Prominent Investors Convinced
Juggernaut Exploration (TSX-V: JUGR; OTCQB: JUGRF; FSE: 4JE) has announced plans to increase its liquid assets by an additional CAD 3.32 million, following the company’s receipt of CAD 1 million in fresh capital from investors at the end of April. The stock exchange has already given conditional approval for the new capital round, which Juggernaut reports is already oversubscribed. Initially, Juggernaut had intended to raise CAD 3 million.
The funds from this financing will be directed towards a drilling program of approximately 5,000 meters for high-grade copper and gold at surface on the two projects Bingo and Midas in the Golden Triangle of British Columbia. Upon completion of the capital round, strategic investor Crescat Capital will own 13,828,386 shares of Juggernaut Exploration Ltd. The financing consists of 27,395,871 units priced at CAD 0.1215 per unit. Each unit comprises one common share and one warrant to purchase a common share at CAD 0.14 over a period of thirty-six months.
Great Potential Confirmed
Dr. Quinton Hennigh, geological advisor to Crescat, commented: “The promising results from the first drilling program of 2023 confirmed the great potential for intrusive-related gold-base metal deposits of the ‘Surebet’ type (see Goliath Resources) at Bingo. Furthermore, the drilling at Midas shows the presence of a large volcanogenic massive sulfide system that requires further work. It is crucial that companies like Juggernaut get back to work making discoveries.”
Noteworthy is one of the recent discoveries on the Bingo project. There, several drill holes intersected high-grade gold-silver-copper mineralization along an extensive, north-trending, west-dipping, shear-hosted vein with grades of up to 11.42 g/t AuEq (7.57 gpt Au, 20.23 g/t Ag, and 2.72% Cu) over 5.11 meters, including 19.69 g/t AuEq (13.05 g/t Au, 24.93 g/t Ag, and 4.70% Cu) over 2.90 meters. The shear-hosted vein in the Bingo Main zone is partially exposed at surface over 600 meters in length. So far, only the main outcrop has been tested by drilling, with the system remaining open in all directions.
Conclusion: Access to fresh capital is the fundamental prerequisite for explorers to be successful. It was clear that the CAD 1 million Juggernaut raised in April would not be sufficient for a proper drilling program. It is therefore all the more important that the company is now following up with a larger amount at a higher issue price. With significantly more than CAD 3 million in liquidity, Juggernaut is well-equipped for the season now beginning. It is encouraging that the company has once again succeeded in convincing prominent investors like Crescat Capital of the quality of its targets. We will closely monitor the upcoming activities.
