Honey Badger Unlocking Value on the Ground at Nanisivik
Honey Badger Unlocking Value on the Ground
at Nanisivik
Toronto, Ontario--(Newsfile Corp. - September 2, 2025) -
Honey Badger Silver Inc.
(TSXV: TUF)
(OTCQB: HBEIF) ("
Honey Badger
" or the "
Company
") is pleased to provide an update on its ongoing
exploration work at its 100%-owned Nanisivik Project in Nunavut.
The team has completed orientation
geophysical surveys on two of three high-priority targets and has already identified a new occurrence of
massive zinc-lead sulphide mineralization exposed at surface.
The Company's Executive Chairman, Chad Williams, commented
, "Nanisivik was a quality mining
operation until 2002 when low commodity prices forced the mine to cease operations even though 4
years of reserves remained. This project continues to demonstrate great potential not only for critical
minerals (zinc and possibly germanium and gallium) but also for silver which was produced in sizeable
quantities when the mine was in operation.
Our current field program is designed to refine the geological
characteristics of known unmined mineralization found in several zones with the objective of generating a
new economic resource.
We are also excited by the discovery of a new distal zone of massive zinc-lead
sulphide mineralization sub-cropping at surface at Area 14 and eagerly await assays to determine how
much silver and other metals it contains.
The Nanisivik work is adding to the excitement of our recent
exploration work at our 100%-owned Plata project in the Yukon Territory.
This has been an exciting
summer for the Honey Badger exploration team."
Exploration Program
In a news release dated March 25, 2025 ("
Honeybadger Silver Identifies Unmined Silver
Mineralization at Nanisivik"),
the Company announced three priority target areas that were identified
during data review, each hosting significant zinc and silver intercepts from historic drilling.
The areas are Deb, Ocean View North, and Area 14. A review of historical exploration drilling at the
former mine site identified several significant drill intersections located outside mined areas. These
discoveries were not followed up at the time due to the focus on production. Thus, each of these
represents a priority target, and has the potential with step-out drilling to be the basis of a new economic
resource. A selection of significant silver and/or zinc mineralized intercepts from these priority target
areas is provided in the table below and the locations of drillholes with significant intersections are
illustrated in the figures below.
Work to date has comprised ground geophysics (Loupe Electromagnetics or EM) to map the extent of
subsurface sulphides, reconnaissance prospecting and mapping to identify new zones of mineralization,
and sampling of known massive sulphide outcrops to identify occurrences of zinc, silver, and possible
germanium and gallium.
The objective of the work is to identify drill targets to expand the unmined
mineralization and test newly discovered mineralization.
Geophysics grids have been completed on Ocean View and Area 14.
While the geophysical data is still
being interpreted, initial assessments are that the Loupe EM has been successful in identifying discreet
conductors representing sulphides.
The reconnaissance prospecting and mapping has identified an area of sub-cropping massive
sphalerite and galena (zinc and lead sulphide, respectively) in Area 14.
In the mined Nanisivik orebody,
sphalerite-galena mineralization was associated with silver.
This mineralization has so far been mapped
over an area of about 300 metres by 30 metres, but its full extent has not yet been delineated.
Ongoing
mapping will define the surface extent of this mineralized zone and complete sampling.
Deb Target
The Deb target area is located approximately 3 km southwest of the main orebody at Nanisivik. The
Company has examined data from 15 drillholes completed in this area in the 1980's and 1990's.
Significant silver (Ag) and zinc (Zn) intersections include; hole 90-51 which intersected
1.3m of 54.9
grams of silver per tonne (g/t Ag) and 5.74% Zn
, hole 90-59 which intersected
0.7m of 263 g/t Ag
and 34.6% Zn
, and hole 91-19 which intersected
0.6m of 290 g/t Ag and 43.0% Zn
.
