Mr. Dan Stuart reports

JUGGERNAUT DRILLS 1.56 GPT AUEQ OVER 5 METERS ON MIDAS AND CONFIRMS EXTENSIVE MINERALIZED GOLD RICH VHMS SYSTEM, GOLDEN TRIANGLE, B.C.

Juggernaut Exploration Ltd. has released the assay results from the 2024 drill program on its 100-per-cent-controlled Midas property, Golden Triangle, British Columbia. Drill hole MD-23-34, collared from Eskay 1 pad, intersected 1.56 grams per tonne (g/t) gold equivalent (AuEq) (0.35 g/t gold (Au), 6.10 g/t silver (Ag), 0.64 per cent copper (Cu) and 0.67 per cent zinc (Zn)) over five metres, within 0.68 g/t AuEq (0.22 g/t Au, 2.73 g/t Ag, 0.20 per cent Cu and 0.38 per cent Zn) over 22 metres. All three holes collared from Eskay 1 pad, located at the transition from the VG zone to the Kokomo zone, have intersected considerable gold-copper-zinc mineralization, and are characterized by copious amounts of chalcopyrite and pyrite in aggregates, stringers and veinlets, within a strongly altered volcanic host rock, indicating close proximity to an Eskay-style volcanogenic-hosted massive sulphide (VHMS) deposit. The 2023 drill results, in combination with results from previous years, indicate an extensive north-south, gold-copper-zinc-rich mineralized trend that remains open, extending for 550 m by 300 m from Eskay 1 pad to the Kokomo showing, on strike with a large, relatively shallow induced polarization (IP) chargeability and resistivity anomaly. The gold and base metals component clearly increased toward the Kokomo showing, strongly indicating proximity to the heart of a VHMS deposit.

Two thousand twenty-three drilling highlights:

• Extensive broad copper-zinc-gold-rich intervals consisting of considerable chalcopyrite and pyrite in aggregates, stringers and veinlets have been intersected in multiple drill holes collared from an area encompassing the VG zone and Kokomo showing, consistent with a volcanogenic-hosted massive sulphide system.
• Drill hole MD-23-34 intersected 1.56 g/t AuEq (0.35 g/t Au, 6.10 g/t Ag, 0.64 per cent Cu and 0.67 per cent Zn) over five metres, within 0.68 g/t AuEq (0.22 g/t Au, 2.73 g/t Ag, 0.20 per cent Cu and 0.38 per cent Zn) over 22 metres. Additional intervals in this hole include 0.70 g/t AuEq (0.24 g/t Au, 2.93 g/t Ag, 0.64 per cent Cu and 0.70 per cent Zn) over 10 metres and 0.54 g/t AuEq (0.18 g/t Au, 1.70 g/t Ag, 0.09 per cent Cu and 0.53 per cent Zn) over eight m.
• Drill hole MD-23-35 intersected 0.53 g/t AuEq (0.18 g/t Au, 1.64 g/t Ag, 0.11 per cent Cu and 0.47 per cent Zn) over 20 metres, including 1.41 g/t AuEq (0.38 g/t Au, 3.62 g/t Ag, 0.32 per cent Cu and 1.40 per cent Zn) over three metres and 1.07 g/t AuEq (0.39 g/t Au, 2.48 g/t Ag, 0.28 per cent Cu and 0.69 per cent Zn) over three metres.
• Drill hole MD-23-36 intersected 1.76 g/t AuEq (0.79 g/t Au, 16.60 g/t Ag and 0.58 per cent Cu) over one metre, within 0.45 g/t AuEq (0.19 g/t Au, 4.30 g/t Ag and 0.15 per cent Cu) over six metres. An additional interval in this hole assayed 0.29 g/t AuEq (0.16 g/t Au, 1.69 g/t Ag and 0.14 per cent Zn) over 32 metres.
• Drill hole MD-23-46 intersected 2.40 g/t AuEq (1.30 g/t Au, 8.92 g/t Ag and 0.74 per cent Cu) over one metre.
• The mineralized horizons consist of aggregates, stringers, and veinlets of chalcopyrite (up to 10 per cent), sphalerite (up to 5 per cent) and pyrite (up to 15 per cent) in a strongly quartz-sericite-altered volcanic host rock, consistent with being in close proximity to an Eskay-style volcanogenic hosted massive sulphide deposit.
• Drill holes MD-23-34, MD-23-35 and MD-23-36 were collared from Eskay 1 pad, located 550 m south of the gold-silver-copper-zinc-rich Kokomo showing (9.343 g/t Au, 117 g/t Ag, 1.58 per cent Cu and 1.77 per cent Zn), 250 m northeast of drill hole MD-19-18 (6.22 m of 0.31 g/t Au, 0.95 m of 1.50 g/t Au with 1.94 per cent Cu, and 3.22 m of 0.36 g/t Au) and 200 m east-northeast of the VG zone (2.24 g/t Au, 6.83 g/t Ag, 0.18 per cent Cu and 1.04 per cent Zn over 4.80 metres).
• The 2023 drill results, in combination with results from previous years, indicate an extensive north-south gold-copper-zinc-rich mineralized trend that remains open, extending for 550 m from Eskay 1 pad to the Kokomo showing, on strike with a large, relatively shallow induced polarization (IP) chargeability and resistivity anomaly. The gold and base metals component clearly increases toward the Kokomo showing, strongly indicating proximity to the heart of a VHMS deposit.
• 2024 drilling will be designed to unlock the full mineral potential of the 550 m by 300 m high-grade mineralization trend between Eskay 1 pad and the Kokomo showing, focusing on the not-yet-drill-tested Kokomo showing close to the heart of the system.

