Juggernaut Negotiates Extension on Flagship Midas VMS Property
09 November 2019 - 7:00AM
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
StuartPresident and Chief Executive OfficerWebsite:
www.juggernautexploration.com
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REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE
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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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