Honey Badger Exploration Ltd. [TUF-TSXV] was an active trader Wednesday after the junior released assay results from a spring 2018 drilling program at its Thunder Bay, Ontario, silver project.
The shares jumped 16.7% or $0.02 to 14 cents on volume of 1.24 million as investors reacted to partial results from a one drill hole.
Highlights included 682 g/t silver over 2.4 metres, including 1254 g/t silver over 1.2 metres in Hole BM-18-006, the company said in a press release.
The Thunder Bay Silver Project is comprised of the Beaver Silver, Silver Mountain and Mink Mountain Silver properties, which are located between 25 kilometres and 70 kilometres southwest of Thunder Bay in northwestern Ontario.
The respective name of each property refers to the name of the main historical silver mine within or near the property boundaries. Over five million ounces of silver were produced in the region, mostly before 1900, and well before the advent of modern exploration techniques and mining practises.
Honey Badger is the early mover in consolidating key ground in this historic silver camp that has strong potential for polymetallic mineralization, the company has said.
Assays announced on Wednesday are from a drill hole that targeted the Beaver Mine structure below the underground developments of the mine. The company said partial assays have been received and reported for three drill holes (BM-18-002, BM-18-003 and BM-18-006). Assays are pending for another five holes.
Honey Badger said the drilling program indicates that high-grade silver mineralization extends below the lowest level of the Beaver Mine.
“The discovery of high-grade silver mineralization below the lower-most level of the Beaver Mine is very exciting as it suggests, contrary to some of the previous assumptions on the camp, that high-grade silver mineralization extends at depth,’’ said Honey Badger President and CEO Quentin Yarie.
“Based on these historic assumptions, all the deeper extensions of the historic mines were never tested, suggesting that multiple opportunities exist on Honey Badger’s Thunder Bay silver-cobalt property to discover additional zones of high-grade silver mineralization,’’ Yarie said.
The company’s spring 2018 diamond drilling program was targeting extensions of the structure hosting the historic Beaver Mine, which closed in 1892.
Honey Badger recently said it has substantially increased its land position near its flagship Thunder Bay Silver project.
Based on the company’s early exploration success in the Beaver Mine area, Honey Badger has strategically staked an additional 1,077 claims covering more than 23,400 hectares to cover the southern extension of the main structures that are interpreted to control polymetallic silver mineralization in the district.