Highlights from the Midas property:

• Historic drill results from the Midas property include: hole MD-18-16, which intersected the peripheral zone of the IP anomaly and returned 0.56 g/t AuEq over 35.35 metres; hole MD-18-08, which assayed 6.85 g/t Au over nine metres and narrowly missed a strong IP chargeability anomaly core; and hole MD-18-01 which intersected 3.27 g/t AuEq over 4.80 metres and ended before it reached the core of a strong IP chargeability anomaly.
• Channel samples highlights from the VG zone include: 10.28 g/t Au over 4.34 metres; 15.37 g/t Au over two metres; and 5.43 g/t Au over 3.11 metres.
• Multiple high-grade gold grab, chip and channel samples, including Kokomo showing where a one m chip sample assayed 9.343 g/t Au, 117 g/t Ag, 1.58 per cent Cu and 1.77 per cent Zn.
• Relatively shallow induced polarization (IP) chargeability and resistivity anomaly extends under the Kokomo showing for at least 550 metres on trend to the south conducive for semi-massive to massive sulphides.
• Alteration zones extracted from Worldview 3 satellite spectral data show a strong silica, iron and phyllic alteration (quartz-sericite-pyrite) signature overlapping the Kokomo showing, and the 550-metre trend immediately to the south coinciding with the IP anomaly in the subsurface, further indicating the presence of a mineralized VHMS system at depth.
• Regional and local geology is highly prospective for VHMS deposits, including the presence of a rhyolitic tuff with strong phyllic alteration (quartz-sericite-pyrite) from the Mt. Attree volcanics, which are Mississippian in age. Mississippian-age rocks are known to host the majority of significant VHMS deposits.
• Widespread Zn signature with secondary Au, Ag, lead (Pb), Cu and trace element signature (elevated Au, tellurium (Te), arsenic (As), antimony (Sb), bismuth (Bi), Cd (cadmium), mercury (Hg) and barium (Ba)).
• Midas is within a world-class geologic setting with strong potential for Eskay-style VHMS mineralization.

Eskay-style Kokomo VHMS target highlights:

• The 3-D inversion of the 2018 induced polarization (IP) data performed by an independent geophysical company highlighted a 120 m by 150 m chargeability anomaly and a 350 m by 200 m resistivity anomaly from surface to 200 m depth that remains open to the south and east, conducive for semi-massive to massive sulphides like those confirmed on surface at Kokomo.
• Kokomo is an Eskay-style VHMS showing with a one m chip sample assaying 9.343 g/t Au, 117 g/t Ag, 1.58 per cent Cu and 1.77 per cent Zn. The outcrop remains open in all directions, where outcrops of the same or similar lithology extend over several hundred metres.
• A BLEG (bulk-leach extractable gold) sample collected 700 m down-slope in the drainage of the Kokomo showing assayed 29 parts per billion (ppb) Au, 613 ppb Ag, 137 parts per million (ppm) Cu, 54.4 ppm Pb and 462 ppm Zn -- by far the highest BLEG sample recorded on the property -- and is coincident with a similar geochemical signature as the Kokomo showing.
• Two outcrop grab samples collected within 50 m of the Kokomo showing in 2017 and 2018 assayed 1.835 g/t Au (with 34.4 g/t Ag, 0.84 per cent Cu, 0.03 per cent Pb and 0.79 per cent Zn) and 2.29 g/t Au (with 21.3 g/t Ag, 0.01 g/t Cu, nil Pb and 0.02 per cent Zn).
• The host rock to the Kokomo showing has been mapped by Juggernaut former senior geologist S. Roach, as well as the British Columbia Geological Survey (BCGS: M. McKeown, J. Nelson and R. Friedman, 2007) as a rhyolitic tuff with strong phyllic alteration (quartz-sericite-pyrite) from the Mt. Attree volcanics, a unit highly prospective for VHMS deposits.
• In 2019, hole MD-19-24, collared 300 m southwest of the Kokomo showing with an azimuth of 90 degrees and a dip of 50 degrees, intersected the fringes of the chargeability and resistivity anomalies highlighted by the recent 3-D inversion modelling of the IP data containing disseminated sulphide mineralization (mainly pyrite and minor sphalerite) in the bottom half of the hole, assaying up to 0.293 g/t Au and 2.8 per cent Zn closest to the Kokomo discovery outcrop (see news release dated Sept. 30, 2019).
• The geology, geochemistry, alteration and extensive underlying geophysical anomaly, coupled with the high-grade polymetallic Au, Ag, Cu and Zn mineralization in semi-massive to massive sulphides seen in outcrop at Kokomo, strongly indicate the potential of a new Eskay-style VHMS discovery.

