Gold Summary for Oct. 9, 2018
2018-10-09 20:05 ET - Market Summary
by Stockwatch Business Reporter
Dan Stuart's Juggernaut Exploration Ltd. (JUGR) underwhelmed the market today, slumping 15.5 cents to 15.5 cents on 5.43 million shares. The company has received assays from its Midas property, east of Prince Rupert in northwestern British Columbia. The assays are from five holes of a 16-hole, 1,977-metre drill program targeting the King Solomon trend along a strike length of over 800 metres. One hole, just partially assayed, returned 0.21 gram of gold and 1.77 grams of silver per tonne over 35.35 metres, accompanied by 0.08 per cent copper, 0.32 per cent zinc and 0.015 per cent lead. (The gold-equivalent grade was an uninspiring 0.56 gram per tonne.) The other holes also encountered mineralization, with better grades but over narrow intervals, including 2.24 grams of gold and 6.83 grams of silver per tonne over 4.8 metres, accompanied by 0.18 per cent copper and 1.04 per cent zinc.
Mr. Stuart, president and chief executive officer, says that he and his crew are "pleased that we are on target to achieve all the goals" set for the 2018 exploration programs, including more than 5,000 metres of exploratory drilling across 35 holes at Midas and the nearby Empire project. (His backers clearly had loftier goals.) Assays from the 12 additional holes at Midas are pending and Mr. Stuart says he and the company look forward to reporting additional drill results with "much anticipation." Given the market's reaction to the current batch, he is undoubtedly in a hurry to get the new assays to market, but considerable trepidation probably accompanies the market's anticipation.
The Burnaby-based Mr. Stuart replaced Clive Brookes as president and CEO a year ago. Mr. Brookes had been drawing just $37,000 per year in salary, and based on Juggernaut's modest salary expenses this year, Mr. Stuart is not charging much more. Fortunately, he is also senior vice-president for Western Canada at Aberdeen Gould Capital Markets Ltd.