Honey Badger Reports Third Assay Results from Plata, Yukon Up to 16,887 g/t silver, 67.99% lead and 0.83% zinc

TORONTO, Feb. 09, 2022 - Honey Badger Silver Inc. (TSX-V: TUF) (OTCQB: HBEIF) ("Honey Badger" or the "Company") is pleased to announce the third batch of channel, chip and rock sample analyses from the 2021 field program at its 100%-owned, 5,690 hectare Plata Silver Property ("Plata") located in east-central Yukon.

Highlights of silver, lead and zinc assays from trench and chip sampling at the P2 Zone are listed below:

• 4,300 g/t silver, 46.4% lead and 22% zinc over 1.0 metre
• 1,775 g/t silver, 48.78% lead and 13.35% zinc over 1.2 metres
• 1,140 g/t silver, 24.16% lead and 16.41% zinc over 2.49 metres
• 12,806 g/t silver, 76.08% lead and 3.70% zinc over 0.10 metre

Highlights of silver, gold, lead and zinc assays from rock samples collected from outcrop and float material at the P1, P6 and P26 Zones are listed below:

• P1 Zone: 16,887 g/t silver, 0.18 g/t gold, 67.99% lead and 0.83% zinc (float)
• P6 Zone: 7,950 g/t silver, 1.55 g/t gold, 57.66% lead and 0.99% zinc (outcrop)
• P6 Zone: 4,510 g/t silver, 6.91 g/t gold, 25.73% lead and 2.05% zinc (float)
• P26 Zone: 2,720 g/t silver, 0.32 g/t gold, 72.63% lead and 0.43% zinc (outcrop)

These latest results, in conjunction with the first two batches of assay results previously reported confirm:

• high-grade silver in Type I veins at the P1, P2 and P26 Zones, and
• high-grade gold-bearing silver in Type II veins at the Aho and P6 Zones,
• very high-grade silver and gold was mined by historic miners

Chad Williams, Chairman of Honey Badger commented, "Results of our 2021 mapping and sampling program at Plata have exceeded expectations. They confirm the occurrence of extremely high-grade silver over an extensive area, associated with two distinct mineralizing events. We believe the potential for development of silver resources and further discoveries at Plata is excellent."

Plata lies within the Tintina Gold Belt and displays numerous similarities to the world-class Keno Hill Mining Camp, Canada's second largest primary producer of silver, located 165 km west of the Plata Silver Property. Keno Hill produced more than 200 million ounces of silver at an average grade of 44 ounces per ton (oz/t) of silver from approximately thirty-five vein deposits between 1913 and 1989⁽¹⁾.

Honey Badger is planning an upcoming follow-up 2022 program at Plata with consulting firm Archer, Cathro & Associates (1981) Limited ("Archer Cathro") and will provide an update once details are finalized.

Channel, Chip and Outcrop Sampling Results from the P1, P2, P6 and P26 Zones

Results were returned from the P1, P2 and P6 zones located in the core of the property and the P26 zone located 600 metres north of the core area (Figure 1). Mineralization at the P1, P2 and P26 zones is hosted within argentiferous Type I veins observed cross-cutting earlier-formed Type II veins which are typically more gold-enriched (see January 18, 2022 press release). Type II veins have thus far been observed in the Aho zone (P3 and P4 zones), developed within the plane of the Plata Thrust Fault, extending intermittently over a strike length of 800 metres, and the P6 zone, whereas Type I veins occur throughout the property.

Figure 1: Map depicting 2021 Rock Sampling Locations:
https://www.globenewswire.com/NewsRoom/AttachmentNg/95768866-4f98-4132-88f3-f97f91d19e66

P1 Zone

The P1 zone is hosted within a Type-1 vein fault that has been traced on surface for 100 metres along strike. The zone was mined briefly in 1976 (thirty-two tonnes of ore grading 10,285 g/t silver) and in 1984 (nine tonnes of ore grading 6,857 g/t silver)⁽²⁾. No in situ material was observed at the P1 zone during the 2021 program. However, one rock sample from float material was collected from the zone and it returned 16,887 g/t silver, 0.18 g/t gold, 67.99% lead and 0.83% zinc.

P2 Zone

The P-2 vein is located in the hanging wall of the Plata Thrust Fault on the southeast slope of Plata Mountain. Surface mining operations at the P-2 vein produced 7,387 kg of silver - the most recovered from any showing on the Plata property. The vein is hosted in a structure that is oriented at 030?/70?W and which has been traced for 105 metres along strike⁽²⁾.

Assay results from seven channel samples, three chip and four rock samples taken from the P2 zone are tabulated below:

Table 1: Channel, Chip and Rock sampling results from the P2 Zone at Plata

P6 Zone

Two rock samples were collected from outcrop and float material within a historic trench at the P6 zone, during the 2021 program. Assays from both samples returned ore-grade gold values, in addition to high -grade silver and lead (see Table 2 below). Drilling in 2011 confirmed the continuity of significant polymetallic silver mineralization at depth and laterally over a strike length of 150 metres at the P6 Zone. Highlight drill intercepts include 1.0 metre grading 1,655 grams per tonne silver, 0.46 ppm gold, 0.25% lead and 1.09% zinc⁽²⁾. Veining mapped at surface and anomalous soil geochemistry suggest the P6 structure may extend for 500 metres to the northwest⁽²⁾.

