Juggernaut funds Inaugural Drilling on Empire and Midas Discoveries
Juggernaut funds Inaugural Drilling on Empire and Midas Discoveries
Vancouver, April 9th, 2018 - Juggernaut Exploration Ltd. (TSX -V: JUGR)(Frankfurt:4JE) (the
“Company or “Juggernaut”) is pleased to announce a non-brokered private placement for gross
proceeds totaling $2,400,000. The offering has strong support and interest from both
institutions and accredited investors alike in Canada and Europe. The proceeds will fund
multiple inaugural drill programs on the 100% controlled Empire and Midas
properties including the target zones at: Big One, Metalworks, Max Min, Rockstar, and King
Solomon. The systematic exploration will also include ground and airborne geophysics, detailed
mapping, additional alteration studies to assist in understanding the extent
and controls on mineralization, helping further define the geologic models. These properties
are located adjacent to extensive infrastructure just outside of Terrace British Columbia.
The proposed financing is scheduled to close next week on Monday, April 16, 2018. The
offering will consist of flow -through units (each an "FT Unit") at the price of $0.27 and non -
flow-through units (each an "NFT Unit") at the price of $0.20. Each FT Unit wi ll be comprised of
one common share which is a "flow -through" share for Canadian income tax purposes and one
share purchase warrant (each full warrant a "$0.60 Warrant"). Each $0.60 Warrant will entitle
the holder to purchase one additional common share which is not a "flow-through" share at the
price of $0.60 for 24 months after Closing. Each NFT Unit will be comprised of one common
share which is not a "flow -through" share and one share purchase warrant (each a
"$0.50 Warrant"). Each $0.50 Warrant will en title the holder to purchase one additional
common share which is not a "flow -through" share at the price of $0.50 for a period
of 36 months after Closing. If at any time after four months after the date of completion of the
offering the Company's Shares h ave a closing price equal to or higher than $1.00 per Share for
ten (10) consecutive trading days on the TSX -V (as defined herein), the Company shall
thereafter be entitled to give notice to the holders of all
$0.50 Warrants or the $0.60 Warrants respectively, by news release, that such warrants will
expire at 4:30 p.m. (Toronto time) on that date which is 30 days after the date of such news
release unless exercised before the expiry of that period.
The Company will pay finder's fees equal to 6% of the gro ss proceeds from a portion of the
financing in cash, and 6% finder’s warrants equal to the number of units sold in accordance
with the policies of the TSX Venture Exchange. Completion of the private placement and the
payment of the finders’ fees are subject to acceptance by the TSX Venture Exchange. All shares
issued pursuant to the offering (including shares issued to finders) and any shares issued
pursuant to the exercise of warrants will be subject to a four -month hold period from the
closing date.
Drill Ready Zones
Big One Anomaly
An extensive geophysically indicated buried strong bedrock conductor has been identified
approximately 3.5 kilometres north of the Inca Trend ( Link to video ). The Big One anomaly is a
strongly conductive body measuring 1000 by 800 by 300 metres. The conductive zone comes to
within 30 m of the surface remains open to depth. The tabular shape of the conductive body,
the presence of sulphides including chalcopyrite on surface, and the presence of marine fossils
in the area are all strong indicators of being near what was a hydrothermal vent system, a black
smoker. These results demonstrate Big One has strong potential for a Eskay Creek style VMS at
depth. Drilling will test the core of this anomalous body.
Rockstar Zone
At the southern end of the Inca Trend is t he Rockstar zone , defined by gold and polymetallic
mineralization in bedrock grabs and chan nels measuring 1000 x 550 m with 450 m of vertical
relief and remains open in all directions (link to video ). Rockstar has semi -massive sulphide
lenses and stringers, and is hosted in a layered sequence of pervasively altered Hazelton
volcanics ( link to video ). Highlights from the Rockstar zone include a channel cut over 6.02
metres including 1.53 grams per tonne gold, 1.38 % copp er, 0.23 % zinc, and 0.13 % lead (See
Dec 5 th Press Release ). This channel started and ended in mineralization . The early season
exploration program will augment and refine the inaugural drilling program at Rockstar.
Max Min Zone
A highlight of the 2017 program was the discovery of the Max Min, a 170 by 100 metre zone of
bedrock grab, chip, and channel samples containing polymetallic and gold mineralization (link
to map ), and phyllic alteration that together indicate the presence of a feeder zone or
hydrothermal system at depth . Highlights include a channel sample with 4.8 grams per tonne
gold, 0.26 percent copper, 3.73 percent zinc, and 4.85 percent lead over 4.6 metres. Five
channel samples of a metre or less range from 10.3 to 56.4 grams per tonne gold (See Nov 29th
Press Release). The drill program has been designed to test the source of the mineralization in
this key target area.
