Juggernaut Exploration Ltd. (JUGR.V) (the
“Company” or
“Juggernaut”) is
pleased to report it has entered into an agreement subject to TSX
approval and an exploration permit being issued, to earn a 100%
interest in the Goldstar property containing 238 hectares located
in West Central BC in close proximity to infrastructure and the
Goldstandard property providing for cost effective exploration.
The Goldstar property Goldilocks Zone has provided
excellent results to date containing assays of 7.86g/t AuEq over
3.75m true width. This channel was taken in 2019 over a 3.75m wide
section to partially test a 10.5m wide outcrop containing extensive
veining and alteration, the channel started in 9.01 g/t AuEq and
ended in 10.79 g/t AuEq, remains open and is Drill Ready. The
Goldilocks Zone discovered in 2018 is 190m long by 20 meters wide
and extends for 160 m vertical relief and remains open. It is
located 500 m north of the Yellow Brick Road Gold Zone, and remains
open. The Yellow Brick Road Zone was discovered in 2017, mapped for
170 meters and remains open. Channel samples assayed up to 24.55
grams per tonne gold equivalent over 0.3 meters (20.6 g/t Au, 329
g/t Ag, 0.02 % Pb DSM Oct 30th 2018). These two high grade gold
zones are in an under-explored region of extensive glacial and snow
pack recession providing vast areas of newly exposed bedrock with
excellent potential for additional gold discoveries. (Property Map
with highlights)
Property Highlights
Include:
- Goldilocks Zone Drill Ready
- Goldilocks Zone is demarked by multiple outcrops that
daylight in glacial talus containing high-grade gold and
polymetallic mineralization with grab samples assaying up to 40 g/t
AuEq. The zone is defined by veining and altered host rock over an
area of 190m by 20m and 160m vertical relief that remains
open. To date 84% of samples taken assayed greater
than 1.0 g/t gold confirming the continuity of the widespread gold
mineralization. (Link to
image)
- 2019 Channel Cut within the Goldilocks zone consisted
of a 3.75m cut to partially test a 10.5m wide
section of exposed outcrop. Assays returned 7.86 g/t AuEq over
3.75m true width. This channel started in 9.01 g/t AuEq and ended
in 10.79 g/t AuEq leaving the zone open. This zone also contains
gold mineralization confirmed in the host rock (pyritic chlorite
schist) that assayed 1.13 g/t AuEq over a 1-meter interval within
the 3.75-meter channel (Link to new 2019
Video)
- Yellow Brick Road Zone Drill Ready
- Located 500 meters south of Goldilocks, the Yellow
Brick Road Zone has been traced for 170 meters, and remains open
(link to 2018
video)
- Channel samples over 0.3 metre assay up to 28.7 g/t Au,
410 g/t Ag, 1.4 % Cu, and 6 % Pb (link to image)
- The Yellow Brick Road Zone contains
pyrite-chalcopyrite-galena bearing, vuggy quartz veins that are up
to 1 meter wide with chip samples up to 24.55 AuEq over 1 meter
(20.6 g/t Au, 329 g/t Ag, 0.02 % Pb) and with grab samples assaying
up to 55.80 g/t Au and 2340 g/t Ag. The veins are encompassed by a
pyritic and quartz-sericite-pyrite alteration envelope that is up
to 30 cm wide.
The
high-grade gold and silver mineralization confirmed on surface at
these two discovery zones located 500 meters apart coupled with
multiple other newly discovered gold mineralized outcrops in the
surrounding area provides strong drill targets to test for a large
common gold mineralizing system at depth. Drilling is recommended
to outline the full extent of the surface gold mineralization both
along strike and to depth. (link to map)
Host rock is variably altered with zones
of pervasive chloritization, oxidized pyritization, and local clay
alteration that contain gold and sliver mineralization. The Yellow
Brick Road Zone is pyrite-chalcopyrite-galena bearing, vuggy quartz
veins are up to 1 meter wide with an encompassing pyritic and
quartz-sericite-pyrite alteration envelope that is up to 30 cm
wide. Off-shoot veinlets form local breccia and stock work in the
altered wall rock. Sulphides occur as coarse seams and
dissemination within quartz vein material.
