Past producing zinc mine with a silver lining, significant exploration potential.

Located on Baffin Island near Arctic Bay Nunavut, the Nanisivik mine was Canada’s first mine in the Arctic. Between 1976 and 2002, the Nanisivik Mine produced over 5 billion pounds of zinc, and 20 million ounces of silver as a by-product, from 17.9 million tonnes of ore grading 9% Zn, 0.72% Pb and 35 gpt Ag. Honey Badger staked the 5,723 hectare Nanisivik project during 2022 for minimal cost.

In addition to the polymetallic orebody, previous exploration identified massive sulphide bodies (principally pyrite), totaling about 100 million tons(1,2), containing base metal and silver values not economic at the time. Significant potential for the discovery of additional Nanisivik-style Zn-Pb-Ag deposits exists within dolostone of the Society Cliffs Formation along the Milne Inlet Trough(1). In addition, there is the possibility of commercial concentrations of silver and other metals (including zinc, germanium, and gallium) in the remaining massive sulphides, which have not been thoroughly explored.

(1) Geological Survey of Canada, 2002-C22, “Structural and Startigraphic Controls on Zn-Pb-Ag Mineralization at the Nanisivik Mississippi Valley-type Deposit, Northern Baffin Island, Nunavut; by Patterson and Powis.
(2) A qualified person has not done sufficient work to classify this historic tonnage estimate as a current mineral resource and the Company is not treating the estimate as a current mineral resource. The historic tonnage estimate cannot be relied upon. Additional work, including verification drilling / sampling, will be required to verify the estimate as a current mineral resource.