Juggernaut Options to Earn 100% Interest in Goldstar Property
VANCOUVER, British Columbia, July 07, 2020 (GLOBE NEWSWIRE) — 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 ReadyLocated 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 2019https://www.globenewswire.com/NewsRoom/AttachmentNg/a8e9eb50-becc-4662-b8dc-7d3a6d36cb703AuEq 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 2020Table 2: Goldstar Property Highlights from 2017 and 2018 (DSM Oct 30th 2018)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 sampled
2True thickness of mineralized zone not known
3AuEq metal values are calculated using: Au $1222.9/oz, Ag $14.63/oz, Cu $2.8499/lb
42017 Sample Data Link to image galleryExtensive 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 PropertyEffective 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 PersonRein 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.OtherAll 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 StuartPresident and Chief Executive Officer
www.juggernautexploration.comNEITHER 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 STATEMENTCertain 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.