Honey Badger Silver Adds to its Dominant Position in the Thunder Bay Silver District
TORONTO, April 27, 2021 (GLOBE NEWSWIRE) -- Honey Badger Silver Inc. (TSX-V: TUF) (“Honey Badger Silver” or the “Company”) is pleased to announce that it has signed a letter of intent (the “LOI”) with Romios Gold Resources Inc. (“Romios Gold”; 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 (collectively the “Properties”) 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.
For more information, please visit our website above, or contact: Ms. Christina Slater at cslater@honeybadgersilver.com.
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.
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. The information in this news release about the closing of the Offering (if at all); the demand for Units (if any); the use of proceeds of the Offering; the approval of the TSX Venture Exchange relating to the Offering; and any other information herein that is not a historical fact may be "forward-looking information".
Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "interpreted", "management's view", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information.
This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time such assumptions and estimates were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Honey Badger Silver to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.
Such factors include, but are not limited to, capital and operating costs varying significantly from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; fluctuations in commodity prices; delays in the development of projects; other risks involved in the mineral exploration and development industry; and those risks set out in the Company's public documents filed on SEDAR (www.sedar.com) under Honey Badger Silver's issuer profile. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed timeframes or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Figure 1 – Thunder Bay Silver Position is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/39f8ddb6-5220-4e50-bb9b-caab28a3afb9
Figure 1
