VANCOUVER, British Columbia, June 11, 2019 (GLOBE NEWSWIRE) — Juggernaut Exploration Ltd. (TSX-V: JUGR) (OTCQB: JUGRF) (FSE: 4JE) (the “Company” or “Juggernaut”) is pleased to announce mobilization for its 2019 diamond drilling program on its 100% controlled Terrace area properties located in British Columbia. The program will primarily focus on testing VHMS targets on the flagship Midas property with some additional drilling also planned for the Empire property.
The VHMS drill targets on Midas have been generated from the compilation of the 2018: drill results, IP data, chip-grab-channel sample geochemistry, soil geochemistry, detailed bedrock mapping, and whole rock analysis of this prospective package of Paleozoic volcanics.
King Solomon Zone Highlights
- The British Columbia Geological Survey (BCGS; McKeown et al., 2007) mapped a conformable sequence of layered Paleozoic felsic to mafic sub-aqueous volcaniclastic rocks and documented an extensive alteration zone, with the King Solomon Trend at its core for at least 2.1 kilometers.
• Intense alteration system with zones of widespread gossan development, silicification, Fe-rich chloritic alteration, Na-Ca depletion, and quartz-sericite-pyrite development.
• Additionally, the BCGS documented massive sulphide lenses, barite lenses and veins, and stated the area southeast of Terrace is highly prospective for VHMS deposits.
- Soil and rock sample geochemistry is consistent with a VHMS signature.
- Newly acquired and modeled MT and IP data shows large, strong chargeability and resistivity anomalies at depth that can be traced across multiple IP lines.
- All 16 drill holes to date on Midas intersected gold and polymetallic mineralization
• MD-18-16 intersected an intensely silicified mineralized zone grading 0.21 Au g/t Au, 0.18 g/t Ag, 0.32% Zn, 0.08% Cu, 0.02% Pb over 35.35 metres which we believe may be the part of a VHMS system.
• The discovery of this new zone, located within a regional world class VHMS setting, confirms the strong potential for the Midas property to host a significant discovery.
Mr. Dan Stuart, Director, President and CEO of Juggernaut states:
“The results to date demonstrate we have barely begun to scratch the surface and could be seeing just the tip of the iceberg. Midas is located in a world-class geologic setting with excellent potential for a significant VMS (volcanogenic massive sulphide) discovery, all in close proximity to both roads and infrastructure. This geologic setting and model have proven to host multiple world-class deposits, including the Eskay Creek high-grade gold VMHS deposit. The Midas project is still in its infancy with many layers of new data that point to clearly defined targets. The 2019 drilling that is focused on unlocking the tremendous untapped VMHS potential of the Midas Property. The King Solomon trend has shown it has the right ingredients required — geology, alteration, geophysics and geochemistry — to quickly develop into a big VMS discovery. We look forward to drill program with great anticipation.”
Stephen Roach 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.
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