Clear Lake
Massive Zinc resource with significant silver component
Located in the Whitehorse Mining District of the Yukon, the Clear Lake Deposit is a sedimentary-exhalative (“SEDEX”) massive sulphide deposit. It is currently delineated as approximately 1,000 meters in length and up to 120 meters wide, with potential to expand.
The project consists of 121 contiguous claims covering approximately 2,500 hectares situated 65 kilometers east of Pelly Crossing and 225 kilometers north of Whitehorse. The property benefits from a Class 3 Land Use Approval valid until 2029, which allows for up to 31,500 meters of diamond drilling and 2000 meters of reverse circulation drilling. A winter road links the property to the all-weather North Klondike Highway at Pelly Crossing. There is good potential to confirm and possibly incrementally expand existing resources and for the discovery of additional mineralization on the property.
Defined by 13,168 metres of drilling in 63 drill holes, the deposit hosts an Inferred Historic Resource Estimate(1) of 7.76 million tonnes grading 22 gpt Ag, 7.6% Zn and 1.08% Pb for contained metal of 5.5 million ounces of silver, 1.3 billion pounds of zinc and 185 million pounds of lead.
(1) The Mineral Resource Estimate is historic. It was estimated by SRK Consulting (Canada) in February 2010 for Copper Ridge Inc. A qualified person has not done sufficient work to classify the historic estimate as a current mineral resource and the Company is not treating the historical estimate as a current mineral resource.
The resource was estimated using a 4% lead plus zinc cut-off and 2-metre minimum thickness as a reasonable cut-off, without reference to specific metals prices.
- Clear Lake classified as a SEDEX massive-sulphide deposit
- SEDEX deposits contain significant amounts of silver while accounting for approximately 50% of the world’s current zinc and lead reserves(11)
Property benefits from a Class 3 Land Use Approval valid until 2029
Allows for up to 31,500 metres of diamond drilling and 2000 metres of reverse circulation drilling
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. This acquisition demonstrates our stated strategy of identifying and executing highly accretive targeted silver acquisitions. 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 (“NFT”) – watch for more news on this front.”
White Rock, British Columbia V4B 1E6