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Honey Badger Exploration Options Polymetallic Silver, Gold, Zinc, Lead, and Cobalt Property in Historic Camp
TORONTO, July 19, 2018 (GLOBE NEWSWIRE) -- Honey Badger Exploration Inc. (TSX-V:TUF) (“Honey Badger” or the “Company”) and Cairngorm Mines Limited (“CML”) have
About this update from Honey Badger Silver Inc.
[{"type":"text","content":" TORONTO, July 19, 2018 (GLOBE NEWSWIRE) -- Honey Badger Exploration Inc. (TSX-V:TUF) (“Honey Badger” or the “Company”) and Cairngorm Mines Limited (“CML”) have entered into an option agreement (the “Agreement”), subject to certain terms and conditions, pursuant to which Honey Badger may acquire a 100% interest (the “Option”) in the Beaver Silver Property (the “Property”). The Property is located in the historical Thunder Bay silver district and covers some of the most productive silver-bearing veins of the Rabbit Mountain group of deposits including the past-producing high-grade Beaver Silver Mine. The Property is ideally located close to roads, power lines, infrastructure, and a skilled labour force. The Agreement (the “Definitive Agreement”) provides that, subject to the satisfaction of certain terms and conditions including the receipt of all necessary stock exchange approvals, CML has granted to Honey Badger the Option to acquire the Property. The period in which Honey Badger may exercise the Option, at its sole discretion, is the three year period (the “Option Period”) following execution of the Agreement. Honey Badger may exercise the Option by making total cash payments in the amount of $125,000 (all of which has been paid), issuing securities with a market value of $410,000 over the Option Period and incurring exploration expenditures in the aggregate amount of $750,000 over the Option Period. In the event that Honey Badger exercises the Option, it will grant a 2% net smelter return to CML on the Property, 1% of which can be repurchased for $1,000,000. The Option Agreement, and the issuance of the securities required to exercise the Option, is subject to the approval of the TSX Venture Exchange. All securities issued in connection with the Option will be subject to a restricted period of not less than four months and one day. About the Beaver Silver PropertyHoney Badger believes that the geological history and the overall geological setting of the Beaver Silver Property make it a prime target for mineral exploration for high-grade polymetallic silver, gold, zinc, lead, and cobalt mineralization. The historic Beaver Mine operated between 1884 and 1891. Most of the mining activity in the Thunder Bay silver district stopped at the end of the 19th century, with only sporadic exploration campaigns occurring during the ...