(TheNewswire)
Fully Funded For Drilling On Extensive High-Grade Copper-Gold Targets
Vancouver, British Columbia – TheNewswire - June 5th,2024 – Juggernaut Exploration Ltd. (TSXV: JUGR) (OTCQB: JUGRF) (FSE: 4JE) (the “Company” or “Juggernaut”) further to its May 24th, 2024 news release, Juggernaut is pleased to report that it has filed with the TSX Venture Exchange for final approval of the institutionally supported oversubscribed flow-through private placement financing (the “Financing”) for aggregate gross proceeds of $3,799,613.49. Crescat Capital will now have 13,828,386 shares of Juggernaut Exploration Ltd. The use of funds from this financing will be to drill ~5000 meters on Juggernaut’s 100% controlled Bingo and Midas properties, targeting prolific high-grade Copper and Gold at the surface.
Dr. Hennigh stated, "Very promising results from 2023’s maiden drill program confirmed strong potential for “Surebet” style intrusive-related gold-base metal lodes at Bingo. In addition, follow up drilling at Midas continues to demonstrate the presence of a large volcanogenic massive sulfide system in need of further work. With interest in the mining exploration space quickly heating up, it is critical that companies like Juggernaut get back to the job of making discovery. I look forward to working with the Company’s team as plans are made for this year’s drill campaign at both of these exciting projects. "
“We look forward to helping Juggernaut continue their work at Bingo and Midas in the coming drill season, given the potential for a significant discovery, remarked Kevin Smith, Crescat’s founder and Chief Investment Officer. “This is the same exploration team that delivered a major gold and silver discovery for us at Goliath Resources’ Surebet. They are highly capable of doing the same at one or both targets.”
This investment and strategic partnership with Crescat Capital, coupled with the ongoing support and interest from other globally recognized Institutions and senior miners, is a strong endorsement that clearly demonstrates the significant near-term expansion discovery potential of our 100% controlled properties—highlighting just one recent discovery on Bingo wheremultiple drill holes intersected high-grade gold-silver-copper mineralization along an extensive north-trending, west-dipping, shear-hosted vein with grades up to 11.42 gpt AuEq (7.57 gpt Au, 20.23 gpt Ag and 2.72 % Cu) over 5.11 meters, including 19.69 gpt AuEq (13.05 gpt Au, 24.93 gpt Ag and 4.70 % Cu) over 2.90 meters. The shear-hosted vein at the Bingo Main Zone is partially exposed at surfaces for over 600 meters, and only the main outcrop has been drill-tested to date, leaving the system open in all directions.
On receipt of Exchange approval, the Company will issue 31,272,539 flow-through units (“FT Units”), priced at $0.1215 each for gross proceeds of $3,799,613.49. Each FT Unit consists of one flow-through common share plus one common share purchase warrant, each warrant being exercisable for an additional common share at $0.14 for a thirty-six-month period.
The FT Units will entitle the holder to receive the tax benefits applicable to flow-through shares, in accordance with provisions of the Income Tax Act (Canada).
The Company will use an amount equal to the gross proceeds received by the Company from the sale of the FT Units, pursuant to the provisions in the Income Tax Act (Canada), to incur eligible “Canadian exploration expenses” that qualify as “flow-through mining expenditures” as both terms are defined in the Income Tax Act (Canada) (the “Qualifying Expenditures”) on or before December 31, 2025, and to renounce all the Qualifying Expenditures in favour of the subscribers of the FT Units effective December 31, 2024.
On receipt of Exchange approval, the Company will pay cash finders fees totalling $38,442.75 and issue 512,570 non-transferable broker warrants exercisable at $0.14 for 3 years.
All securities issued pursuant to this financing will be subject to a four-month plus one-day hold.
About Juggernaut Exploration Ltd.
Juggernaut Exploration Ltd. is a precious and base metals project generator in the geopolitically stable jurisdiction of Canada, focused on the prolific geologic setting of northwestern British Columbia encompassing the Golden Triangle.
Qualified Person Rein Turna P. Geo is the qualified person as defined by National Instrument 43-101 for Juggernaut Exploration’s projects. He supervised the preparation of and has reviewed and approved the technical information in this release.
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For more information, please contact
Juggernaut Exploration Ltd.
Dan Stuart
President, Director, and Chief Executive Officer
604-559-8028
info@juggernautexploration.com
www.juggernautexploration.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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.
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