Table 1: Goldilocks Zone Channel Results
2019
https://www.globenewswire.com/NewsRoom/AttachmentNg/a8e9eb50-becc-4662-b8dc-7d3a6d36cb70
3AuEq metal values are
calculated using: Au $1574.05/oz, Ag $17.78/oz, Cu $2.56/lb, Pb
$0.97/Ib Prices on February 11th 2020
Table 2: Goldstar Property Highlights
from 2017 and 2018 (DSM Oct 30th 2018)
Sample # |
Zone |
Channel/Chip/Grab1 |
Length (metres) |
Gold (g/t) |
Silver (g/t) |
Copper % |
Lead % |
Gold Eq3 (g/t) |
W496968 |
Yellow Brick Road |
Grab |
|
29.60 |
845.00 |
0.30 |
0.55 |
40.47 |
W497407 |
Yellow Brick Road |
Channel |
0.30 |
28.70 |
410.00 |
1.40 |
6.00 |
38.88 |
W496863 |
Goldilocks |
Chip |
1.00 |
20.60 |
329.00 |
0.00 |
0.02 |
24.55 |
W496860 |
Goldilocks |
Grab |
|
11.70 |
313.00 |
0.09 |
0.03 |
15.60 |
W497406 |
Yellow Brick Road |
Channel |
0.30 |
11.10 |
260.00 |
1.97 |
1.28 |
18.00 |
W496862 |
Goldilocks |
Chip |
1.50 |
9.34 |
353.00 |
0.05 |
0.02 |
13.65 |
W496970 |
Yellow Brick Road |
float |
|
6.82 |
141.00 |
0.54 |
0.05 |
9.40 |
W496969 |
Yellow Brick Road |
Grab |
|
5.33 |
113.00 |
0.20 |
0.52 |
7.27 |
W386012 |
Yellow Brick Road |
Grab |
|
4.90 |
74.10 |
0.05 |
0.46 |
6.10 |
W496920 |
Goldilocks |
Chip |
1.00 |
4.28 |
133.00 |
0.00 |
0.00 |
5.87 |
W497408 |
Yellow Brick Road |
Channel |
0.27 |
3.91 |
89.40 |
0.05 |
0.05 |
5.08 |
W496922 |
Goldilocks |
Grab |
|
2.99 |
761.00 |
0.96 |
0.42 |
13.84 |
W496861 |
Goldilocks |
Grab |
|
2.65 |
52.00 |
0.00 |
0.03 |
3.29 |
W496865 |
Goldilocks |
Grab |
|
2.55 |
44.30 |
0.01 |
0.02 |
3.11 |
W496971 |
Yellow Brick Road |
Chip |
1.00 |
2.45 |
48.50 |
0.25 |
0.03 |
3.44 |
W496921 |
Goldilocks |
Grab |
|
1.42 |
32.50 |
0.00 |
0.09 |
1.85 |
W496924 |
Goldilocks |
Chip |
0.50 |
1.15 |
27.00 |
0.00 |
0.00 |
1.47 |
W496919 |
Goldilocks |
Chip |
1.50 |
0.77 |
19.10 |
0.00 |
0.00 |
0.99 |
W497409 |
Yellow Brick Road |
Channel |
0.75 |
0.26 |
2.70 |
0.01 |
0.01 |
0.31 |
W496864 |
Goldilocks |
Grab |
|
0.12 |
5.30 |
0.00 |
0.00 |
0.18 |
W3875154 |
Yellow Brick Road |
Grab |
|
55.80 |
795.00 |
1.71 |
12.30 |
74.28 |
W3875134 |
Yellow Brick Road |
Grab |
|
21.40 |
339.00 |
0.66 |
4.85 |
28.97 |
W3875174 |
Yellow Brick Road |
Grab |
|
16.70 |
212.00 |
0.17 |
0.40 |
19.71 |
W3875164 |
Yellow Brick Road |
Grab |
|
16.20 |
267.00 |
1.25 |
2.62 |
22.71 |
W3875124 |
Yellow Brick Road |
Grab |
|
0.67 |
2340.00 |
1.67 |
0.11 |
31.39 |
W3875144 |
Yellow Brick Road |
Grab |
|
9.28 |
152.00 |
0.07 |
0.13 |
11.28 |
1Grab samples are
selective in nature and collected to determine the presence or
absence of mineralization and are not intended to be representative
of the material sampled2True
thickness of mineralized zone not known
3AuEq metal values are calculated using:
Au $1222.9/oz, Ag $14.63/oz, Cu
$2.8499/lb42017 Sample
Data
Link to image gallery
Extensive regions of snowpack and glacial
recession also provide large areas with strong gold potential that
remain unexplored. Follow up work and drilling will focus on
expanding the known extent of mineralization at the Yellow Brick
Road and Goldilocks zones both along strike and to depth, which
will lead to the understanding and modeling of this extensive
gold-rich mineralizing system. Follow-up prospecting of the vast
unexplored regions of the Goldstar Property adds to future
discovery potential.
