(TheNewswire)
Vancouver, British Columbia - TheNewswire –July 18 th , 2023 – JuggernautExploration Ltd ( TSXV: JUGR) (OTC:JUGRF) (FSE:4JE) (the “Company” or “Juggernaut”) ispleased to report drilling has commenced on its 100% controlled EskayStyle VHMS Midas property. The Company has a total of ~4,500 meters ofdrilling planned on Midas in world class geologic terrane all withstrong discovery potential. Midas consists of 20,803 hectares and islocated 24 km southeast of Terrace, British Columbia in closeproximity to logging access roads, power, railway and majorinfrastructure.
The Midas property is located in an area of recentglacial abatement and permanent snowpack recession at the southern endof the Golden Triangle, British Columbia. Multiple high-grade goldgrab, chips and channel samples were collected from the Kokomo VHMStarget where a 1.00 m chip sample assayed 9.343 gpt Au, 117 gpt Ag,1.58 % Cu and 1.77 % Zn and is drill ready. Relatively shallow InducedPolarization (IP) chargeability and resistivity anomaly extends underthe Kokomo
Midas 2023 Planned Drill HolesTargeting IP anomaly
showing on trend to the south for at least 850 meterstowards the VG Zone, conducive for a buried VHMS containingsemi-massive to massive sulphides at depth. Channel samples highlightsfrom the VG Zone include 10.28 gpt Au over 4.34 meters; 15.37 gpt Auover 2 meters; and 5.43 gpt Au over 3.11 meters. Historic drillresults from the Midas property include hole MD-18-16 whichintersected the peripheral zone of the IP anomaly core and returned0.56 g/t AuEq over 35.35 meters; hole MD-18-08, which assayed 6.85 gptAu over 9 meters and narrowly missed a strong IP chargeabilityanomaly; and hole MD-18-01 which intersected 3.27 gpt AuEq over 4.80meters and ended before it reached the core of a strong IPchargeability anomaly.
A series of 5 drill targets have been identified inassociation with the surface mineralization and the subsurfacegeophysical IP data on the Midas property along the 850 meter southtrending anomaly connecting the Kokomo target with the VG Zone. Thesetargets are being drill tested with ~4,500 meters of drilling from 7pad locations.
Midas 2023 Planned Drill HolesTargeting IP anomaly
|
|
Highlights from the Midasproperty:
-
-Historic drill results from the Midas property includehole MD-18-16 which intersected the peripheral zone of the IP anomalyand returned 0.56 g/t AuEq over 35.35 meters; hole MD-18-08, whichassayed 6.85 gpt Au over 9 meters and narrowly missed a strong IPchargeability anomaly core; and hole MD-18-01 which intersected 3.27gpt AuEq over 4.80 meters and ended before it reached the core of astrong IP chargeability anomaly.
-Channel samples highlights from the VG Zone include10.28 gpt Au over 4.34 meters; 15.37 gpt Au over 2 meters; and 5.43gpt Au over 3.11 meters.
-Multiple high-grade gold grab, chips and channelsamples including Kokomo showing where a 1 m chip sample assayed 9.343gpt Au, 117 gpt Ag, 1.58 % Cu and 1.77 % Zn.
-Relatively shallow Induced Polarization (IP)chargeability and resistivity anomaly extends under the Kokomo showingfor at least 850 meters on trend to the south conducive forsemi-massive to massive sulphides.
-Alteration zones extracted from Worldview 3 satellitespectral data show a strong silica, iron and phyllic alteration(quartz-sericite-pyrite) signature overlapping the Kokomo showing andthe 850-meter trend immediately to the south and east coinciding withthe IP anomaly in the subsurface, further indicating the presence of amineralized VHMS system at depth.
-Regional and local geology is highly prospective forVHMS deposits including the presence of a rhyolitic tuff with strongphyllic alteration (quartz-sericite-pyrite) from the Mt Attreevolcanics which are Mississippian in age. Mississippian age rocks areknown to host the majority of significant VHMS deposits.
-Widespread Zn signature with secondary Au, Ag, Pb, Cuand trace element signature (elevated Au, Te, As, Sb, Bi, Cd, Hg,Ba).