Table 2: Rock sampling results from the P6 Zone at Plata

P26 Zone

A rock sample from a 4 cm wide massive galena and siderite vein exposed in an outcrop at the P26 Zone returned 2,720 g/t silver, 0.32 g/t gold, 72.63% lead and 0.43% zinc. This sample confirms the presence of high-grade silver mineralization in the P26 zone, where historical high-grade bulk sampling reportedly returned grades up to 2,480 g/t silver and 84.61% lead from a 1.5 metre wide vein of massive galena and siderite.

Plata 2021 Program Summary:

Honey Badger is very encouraged by the results of its 2021 Phase 1 Summer Work Program at Plata. The first batch of assay results reported confirmed that historic miners successfully extracted very high-grade silver and gold (see December 13, 2021 press release).

Assays subsequently received, confirmed the presence of high-grade:

• silver at the P1, P2 and P26 Zones associated with Type I veins (reported in this press release) and
• silver and gold at the P3 and P4 zones (collectively the Aho Zone) and the P6 Zone, associated with Type II veins (reported in January 18, 2022, press release).

Importantly, Archer Cathro geologists have noted remarkable similarities between the Plata and Keno Hill districts. Both districts are hosted within Selwyn basin stratigraphy adjacent to Early Cretaceous thrust faults and have large Mayo suite intrusions within 10 km of mineralization. Furthermore, the early gold bearing silver veins reported at Keno Hill closely resemble the Type II veins identified at Plata, characterized as fault veins dominated by quartz gangue with elevated arsenic and antimony. And in both districts, these early-stage gold bearing silver veins are cross-cut by high-grade silver, lead and zinc mineralization (i.e. Type I veins) associated with elevated antimony, sulphur and cadmium, hosted within northeast oriented extensional faults.

Figure 2: Maps comparing geological and structural similarities between the Keno Hill and Plata silver districts:
https://www.globenewswire.com/NewsRoom/AttachmentNg/1e60f88d-aeb9-4265-9b12-db6c0cece3c1

Next Steps

The results of Honey Badger's 2021 Phase 1 Summer Work Program have been integrated with the large database of historic data available at Plata. While desktop evaluation is ongoing, preliminary analysis has identified a number of compelling targets for follow-up work. Honey Badger is planning an upcoming follow-up 2022 program at Plata with Archer Cathro and will provide an update once details are finalized.

Sampling Methodology

All analyses of rock samples from the 2021 program at Plata were performed by ALS Minerals with sample preparation in Whitehorse and assays and geochemical analyses in North Vancouver. Rock samples were routinely analyzed for gold by fire assay followed by atomic absorption (Au-AA24) and 33 other elements by four acid digestion with inductively coupled plasma-atomic emission spectroscopy analysis (ME-ICP61). Samples that exceeded the detection limits of the routine methods were assayed for silver, lead and zinc by inductively coupled plasma-atomic emission spectroscopy (Ag/Pb/Zn - OG62). Samples with greater than 30% lead were further analyzed by titration (Pb-VOL70). Samples that exceeded the detection limits using Au-AA24 for gold and Ag-OG62 for silver were analyzed using fire assay and gravimetric finish techniques (Au-GRA22 and Ag-GRA21). Silver samples that exceeded 10,000 ppm were further analyzed by fire assay and gravimetric finish (Ag-CON01).

Technical information in this news release has been approved by Heather Burrell, P.Geo., a senior geologist with Archer Cathro and qualified person for the purpose of National Instrument 43-101.

Notes:

⁽¹⁾ Cathro, R.C., 2006, Great Mining Camps of Canada 1. The History and Geology of the Keno Hill Silver Camp, Yukon Territory; Geoscience Canada, Vol.33, No.3, pp103-134.
⁽²⁾ Assessment Report Describing Compilation And Digitization of Historical Data of the Plata Property, prepared by Archer, Cathro & Associates (1981) Limited for Strategic Metals Ltd. J. Morton, P. Geo., June 2020

ON BEHALF OF THE BOARD

Chad Williams
Chairman and Director

About Honey Badger Silver Inc.

Honey Badger Silver is a Canadian silver company based in Toronto, Ontario focused on the acquisition, development and integration of accretive transactions of silver ounces. The Company is led by a highly- experienced leadership team with a track record of value creation, backed by a skilled technical team. With a dominant land position in Ontario's historic Thunder Bay Silver District and advanced projects in the southeast and south-central Yukon including the Plata property 180 kms to the east of the Keno Hill silver district, Honey Badger is positioning to be a top-tier silver company.

https://honeybadgersilver.com

For more information, please visit our website above, or contact:

Christina Slater: cslater@honeybadgersilver.com
(647) 848-1009

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Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. The information in this news release and any other information herein that is not a historical fact may be "forward-looking information".

Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed timeframes or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.