Ocean View North Target
Similar to the Deb target (above), there are no indications of any mining having been completed at the
Ocean View North target area, which is located approximately 1.7km east northeast from the main
Nanisivik orebody and some 400m north of the historically mined main Ocean View zone (see Figure
below). At the Ocean View North area, data from some 72 historical exploration drillholes was examined
and a cluster of significant Ag-Zn intersections were identified at the northern extent of the drilling.
Significant silver (Ag) and zinc (Zn) intersections at the Ocean View North target area include hole 87-63
intersected
5.3m of 97.6 g/t Ag and 22.79% Zn
, hole 90-28 which intersected
1.3m of 116 g/t Ag and
20.3% Zn
.
Area 14
The Area 14 target is located approximately 1.8km southeast of the main Nanisivik orebody (see Figure
below). Historical data indicates that a small stope was previously mined at Area 14.
However, Honey
Badger has examined the data from a cluster of 27 historical drillholes located immediately east and
northeast of the historically mined area where a number of significant Ag-Zn intersections have been
identified, including; hole A14_85-08 which intersected
2.3m of 280.0 g/t Ag and 27.43% Zn
, hole
A14_85-10 which intersected
2.3m of 239.3 g/t Ag and 6.10% Zn
, and hole 86-191 which intersected
3.0m of 143.3 g/t Ag and 26.16% Zn
.
Massive Pyrite
The massive pyrite bodies, within which the mined mineralization and the new target areas occur,
comprise over
100 million tonnes
of massive sulphide, in addition to the almost 18 million tonnes that
were mined between 1976 and 2002. They occur as linear, lenticular bodies of massive sulphide, at
least 9 of which outcrop at surface. The map below shows the locations of the massive pyrite bodies.
Locations of Historical Drillholes with Significant Ag-Zn Intersections in Unmined Areas at the
Nanisivik Project
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3204/264683_eace8ac6f41e8a57_001full.jpg
Table of Historical Drillholes with Significant Ag-Zn Intersections at Unmined Areas at the
Nanisivik Project
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3204/264683_eace8ac6f41e8a57_002full.jpg
Locations of Massive Sulphide Bodies at the Nanisivik Project
(3)
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3204/264683_eace8ac6f41e8a57_003full.jpg
New Claims
In October 2024, the Company increased the size of its mineral tenure around the Nanisivik Mine (see
news release dated October 21, 2024
"Honey Badger Silver Grows Nanisivik Project")
by staking an
additional 10 claims totaling 7650.4 ha at and around the Nanisivik area. These claims cover
geophysical anomalies identified during the Company's review of the historic data base (see news
release dated September 16, 2024,
Honey Badger Silver Identifies Multiple Promising Silver Zones at
Nanisivik"
). The new claims comprise a further 3 claims that have added 1174.2 ha to the original
Nanisivik claim block, 2 claims (1710.4 ha) covering the Chris Creek target located approximately 19
km southeast of Nanisivik, and further 5 claims (4765.8 ha) covering historical geophysical anomalies
(conductors) in and around the Adams Sound and Adams River target areas approximately 40 km and
55 km, respectively, southeast of Nanisivik.
About Nanisivik
The Nanisivik Mine (near Arctic Bay, Nunavut) produced over 20 million ounces of silver between 1976
and 2002, from 17.9 million tons of ore, grading 9% zinc, 0.72% lead, and 35 grams per tonne of
silver
(3)
.
In addition to the polymetallic orebody, previous exploration identified massive sulphide bodies
(principally pyrite) still in place, totaling about 100 million tonnes
(3)
containing locally anomalous base
metal and silver values.
Qualified Person
Technical information in this news release has been approved by Dorian L. (Dusty) Nicol (PG,
FAusIMM), a director and technical advisor of the Company, who is a Qualified Person (QP) for the
purpose of National Instrument 43-101.
About Honey Badger Silver Inc.
