- Honey Badger Silver Inc. (TUF) acquires the Clear Lake deposit for $250,000 in cash
- The property is subject to a one per cent net smelter return royalty on all metals other than silver
- The Clear Lake deposit is known to contain a significant amount of silver while representing an important source of zinc and lead
- A historical inferred resource estimate recorded 5.5 million ounces of silver
- The property also has the potential to confirm and possibly expand existing resources
- Honey Badger Silver Inc. (TUF) is unchanged trading at $0.07 per share as of 3:26 p.m. ET
Honey Badger Silver (TUF) has acquired a 100 per cent interest in the Clear Lake deposit for $250,000 in cash.
The property, located in Yukon, is subject to a one per cent net smelter return royalty (NSR) on all metals other than silver.
The Clear Lake deposit is known to contain a significant amount of silver while representing an important source of zinc and lead.
A historical inferred resource estimate prepared in 2010 recorded 5.5 million ounces of silver at 22 grams per tonne, in addition to 1.3 billion pounds of zinc grading 7.6 per cent zinc and 185 million pounds of lead grading 1.08 per cent.
The property benefits from Class 3 Land Use Approval valid until 2029, which allows for up to 31,500 metres of diamond drilling and 2000 metres of reverse circulation drilling.
The property also has potential to confirm and possibly expand existing resources with diamond drilling and discovery of additional mineralization on the property.
Chad Williams, Chairman of Honey Badger, stated,
“The Clear Lake acquisition represents a milestone as we acquire, on an extremely value-accretive basis, a quality asset with in-situ silver resources in one of the best mining jurisdictions in the world, where we are currently active at our higher-grade Plata silver project… Clear Lake not only provides our shareholders with exposure to silver resources but also offers the possibility of unlocking value from the significant zinc and lead endowment, which is not of primary interest to Honey Badger, in a royalty/stream spin-off or even potentially other innovative instruments, such as a commodity-linked non-fungible token.”
Honey Badger Silver Inc. (TUF) is unchanged trading at $0.07 per share as of 3:26 p.m. ET.