-Midas is within a world class geologic setting withstrong potential for Eskay-style VHMS mineralization.
Dan Stuart, President and CEO ofJuggernaut Exploration states “ We are excited to begin drilling on Midas.We designed what we believe is a strong drill plan for the High-GradeGold targets with world class discovery potential in areas that havenot been drill tested before. The planned program that consists of~4,500 meters of drilling on Midas has commenced early this year dueto exceptionally good weather across Northwestern B.C. With muchanticipation, we look forward to reporting results. Furthermore, drilling is imminent on both the Bingo propertyhosted in the same world-class geological units as Goliath Resource'sSurebet discovery next door and the Empire property where outcrop assayed up to 36,875 gpt Ag(1180 ounces per ton silver), 4.68 gpt Au, 27.6% Cu and 3.27% Zn (Thisis one of the highest silver samples collected from outcrop inCanadian history).”
Qualified Person
Rein Turna P. Geo is the qualified person as defined byNational Instrument 43-101, for Juggernaut Exploration projects, andsupervised the preparation of, and has reviewed and approved, thetechnical information in this release.
Other
Grab, channels, chip and talus samples were collectedby foot with helicopter assistance. Prospective areas included, butwere not limited to, proximity to MINFile locations, placer creekoccurrences, regional soil anomalies, and potential gossans based onhigh-resolution satellite imagery. The rock grab and chip samples wereextracted using a rock hammer, or hammer and chisel to expose freshsurfaces and to liberate a sample of anywhere between 0.5 to 5.0kilograms. All sample sites were flagged with biodegradable flaggingtape and marked with the sample number. All sample sites were recordedusing hand-held GPS units (accuracy 3-10 meters) and sample ID,easting, northing, elevation, type of sample (outcrop, subcrop, float,talus, chip, grab, etc.) and a description of the rock were recordedon all-weather paper. Samples were then inserted in a clean plasticbag with a sample tag for transport and shipping to the geochemistrylab. QA/QC samples including blanks, standards, and duplicate sampleswere inserted regularly into the sample sequence at a rate of10%.
All samples, including rock grabs, channels, and talussamples, are transported in rice bags sealed with numbered securitytags. A transport company takes them from the core shack to the ALSlabs facilities in North Vancouver. ALS iseither certified to ISO 9001:2008 or accredited to ISO 17025:2005 inall of its locations. At ALS samples were processed, dried, crushed,and pulverized before analysis using the ME-MS61 and Au-SCR21 methods.For the ME-MS61 method, a prepared sample is digested with perchloric,nitric, hydrofluoric and hydrochloric acids. The residue is topped upwith dilute hydrochloric acid and analyzed by inductively coupledplasma atomic emission spectrometry. Overlimits were re-analyzed usingthe ME-OG62 and Ag-GRA21 methods (gravimetric finish). For Au-SCR21 alarge volume of sample is needed (typically 1-3kg). The sample iscrushed and screened (usually to -106 micron) to separate coarse goldparticles from fine material. After screening, two aliquots of thefine fraction are analysed using the traditional fire assay method.The fine fraction is expected to be reasonably homogenous and wellrepresented by the duplicate analyses. The entire coarse fraction isassayed to determine the contribution of the coarse gold.
Some of the reported data is historical in nature andis a compilation of third-party data from previous operators. Thereader is cautioned that grab samples are spot samples which aretypically, but not exclusively, constrained to mineralization. Grabsamples are selective in nature and collected to determine thepresence or absence of mineralization and are not intended to berepresentative of the material sampled. In addition, the reader iscautioned that proximity to known mineralization does not guaranteesimilar mineralization will exist on the properties.
For more information, please contact:
Juggernaut Exploration Ltd.
Dan Stuart
President, Chief Executive Officer and Director
Tel: (604)-559-8028
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATIONSERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXVENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACYOF 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 THE UNITED STATES OR TO U.S.PERSONS OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES. THIS PRESSRELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR AN INVITATION TOPURCHASE ANY SECURITIES DESCRIBED IN IT.
Copyright (c) 2023 TheNewswire - All rights reserved.