Crescat Capital Sees Potential for a Significant Discovery
Juggernaut Exploration (TSX-V: JUGR; OTCQB: JUGRF; FSE: 4JE) is on the verge of closing an oversubscribed financing with a volume of 3.8 million CAD. As the company reports, a corresponding application for approval has been submitted to the stock exchange. Once the exchange gives the green light, the company will issue 31,272,539 flow-through units at a price of 0.1215 CAD per unit. Each FT unit consists of one flow-through common share and one warrant to purchase a common share, with each warrant exercisable over a period of thirty-six months for an additional common share at a price of 0.14 CAD.
Crescat Capital will own 13,828,386 shares of Juggernaut Exploration Ltd. in the future. The funds from this financing will be used for drilling approximately 5,000 meters on Juggernaut’s Bingo and Midas properties, targeting high-grade copper and gold at the surface.
Major Shareholder Crescat Capital Sees Potential for a Significant Discovery
Crescat’s Dr. Hennigh commented: “The promising results from the first 2023 drill program confirmed the great potential for intrusive-related gold-base metal deposits of the ‘Surebet’ type at Bingo. Furthermore, follow-up drilling at Midas continues to show the presence of a large volcanogenic massive sulfide system that requires further work. As interest in mine exploration rapidly increases, it is crucial that companies like Juggernaut refocus on discovery.”
Conclusion: The fund managers at Crescat see parallels between Juggernaut and their successful investment in Goliath Resources (TSXV: GOT). The Bingo property in the Golden Triangle geologically resembles Goliath’s ‘Surebet discovery’. At Bingo, several drill holes with high-grade gold-silver-copper mineralization were found along shear-hosted veins with grades of up to 11.42 gpt AuEq (7.57 gpt Au, 20.23 gpt Ag, and 2.72% Cu) over 5.11 meters, including 19.69 gpt AuEq (13.05 gpt Au, 24.93 gpt Ag, and 4.70% Cu) over 2.90 meters. The shear-hosted vein in Bingo’s main zone is partially exposed at the surface for over 600 meters, with only the main outcrop tested by drilling so far and the system open in all directions.
