Comparison with ‘Sister Company’ Goliath Resources Very Encouraging
The PDAC in Toronto, the world’s largest mining trade show, attracted over 1,100 exhibitors and nearly 27,000 visitors this year, according to official figures. It’s an opportunity for companies to connect with existing and new investors, meet with partners and financiers, and much more. For us at Goldinvest.de, it’s a chance to search for new, exciting stories. At the same time, PDAC also gives us the opportunity to meet with company leaders whom we had previously only seen via video conference. And this often gives new weight to many an equity story!
One of the most interesting conversations we had this year, which we didn’t simultaneously record on camera, was with Dan Stuart, the CEO of the gold and silver explorer Juggernaut Resources (WKN A2PTXU / TSXV JUGR). Dan presented the company, which is active in the Canadian province of British Columbia, to us in detail once again and also shared his plans for the current year. The conclusion of his remarks: Juggernaut is like a golfer who has made it to the green and now ‘only’ needs to sink the putt – and this for two projects at once! (As a North American, his analogy actually came from baseball…)
Bingo Property: Version 2.0 of Goliath Resources’ Surebet Discovery?
Particularly promising is the Bingo property, located 45 kilometers south-southwest of Stewart and 28 km west of Kitsault in British Columbia. It’s 12 kilometers from a tidal landing site. Bingo spans 1,008 hectares of the so-called Eskay Rift and Golden Triangle. This is the region where the majority of significant mineral deposits in BC have been discovered so far.
Bingo, Dan further explained, is located in the southern part of the Eskay Rift, which is a geological control structure for more than 60 VMS deposits. This includes the world’s richest VMS deposit, the Eskay Creek gold and silver mine. Between 1994 and 2008, 3.3 million ounces of gold and 160 million ounces of silver were produced here, with average grades (!) of 45 g/t gold and 2,224 g/t silver! In the immediate vicinity of Juggernaut’s project are several former producing mines as well as new deposits. These include Anyox, Dolly Varden, Homestake Ridge, and the Surebet discovery by Goliath Resources (TSXV GOT) on the Golddigger project.
A current video about the Bingo property can be found here:
Geological Similarities are Significant
And this is where it gets particularly interesting, because the Bingo project is not only in close proximity to Golddigger/Surebet, but Juggernaut has also identified the same geological units and indicated structures there as in the Surebet discovery.
Why this is so significant, Dan explained by pointing out that Goliath had already provided its shareholders with a profit of a whopping 1,700% within just nine months at the beginning of their exploration activities! Those who participated in the financing round at 10 Canadian cents at that time even recorded a ’25-bagger’ at the peak!
There’s no guarantee that Juggernaut can repeat this feat, of course, but there are indeed promising initial indications when comparing, for example, the respective first drilling programs on Bingo and Golddigger. With four drill holes on Bingo, this yielded a strong average grade of 5.67 g/t gold equivalent with an average thickness of mineralized sections of 7.02 meters. Goliath drilled comparable 6.29 g/t gold equivalent with an average mineralization thickness of 5.87 meters in its first program (24 drill holes) on Surebet. (The peak values were 11.42 g/t gold equivalent over 5.11 meters (Bingo) and 6.37 g/t gold equivalent over 35.72 meters, respectively.) This means an average of 40 gram*meters gold equivalent for Juggernaut and 37 gram*meters gold equivalent for Goliath, which are also close to each other.
For both projects, there was a 100% success rate in terms of discovering gold mineralization! However, Juggernaut primarily discovered gold and copper, along with some silver and zinc, while Goliath mainly found gold with silver, lead, and zinc. An interesting point highlighted by the Juggernaut CEO is that, according to current results, the Bingo mineralization is stratigraphically closer to the presumed source of mineralization than is the case with Goliath’s Surebet discovery. The latter has, of course, been significantly expanded through extensive further drilling. At the time of their respective first drilling programs, Juggernaut was valued at $6 million, while Goliath was valued at around $90 million. Different times…
Plans for This Year’s Drilling Are in Place
Now, Bingo and Juggernaut are set to continue with a new drilling program. Initially, 2,500 meters of drilling from six drill sites are planned, primarily to expand the known mineralization. Additionally, Stuart stated in Toronto, they intend to investigate further shear zones.
Incidentally, they are working closely with their neighbor Goliath. Due to their proximity, they share the camp, some of the drilling equipment, and even the responsible geologist. This allows Juggernaut to not only keep its costs significantly lower than would otherwise be possible but also often makes their work more flexible. This is particularly important as operations in the area are frequently weather-dependent.
Second Chance for a Home Run
According to Juggernaut CEO Dan Stuart, the second chance for a hole-in-one (or a home run) is the Midas property, which spans 20,803 hectares and is 100% owned by the company.
The project is accessible via forest roads, and Midas is located just 14 kilometers from power supply, rail connections, and major roads. It’s another 10 kilometers to the city of Terrace and significant infrastructure, and 45 kilometers more to the deep-sea port of Kitimat. Incidentally, companies like Rio Tinto, Shell, and Mitsubishi are present in the area, with infrastructure worth $40 billion either existing or under construction.
According to Juggernaut, the Midas property represents a world-class geological starting position with high potential for mineralization in the style of the Eskay Creek VMS deposit.
As early as 2007, the British Columbia Geological Survey stated: “Through regional and local mapping, the stratigraphy of Paleozoic and Jurassic volcanics in the area southeast of Terrace has been clarified, and a new unit potentially suitable for VHMS deposits has been identified.”
As a reminder: The Eskay Creek mine produced 3.3 million ounces of gold and 160 million ounces of silver between 1994 and 2008, with average grades of 45 g/t gold and 2,224 g/t silver! Interestingly, Dan Stuart adds, 109 drill holes (!) were originally made on the Eskay Creek area before the crucial gold discovery was made.
Initial Midas Drilling Suggests VHMS System
The first Midas drillings conducted by Juggernaut Resources in 2023, whose results were only presented at the end of last year, all directly indicated gold mineralization. Among other findings, the company encountered 1.56 g/t gold over a thickness of 5 meters in an area that included both the VG Zone and the Kokomo target.
According to the company, the 2023 drilling results, combined with results from previous years, indicate an extensive north-south trending gold, copper, and zinc-bearing mineralization trend. This trend extends over 550 m from Pad Eskay 1 to the Kokomo occurrence along strike, with a large, relatively shallow chargeability anomaly and specific resistivity through induced polarization (IP). The gold and base metal component increases significantly towards the Kokomo occurrence, which could indicate proximity to the core of a VHMS (Volcanogenic Hosted Massive Sulphide) deposit.
This year, Juggernaut aims to demonstrate the full potential of this 550 x 300 meter trend with high-grade mineralization through further drilling, focusing on the yet-to-be-drilled Kokomo target, which is believed to be near the center of the system.
Informative video from Crescat Capital / Dr. Quinton Hennigh on Midas and Juggernaut:
Crescat on Juggernaut Exploration 2023
Conclusion: Juggernaut Exploration thus has two hot irons in the fire, which have already hinted at their potential. In particular, the Bingo project could help the company reach the next level, should further drilling prove as successful as at the Surebet analog of Goliath Resources. We are definitely very excited to see what the 2024 exploration and drilling season will bring for Juggernaut. Especially since the company currently has only about 76 million outstanding shares and a market capitalization of just 5.5 million CAD. And not to be underestimated: The experts from Crescat Capital and their technical advisor Quinton Hennnigh hold 19.70% of Juggernaut shares and provide their technical expertise!
