Business
HoneyBadger Exploration Announces Option Agreement with Entree Gold on Nevada Property
TORONTO, July 23 /CNW/ - HoneyBadger Exploration Inc. (TSX.V:TUF - "HoneyBadger" or the "Company"...
About this update from Honey Badger Silver Inc.
[{"type":"text","content":"\n\n\n\nTORONTO, July 23 /CNW/ - HoneyBadger Exploration Inc. (TSX.V:TUF -\n"HoneyBadger" or the "Company") announces that the Company has entered into an\nagreement with Entree Gold Inc. (TSX:ETG; NYSE Amex:EGI; Frankfurt:EKA -\n"Entree") to explore for and develop porphyry and skarn-associated copper\ntargets in the Yerington district of western Nevada. HoneyBadger has assembled\na substantial land package covering over 12,550 acres (5,080 hectares), known\nas the Yerington West Project.\n\n\nUnder the terms of the agreement, Entree may acquire up to an 80%\ninterest in a portion of the Yerington West Project, known as the Blackjack\nProperty. The agreement is subject to completion of due diligence and\nregulatory approval, including any required approval of the TSX Venture\nExchange.\n\n\nEntree may exercise its first option to acquire 51% after incurring\nminimum expenditures of US$900,000 in the first year of exploration and\nissuing 37,500 shares and reimbursing HoneyBadger for up to US$206,250 of\nexpenditures previously incurred on the Property. If results from the initial\nexploration program are encouraging, Entree may increase its interest by a\nfurther 29% (to 80% in total) by making payments of US$375,000 and issuing\n375,000 shares within 3 years. Entree has committed to carry HoneyBadger\nthrough the completion of 10,000 metres of drilling, including any done within\nthe first year.\n\n\nThe Blackjack Property consists of 484 claims covering almost 10,000\nacres (4,000 hectares) of prospective ground centred about 8 miles (13\nkilometres) west of the town of Yerington, Nevada in an area with excellent\ninfrastructure and a long history of mining. The Yerington district reached\nprominence after the discovery of copper in 1865. Anaconda Copper produced\nalmost 2 billion pounds of copper from the Yerington Mine, located 4 miles (6\nkilometres) to the southeast of the Blackjack Property, between 1952 and 1978.\nNevada is a highly regarded mining jurisdiction, having been rated third out\nof 71 mining and exploration jurisdictions worldwide in the most recent Fraser\nInstitute survey.\n\n\nThe area around Yerington is currently experiencing renewed exploration\nactivity. Numerous companies, such as Nevada Copper Corporation, Quaterra\nResources Inc., and PacMag Metals Limited, are active ...