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JUGGERNAUT DRILLS 1.56 GPT AUEQ OVER 5 METERS ON MIDAS AND CONFIRMS EXTENSIVE MINERALIZED GOLD RICH VHMS SYSTEM, GOLDEN TRIANGLE, B.C.

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JUGGERNAUT DRILLS 1.56 GPT AUEQ OVER 5 METERS ON MIDAS AND CONFIRMS EXTENSIVE MINERALIZED GOLD RICH VHMS SYSTEM, GOLDEN TRIANGLE, B.C.

 

 

 

 

 

2023 DRILLING HIGHLIGHTS:

  • Extensive broad copper-zinc-gold rich intervals consisting of considerable chalcopyrite and pyrite in aggregates, stringers and veinlets have been intersected in multiple drill holes collared from an area encompassing the VG Zone and Kokomo showing consistent with a Volcanogenic Hosted Massive Sulphide (VHMS) system. MAP WITH HIGHLIGHTED DRILL HOLES AND TREND
  • Drill hole MD-23-34 intersected 1.56 gpt AuEq (0.35 gpt Au, 6.10 gpt Ag, 0.64 % Cu and 0.67 % Zn) over 5.00 meters, within 0.68 gpt AuEq (0.22 gpt Au, 2.73 gpt Ag, 0.20 % Cu and 0.38 % Zn) over 22.00 meters. Additional intervals in this hole include 0.70 gpt AuEq (0.24 gpt Au, 2.93 gpt Ag, 0.64 % Cu and 0.70 % Zn) over 10 meters and 0.54 gpt AuEq (0.18 gpt Au, 1.70 gpt Ag, 0.09 % Cu and 0.53 % Zn) over 8.00 m. MD-23-34 PHOTO
  • Drill hole MD-23-35 intersected 0.53 gpt AuEq (0.18 gpt Au, 1.64 gpt Ag, 0.11 % Cu and 0.47 % Zn) over 20.00 meters, including 1.41 gpt AuEq (0.38 gpt Au, 3.62 gpt Ag, 0.32 % Cu and 1.40 % Zn) over 3.00 meters and 1.07 gpt AuEq (0.39 gpt Au, 2.48 gpt Ag, 0.28 % Cu and 0.69 % Zn) over 3.00 meters. MD-23-35 PHOTO
  • Drill hole MD-23-36 intersected 1.76 gpt AuEq (0.79 gpt Au, 16.60 gpt Ag, 0.58 % Cu) over 1.00 meter, within 0.45 gpt AuEq (0.19 gpt Au, 4.30 gpt Ag, 0.15 % Cu) over 6.00 meters. An additional interval in this hole assayed 0.29 gpt AuEq (0.16 gpt Au, 1.69 gpt Ag, 0.14 % Zn) over 32 meters. MD-23-36 PHOTO
  • Drill hole MD-23-46 intersected 2.40 gpt AuEq (1.30 gpt Au, 8.92 gpt Ag, 0.74 % Cu) over 1.00 meter. MD-23-46 PHOTO
  • The mineralized horizons consist of aggregates, stringers, and veinlets of chalcopyrite (up to 10 %), sphalerite (up to 5 %) and pyrite (up to 15 %) in a strongly quartz-sericite altered volcanic host rock consistent with being in close proximity to an Eskay-style Volcanogenic Hosted Massive Sulphide (VHMS) deposit.
  • Drill holes MD-23-34, MD-23-35 and MD-23-36 were collared from Eskay 1 Pad, located 550 m south of the gold-silver-copper-zinc rich Kokomo showing (9.343 gpt Au, 117 gpt Ag, 1.58 % Cu and 1.77 % Zn), 250 m northeast of drill hole MD-19-18 (6.22 m of 0.31 gpt Au, 0.95 m of 1.50 gpt Au with 1.94 % Cu and 3.22 m of 0.36 gpt Au) and 200 m east-northeast of the VG Zone (2.24 gpt Au, 6.83 gpt Ag, 0.18 % Cu and 1.04 % Zn over 4.80 meters).
  • The 2023 drill results in combination with results from previous years indicate an extensive north-south gold-copper-zinc rich mineralized trend that remains open extending for 550 m from Eskay 1 Pad to the Kokomo showing on strike with a large relatively shallow Induced Polarization (IP) chargeability and resistivity anomaly. The gold and base metals component clearly increases towards the Kokomo showing, strongly indicating proximity to the heart of a VHMS deposit.
  • 2024 drilling will be designed to unlock the full mineral potential of the 550 m by 300 m high-grade mineralization trend between Eskay 1 Pad and the Kokomo showing, focusing on the not yet drill-tested Kokomo showing close to the heart of the system. 2024 DRILL PLAN MAP

