Honey Badger Exploration Inc. said June 7 that it acquired privately held Thunder Bay Silver & Cobalt Corp., which owns 359 claims covering 6,880 hectares in Ontario's Thunder Bay polymetallic silver camp, expanding its Thunder Bay silver property to over 37,850 hectares.
The acquisition requires Honey Badger to issue 7 million consideration shares valued at 0.2 Canadian cent apiece and grant the vendors a 2.5% net smelter return. The miner may buy back a 1.5% royalty for C$1.5 million on or before the seventh anniversary of the agreement's effective date.
Closing remains subject to the approval of the TSX Venture Exchange and other customary conditions.
According to Honey Badger, the new claims are contiguous to its Silver Mountain/Mink property and adjacent to the historical Star mine, where records indicate that a vein graded between 2,057 g/t and 4,800 g/t of silver.
