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Honey Badger Silver Adds to its Dominant Position in the Thunder Bay Silver District

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Honey Badger Silver Adds to its Dominant Position in the Thunder Bay Silver District

 

 

 

 

 

Honey Badger Silver Inc. (TSX-V: TUF) is pleased to announce that it has signed a letter of intent with Romios Gold Resources Inc. (CVE: RG) to acquire an 80% interest and control of 1,870 hectares (4,620 acres) in 87 mining claims covering additional historic silver properties in the Thunder Bay Silver District.

 

These new claims comprise substantial portions of the historic Victoria Mine and Federal Mine silver properties, plus the Lily of the Valley, Caribou and Cloud Bay prospects see Figure 1.

 

“These Properties add to Honey Badger Silver’s clear strategic position in this famed historic high-grade silver camp; this latest acquisition is a further illustration of Honey Badger Silver’s strategy to create a high-value/high-growth silver company,” said Chad Williams, Chairman & CEO. “Importantly, all of our projects are located along trend and within the two primary corridors hosting most of the Thunder Bay Silver District’s richest silver mines.”

 

LOI Terms

 

In consideration for an 80% interest in the project, Honey Badger Silver has agreed to: a) issue shares of the Company to Romios Gold for a value of $150,000 at a price equal to the volume weighted average price of its common shares, trading on the TSXV for the thirty trading days immediately preceding the date of the transaction’s announcement, and b) free-carry all costs and expenses related to the maintenance and advancement of the Project to pre-feasibility. Romios Gold shall grant a right of first refusal to Honey Badger Silver on its 20% remaining interest, post-transaction. If any party is diluted to a 10% or less interest in the joint venture, such party’s interest shall be converted to a 2% net smelter return royalty (2% NSR).

 

The transaction is expected to close on or before July 30, 2021.

 

Qualified Person

 

The technical information in this news release has been reviewed and approved by John Biczok, P. Geo., a Qualified Person as defined by National Instrument 43-101. Mr. Biczok has extensive experience exploring for a wide variety of ore deposit types across Canada and India, including a silver project in Yukon, and has visited the four most significant silver prospects described in this release.

 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

About Honey Badger Silver Inc.

 

Honey Badger Silver is a Canadian Silver company based in Toronto, Ontario focused on the acquisition, development, and integration of accretive transactions of silver ounces. The company is led by a highly experienced leadership team with a track record of value creation backed by a skilled technical team. With a dominant land position in Ontario’s historic Thunder Bay Silver District and advanced projects in the southeast and south-central Yukon, Honey Badger Silver is positioning to be a top tier silver company.

 

Figure 1 – Thunder Bay Silver Position is available at

 

https://www.globenewswire.com/NewsRoom/AttachmentNg/39f8ddb6-5220-4e50-bb9b-caab28a3afb9

 

Posted April 27, 2021

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