 

HIGHLIGHTS FROM THE MIDAS PROPERTY:

  • Historic drill results from the Midas property include hole MD-18-16 which intersected the peripheral zone of the IP anomaly and returned 0.56 g/t AuEq over 35.35 meters; hole MD-18-08, which assayed 6.85 gpt Au over 9 meters and narrowly missed a strong IP chargeability anomaly core; and hole MD-18-01 which intersected 3.27 gpt AuEq over 4.80 meters and ended before it reached the core of a strong IP chargeability anomaly.
  • Channel samples highlights from the VG Zone include 10.28 gpt Au over 4.34 meters; 15.37 gpt Au over 2 meters; and 5.43 gpt Au over 3.11 meters.
  • Multiple high-grade gold grab, chips and channel samples including Kokomo showing where a 1 m chip sample assayed9.343 gpt Au, 117 gpt Ag, 1.58 % Cu and 1.77 % Zn.
  • Relatively shallow Induced Polarization (IP) chargeability and resistivity anomaly extends under the Kokomo showing for at least 550 meters on trend to the south conducive for semi-massive to massive sulphides.
  • Alteration zones extracted from Worldview 3 satellite spectral data show a strong silica, iron and phyllic alteration (quartz-sericite-pyrite) signature overlapping the Kokomo showing and the 550 meter trend immediately to the south coinciding with the IP anomaly in the subsurface, further indicating the presence of a mineralized VHMS system at depth. 2023 Midas Alteration MAP
  • Regional and local geology is highly prospective for VHMS deposits including the presence of a rhyolitic tuff with strong phyllic alteration (quartz-sericite-pyrite) from the Mt Attree volcanics which are Mississippian in age. Mississippian age rocks are known to host the majority of significant VHMS deposits.
  • Widespread Zn signature with secondary Au, Ag, Pb, Cu and trace element signature (elevated Au, Te, As, Sb, Bi, Cd, Hg, Ba).
  • Midas is within a world class geologic setting with strong potential for Eskay-style VHMS mineralization. Midas Summary

 

ESKAY-STYLE KOKOMO VHMS TARGET HIGHLIGHTS:

  • The 3D inversion of the 2018 Induced Polarization (IP) data performed by an independent geophysical company highlighted a 120 m by 150 m chargeability anomaly and a 350 m by 200 m resistivity anomaly from surface to 200 m depth that remains open to the South and East conducive for semi-massive to massive sulphides like those confirmed on surface at Kokomo.3D IP inversion map
  • Kokomo is an Eskay-style VHMS showing with a 1 m chip sample assaying 9.343 gpt Au, 117 gpt Ag, 1.58 % Cu and 1.77 % Zn. The outcrop remains open in all directions where outcrops of the same or similar lithology extend over several hundred meters. Photo VHMS Y606015
  • A BLEG sample collected 700 m down-slope in the drainage of the Kokomo showing assayed 29 ppb Au, 613 ppb Ag, 137 ppm Cu, 54.4 ppm Pb and 462 ppm Zn, by far the highest BLEG sample recorded on the property and is coincident with a similar geochemical signature as the Kokomo showing.
  • Two outcrop grab samples collected within 50 m of the Kokomo showing in 2017 and 2018 assayed 1.835 gpt Au (with 34.4 gpt Ag, 0.84 % Cu, 0.03 % Pb and 0.79 % Zn) and 2.29 gpt Au (with 21.3 gpt Ag, 0.01 gpt Cu, 0.00 % Pb and 0.02 % Zn). Photo – B066625 labelled
  • The host rock to the Kokomo showing has been mapped by Juggernaut former senior geologist S. Roach as well as the British Columbia Geological Survey (BCGS; M. McKeown, J. Nelson and R. Friedman, 2007) as a rhyolitic tuff with strong phyllic alteration (quartz-sericite-pyrite) from the Mt Attree volcanics, a unit highly prospective for VHMS deposits.
  • In 2019, hole MD-19-24 collared 300 m Southwest of the Kokomo showing with an azimuth of 090 and a dip of 50 intersected the fringes of the chargeability and resistivity anomalies highlighted by the recent 3D inversion modeling of the IP data containing disseminated sulphide mineralization (mainly pyrite and minor sphalerite) in the bottom half of the hole assaying up to 0.293 gpt Au and 2.8 % Zn closest to the Kokomo discovery outcrop. (See news release September 30, 2019)
  • The geology, geochemistry, alteration, and extensive underlying geophysical anomaly coupled with the high-grade polymetallic Au, Ag, Cu and Zn mineralization in semi-massive to massive sulphides seen in outcrop at Kokomo strongly indicates the potential of a new Eskay-style VHMS discovery.

