VANCOUVER, British Columbia, Nov. 08, 2019 (GLOBE NEWSWIRE) -- Juggernaut Exploration Ltd. (TSX-V: JUGR) (OTCQB: JUGRF) (FSE: 4JE) (the “Company” or “Juggernaut”) is pleased to announce favorable extension terms for the 100% controlled flagship Midas VMS property. All existing commitments are moved forward to March 30th 2022 and beyond. In consideration for this extension Juggernaut commits to spend a minimum of $90,000 CAD on geophysics designed to delineate additional VMS drill targets on or before Sept 20th 2020, and (optional) complete a minimum of 1500 meters of drilling on Midas by Oct 1st 2021. With the geophysics providing positive results ie delineating VMS drill targets at depth Juggernaut has until Mar 30th 2021 to make an election to complete a minimum of 1500 meters diamond drilling on Midas by Oct 1st 2021. If positive results from the 2020 geophysics are not ascertained Juggernaut can discontinue the option on the Midas property on or before Mar 30th 2021 without further obligation.
The Midas property is a strong VMS target confirmed by all work done to date and remains Juggernauts flagship project. Based on the data compiled from the 2019 and 2018 drill programs, mapping and geophysics indicate areas containing strong VMS potential remain to be tested. Drill results to date substantiated this with the hole drilled in closest proximity to the East Creek fault MD-19-21 displayed textures consistent with VMS including a 0.5m interval of semi massive to massive pyrite from 47 to 47.5m containing 0.213 g/t Au with 6.03 g/t Ag and 0.368% Cu hosted within strongly sericite to silica altered rock. Furthermore the most easterly collared drill hole in 2018 hole MD-18-16 intersected a broad zone (35 meters) containing good zinc , and gold mineralization indicating a potential significance to the nearby East Creek fault (Gazelle showing area) as having strong VMS potential that remains to be drill tested.
Further compilation and study of all the available data and additional geophysics is recommended to vector in on additional VMS targets within the 2.1 x 1.6 km King Solomon Trend that remain to be drill tested.
King Solomon Zone Highlights
- All 25 drill holes to date to date on Midas intersected polymetallic mineralization.
- The King Solomon Zone is located within a regional world class VMS setting that confirms the strong potential for the Midas property to host a significant discovery
- The British Columbia Geological Survey (BCGS; McKeown et al., 2007) mapped a conformable sequence of layered Paleozoic felsic to mafic sub-aqueous volcaniclastic rocks and documented an extensive alteration zone, with the King Solomon Trend at its core for at least 2.1 kilometers that contains the Gazelle and Sub showings that indicate the presence of a VMS system.
- Additionally, the BCGS documented massive sulphide lenses, barite lenses and veins, on Midas and stated the area southeast of Terrace is highly prospective for VMS deposits.
- Intense alteration system with zones of widespread gossan development, silicification, Fe-rich chloritic alteration, Na-Ca depletion, and quartz-sericite-pyrite development.
- Soil and rock sample geochemistry is consistent with a VMS signature.
- MT and IP data shows large, strong chargeability and resistivity anomalies at depth that can be traced across multiple IP lines.
Mr. Dan Stuart, Director, President and CEO of Juggernaut states:
“The exploration results to date indicate there remains good potential for VMHS mineralization to be discovered within the underexplored King Solomon trend on the Midas property. The proposed 2020 geophysics in compilation with 2019 and 2018 results will aid in planning for future drilling as we continue to gain a better understanding of the property. Eskay Creek went through many owners and drill campaigns before the discovery was made on the 109th drill hole. Management and the technical team strongly believe the Midas property has excellent VMHS discovery potential, we could be just one drill hole away from discovery. The Midas property exploration results have provided many good indications we are headed in the right direction. This new option extension is a win win for the company as it allows us to maintain our 100% option providing the shareholders with the potential of significant up-side for very little additional financial expenditure. Midas is located in a world class geologic setting in close proximity to both roads and extensive infrastructure.
Other
All samples were crushed and pulverized at ALS Global ISO 17025:2005 accredited geochemistry lab in North Vancouver, BC. Drill core samples were crushed, split and pulverized to 250 g pulp. The sample pulps were analyzed for gold by fire assay method (Au-AA24) and were also assayed using multi-element aqua regia digestion. Samples were analyzed using ALS assay procedure ME-ICP41m and MS-ICP61m. ME-ICP is an aqua regia (partial) digestion with inductively-coupled plasma (ICP) mass atomic emission spectroscopy (ICP-AES) finish for 36 elements. MS-ICP61m is a four acid digestion with ICP mass spectrometry finish for 49 elements. Over-limit samples for copper, lead and zinc were reanalyzed by fire assay with a gravimetric finish (OG46 and OG62). Rigorous procedures are in place regarding sample collection, chain of custody and data entry. QA/QC samples including blanks, standards, and duplicate samples were inserted regularly into the sample sequence.
Qualified Person
Rein Turna 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.
For more information please contact:
Juggernaut Exploration Ltd.
Mr. Dan Stuart
President and Chief Executive Officer
Website: www.juggernautexploration.com
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FORWARD LOOKING STATEMENT
Certain disclosure in this release may constitute forward-looking statements that are subject to numerous risks and uncertainties relating to Juggernaut’s operations that may cause future results to differ materially from those expressed or implied by those forward-looking statements, including its ability to complete the contemplated private placement. Readers are cautioned not to place undue 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 PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR AN INVITATION TO PURCHASE ANY SECURITIES DESCRIBED IN IT.
