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Sector NewswireTM Sector: Mining - Metals and Minerals :
News Release - February 2, 2016 4:31 PM ET
Honey Badger Highly Prospective for Diamond Bearing Kimberlite Discovery, Set to Drill Targets in Proven Structure
NEW YORK, NY, February 2, 2016 /Sector Newswire/ - Honey Badger Exploration Inc. (TSX-V: TUF) (US Listing: HBEIF) has plans this Q2-2016 to drill magnetic anomalies favorably characteristic of diamond bearing kimberlite on its 100%-owned LG Diamond Project in the James Bay region of Quebec. Honey Badger is the subject of a Mining MarketWatch Journal Review. The Company staked nine key claim blocks in highly prospective ground ~350 km North of Chibougamau, each centered on circular magnetic anomalies. The advantage for shareholders is the most expensive part of the exploration process has already been incurred by government scientists and past holders having spent millions of dollars (we estimate $3 - 5 million) in geophysics and sampling to identify and recommend these anomalies be drilled. All targets are located near the intersection of two deeply rooted crustal structures which have proven to have tapped the diamond stability field of the earths mantle, evidenced by the nearby Stornoway’s Renard Deposit (Mineral Reserve of 17.9 million carats, mine to open soon), and the Wemindji diamond occurrence too.
The full Mining Journal review may be viewed at http://miningmarketwatch.net/tuf.htm online.
Honey Badger currently has 70,880,717 shares outstanding (~86.45M fully diluted). The risk-reward metrics are exceptional, TUF.V is gearing up for a low-cost diamond exploration drill program with better than good potential to find a diamond bearing kimberlite. Most of the targets modeled so far come within 30 m of surface and overburden is minimal to none. A ~1,000 m drill grogram can test all of the targets with ~100 m holes; the exploration program can be accomplished with a nominal ~$400,000 (Canadian) budget. Probability is high kimberlite will be intersected as it is not overly uncommon and the indicators are strong. If some of the magnetic anomalies are kimberlite, some of those will likely be diamondiferous. The return potential on such quality targets is immense relative to the nominal outlay.
The exploration program is spearheaded by first-class technical leadership whose CV's (listed further below on this page) denote highly qualified individuals with decades of experience and achievements. Quentin Yarie, P.Geo., President and CEO of Honey Badger and his team analyzed the data from their originally staked claims centered around advanced prime targets (claims that would normally never have been allowed to purposefully laps), and proceeded to stake additional anomalies that government geologists recommended be drilled and that met infrastructure criteria that would translate to significant exploration cost-savings advantage. Acting as Technical Advisor for Honey Badger is world-class diamond expert Dr. Felix V. Kaminsky, Ph.D., D.Sc., FRANS, P.Geo., FGC, well known for multiple discoveries of significance, and the recipient of multiple achievement awards. Diamond potential and kimberlite targets of Honey Badger are defined using a very rigorous scientific approach for data collection and interpretation defined by Dr. Kaminsky with many peer-reviewed publications on diamonds in scientific journals.
Infrastructure and access to the claims is excellent with all-weather roads within a couple to few km of the claims, flat terrain access, none/minimal overburden, power lines nearby, and there are no native issues.
The best place to find diamonds is where you have already found diamonds; the LG Diamond Project claims are at the intersection of two massive type of crustal faults, these are deep-rooted mantle events. Honey Badger's LG Diamond Project claims are found in the area dubbed by government geologists 'Cibles Kimberlitiques', the yellow dots on the map to the right represent locations the provincial government has identified as kimberlite-style anomalies not yet drilled -- TUF.V has claims on what are considered the most prospective targets. In other parts of Canada and elsewhere that diamonds have been found (e.g. Lac de Gras of the N.W.T.), discoveries typically happen in clusters, thus it is more likely than not more occurrences have happened along the fault structures of this underexplored region; the geometry of the field of magnetic anomalies representing possible kimberlites on and around Honey Badgers' LG Diamond project claims also match the size and typical distribution of kimberlites in a large kimberlite field like that of the N.W.T. The kimberlites at the nearby Renard Deposits/Mine and Wemindji have tapped the diamond stability field of the earths mantle, and it is theorized kimbertite on Honey Badger's LG Diamond Project has too.
The circular magnetic anomalies that TUF.V has staked claims over look like carrots in the earth, they are the typical response one would expect from kimberlite, they appear to be the right size; 300 m to 600 m in diameter, and the presence of indicator minerals in till and downstream samples confirm the conditions were correct for the formation of diamonds (high temperature and high pressure). The rocks covered by the LG diamond Project are amongst the oldest of Quebec and the mantel below is in the stability field for diamonds -- any kimberlite found at surface will have crossed this diamondiferous mantle (like what happened at the Renard Mine) and may have carried high concentrations of diamonds to surface.
H2-2016 exploration plans include 1) prioritization of magnetic anomalies, 2) completion of any follow-up detail magnetic surveys as needed, and 3) conduct a drill program of the prioritized targets, preferably before the thaw in May. We expect shares of TUF.V to trade up as the Company advances toward drilling in the months ahead.
The full Mining Journal review may be viewed at http://miningmarketwatch.net/tuf.htm online.
This release may contain forward-looking statements regarding future events that involve risk and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual events or results. Articles, excerpts, commentary and reviews herein are for information purposes and are not solicitations to buy or sell any of the securities mentioned.
SOURCE: Sector Newswire editorial
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