TORONTO, April 6 /CNW/ - HoneyBadger Exploration
(TUF:TSX-V)("HoneyBadger" or "the Company") announces it has completed an
extensive airborne geophysical survey over its Blackjack and Roulette
Properties in the Yerington Copper District of Western Nevada. The survey
utilized Geotech Ltd's newest Audio-Frequency Magnetics - Passive
Electromagnetic System technology - AirMt(P).
This is the first commercial application of this airborne technology.
Results indicate significant potential for high-grade copper skarns and
porphyry copper deposits on HoneyBadger's Properties.
Significant Structures Identified
The AirMt(P) survey was conducted over a significant area, covering the
Company's Properties as well as past producing mines and known porphyry copper
and copper oxide deposits in the immediate area; including the Ann Mason and
MacArthur deposits, the Gallagher, Blue Hills and MacArthur North Porphyry
targets (porphyries), the MacArthur and Blue Hills oxide copper
deposits/targets and the Ludwig, Douglas Hill and Casting Copper (skarns).
Initial interpretations indicate that the AirMt(P) system has not only
defined known copper porphyry deposits, but has been able to differentiate
associated rock types and alteration as well. The signatures and structures of
the defined and known deposits mirror several strong anomalous responses on
HoneyBadger's Property and are interpreted to represent skarn and porphyry
Airborne Results Validate the Copper Geological Model
The geological porphyry copper model of the Yerington District was
complied and published by Dilles and Proffett in 1995, well known researchers
with a long history in the Yerington district (Arizona Geological Society
Digest 20, p. 306). This model has tremendous applications to any exploration
work that is carried out in the district.
Of critical importance is what the model illustrates. It shows the
structural reconstruction of the district (restoration of un-faulted and
un-rotated views of the Yerington Copper District). Their reconstruction
documents the presence of four separate "swarms" of porphyry-igneous dikes and
"cupolas" - environments that contain copper mineralization. The model shows
how these centers of mineralization have been dismembered and rotated by
subsequent faulting and shifted to their current positions in the district.
The current locations of these "cupolas" match up to the known significant
porphyry copper deposits in the district - the Ann Mason deposit, the
Yerington Mine and the MacArthur deposit.
The AirMt(P) data indicates that HoneyBadger's application of Dilles' and
Proffett's porphyry copper model is confirmed and several strong anomalous
responses define targets that likely represent skarn and porphyry
mineralization. This new information will greatly aid in the target selection
process and will guide further exploration.
Brent Nykoliation, Vice President of Business Development stated, "The
data from the AirMt(P) survey over our properties and the neighbouring
copper-rich areas has given the Company an effective method in which to
directly compare the signatures and structures of surrounding deposits and
mines to those identified on our Properties. This is a significant
breakthrough in exploration and a potent tool for identification of potential
porphyry copper deposits and high-grade copper skarns. To see the signatures
and structures identified on our Properties mirroring those of the surrounding
deposits is very encouraging".
Application of the geological porphyry copper model has identified a
fifth dike swarm and locus of mineralization. Reconstruction of the
mineralization vectors in the model indicate that a copper porphyry source
could lie in the southern portion of HoneyBadger's Property.
Company Immediately Adds Ground
Upon review of the AirMT data the Company immediately staked additional
ground contiguous to its Properties. Approximately four (4) square miles (123
claims) were added to HoneyBadger's sizeable land position in the Yerington
Copper District, bringing the total area to more than 20.0 square miles.
The Advantages of AirMt(P)
The patent-pending AirMt system used by Geotech over HoneyBadger's
property is leading-edge audio-frequency magnetics (magnetotellurics)
It is unique as it measures magnetic fields in both the audio and
sub-audio frequency range. This gives the system numerous advantages; notably
unprecedented depth of penetration - "seeing down" kilometres rather than
hundreds of metres, and detection is independent of absolute resistivity -
requiring only sufficient contrast - which makes the system ideal for the
exploration of porphyry-type deposits.
The power source for AirMt(P) is distant lightning strikes, of which
there are approximately 100 per second around the globe on a continuous basis.
The magnetic field generated by these lightening strikes propagates around the
earth, penetrating deep into the earth's crust. AirMt(P) detects and reads
current channeling from all geologic structures (both vertical and horizontal)
assisting in the understanding of the conductivity and resistivity of the
geology it passes through.
Exploration Program Planned
Based on its current database and information acquired from the AirMt(P)
survey HoneyBadger will re-formulate an exploration program to define copper
mineralization on its property. The AirMt(P) survey has defined a significant
number of targets that provide strong indications of potential mineralization.
The exploration program will require a significant drilling component to
adequately test the potential of HoneyBadger's property.
