VANCOUVER, British Columbia, Nov. 19, 2019 (GLOBE NEWSWIRE) — Juggernaut Exploration Ltd. (TSX-V: JUGR) (OTCQB: JUGRF) (FSE:4JE) (the “Company” or “Juggernaut”) is pleased to report it has entered into an agreement subject to TSX approval, to earn a 100% interest in the Gold Standard property containing 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 ZONEDetailed 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 SYSTEMThe 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 PropertyEffective date Juggernaut will be contractually required to pay an initial $200,000 payment, issue 2,000,000 shares and warrants subject to escrow provisions and complete $500,000 of exploration expenditures by December 15, 2021 at which point Juggernaut will have earned a 40% interest in the Goldstandard property. All conditions of the agreement are optional by Juggernaut post Dec 15th, 2021. Juggernaut will pay $300,000 and issue another 3,000,000 shares, December 15th 2021, 2022 Juggernaut will pay $400,000 and incur $1,500,000 in exploration expenses, December 15th, 2023 Juggernaut will pay $500,000, issue another 2,000,000 shares and incur $2,000,000 in exploration expenses at which point Juggernaut will have earned a 60% interest in the Gold standard property. Dec 15th, 2024 Juggernaut will pay $600,000, issue another 3,000,000 shares and incur $2,500,000 in exploration expenses at which point Juggernaut will have earned a 100% interest in the Gold standard property, subject to NSR.The December 15th, 2021 cash option payment and all cash option payments made thereafter will, subject to exercise of the option, are deemed to be advance royalties. Juggernaut will complete a financing of a minimum of $2,200,000 as a condition precedent to the granting of the option (the “financing”) which is to close on or before March 30, 2020 and have receipt of exchange approval for the transaction.Dan Stuart Director, President and CEO states: “We are very pleased to have entered into an agreement to earn a 100% interest in Gold Standard. 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 PersonRein 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.OtherAll 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 Stuart
604-559-8028
Director, President and Chief Executive Officer
Website: 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.
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