(TheNewswire)
Fully Funded For Drilling OnExtensive High-Grade Copper-Gold Targets
Vancouver, British Columbia – TheNewswire - June 5 th ,2024 – Juggernaut Exploration Ltd.(TSXV: JUGR) (OTCQB: JUGRF) (FSE: 4JE) (the “Company” or“Juggernaut”) further to its May24 th , 2024 news release, Juggernaut is pleased to report that it has filed with the TSX Venture Exchange forfinal approval of the institutionally supported oversubscribedflow-through private placement financing (the “Financing”) foraggregate gross proceeds of $3,799,613.49. Crescat Capital will nowhave 13,828,386 shares of Juggernaut Exploration Ltd. The use of fundsfrom this financing will be to drill ~5000 meters on Juggernaut’s100% controlled Bingo and Midas properties, targeting prolifichigh-grade Copper and Gold at the surface.
Dr. Hennighstated , "Verypromising results from 2023’s maiden drill program confirmed strongpotential for “Surebet” style intrusive-related gold-base metallodes at Bingo. In addition, follow up drilling at Midas continues todemonstrate the presence of a large volcanogenic massive sulfidesystem in need of further work. With interest in the mining exploration space quicklyheating up, it is critical that companies like Juggernaut get back tothe job of making discovery. I look forward to working with theCompany’s team as plans are made for this year’s drill campaign atboth of these exciting projects. "
“We look forward to helping Juggernaut continue theirwork at Bingo and Midas in the coming drill season, given thepotential for a significant discovery, remarked Kevin Smith , Crescat’s founder and ChiefInvestment Officer . “This is the sameexploration team that delivered a major gold and silver discovery forus at Goliath Resources’ Surebet. They are highly capable of doingthe same at one or both targets.”
This investment and strategic partnership with CrescatCapital, coupled with the ongoing support and interest from otherglobally recognized Institutions and senior miners, is a strongendorsement that clearly demonstrates the significant near-termexpansion discovery potential of our 100% controlledproperties—highlighting just one recent discovery on Bingowhere multiple drill holes intersectedhigh-grade gold-silver-copper mineralization along an extensivenorth-trending, west-dipping, shear-hosted vein with grades up to11.42 gpt AuEq (7.57 gpt Au, 20.23 gpt Ag and 2.72 % Cu) over 5.11meters, including 19.69 gpt AuEq (13.05 gpt Au, 24.93 gpt Ag and 4.70% Cu) over 2.90 meters. The shear-hosted vein at the Bingo Main Zoneis partially exposed at surfaces for over 600 meters, and only themain outcrop has been drill-tested to date, leaving the system open inall directions.
On receipt of Exchange approval, the Company will issue 31,272,539flow-through units (“FT Units”), priced at$0.1215 each for gross proceeds of $3,799,613.49. Each FT Unitconsists of one flow-through common share plus one common sharepurchase warrant, each warrant being exercisable for an additionalcommon share at $0.14 for a thirty-six-month period.
The FT Units will entitle the holder to receive the taxbenefits applicable to flow-through shares, in accordance withprovisions of the Income Tax Act (Canada).
The Company will use an amount equal to the grossproceeds received by the Company from the sale of the FT Units,pursuant to the provisions in the Income Tax Act (Canada), to incureligible “Canadian exploration expenses” that qualify as“flow-through mining expenditures” as both terms are defined inthe Income Tax Act (Canada) (the “Qualifying Expenditures”) on orbefore December 31, 2025, and to renounce all the QualifyingExpenditures in favour of the subscribers of the FT Units effectiveDecember 31, 2024.
On receipt of Exchange approval, the Company will paycash finders fees totalling $38,442.75 and issue 512,570non-transferable broker warrants exercisable at $0.14 for 3years.
All securities issued pursuant to this financing willbe subject to a four-month plus one-day hold.
About Juggernaut ExplorationLtd.
Juggernaut Exploration Ltd. is a precious and basemetals project generator in the geopolitically stable jurisdiction ofCanada, focused on the prolific geologic setting of northwesternBritish Columbia encompassing the Golden Triangle.
Qualified Person Rein Turna P.Geo is the qualified person as defined byNational Instrument 43-101 for Juggernaut Exploration’s projects. Hesupervised the preparation of and has reviewed and approved thetechnical information in this release.
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For more information, pleasecontact
Juggernaut Exploration Ltd.
Dan Stuart
President, Director, and Chief Executive Officer
604-559-8028
info@juggernautexploration.com
NEITHER THE TSX VENTURE EXCHANGE NORITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THEPOLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THEADEQUACY OR ACCURACY OF THIS RELEASE.
FORWARD LOOKING STATEMENT
Certain disclosure in this release may constituteforward-looking statements that are subject to numerous risks anduncertainties relating to Juggernaut’s operations that may causefuture results to differ materially from those expressed or implied bythose forward-looking statements, including its ability to completethe contemplated private placement. Readers are cautioned not to placeundue reliance on these statements. NOT FOR DISSEMINATION IN THEUNITED STATES OR TO U.S. PERSONS OR FOR DISTRIBUTION TO U.S. NEWSWIRESERVICES. THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL ORAN INVITATION TO PURCHASE ANY SECURITIES DESCRIBED IN IT.
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