Drill hole MD-23-34 intersected 1.56 g/t AuEq (0.35 g/t Au, 6.10 g/t Ag, 0.64 per cent Cu and 0.67 per cent Zn) over five metres, within 0.68 g/t AuEq (0.22 g/t Au, 2.73 g/t Ag, 0.20 per cent Cu and 0.38 per cent Zn) over 22 metres. Additional intervals in this hole include 0.70 g/t AuEq (0.24 g/t Au, 2.93 g/t Ag, 0.64 per cent Cu and 0.70 per cent Zn) over 10 metres and 0.54 g/t AuEq (0.18 g/t Au, 1.70 g/t Ag, 0.09 per cent Cu and 0.53 per cent Zn) over eight m. Drill hole MD-23-35 intersected 0.53 g/t AuEq (0.18 g/t Au, 1.64 g/t Ag, 0.11 per cent Cu and 0.47 per cent Zn) over 20 metres, including 1.41 g/t AuEq (0.38 g/t Au, 3.62 g/t Ag, 0.32 per cent Cu and 1.40 per cent Zn) over three metres and 1.07 g/t AuEq (0.39 g/t Au, 2.48 g/t Ag, 0.28 per cent Cu and 0.69 per cent Zn) over three metres. Drill hole MD-23-36 intersected 1.76 g/t AuEq (0.79 g/t Au, 16.60 g/t Ag and 0.58 per cent Cu) over one metre, within 0.45 g/t AuEq (0.19 g/t Au, 4.30 g/t Ag and 0.15 per cent Cu) over six metres. An additional interval in this hole assayed 0.29 g/t AuEq (0.16 g/t Au, 1.69 g/t Ag and 0.14 per cent Zn) over 32 metres. In all three holes, the mineralization is cut off by a north-northeast-trending, steeply dipping fault. The mineralized horizon consists of aggregates, stringers, and veinlets of chalcopyrite (up to 10 per cent) and pyrite (up to 15 per cent) in a strongly quartz-sericite-altered volcanic host rock, with occasional foliated portions that align with the north-northeast direction of major faults in the area. A series of metre-size mafic dikes intrude into the mineralized rock.

Drill holes MD-23-34, MD-23-35 and MD-23-36 were collared from the Eskay 1 pad, located 550 m south of the gold-silver-copper-zinc-rich Kokomo showing (9.343 g/t Au, 117 g/t Ag, 1.58 per cent Cu and 1.77 per cent Zn), 250 m northeast of drill hole MD-19-18 (6.22 m of 0.31 g/t Au, 0.95 m of 1.50 g/t Au and 1.94 per cent Cu, and 3.22 m of 0.36 g/t Au) and 200 m east-northeast of the VG zone (2.24 g/t Au, 6.83 g/t Ag, 0.18 per cent Cu and 1.04 per cent Zn over 4.80 metres). The distribution of the mineralization shows based on results from the 2023 drilling, in combination with results from previous years, mapping and geophysical surveys, clearly define a large, mineralized trend extending for 550 metres by 300 metres between Eskay 1 pad and the Kokomo showing. The same trend is seen in the subsurface geophysical IP data and remains open. Geochemical results confirmed in drill core and outcrop clearly show a significant increase in gold and base metal values near the Kokomo showing, strongly indicating that the heart of the VHMS deposit lies in very close proximity. This vector to the core of the mineralization is also supported by multiple other lines of evidence, including the large open IP anomaly, structures and mapping.