 

 

Juggernaut Exploration Ltd (TSX-V:JUGR) (OTCQB: JUGRF) (FSE: 4JE) (is pleased to report the assay results from the 2024 drill program on its 100 % controlled Midas property, Golden Triangle, British Columbia. Drill hole MD-23-34 collared from Eskay 1 Pad intersected 1.56 gpt AuEq (0.35 gpt Au, 6.10 gpt Ag, 0.64 % Cu and 0.67 % Zn) over 5.00 meters, within 0.68 gpt AuEq (0.22 gpt Au, 2.73 gpt Ag, 0.20 % Cu and 0.38 % Zn) over 22.00 meters. All three holes collared from Eskay 1 Pad located at the transition from the VG Zone to the Kokomo Zone have intersected considerable gold-copper-zinc mineralization and are characterized by copious amounts of chalcopyrite and pyrite in aggregates, stringers, and veinlets within a strongly altered volcanic host rock indicating close proximity to an Eskay-style Volcanogenic Hosted Massive Sulphide (VHMS) deposit. The 2023 drill results in combination with results from previous years indicate an extensive north-south gold-copper-zinc rich mineralized trend that remains open extending for 550 m by 300 m from Eskay 1 Pad to the Kokomo showing on strike with a large relatively shallow Induced Polarization chargeability and resistivity anomaly. The gold and base metals component clearly increased towards the Kokomo showing, strongly indicating proximity to the heart of a VHMS deposit.

MAP WITH HIGHLIGHTED DRILL HOLES AND TREND

Drill hole MD-23-34 intersected 1.56 gpt AuEq (0.35 gpt Au, 6.10 gpt Ag, 0.64 % Cu and 0.67 % Zn) over 5.00 meters, within 0.68 gpt AuEq (0.22 gpt Au, 2.73 gpt Ag, 0.20 % Cu and 0.38 % Zn) over 22.00 meters. Additional intervals in this hole include 0.70 gpt AuEq (0.24 gpt Au, 2.93 gpt Ag, 0.64 % Cu and 0.70 % Zn) over 10 meters and 0.54 gpt AuEq (0.18 gpt Au, 1.70 gpt Ag, 0.09 % Cu and 0.53 % Zn) over 8.00 m. MD-23-34 PHOTO. Drill hole MD-23-35 intersected 0.53 gpt AuEq (0.18 gpt Au, 1.64 gpt Ag, 0.11 % Cu and 0.47 % Zn) over 20.00 meters, including 1.41 gpt AuEq (0.38 gpt Au, 3.62 gpt Ag, 0.32 % Cu and 1.40 % Zn) over 3.00 meters and 1.07 gpt AuEq (0.39 gpt Au, 2.48 gpt Ag, 0.28 % Cu and 0.69 % Zn) over 3.00 meters. MD-23-35 PHOTO Drill hole MD-23-36 intersected 1.76 gpt AuEq (0.79 gpt Au, 16.60 gpt Ag, 0.58 % Cu) over 1.00 meter, within 0.45 gpt AuEq (0.19 gpt Au, 4.30 gpt Ag, 0.15 % Cu) over 6.00 meters. An additional interval in this hole assayed 0.29 gpt AuEq (0.16 gpt Au, 1.69 gpt Ag, 0.14 % Zn) over 32 meters. MD-23-36 PHOTO In all three holes, the mineralization is cut off by a north-northeast trending, steeply dipping fault. The mineralized horizon consists of aggregates, stringers, and veinlets of chalcopyrite (up to 10 %) and pyrite (up to 15 %) in a strongly quartz-sericite altered volcanic host rock with occasional foliated portions that align with the north-northeast direction of major faults in the area. A series of meter-size mafic dykes intrude into the mineralized rock.

