First breakthrough at Midas: Juggernaut hits "right sulphide mineralization” over up to 71.93 m
Juggernaut Exploration Ltd (JUGR.V; OTCQB: JUGRF; FSE: 4JE) may just have had a major breakthrough at its early-stage Midas exploration project just 24 km southeast of the town of Terrace, British Columbia. The 20,803-hectare Midas property is located in a world-class geological setting with strong potential for Eskay-type VHMS mineralization.
According to the company, 15 of 21 drill holes have been completed and 3273 meters of drilling have been completed to date. Drilling targeted a mineralized horizon in close proximity to an Eskay-type Volcanogenic Hosted Massive Sulphide (VHMS) deposit. Extensive broad sulphide-rich intervals were intersected in several holes as hoped, consisting of considerable chalcopyrite and pyrite in aggregates, strands and veins. The three holes (MD-23-34; MD-23-35 and MD-23-36) drilled from the Eskay 1 pad (see Figure 1) returned mineralized intercepts of 71.93 m, 55.60 m and 59.93 m, respectively. Initial drilling on the adjacent gold-bearing Kokomo outcrop, which returned 9.343 g/t Au, 117 g/t Ag, 1.58% Cu and 1.77% Zn, has recently commenced.
In parallel, Juggernaut is drilling and exploring on the 12,480-hectare Empire property approximately 70 kilometers northeast of Terrace, BC. The extremely high grade Metallica Zone porphyry target with grab samples from a massive sulphide vein up to 30 cm wide of up to 36. 875 gpt Ag (1180 ounces per tonne), 4.68 gpt Au, 27.6% Cu and 3.27% Zn, is part of the Inca Trend, a high-grade polymetallic mineralization trend extending 1.6 by 1.2 kilometers in an area where recent glacial erosion has exposed several extensive new zones of mineralized outcrop. Juggernaut is reporting encouraging progress from there as well: Hole EM-23-24 intersected 18.17 metres of sulphide mineralized breccia from 204.96 metres to 223.13 metres within a shell of quartz-calcite breccia with disseminated sulphides extending 88.48 metres from 169.41 metres to 257.89 metres.
Dan Stuart, President and CEO of Juggernaut Exploration, commented, “It is exciting to see the right kind of mineralization and alteration in drill core from not one, but two of our projects, Midas and Empire. We have put together strong drill plans for all targets and the initial results from Midas and Empire have definitely exceeded our expectations. Drilling on Midas is ongoing, but we look forward to the announcement of the lab results with great anticipation.”
Conclusion: Juggernaut is one of the high potential exploration companies in the Golden Triangle. All of the projects, Midas, Empire and also Bingo (near Goliath Resources' well-known Surebet discovery; TSXV: GOT) are in the early stages, as all three projects were covered by snow and ice until recently. In theory, any one of these large projects could become a company maker for Juggernaut. It is encouraging, therefore, that this season geologists have already improved their understanding of the projects to the point where current drilling at Midas and Empire appears to be intersecting the "right mineralization" over considerable widths. Interpretation of the results from the lab is of course still pending. However, shares of Juniors usually react with the steepest swings in the discovery phase - one should therefore keep a close eye on the further development at Juggernaut.
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