer exploration program traced magnetic anomalies of various sizes throughout the property. Approximately 1.7km northwest and along strike of the Delhi Pacific showing a series of oxidized quartz veins were observed. These quartz veins consisted of iron carbonates, calcite, milky quartz, pyrite and chalcopyrite.

The veins vary from 0.3 metres to greater than 2 metres in thickness and are on surface. The vein system exists in a shear zone that was traced on surface for over 130 metres and is visible in air photos for over 700 metres. The quartz veins have a magnetic signature that was mapped continuously over 330 metres using a ground magnetometer.

A number of samples were taken both along strike and from different veins. X-ray fluorescence ("XRF") and X-ray diffraction ("XRD") measurements were taken on all samples and indicate intense chloritic and iron carbonate alteration. One smokey quartz bedrock sample was sent for assay as part of the Company's quality control procedures and the following results have been received:

Sample Gold
(Au) (g/t)
Silver (Ag) (g/t)
R342662 1915 48.9

This sample has the highest gold values observed at the Sagar property to date (61.57 ounces/ton)*. Currently the sample is being re-assayed for precious metals and complete mineralogy. Additional samples from the new zone will be sent for assay during the anticipated fall drill program.

*This bedrock sample was a selective sample chosen to test for the presence of gold as neither the XRF nor the XRD are considered reliable for this metal. The grades and mineralization present are not necessarily representative of other mineralization that may be identified on the property.

Quartz carbonate vein deposits are one of the most significant sources of gold worldwide (cf. Barley and Groves, 1992; Condie, 1998, Kerrich et al., 2000; Goldfarb et al., 2001). Given the observed metallic content (iron, pyrite, chalcopyrite) of the quartz veins additional ground magnetics and an Induced Polarisation ("IP") survey will be planned during the fall exploration program.

On-site Quality Assurance/Quality Control ("QA/QC") Measures

All samples were shipped to ALS Minerals Division preparation laboratory in Timmins Ontario. Analyses are being performed in the ALS laboratory in Vancouver, British Columbia All 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 will remain in storage at the ALS in Vancouver as required in the event that further work or verification is needed.

Independent Quality Assurance and Quality Control ("QA/QC") Protocol

A QA/QC program is implemented to monitor all assays from the Summer drilling program. Samples were assembled in batches and were continuously leaving the site for immediate testing. Included in each batch of samples are certified reference standards every 20 samples and blank samples comprised of sterile drill core inserted randomly (approximately every 20-30 samples).

About the Sagar Property

The Sagar Property is comprised of a series of claims totaling 107 square kilometres within the Labrador Trough, 200 kilometres north of Shefferville, Québec. Historically, the property has had high-grade gold and copper showings. It 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 g/t gold.

Honey Badger has an earn-in option with Energizer Resources Inc. to initially acquire a 35% interest in the Sagar Property with an option to acquire up to 100% in consideration of cash payments, share issuances and work commitment expenditures as outlined in the News Release dated August 5, 2014.

Qualified Person

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 Québec 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.

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.

This News Release contains forward-looking statements. Forward-looking statements are statements that 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.

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