The Gold Star Property is situated on the
central coast of BC and is located approximately 5.5 km from
logging access roads and lies within 4.5 km of tidewater, which
provides for good access to infrastructure.
The Gold Star Property is an original discovery
with no previous recorded work in the area. The prospect was
generated and staked by the DSM Syndicate following positive
results from a reconnaissance prospecting program.
Option Terms: Juggernaut has 100%
Interest in Goldstar Property
Effective date Juggernaut will be contractually
required to issue 1,500,000 shares and warrants subject to escrow
provisions and complete a minimum $250,000 drill program of 600
meters HQ diameter core by December 15, 2022. All conditions of the
agreement are optional by Juggernaut post Dec 15th 2022. Juggernaut
will pay $250,000 and issue another 1,500,000 shares and incur
$750,000 in exploration by December 15th 2023 at which point
Juggernaut will have earned a 40% interest in the Goldstandard
property, 2024 Juggernaut will pay $500,000 and issue 2,000,000
shares, incur $2,000,000 in exploration expenses at which point
Juggernaut will have earned a 100% interest in the Goldstar
property, subject to NSR.
The December 15th 2023 cash option payment and
all cash option payments made thereafter will, subject to exercise
of the option, are deemed to be advance royalties.
Qualified Person
Rein Turna P. Geo 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.
Other
All rock, channel and talus fine samples were
crushed and pulverized at ALS Canada Ltd.'s lab in Vancouver, BC.
ALS is either Certified to ISO 9001:2008 or Accredited to ISO
17025:2005 in all of its locations. The resulting sample pulps were
analyzed for gold by fire assay in Vancouver, BC. The pulps were
also assayed using multi-element aqua regia digestion at ALS Canada
Ltd.'s lab in Vancouver, BC. The coarse reject portions of the rock
samples, as well as the pulps, were shipped to DSM Syndicate's
storage facility in Terrace, BC. All samples were analyzed using
ALS Canada Ltd.'s assay procedure ME-ICP41, a 1:1:1 aqua regia
digestion with inductively-coupled plasma atomic emission
spectrometry (ICP-AES) or inductively-coupled plasma mass
spectrometry (ICP-MS) finish for 35 elements as well as the Au-AA24
lead collection fire assay fusion procedure with atomic absorption
spectroscopy (AAS) finish. Any results greater than 100 ppm for
silver or 10,000 ppm copper, lead and zinc were additionally
assayed using ALS's OG46 method particular to each element. This
method used an HNO3-HCl digestion followed by ICP-AES (or
titrimetric and gravimetric analysis). Gold values of greater than
10 ppm Au were assayed by the Au-GRA22 method which includes a
fire-assay fusion procedure with a gravimetric finish. QA/QC
samples including blanks, standards, and duplicate samples were
inserted regularly into the sample sequence.
The reader is cautioned that grab samples are
spot samples which are typically, but not exclusively, constrained
to mineralization. Grab samples are selective in nature and
collected to determine the presence or absence of mineralization
and are not intended to be representative of the material
sampled.
For more information, please
contact:
Juggernaut Exploration Ltd.
Dan Stuart
President and Chief Executive OfficerTel:
(604)-559-8028www.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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