Oct 23 2015
Honey Badger Exploration Inc. is pleased to announce that it has received TSX Venture Exchange approval for the acquisition of the LG Diamonds Project as announced by Honey Badger on September 29, 2015.
The 45 claims, totaling approximately 2,275 hectares, are located in the James Bay region of Québec, in the Jamésie County Municipality, close to road and power lines.
Quentin Yarie, President & CEO, commented: "We are excited to add the LG Diamonds Project to Honey Badger's project portfolio. The project is in the diamond-rich zone that hosts Renard, Québec's new diamond mine. Magnetic anomalies on each of the 7 claim blocks that make up this property indicate prospective kimberlite targets and kimberlite indicators have been found in lake sediments near these magnetic anomalies. Our team is undertaking an aggressive campaign to model all historic geophysical data, complete a detailed magnetic survey of identified targets, prioritize targets, and conduct a drill program."
LG Diamonds Project Highlights
- Located in the James Bay region of Québec, close to road and power lines
- Total of 45 claims covering 2,275 hectares
- 7 claim blocks centered on circular magnetic anomalies
- Each magnetic anomaly represents a possible kimberlite
- Lake sediments near the magnetic anomalies contain kimberlite indicators
- The local geological environment is favourable for diamantiferous kimberlite
- Exploration agreements in place with local First Nations Groups
Renard Diamond Project
The Renard Diamond Project contains Probable Mineral Reserves of 17.9 million carats and is scheduled to begin diamond production in 2016 (January 28, 2013, Stornoway news release) with an 11 years reserve-based mine life with diamond production averaging 1.6 million carats/annum life of mine (NI 43-101 Feasibility Study, March 27, 2013).
Renard has received significant support from the Québec government and Québec investors. The Québec government through Resources Québec, a subsidiary of provincial agency Investissement Québec, provided $220 million for the Renard project and Caisse de dépôt et placement du Québec provided $105 million. In addition the Québec government is building road infrastructure to the mine site.