Juggernaut Exploration Ltd. (TSX-V: JUGR) (OTCQB: JUGRF)
(FSE:4JE) (the “Company” or “Juggernaut”)
is pleased to report that the upcoming planned 2020 summer drill
program is now fully funded to earn a 100% interest. The Gold
Standard property encompasses 3961 hectares located in West Central
BC in close proximity to infrastructure. The property contains the
newly identified deposit target
Goldzilla hinge
zone, the Hinge measures up to
20 meters
wide and can be traced for
100m along
strike, contains broad high-grade gold mineralization and
is drill ready. The hinge zone is part of the large-scale Goldzilla
orogenic vein system that has been
traced for
800 metres with a vertical relief of 300 metres
and remains open to the south east. Channel cut grades on the hinge
zone assayed up to 5.86 grams per ton (g/t) gold and 6.00 g/t AuEq
(gold equivalent) over 12 metres including 5 metres of 13.03 g/t
AuEq and 1 metre of 31.66 g/t AuEq true width
.
Approximately 67 % of Canadian gold production comes from this
world class geologic setting (Link to Video)
GOLDZILLA HINGE ZONE
Detailed mapping and surface sampling,
identified a 100m by up to 20m wide deposit scale hinge zone
containing high grade gold mineralization of up to 6.00 g/t AuEq
over 12m including 5m of 13.03 g/t AuEq and 1m of 31.66 AuEq
(schematic of hinge zone). This hinge zone is part of the large
scale Goldzilla orogenic system that is traced on surface for 800m
with 300m of vertical relief and remains open (hinge zone
Image)
The Goldzilla hinge zone target is drill ready,
the planned inaugural drill program will target the gold
mineralization discovered at surface and trace it to depth.
Drilling will be designed to unlock the full potential of this
high-grade deposit scale orogenic vein system and to understand the
relationship between multiple other large en-echelon gold bearing
veins at depth.
OTHER OROGENIC VEINS ON GOLD
STANDARD:
Several other deposit target en-echelon gold
bearing orogenic veins have been found within the Big
Show high strain zone that has been expanded in 2019 from
2km by 1km, to 4.5km by 1.5km, containing multiple large en-echelon
gold bearing mineralized quartz veins and shear zones. Exploration
has further confirmed the extent of gold mineralization within
multiple quartz veins and shear zones, within the Big Show high
strain, confirming an extensive orogenic gold system within the
property. (link to image)
This mineralized orogenic system is part of a
regional high strain zone, a brittle and ductile, sub-vertical
shear zone system that is proximal to the boundary between the
Intermontane and Insularsuperterranes, demarked by the Coast shear
zone. Localization of high strain zones within the system are
associated with sheeted, oxidized, sulphide-bearing quartz veins
and shear zones that have been identified in outcrop with a strike
length of 4.6 km and 1.5 km wide, which remains open in all
directions. Discrete gold bearing quartz veins and shears trend up
to ~1 km in strike with 500m of vertical extent and are up to 15m
in width. They host variable amounts of gold mineralization,
oxidized pyrite and disseminated pyrite with chalcopyrite.The
planned inaugural drill program will be designed to test the
Goldzilla hinge zone both along strike and to depth. The property
is in an easily accessible alpine area with abundant bedrock
exposure due to recent glacial and snowpack abatement and is
located only 4km from major infrastructure and 1km to tidewater and
logging roads, providing excellent, cost-effective exploration. The
Gold Standard property is an original discovery area located in a
world-class geological setting that remains largely unexplored,
providing tremendous untapped gold potential.
GEOLOGIC MODEL - OROGENIC GOLD
SYSTEM
The 2019 exploration program has further
confirmed the extent of gold mineralization within multiple quartz
veins and shear zones, within the Big Show high strain zone
confirming an extensive orogenic gold system within the Gold
Standard property. The prolonged faulting and shearing within this
structural corridor on the Gold Standard property provided
extensive conduits for mineralizing fluids and favorable sites for
mineralization (link to image). Within the Big Show Zone, veins
occur in an en-echelon pattern to the regional north-northwest
orientation of the major shear zones. These orogenic
characteristics are consistent with gold-bearing mineralized veins
and shear zones.
Orogenic gold systems are often deep rooted and
are mined to depths of 1 to 3 kilometres (orogenic Model 1).
Approximately 67 % of Canadian gold production comes from this type
of geologic setting, with examples including the nearby Bralorne
Pioneer camp in British Columbia (4.17 Moz) with depths to 2km, and
many regions within the Canadian shield including Kirkland Lake
(>40 Moz), Timmins (>70 Moz), Val d’Or/Noranda (>69 Moz)
and Red Lake gold camps (>29 Moz). These gold deposits typically
contain average mining grades of ~5 gpt Au to ~15 gpt Au, similar
to what is found at the Gold Standard property. Other orogenic
systems are currently being explored such as Great Bear Resources
Dixie project that confirm similar grades in drilling (orogenic
model 2).
Option Terms: Juggernaut has 100%
interest in Gold Standard Property
Juggernauts condition precedent previously
announced Nov 19th 2019 granting the option was amended to $900,000
as result of current market conditions.
Dan Stuart Director, President and CEO states:
“We are very pleased to have finalized the agreement to earn 100%
interest in Goldstandard. The property has demonstrated its
tremendous gold potential with the discovery of the Goldzilla hinge
zone and several other high-grade orogenic gold veins. These
orogenic gold systems are commonly mined to depths of 1 to 3
kilometres. This geologic setting and model have proven to host
several world-class, high grade, multimillion-ounce deposits.
Future exploration has excellent potential to expand on these
discoveries both along strike and at depth. This project has
already garnered the interest of several miners and institutions
alike confirming the significance of this opportunity. The company
will focus on how best to lever Goldstandard to its full potential.
We are currently evaluating many options including potential
strategic partnerships. The company remains focused on maximizing
value through positive exploration results while simultaneously
minimizing dilution going forward thereby unlocking the full
potential for its shareholders. We look forward to the inaugural
drill program designed to trace the discovery zone to depth and
along strike.”
Qualified Person
Rein Turna, P. Geo. is the qualified person as
defined by National Instrument 43-101, for Juggernaut Exploration
Ltd., and supervised the preparation of, and has reviewed and
approved, the technical information in this release.
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 36elements.
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.
For more information please contact:
Juggernaut Exploration Ltd.Dan
Stuart604-559-8028Director, President and Chief Executive
OfficerWebsite: www.juggernautexploration.com
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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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