TORONTO, ONTARIO--(Marketwired - Mar 19, 2014) - Honey Badger Exploration Inc. (TSX VENTURE:TUF) ("HBE" or the "Company") is pleased to announce that initial work on its Sagar Property has identified the potential for a high tonnage Iron Oxide Copper Gold (IOCG) deposit on the property. The IOCG model is supported by the presence of a favorable structural setting for an IOCG deposit, the abundance of polymetallic showings (copper-gold-silver-cobalt) and the presence of diagnostic IOCG hydrothermal alteration.
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.
Quentin Yarie, HBE's President and COO, states, "The results of our preliminary work on our Sagar property are very encouraging. The targeted sampling of the property last summer confirmed the grades obtained by historic assay results and further highlight the gold and cobalt potential of showings that were not tested in the past. Although the property requires focused exploration work, we believe our Sagar Property has the potential to be a high-tonnage IOCG deposit."
Natural Sciences and Engineering Research Council - Collaborative Research and Development Programs ("NSERC-CRD")
Under a fully funded joint University of Manitoba and NSERC-CRD research project supported by HBE, Dr. Mostafa Fayek, Professor at the University of Manitoba and a Canada Research Chair in Isotope and Environmental Geochemistry, is working with the HBE team to better define the deposit model for the Sagar property and to identify the chemical and geological vectors for mineralization. A progress report on Dr. Fayek's study has been received and HBE is reviewing it to further its knowledge on the property.
According to Dr. Fayek, "The hematite-chlorite-carbonate mineral assemblage is (....) consistent with distal, low-temperature, shallow-late type alteration associated with deposits such as Olympic Dam."
The Sagar Property showcases an abundance of polymetallic mineralization zones with surface indications of potential high-grade mineralized zones, specifically at the Delhi Pacific and Taché showings.
At the Delhi Pacific showing, historically significant drilling intersections include 45.81 metres @ 0.51% copper and 10.7 metres @ 0.78% copper. While these intersections were not tested for silver, gold or cobalt, historic and recent grab samples* contain up to 1.8 grams per ton ("g/t") gold, and up to 35 g/t silver. Grab samples* from the Taché showing contain over 5 g/t gold, up to 44.7 g/t silver, 0.83% cobalt, and up to 3.1% copper.
Re-sampling of the Taché and Delhi Pacific showings in 2013 supported the historic assay results. Grab samples* from the Taché showing assayed 0.55% cobalt, 1.2% copper, 0.48% zinc, 0.05% nickel and up to 9.2 g/t silver. Delhi Pacific results were up to 7.3% copper and 24.9 g/t silver.
*Grab samples are selective by nature and are unlikely to represent average grades of the deposits.
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 g/t gold.
HBE will be working with its team of experts over the next few months to refine drilling targets based on geochemical, structural and geophysical analysis. An extensive drilling program is planned for the summer of 2014.
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.
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.