Discoveries in the Immediate Area
The HoneyBadger land position puts the Company's Properties directly
adjacent to active exploration and the recent discoveries by Quaterra
Resources Inc. and PacMag Metals Ltd. The Company's Properties lie within
4,900 feet and along strike of the recently announced porphyry copper
discoveries termed the "Gallagher Prospect" (see Quaterra's news release dated
May 14, 2008). The recent porphyry copper discovery by PacMag Metals at Blue
Hills lies 2,600 feet east of HoneyBadger's ground and west of PacMag's Ann
PacMag Metal's Sep 3 2008 press release reviewed their new results
indicating a significant oxide copper discovery at Blue Hills immediately
adjacent to HoneyBadger's Property. The zone described below directly abuts
"Based on the new field observations and soil assays (up to 0.13%
copper), the Company has expanded the copper oxide target zone at Blue Hills
to an area 1.5km by 350 metres. Previously reported oxide drill intersections
at the northern eastern end of the target zone include; 21.3 metres @ 0.46%
copper, 36.3 metres @ 0.46% copper, 32.7 metres @ 0.22% copper and 39.6 metres
@ 0.26% copper, defining a continuously mineralized zone over 360m of strike
length within the new 1.5km long target.
Potential exists for the development of a substantial horizontal,
near-surface copper oxide zone, developed within a zone of deep weathering
which extends to depths in excess of 120 metres. New assays for the
mineralized interval in hole BH08006 confirm copper oxide mineralization is
acid soluble, with an average acid soluble copper assay recovery of 80%. This
result is an excellent result and indicates the potential for copper oxide
extraction via simple acid leaching, with corresponding low operating and low
start-up capital costs.
The widths, tenor and depth to mineralization intersected by PacMag at
Blue Hills are consistent with that of the nearby MacArthur copper-oxide
deposit, located approximately 7 km north-east of Blue Hills, where TSX listed
Quaterra Resources is currently undertaking resource drilling. The MacArthur
copper-oxide mine operated in the 1970's, at a time when copper prices were
significantly lower than today's price"
The same rock units hosting these new oxide discoveries extend over much
of HoneyBadger's Yerington West "Blackjack" property where significant soil
geochemical copper anomalies have been previously reported on land contiguous
to the PacMag geochemical anomaly. HoneyBadger's copper in soil results are
higher than the soil geochemical results utilized by PacMag to extend their
oxide zone. On the HoneyBadger land this anomalous copper in soils area is
approximately 5200 ft x 4000 ft.
The Board of Directors of the Company granted 865,000 stock options to
directors, officers and consultants of the Company under the terms of the
incentive stock option plan of the Company filed with the TSX Venture Exchange
and approved by shareholders at the last annual general meeting of
shareholders of the Company held on June 10, 2008. The options are exercisable
at a price of $0.10 per share for a period of four years and are subject to a
four-month hold period from the date of the issuance thereof.
About HoneyBadger Exploration Inc.
HoneyBadger Exploration is a gold and base-metals exploration company
headquartered in Toronto, Ontario, Canada. The Company's current exploration
projects are focused in the mining-friendly State of Nevada. The "Yerington
Project" consists of two copper porphyry and skarn properties near the town of
Yerington - HoneyBadger's original and expanded Blackjack Property along with
the recently acquired Roulette Property, optioned from Bronco Creek
Exploration (BCE) in April 2008. The "Bonanza Gold" Project consists of two
epithermal gold properties - "Warm Springs" and "Stealth" Properties located
near Tonopah. Management believes that these properties give HoneyBadger very
promising exploration opportunities, and positions the Company for new
exploration in prolific, gold and copper districts. The Company's common
shares trade on the TSX Venture Exchange under the symbol "TUF".
Michael Marchand, Ph.D., P.Geol., Director, and Bill Nielsen, P.Geo., are
the designated qualified persons for the technical information contained in
This news release may contain forward-looking statements including but
not limited to comments regarding the timing and content of upcoming work
programs, geological interpretations, receipt of property titles, potential
mineral recovery processes, etc. Forward-looking statements address future
events and conditions and therefore, involve inherent risks and uncertainties.
Actual results may differ materially from those currently anticipated in such
statements. The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: please visit our website at
http://www.honeybadgerexp.com; HoneyBadger Exploration Inc., Brent
Nykoliation, Vice President of Business Development, Tel.: (416) 364-4029,
Fax: (416) 364-2753, Email: email@example.com; Honey Corporation
- Calgary Office, Michael Marchand, Ph.D., P.Geol., Vice-President of
Exploration, (403) 282-5105, Email: firstname.lastname@example.org