Honey Badger Silver discovers veins at Plata Project, Yukon

Honey Badger Silver Inc. [TSXV: TUF; OTCQB: HBEIF] provided an update on its continuing work program at its 100%-owned Plata Project, Yukon Territory.

Chad Williams, executive chairman, commented: “We have discovered multiple different occurrences at surface of sheeted quartz veins in areas extending from the southern end of our property to its northwestern end some 18 km apart. These may indicate the presence of reduced intrusion-related systems. These systems, if they contain gold, are associated with some of the largest gold deposits in the world.”

Snowline Gold’s [TSXV: SGD] Rogue project is such a deposit and contains 7.94 million ounces of gold measured and Indicated at a grade of 1.21 g/t gold and an additional 0.89 million ounces of gold Inferred at a grade of 0.62 g/t gold. Plata is located adjacent to Snowline’s land position. Assays from these new zones are pending.”

The current program is focused on geologic mapping and sampling of new targets as discussed in a news release dated June 12, 2025, as well as on evaluating the exciting new targets overlain by the new claims staked by the company.

The company has collected 369 soil and 66 rock samples (as of July 28). In addition to the sheeted veins described in more detail below, significant findings include both mafic and felsic intrusive rocks in outcrop, showing varying degrees of alteration, and “zinc oxide creek”, a creek whose bed has been coated by white to pink zinc oxide. The zinc oxide is presumed to have been sourced from nearby zinc mineralization.

Sheeted veins: The team at Plata has so far located sheeted veins in three locations as shown on the map in the original version of this release.

Sheeted veins along the southern aspects of Morgan Ridge are hosted within beige/tan medium to coarse grained quartz-rich sandstone. Additional sheeted veins occurrences have been mapped within massive chert units farther to the north.

At Morgan Ridge, sheeted veins are composed of primarily comb and vuggy textured bright white quartz. Veins vary in width from one centimetre to five centimetres and have an average density of three parallel veins per metre. The observed orientation of veining is typically perpendicular to bedding in the host sandstone unit which has a northwest-southeast strike, giving the veins a roughly northeast trend.

The width of the most concentrated vein system at Morgan Ridge is outlined in the map figure with a continuation of 1,200 metres along the slopes and a vertical of 500 metres. This extent is open to the south, downslope.

In addition, a boulder of sandstone with a four-centimetre-wide quartz vein and multiple three-millimetre sheeted quartz veins was mapped and sampled in the southern part of the property, in the area staked due to a geophysical anomaly (magnetic low). This sandstone also contained fine-grained pyrite in its matrix. Though not found in outcrop, the boulder was jagged-edged and is interpreted to be near source.

Plata is located in east-central Yukon within the Tombstone gold belt and is a past-producing high-grade silver property that produced about 290,000 ounces of silver from small-scale mining of high-grade veins that are exposed at surface. Ore was mined and flown by fixed wing aircraft to Idaho for processing.

Historical exploration at Plata has primarily focused on the outcropping high-grade silver veins. These are analogous to the rich Keno Hill silver mine in Yukon, one of the highest-grade silver deposits in the world, now operated by Hecla Mining. While the analogy to Keno Hill remains valid, the company has continued to develop its understanding of Plata as part of a larger Snowline-style mineralized system. Understanding how Plata might fit into a reduced intrusion related gold system (RIRGS) like Snowline Gold’s Rogue and Valley deposits adds the potential for a large gold deposit in addition to the high-grade silver vein potential.

Honey Badger Silver is a silver company with projects located in areas with a long history of mining, including the Sunrise Lake project with a historic resource of 12.8 million ounces of silver grading 262 g/t silver (and 201.3 million pounds of zinc grading 6% zinc) Indicated and 13.9 Moz of silver grading 169 g/t silver (and 247.8 million pounds of zinc grading 4.4% zinc) Inferred located in the Northwest Territories and the Plata high-grade silver project located 165 km east of Yukon’s prolific Keno Hill and adjacent to Snowline Gold’s Rogue discovery. The company’s Clear Lake project in the Yukon Territory has an unclassified historic resource of 5.5 Moz of silver grading 22 g/t silver and 1.3 billion pounds of zinc grading 7.6% zinc. The company also has a significant land holding at the Nanisivik mine area located in Nunavut, Canada, that produced over 20 Moz of silver between 1976 and 2002.