Honey Badger Exploration Inc.

Honey Badger Exploration Inc.

February 28, 2012 08:00 ET

Honey Badger Identifies Gold Targets on Radisson-Prepares for Drilling Program in March 2012

TORONTO, ONTARIO--(Marketwire - Feb. 28, 2012) - Honey Badger Exploration Inc. (TSX VENTURE:TUF) ("Honey Badger" or the "Company") is pleased to announce that the 2011 exploration program identified favorable geology with associated anomalous soil assays of gold, potassium and arsenic on the Radisson property. These results have prompted the Company to move forward with a 2012 drill program.

The combined soil and rock sampling program and geological interpretation indicate that the Radisson property is highly favorable for hosting several types of gold deposits, including:

  1. gold-bearing shear zones,
  2. mineralized banded and folded iron formations,
  3. and strongly altered and mineralized potassium-altered intrusions.

Anomalous soil and rock samples associated with the above geologic formations have resulted in the identification and prioritization of 18 gold targets on Radisson. In addition, there is a distinct population with less than about five percent aluminum. For this low aluminum subset of soil data, there is a strong correlation between Gold and Arsenic, which indicates most likely that these samples are very quartz-rich and thus related to the quartz - vein system with obvious high gold potential.

The Radisson gold property is located within the James Bay Mining District of Northern Quebec, 550 km north of Matagami. The underexplored 20,340-hectare gold property lies within the Éléonore/Eau Claire Gold District and covers over 25 kilometers of favorable gold-bearing corridors hosting multiple gold occurrences. The property is located within an Archean-aged volcanic-sedimentary system and is 10 kilometers west of the LG2 highway and is accessible by a logging road.

Honey Badger 2011 Exploration Program

The soil sampling and prospecting program conducted during July and August 2011 in the eastern portion of the property has identified several highly prospective gold-rich targets with up to 8.64 grams per tonne gold. Other gold tracer elements were identified, including 31.6 percent copper in grab samples, and highly elevated arsenic values. In total, there are over eighteen prospective gold targets identified on the property.

The Company prioritized 7 of the most prospective gold targets for drill testing during March 2012. The remaining targets will be further evaluated by additional prospecting and trenching during the summer field season and will be ranked by priority for future drilling.

Quentin Yarie, Senior VP of Honey Badger stated, "The results of the soil sampling program and the recent structural interpretation on the Radisson property are extremely encouraging as they highlight areas of very anomalous gold combined with other pathfinder elements. This underexplored property, located in an emerging Gold Camp, has key elements for the discovery of significant deposits. Our exploration team is actively working at preparing the March 2012 drill program."

Results of Soil and Rock Sampling Program - Geological Significance.

The eastern half of the Radisson property has been interpreted to be a complexly folded and sheared area very prospective for gold mineralization. The results indicate that 374 of the soil samples are anomalous in gold, with 38 of those samples returning values between 0.1 gram per ton and 1.19 grams per ton gold. These elevated gold values are extensive and coincident with the interpreted gold bearing structures. Some of the targets are also associated with other anomalous gold tracer elements such as elevated copper, potassium and high arsenic values (up to 2660 ppm).

To view an image of the Radisson Property, please click here: http://bit.ly/wHh1lW

Statistical analysis of the soil and rock data by Honey Badger's consultant, Dr. James Franklin, indicates that the potassic alteration seems to be significant in some sectors. The barium enrichment associated with it is a typical feature of the subset of Archean gold deposits with a porphyry-like association, such as at Hemlo. The gold mineralization present at Goldcorp's Roberto gold deposit is also associated with potassic alteration, metasomatic replacement zones, and tourmaline.

Historical Soil Sampling Program

The soil sampling program was conducted to expand upon the work performed by Eastmain Resources, from whom Honey Badger has optioned the project. The survey originally conducted by Eastmain Resources over the western part of the property has highlighted more than eight gold exploration targets that have not been followed up with drilling.

About The Radisson Property

"We are encouraged with the exploration results outlined by Honey Badger on the Radisson Project. James Bay, Quebec is soon to become one of Canada's newest mining districts with Goldcorp's low-cost, long life Eleonore gold project reaching production in late 2014. The Radisson project is characterized by the same regional geology and associated major structures found throughout each of the mining camps in the Shield. It is simply a matter of sustained exploration effort and drilling which will lead to additional discoveries in this region", stated Dr. Robinson, President of Eastmain Resources Inc.

  • The Radisson Property is a district scale property with promising and widespread gold, copper and silver values. It is a gold property in the heart of an emerging world class Gold Camp, with excellent infrastructure (paved road, power corridor). This Gold Camp includes Goldcorp's Roberto Deposit (3.15 million ounces of measured and indicated gold resources at an average grade of 11.92 grams per tonne and 6.25 million ounces of inferred gold resources at an average grade of 12.93 grams per ton, and Eastmain's Eau Claire/Clearwater Deposit (1.67 million ounces gold).
  • A gold-bearing trend of over eight km was identified on the Radisson by Noranda in 1992-93, with historic channel samples ranging from 5.5 to 9.8 grams per ton gold. Other parallel trends have been identified by Honey Badger over a strike-length of more than 20 kilometers.
  • The Discovery Lake discovery is encompassed within the Radisson property (currently held by Amesco). This polymetallic deposit contains gold, silver, copper lead and zinc mineralization, including high-grade values of 340 grams per ton silver. The discovery zone appears to be situated near the basalt/metasediment contact (same setting as Goldcorp's Éléonore/Roberto deposit) that extends onto the Radisson property for multiple kilometers to both the east and west.

Qualified Person

Jean-Philippe Desrochers, Ph.D., Geo. is a Qualified Person registered in Quebec as defined by NI 43-101 and has reviewed the technical information contained in this press release.

About Honey Badger Exploration Inc.

Honey Badger Exploration is a gold and base metals exploration company headquartered in Toronto, Ontario, Canada. 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

Cautionary Statement:

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. The foregoing information may contain forward-looking statements relating to the future performance of Honey Badger Exploration Inc. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially from Honey Badgerplans and expectations. These plans, expectations, risks and uncertainties are detailed herein and from time to time in the filings made by Honey Badgerwith the TSX Venture Exchange and securities regulators. Honey Badgerdoes not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise. We seek safe harbour.

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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