Two thousand twenty-four drill plan

Based on the new results from the 2023 drill program, and a thorough compilation of data from previous drill campaigns and exploration programs on the property, including geochemistry, geophysics and mapping, that have allowed the company to vector in and strongly point to the heart of the VHMS system, a drill plan designed to outline the full VHMS potential of the 550 m by 300 m north-south-trend between the Eskay 1 pad and the Kokomo showing has been prepared. The drilling is designed to specifically target the 550 m by 300 m area between the Eskay 1 pad and the Kokomo showing that is strongly indicated to contain the heart of the gold-rich VHMS system.

Due to a challenging drill environment and an underpowered light drill rig used, the Kokomo target was not able to be tested. The 2024 drilling is designed to overcome the challenges seen in 2023 by using a larger, more powerful drill rig. The Kokomo showing consists of a VHMS-style outcrop where a one m chip sample assayed 9.343 g/t Au, 117 g/t Ag, 1.58 per cent Cu and 1.77 per cent Zn. The outcrop is five m wide and strikes on surface for 30 m, and remains open and is underlain by an extensive, strong, 550 m long induced polarization chargeability and resistivity anomaly that remains open, conducive for semi-massive to massive sulphides like those confirmed on surface on the Kokomo showing.

Eskay-style Kokomo VHMS target

The 3-D inversion of the 2018 induced polarization data performed by an independent geophysical company highlighted a 120 m by 150 m chargeability anomaly and 350 m by 200 resistivity anomalies from surface to 200 m depth that remain open to the south and east, conducive for semi-massive to massive sulphides like those confirmed on surface at Kokomo. Most likely, the chargeability (30 to 70 mrad (milliradians)) and resistivity (100 to 500 ohm-m (ohm-metres)) signature are due to a combination of relatively large volumes of interconnected metallic sulphides such as chalcopyrite and pyrite, in combination with slightly more resistive material such as sphalerite and strongly silicified domains.

The Kokomo showing has been mapped by the British Columbia Geological Survey as a conformable sequence of layered Paleozoic felsic to mafic subaqueous volcaniclastic rocks, including lenses of massive sulphide surrounded by an extensive alteration zone consistent with VHMS deposits as described at the nearby subshowing located 400 m northwest from the Kokomo showing. Samples collected by the BCGS from the subshowing returned 0.275 g/t Au, 18.3 g/t Ag, 0.02 per cent Cu, 0.31 per cent Pb and 0.44 per cent Zn. JoAnne Nelson (BCGS) stated in her report (on page 112) that the subshowing and Gazelle showing demonstrate mineralization indicative of a VHMS deposit, most likely peripheral VHMS feeder zone below the seafloor, that have been discovered in an intensely altered body within the Mt. Attree volcanics. The stratigraphy in the area includes andesiste, rhyolite and rhyolitic tuff of the Mr. Attree formation which are Mississipian in age, known to host the majority of significant VHMS deposits. Alteration includes quartz-sericite-pyrite (phyllic alteration), silicification and Fe-rich chlorite (including an intense depletion of Na2O (sodium oxide) and CaO (calcium oxide)) increasing in intensity from west to east. This alteration pattern is useful in providing a vector to the centre of the system. The area is characterized by a widespread Zn signature with secondary Au, Ag, Pb, Cu and trace element signature (elevated Au, Te, As, Sb, Bi, Cd, Hg, Ba) indicative of VHMS systems.

The Kokomo target has strong potential to evolve into a significant new VHMS discovery which is supported by known mineralization, grade, alteration and textures observed at surface, and most recently by the chargeability and resistivity anomalies highlighted by the 3-D inversion of the IP data. The latter is confirmation of the continuation of the system at depth, which remains open to the east and to the south, making the Kokomo showing a strong drill target.

The Midas property

The Midas property is 100 per cent controlled and covers 20,803 hectares, and is located 24 km southeast of Terrace, B.C., in close proximity to logging access roads, power, railway and major infrastructure. The property is located in an area of recent glacial abatement and permanent snowpack recession at the southern end of the Golden Triangle, British Columbia. Multiple high-grade gold grab, chip and channel samples were collected from the Kokomo VHMS target, where a one m chip sample assayed 9.343 g/t Au, 117 g/t Ag, 1.58 per cent Cu and 1.77 per cent Zn, and is drill ready. Relatively shallow induced polarization chargeability and resistivity anomalies extend under the Kokomo showing on trend to the south for at least 550 m toward the Eskay 1 pad, conducive for a buried VHMS containing semi-massive to massive sulphides at depth. Channel samples highlights from the VG zone include: 10.28 g/t Au over 4.34 metres; 15.37 g/t Au over two metres; and 5.43 g/t Au over 3.11 metres. Historic drill results from the Midas property include: hole MD-18-16, which intersected the peripheral zone of the IP anomaly core and returned 0.56 g/t AuEq over 35.35 metres; hole MD-18-08, which assayed 6.85 g/t Au over nine metres and narrowly missed a strong IP chargeability anomaly; and hole MD-18-01, which intersected 3.27 g/t AuEq over 4.80 metres and ended before it reached the core of a strong IP chargeability anomaly.