Honey Badger Silver is a silver company. The company is led by a highly experienced leadership team
with a track record of value creation backed by a skilled technical team. Our projects are located in
areas with a long history of mining, including the Sunrise Lake project with a historic resource of 12.8
Moz of silver at a grade of 262 g/t silver (and 201.3 million pounds of zinc at a grade of 6% zinc)
Indicated and 13.9 Moz of silver at a grade of 169 g/t silver (and 247.8 million pounds of zinc at a grade
of 4.4% zinc) Inferred
(1)
located in the Northwest Territories and the Plata high grade silver project
located 165 km east of Yukon's prolific Keno Hill and adjacent to Snowline Gold's Rogue discovery. The
Company's Clear Lake Project in the Yukon Territory has an unclassified historic resource of 5.5 Moz of
silver at a grade of 22 g/t silver and 1.3 billion pounds of zinc at a grade of 7.6% zinc
(2)
. The Company
also has a significant land holding at the Nanisivik Mine Area located in Nunavut, Canada that produced
over 20 Moz of silver between 1976 and 2002
(3)
. A qualified person has not done sufficient work to
classify the foregoing historical resources as current mineral resources, and the Company is not treating
the estimates as current mineral resources. The historical resource estimates are provided solely for the
purpose as an indication of the volume of mineralization that could be present. Additional work, including
verification drilling / sampling, will be required to verify any of the historical estimates as a current mineral
resources.
(1)
Sunrise Lake 2003 RPA historic resource: Indicated 1.522 million tonnes grading 262 grams/tonne silver, 6.0% zinc, 2.4% lead, 0.08% copper,
and 0.67 grams/tonne gold and Inferred 2.555 million tonnes grading 169 grams/tonne silver, 4.4% zinc, 1.9% lead, 0.07% copper, and 0.51
grams/tonne gold
.
(2)
Clear Lake 2010 SRK historic Resource: Inferred 7.76 million tonnes grading 22 grams/tonne silver, 7.6% zinc, and 1.08% lead.
(3)
Geological Survey of Canada, 2002-C22, "Structural and Stratigraphic Controls on Zn-Pb-Ag Mineralization at the Nanisivik Mississippi Valley
type Deposit, Northern Baffin Island, Nunavut; by Patterson and Powis."
2)
Clear Lake 2010 SRK historic Resource: Inferred 7.76 million tonnes
grading 22 grams/tonne silver, 7.6% zinc, and 1.08% lead.
ON BEHALF OF THE BOARD,
Chad Williams, Executive Chairman
For more information please, visit our website
www.honeybadgersilver.com
or contact Mrs. Sonya Pekar
for Investor Relations |
|
+1 (647) 498-8244.
Neither the 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.
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of the applicable
Canadian securities legislation that is based on expectations, estimates, projections and
interpretations as at the date of this news release. Any statement that involves discussions with
respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives,
assumptions, future events or performance (often but not always using phrases such as "expects", or
"does not expect", "is expected", "interpreted", "management's view", "anticipates" or "does not
anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or
variations of such words and phrases or stating that certain actions, events or results "may" or "could",
"would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and
may be forward-looking information and are intended to identify forward-looking information. This
forward-looking information is based on reasonable assumptions and estimates of management of
the Company at the time such assumptions and estimates were made, and involves known and
unknown risks, uncertainties and other factors which may cause the actual results, performance or
achievements of Honey Badger to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking information.
Such factors include, but are not limited to, risks relating to capital and operating costs varying
significantly from estimates; delays in obtaining or failures to obtain required governmental,
environmental or other project approvals; uncertainties relating to the availability and costs of
financing needed in the future; changes in equity markets; inflation; fluctuations in commodity prices;
delays in the development of projects; other risks involved in the mineral exploration and
development industry; and those risks set out in the Company's public documents filed on SEDAR+
(
www.sedarplus.ca
) under Honey Badger's issuer profile. Although the Company believes that the
assumptions and factors used in preparing the forward-looking information in this news release are
reasonable, undue reliance should not be placed on such information, which only applies as of the
date of this news release, and no assurance can be given that such events will occur in the disclosed
timeframes or at all. The Company disclaims any intention or obligation to update or revise any
forward-looking information, whether as a result of new information, future events or otherwise, other
than as required by law.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/264683