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Honey Badger Silver Executes Definitive Agreement for the Acquisition of the Cachinal Silver Deposit in Chile
Toronto, Ontario--(Newsfile Corp. - February 15, 2023) - Honey Badger Silver Inc. (TSXV: TUF) (...
About this update from Honey Badger Silver Inc.
[{"type":"text","content":"Honey Badger Silver Executes Definitive Agreement for the Acquisition of the Cachinal Silver Deposit in ChileToronto, Ontario--(Newsfile Corp. - February 15, 2023) - Honey Badger Silver Inc. (TSXV: TUF) (\"Honey Badger\" or the \"Company\") is pleased to announce the signing of a definitive agreement dated February 14, 2023 (on the amended terms previously announced by the Company in its news release dated January 11, 2023), in respect to the acquisition by the Company of the 100% interest in the Cachinal De La Sierra Silver-Gold Project (the \"Cachinal Project\" or \"Cachinal\") from Aftermath Silver Ltd. (\"Aftermath\"). Cachinal is in northern Chile, in the mineral-rich Antofagasta region (Region II).Brian Briggs, Interim CEO of Honey Badger stated, \"The acquisition of Cachinal will be a valuable addition to our expanding portfolio of silver assets, offering a significant silver resource as well as exciting exploration potential and the possibility of near-term cash flow. A presence in this mineral-rich and mining-friendly jurisdiction is expected to lead to further value-accretive opportunities for our shareholders.\"Rationale for Transaction:The proposed acquisition of Cachinal by Honey Badger is expected to create significant shareholder value and deliver multiple benefits for Honey Badger shareholders:Aftermath has reported a resource estimate of 16.32 million ounces of silver in Indicated Resource (at 101 g/t silver for 5.05 million ounces of silver) and 2.48 million ounces of silver in Inferred Resource (at 145 g/t silver for 0.53 million ounces of silver). See below under the heading \"Notes Regarding NI 43-101\" for further details. There is the potential to generate near-term cash flow by providing ore to feed possible excess mill capacity at the nearby Guanaco gold-silver mine complex, 16 kilometers by road to the south of Cachinal. The Cachinal acquisition marks an important milestone for Honey Badger, complementing its portfolio of high-grade, district-scale silver properties in the Yukon, as well as providing the opportunity for short-term cash flow and gaining the company a toehold in a mineral-rich region where there may be opportunities to unlock synergies with other industry players.Transaction Terms:Consideration: The consideration payable to Aftermath for the acquisition by Honey Badger of the Cachinal Pro...