Table 1: Selected 2023 Midas drill hole assay results reported in this news release.

 

 

Drill holes MD-23-34, MD-23-35 and MD-23-36 were collared from Eskay 1 Pad, located 550 m south of the gold-silver-copper-zinc rich Kokomo showing (9.343 gpt Au, 117 gpt Ag, 1.58 % Cu and 1.77 % Zn), 250 m northeast of drill hole MD-19-18 (6.22 m of 0.31 gpt Au, 0.95 m of 1.50 gpt Au with 1.94 % Cu and 3.22 m of 0.36 gpt Au) and 200 m east-northeast of the VG Zone (2.24 gpt Au, 6.83 gpt Ag, 0.18 % Cu and 1.04 % Zn over 4.80 meters). The distribution of the mineralization shows based on results from the 2023 drilling, in combination with results from previous years, mapping, and geophysical surveys, clearly define a large, mineralized trend extending for 550 meters by 300 meters between Eskay 1 Pad and the Kokomo showing. The same trend is seen in the subsurface geophysical IP data and remains open. Geochemical results confirmed in drill core and outcrop clearly show a significant increase in gold and base metal values near the Kokomo showing strongly indicating that the heart of the VHMS deposit lies in very close proximity. This vector to the core of the mineralization is also supported by multiple other lines of evidence including the large open IP anomaly, structures, and mapping.

2024 Drill Plan

 

Based on the new results from the 2023 drill program and a thorough compilation of data from previous drill campaigns and exploration programs on the Property, including geochemistry, geophysics and mapping, that have allowed to vector-in and strongly point to the heart of the VHMS system, a drill plan designed to outline the full VHMS potential of the 550 m by 300 m north-south trend between the Eskay 1 Pad and the Kokomo showing has been prepared. The drilling is designed to specifically target the 550 m by 300 m area between the Eskay 1 Pad and the Kokomo showing that is strongly indicated to contain the heart of the gold rich VHMS system. 3D MODEL

Due to a challenging drill environment and an underpowered light drill rig used, the Kokomo target was not able to be tested. The 2024 drilling is designed to overcome the challenges seen in 2023 by using a larger, more powerful drill rig. The Kokomo showing consists of a VHMS style outcrop where a 1 m chip sample assayed 9.343 gpt Au, 117 gpt Ag, 1.58 % Cu and 1.77 % Zn. The outcrop is 5 m wide and strikes on surface for 30 m and remains open and is underlain by an extensive strong 550 m long Induced Polarization (IP) chargeability and resistivity anomaly that remains open, conducive for semi-massive to massive sulphides like those confirmed on surface on the Kokomo showing.

 

MIDAS 2024 DRILL PLAN MAP

Table 2: Collar information for the drill holes reported in this news release.

 

 

Eskay-Style Kokomo VHMS target

 

The 3D inversion of the 2018 Induced Polarization data performed by an independent geophysical company highlighted a 120 m by 150 m chargeability anomaly and 350 m by 200 resistivity anomalies from surface to 200 m depth that remain open to the South and East conducive for semi-massive to massive sulphides like those confirmed on surface at Kokomo. Most likely the chargeability (30-70 mrads) and resistivity (100-500 Ohm-m) signature are due to a combination of relatively large volumes of interconnected metallic sulphides such as chalcopyrite and pyrite in combination with slightly more resistive material such as sphalerite and strongly silicified domains.

