Juggernaut Exploration Commences Drilling Goldstandard Discovery

2022-07-15 04:55:35

VANCOUVER, British Columbia, July 15, 2022 (GLOBE NEWSWIRE) — Juggernaut Exploration Ltd (JUGR.V) (OTCQB: JUGRF) (FSE: 4JE) (the “Company” or “Juggernaut”) is pleased to announce it has begun its 2022 diamond drill program on its 100% controlled Goldstandard property situated along the Central Coast of British Columbia. The planned drilling is following up on drilling in 2021, Drill hole GSD-21-10 intersected 2.146 gpt Au (2.302 gpt AuEq) over 6.5 m including 3.284 gpt Au (3.498 gpt AuEq) over 4.0 m and 8.210 gpt Au (8.638 gpt AuEq) over 1 m. The Goldzilla Zone has been traced on surface for 800 m with a vertical relief of 300 m and remains open both to the southeast and to depth, only a small fraction has been drill tested (~50 meters along strike). Drilling is planned to test both down dip and strike of three of the seven extensive high grade polymetallic gold silver veins discovered on surface on the property. Goldzilla, Kraken and Phoenix, only a small portion of the Goldzilla vein has been tested to date which confirmed gold mineralization both along strike and to depth that remains open.

The Gold Standard property comprises multiple extensive shear-hosted orogenic quartz-chlorite-sulphide veins up to 20 m wide and 1000 m long outcropping at surface (Goldstandard Overview Map Veins). Of these veins, only a small section of the Goldzilla has been drill tested to date (60 m of strike and 55 m down dip) leaving the majority of this vein unexplored along strike and at depth. The property is located in a key geologic setting along a regional scale under-explored high strain zone that extends for more than 100 km in a NNW-SSE direction. (2021 Video Link Here).

Kraken and Phoenix vein highlights:

The Kraken Vein is up to 15 m wide and has been traced on surface for 1000 m with 520 m of vertical relief and remains open. Channel samples from 2019 returned grades of 29.48 gpt AuEq over 0.7 m and a 1 m chip taken 305 m along strike grading 6.52 gpt Au. (Link to Video) (Kraken Overview Image)   (Kraken Overview Schematic)

The Phoenix vein is up to 5 m wide and can be traced on surface for 200 m with 40 m vertical relief that remains open. A single grab sample from 2019 returned 1.18 gpt Au. (Phoenix Outcrop)

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 Insular superterranes, 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 500 m of vertical extent and are up to 20 m in width. They host variable amounts of gold mineralization, oxidized pyrite and disseminated pyrite with chalcopyrite. Extensive regions of snow-pack abatement and glacial recession along the regional under-explored high stain zone provide for extensive areas recently exposed with excellent discovery potential. (High Strain Zone).

Results from the Gold Standard property have confirmed the presence of a strong gold mineralized orogenic system on the Gold Standard property at surface and at depth where veins occur in an en-echelon pattern to the regional north-northwest orientation of the major shear zones. The prolonged faulting and shearing within this under-explored regional high strain zone on the Gold Standard property provided extensive conduits for mineralizing fluids and favourable sites for mineralization (shears Image). These orogenic characteristics are consistent with gold-bearing mineralized veins and shear zones. Orogenic gold system are often deep rooted and are mined to depths of 1 to 3 km (Tectonic Setting). Approximately 67 % of Canadian gold production comes from orogenic systems in world class geologic settings, with examples including the nearby Bralorne Pioneer Camp in British Columbia (4.17 Moz) with depths to ~2 km, and many regions within the Canadian shield including Kirkland Lake (>40 Moz) (kirkland Lake), 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.

Juggernaut Exploration’s 100 % controlled Gold Standard property is an original discovery with no previous recorded work in the area and is situated 1 km north of tidewater along the Central Coast of British Columbia approximately 4 km from major infrastructure.

Dan Stuart, President and CEO of Juggernaut Exploration, states: The results from the maiden exploration drilling on Goldstandard in 2021 confirmed gold mineralization in the subsurface. We look forward to unlocking the full gold potential by drilling Goldstandard in 2022 and beyond. We also look forward to providing news around drilling, exploration and results as the exploration program progresses this summer. Juggernaut is in a very unique position, with a tight share structure of just over 43MM shares issued and outstanding and $4,000,000 currently in the treasury including exploration rebates. Juggernaut is fully funded and on track for the rapidly approaching exploration programs for both 2022 and 2023.”

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

Oriented HQ-diameter diamond drill core from the drill campaign is placed in core boxes by the drill crew contracted by the Company. Core boxes are transported by helicopter to the staging area, and then transported by truck to the core shack. The core is then re-orientated, meterage blocks are checked, meter marks are labelled, Recovery and RQD measurements taken, and primary bedding and secondary structural features including veins, dykes, cleavage, and shears are noted and measured. The core is then described and transcribed in MX DepositTM. Drill holes were planned using Leapfrog GeoTM and QGISTM software and data from the 2017-2019 exploration campaigns. Drill core containing quartz, chlorite-schist, sulphide(s), or notable alteration are sampled in lengths of 0.5 to 1.0 meters. Core samples are cut lengthwise in half, one-half remains in the box and the other half is inserted in a clean plastic bag with a sample tag. Standards, blanks and duplicates were added in the sample stream at a rate of 20%.

Grab, channels, chip and talus samples were collected by foot with helicopter assistance. Prospective areas included, but were not limited to, proximity to MINFile locations, placer creek occurrences, regional soil anomalies, and potential gossans based on high-resolution satellite imagery. The rock grab and chip samples were extracted using a rock hammer, or hammer and chisel to expose fresh surfaces and to liberate a sample of anywhere between 0.5 to 5.0 kilograms. All sample sites were flagged with biodegradable flagging tape and marked with the sample number. All sample sites were recorded using hand-held GPS units (accuracy 3-10 meters) and sample ID, easting, northing, elevation, type of sample (outcrop, subcrop, float, talus, chip, grab, etc.) and a description of the rock were recorded on all-weather paper. Samples were then inserted in a clean plastic bag with a sample tag for transport and shipping to the geochemistry lab. QA/QC samples including blanks, standards, and duplicate samples were inserted regularly into the sample sequence at a rate of 10%.

All samples, including core, rock grabs, channels, and talus samples, are transported in rice bags sealed with numbered security tags. A transport company takes them from the core shack to the ALS labs facilities in North Vancouver (or MSA labs facilities in Langley). ALS (and MSA) is either certified to ISO 9001:2008 or accredited to ISO 17025:2005 in all of its locations. At ALS (and MSA), samples were processed, dried, crushed, and pulverized before analysis using the ME-ICP61 and Au-ICP21 (ICP-130, ICA-5Ag, and FAS-124) methods. Overlimits were re-analyzed using the ME-ICP61, Au-ICP21, and Ag-GRA21 (FAS-428, ICA-6Ag, and FAS-425) methods. If Gold was higher than 5 gpt, the labs would re-analyze using Metallic Screening Au-SCR24C (MSC-150) method.

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.

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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. 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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