Metalworks Zone
Assay results from Metalworks have m ore than doubled the size of the zone with mineralized
bedrock grab, chip, and channel samples from 95 by 85 metres in 2016 to 300 by 130 metres in
2017 and it remains open (link to map ). This resulted from newly exposed bedrock along the
fringes of the rapidly receding glacial ice and snowpack. Highlights include a 5 -metre chip
sample that assayed 2 .64 grams per tonne gold, 277 grams per tonne silver, 3.88 percent zinc,
11.95 percent lead (See Nov 29 th Press Release). With the expansion of Metalworks in 2017 by
~200 metres, it is now only ~750 metres south of Olympus, ~250 metres west of Metallica, and
400 metres to Max Min, only separated by rapidly receding glacial ice and snowpack. These
zones share a similar style of mineralization which is predominantly hosted structurally above
extensive hydrothermal breccias. Other similarities include the same stratigraphic package of
rocks, potassic and phyllic alteration, and late porphyry dykes all of which suggest a shared
porphyry feeder source of mineralization at depth.
Midas King Solomon Zone
The presence of bedrock-hosted, polymetallic and gold mineralized channel, chip , and grab
samples over a 2.1 kilometre by 1.6 kilometre area define the King Solomon Zone ( link to map).
Highlights include four channel cuts which intersect a N -S trending, mineralized shear zone at
the VG showing. Mineralized intervals from these channels included 4.34 metres of 10.28 grams
per tonne gold, 4.95 meters of 2.01 grams per tonne gold and 2.13 metre s of 13.3 grams per
tonne gold (See Jan 15th Press Release)
The King Solomon Zone is within a district scale 18 x 10 km quartz, sericite, pyrite alteration
zone that was mapped by the British Columbia Geological Survey in 2007 ( link to video ). The
survey also mapped a sequence of marine volcanics and suggested this region was prospective
for VMS deposits and the alteration system may be a result of such a deposit. Post -volcanic
deformation appears to have remobilized gold and polymetallic mineralization into faults, shear
zones, and along foliation planes. A recent preliminary alteration study indicates the King
Solomon Zone is an orogenic mineralizing system based on several lines of evidence . The
planned 2018 drill program has been designed to test the King Solomon Zone.
Statements
Mr. Dan Stuart, Director, President and CEO of Juggernaut states: “The company and entire
geologic team are very excited to drill these new mineralized bedrock discoveries on Empire
and Midas in 2018. These discoveries are located in key geologic terrane t hat is known to host
multiple world class mineral deposits and have excellent potential to be a drill hole away from a
significant new discovery in the subsurface. Both the Empire and Midas discoveries have
already garnered the attention of institutions an d senior miners alike both have road access
and are in close proximity to excellent infrastructure in Terrace British Columbia. We look
forward to the 2018 drilling season with great anticipation.”
Dr. Stefan Kruse, Chief Consulting Geologist stated:
“Results to date are extremely encouraging. We look forward to unlocking the full potential of
the Empire and Midas properties in 2018 with our planned inaugural drill program”
Further information regarding Juggernaut Exploration Ltd. can be found at
JuggernautExploration.com
Other
Stefan Kruse, Ph.D., P. Geo., Chief Geologist, 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 relea se. Further information
regarding Juggernaut’s Midas and Empire properties can be sourced on -line at
www.juggernautexploration.com, or by contacting Dan Stuart at 778-233-0293.
All rock, channel and talus fine samples were crushed and pulverized at ALS Ca nada Ltd.’s lab in
Terrace, BC or in Reno Nevada. 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 Reno, Nevada or in Vancouver, BC. The pul ps were also assayed using multi -element
aqua regia digestion at ALS Canada Ltd.’s lab in Vancouver, BC. The silt samples were sieved and
assayed at ALS Canada Ltd.’s lab in Vancouver, BC. The coarse reject portions of the rock,
channel and talus fine samp les, as well as the pulps, were shipped to J2 Syndicate’s storage
facility in Terrace, BC. The silt samples were disposed of after analysis. 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 HNO 3-HCl
digestion followed by ICP -AES (or titrimetric and gravimetric analy sis). 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. Blanks and duplicates QA/QC samples were inserted into
channels sample laboratory batches. Additionally, and 10% sub -sample of pulp and reject
material was sent to Activation Laboratories in Ancaster Ontario, for check-analysis.
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.
Contact Information:
Dan Stuart Director, President, and CEO
+1-604-559-8028
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.
Juggernaut Exploration Ltd.
Suite 1010-1130 West Pender St.
Vancouver BC V6E-4A4
Office # 1-604-559-8028
Fax # 1-604-681-1864