Dan Stuart, president and chief executive officer of Juggernaut Exploration, states: "It is exciting to see the right type of mineralization and alteration in drill core from the Midas property. We are confident, based on drill results and multiple other lines of evidence, that our 2024 drill plan is targeting the heart of a gold-rich VHMS system that all the data indicates is sitting below the Kokomo showing. Drilling in 2024 will focus on unlocking the full potential of the 550 m by 300 m high-grade mineralized trend. We are on track for discovery."

Empire property drilling update

Drilling at the Metallica zone on the Empire property did not return significant assay results. Additional detailed data compilation, interpretation and modelling is required to determine the extent and distribution of the gold mineralization on the Empire property, and understand its remaining gold potential.

Qualified person

Rein Turna, PGeo, is the qualified person, as defined by National Instrument 43-101, for Juggernaut Exploration projects, and supervised the preparation of, and has reviewed and approved the technical information in this release.

Other

Oriented HQ-diameter or NQ-diameter diamond drill core from the drill campaign is placed in core boxes by the drill crew contracted by the company. Core boxes are transported by helicopter to the staging area, and then transported by truck to the core shack. The core is then reorientated, metreage blocks are checked, metre marks are labelled, recovery and RQD measurements taken, and primary bedding and secondary structural features, including veins, dikes, cleavage and shears, are noted and measured. The core is then described and transcribed in MX Deposit. Drill holes were planned using Leapfrog Geo and QGIS software, and data from the 2017 to 2022 exploration campaigns. Drill core containing quartz breccia, stockwork, veining and/or sulphide(s), or notable alteration, are sampled in lengths of 0.5 m to 1.5 m. Core samples are cut lengthwise in half; one-half remains in the box and the other half is inserted in a clean plastic bag with a sample tag. Standards, blanks and duplicates were added in the sample stream at a rate of 10 per cent.

Grab, channels, chip and talus samples were collected by foot with helicopter assistance. Prospective areas included, but were not limited to, proximity to Minfile locations, placer creek occurrences, regional soil anomalies and potential gossans based on high-resolution satellite imagery. The rock grab and chip samples were extracted using a rock hammer or hammer and chisel to expose fresh surfaces and to liberate a sample of anywhere between 0.5 kilogram to 5.0 kilograms. All sample sites were flagged with biodegradable flagging tape and marked with the sample number. All sample sites were recorded using hand-held GPS (Global Positioning System) units (accuracy of three metres to 10 metres); and sample ID, easting, northing, elevation, type of sample (outcrop, subcrop, float, talus, chip, grab et cetera) and a description of the rock were recorded on all-weather paper. Samples were then inserted in a clean plastic bag with a sample tag for transport and shipping to the geochemistry lab. Quality assurance/quality control samples, including blanks, standards and duplicate samples, were inserted regularly into the sample sequence at a rate of 10 per cent.

All samples, including core, rock grabs, channels and talus samples, are transported in rice bags sealed with numbered security tags. A transport company takes them from the core shack to the ALS lab facilities in North Vancouver. ALS is either certified to ISO 9001:2008 or accredited to ISO 17025:2005 in all 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 up with dilute hydrochloric acid and analyzed by inductively coupled plasma atomic emission spectrometry. Overlimits were reanalyzed using the ME-OG62 and Ag-GRA21 methods (gravimetric finish). For Au-SCR21, a large volume of sample is needed (typically one kilogram to three kilograms). The sample is crushed and screened (usually to minus 106 microns) to separate coarse gold particles from fine material. After screening, two aliquots of the fine fraction are analyzed using the traditional fire assay method. The fine fraction is expected to be reasonably homogenous and well represented by the duplicate analyses. The entire coarse fraction is assayed to determine the contribution of the coarse gold.

Some of the reported data are historical in nature and are a compilation of third party data from previous operators. The reader is cautioned that grab samples are spot samples, which are typically, but not exclusively, constrained to mineralization. Grab samples are selective in nature and collected to determine the presence or absence of mineralization and are not intended to be representative of the material sampled. In addition, the reader is cautioned that proximity to known mineralization does not guarantee similar mineralization will exist on the properties.

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