TSX-listed Honey Badger Exploration has acquired Thunder Bay Silver & Cobalt Corporation – a private company with assets comprising 359 claims, covering 6 880 ha within the Thunder Bay polymetallic silver camp, in Canada.
With this addition, Honey Badger now controls about 37 850 ha and has become the largest landowner in the underexplored, historical Thunder Bay silver district.
To purchase the corporation, Honey Badger will issue seven-million consideration shares at a deemed value of $0.002 per share and grant a 2.5% net smelter return royalty to the vendors.
Honey Badger CEO Quentin Yarie said the company continues to add to its holdings in the Thunder Bay silver camp and secure land that is prospective for polymetallic mineralisation.
“Honey Badger has a strong cash position and we plan to deploy a comprehensive and aggressive exploration programme in 2018.”
Thunder Bay Silver & Cobalt Corporation’s 359 claims are contiguous to Honey Badger’s Silver Mountain/Mink property. The claims cover the southwestern extension of the northernmost regional fault of the fault system that controls the location of polymetallic silver veins in the district.
The new claims are adjacent to the historic Star Mine where a silver-bearing vein was traced more than 1 000 ft and they also cover the strike extension of the veins mined in the historic King and Gopher mines. Historic records indicate that the Star mine vein graded between 2 057 g/t and 4 800 g/t of silver.
The geological setting of these claims suggest that they are highly prospective for polymetallic silver mineralisation. Only limited exploration work was conducted on the claims in the last 90 years and historical operators only exploited outcropping mineralisation through immediate shafting and drifting.