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Juggernaut Exploration Ltd
Symbol C : JUGR
Shares Issued 97,025,564
Close 2019-06-11 C$ 0.095
Recent Sedar Documents

Juggernaut Exploration prepares for Terrace drilling

2019-06-11 09:27 ET - News Release

Mr. Dan Stuart reports

JUGGERNAUT MOBILIZES FOR DRILLING

Juggernaut Exploration Ltd. has begun mobilization for its 2019 diamond drilling program on its 100-per-cent-controlled Terrace area properties located in British Columbia. The program will primarily focus on testing VHMS (volcanic-hosted massive sulphide) targets on the flagship Midas property, with some additional drilling also planned for the Empire property. The VHMS drill targets on Midas have been generated from the compilation of the 2018: drill results, induced polarization (IP) data, chip/grab/channel sample geochemistry, soil geochemistry, detailed bedrock mapping as well as whole-rock analysis of this prospective package of Paleozoic volcanics.

King Solomon zone highlights:

  • The British Columbia Geological Survey (BCGS; McKeown et al., 2007) mapped a conformable sequence of layered Paleozoic felsic to mafic subaqueous volcaniclastic rocks and documented an extensive alteration zone, with the King Solomon trend at its core for at least 2.1 kilometres.
  • There is an intense alteration system with zones of widespread gossan development, silicification, iron-rich chloritic alteration, sodium-calcium depletion and quartz-sericite-pyrite development.
  • Additionally, the BCGS documented massive sulphide lenses, barite lenses and veins and stated the area southeast of Terrace is highly prospective for VHMS deposits. Soil and rock sample geochemistry is consistent with a VHMS signature. Newly acquired and modelled MT (magnetotelluric) and IP data show large, strong chargeability and resistivity anomalies at depth that can be traced across multiple IP lines. All 16 drill holes to date on Midas intersected gold and polymetallic mineralization.
  • MD-18-16 intersected an intensely silicified mineralized zone grading 0.21 gram per tonne gold, 0.18 gram per tonne silver, 0.32 per cent zinc, 0.08 per cent copper and 0.02 per cent lead over 35.35 metres, which the company believes may be the part of a VHMS system.
  • The discovery of this new zone, located within a regional world-class VHMS setting, confirms the strong potential for the Midas property to host a significant discovery.

Dan Stuart, director, president and chief executive officer of Juggernaut, stated: "The results to date demonstrate we have barely begun to scratch the surface and could be seeing just the tip of the iceberg. Midas is located in a world-class geologic setting with excellent potential for a significant VMS (volcanogenic massive sulphide) discovery, all in close proximity to both roads and infrastructure. This geologic setting and model have proven to host multiple world-class deposits, including the Eskay Creek high-grade gold VMHS deposit. The Midas project is still in its infancy with many layers of new data that point to clearly defined targets. The 2019 drilling that is focused on unlocking the tremendous untapped VMHS potential of the Midas property. The King Solomon trend has shown it has the right ingredients required -- geology, alteration, geophysics and geochemistry -- to quickly develop into a big VMS discovery. We look forward to drill program with great anticipation."

Qualified person

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

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