The Kokomo showing has been mapped by the British Columbia Geological Survey (BCGS; M. McKeown, J. Nelson and R. Friedman, 2007) as a conformable sequence of layered Paleozoic felsic to mafic subaqueous volcaniclastic rocks including lenses of massive sulphide surrounded by an extensive alteration zone consistent with VHMS deposits as described at the nearby Sub showing located 400 m NW from the Kokomo showing. Samples collected by the BCGS from the Sub showing returned 0.275 gpt Au, 18.3 gpt Ag, 0.02 % Cu, 0.31 % Pb and 0.44 % Zn (Photo – BCGS Nelson Figure8). JoAnne Nelson (BCGS) stated in her report (on page 112) that the Sub and Gazelle showings demonstrate mineralization indicative of a VHMS deposit, most likely peripheral VHMS feeder zone below the seafloor, that have been discovered in an intensely altered body within the Mt Attree volcanics. The stratigraphy in the area includes andesiste, rhyolite and rhyolitic tuff of the Mt Attree formation which are Mississipian in age known to host the majority of significant VHMS deposits (Midas Age). Alteration includes quartz-sericite-pyrite (phyllic alteration), silicification and Fe-rich chlorite (including an intense depletion of Na2O and CaO) increasing in intensity from west to east. This alteration pattern is useful in providing a vector to the centre of the system (Midas Alteration) The area is characterized by a widespread Zn signature with secondary Au, Ag, Pb, Cu and trace element signature (elevated Au, Te, As, Sb, Bi, Cd, Hg, Ba) indicative of VHMS systems (Midas Geochemistry).

The Kokomo target has strong potential to evolve into a significant new VHMS discovery which is supported by known mineralization, grade, alteration and textures observed at surface and most recently by the chargeability and resistivity anomalies highlighted by the 3D inversion of the IP data. The latter is confirmation of the continuation of the system at depth which remains open to the east and to the south making the Kokomo showing a strong drill target.

The Midas Property

 

The Midas property is 100% controlled and covers 20,803 hectares and is located 24 km southeast of Terrace, British Columbia in close proximity to logging access roads, power, railway and major infrastructure. The property is located in an area of recent glacial abatement and permanent snowpack recession at the southern end of the Golden Triangle, British Columbia. Multiple high-grade gold grab, chips and channel samples were collected from the Kokomo VHMS target where a 1.00 m chip sample assayed 9.343 gpt Au, 117 gpt Ag, 1.58 % Cu and 1.77 % Zn and is drill ready. Relatively shallow Induced Polarization (IP) chargeability and resistivity anomalies extend under the Kokomo showing on trend to the south for at least 550 m towards the Eskay 1 Pad, conducive for a buried VHMS containing semi-massive to massive sulphides at depth. Channel samples highlights from the VG Zone include 10.28 gpt Au over 4.34 meters; 15.37 gpt Au over 2 meters; and 5.43 gpt Au over 3.11 meters. Historic drill results from the Midas property include hole MD-18-16 which intersected the peripheral zone of the IP anomaly core and returned 0.56 g/t AuEq over 35.35 meters; hole MD-18-08, which assayed 6.85 gpt Au over 9 meters and narrowly missed a strong IP chargeability anomaly; and hole MD-18-01 which intersected 3.27 gpt AuEq over 4.80 meters and ended before it reached the core of a strong IP chargeability anomaly.

Dan Stuart, President and CEO of Juggernaut Exploration states: “It is exciting to see the right type of mineralization and alteration in drill core from the Midas property. We are confident based on drill results and multiple other lines of evidence that our 2024 drill plan is targeting the heart of a gold rich VHMS system that all the data indicates is sitting below the Kokomo showing. Drilling in 2024 will focus on unlocking the full potential of the 550 m by 300 m high-grade mineralized trend. We are on track for discovery.”

EMPIRE PROPERTY DRILLING UPDATE

 

Drilling at the Metallica Zone on the Empire property didn’t return significant assay results. Additional detailed data compilation, interpretation and modeling is required to determine the extent and distribution of the gold mineralization on the Empire property and understand its remaining gold potential.

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.

Some of the reported data is historical in nature and is a compilation of third-party data from previous operators. 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. In addition, the reader is cautioned that proximity to known mineralization does not guarantee similar mineralization will exist on the properties.

 

Posted December 19, 2023

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