Exploration planned at 97 new properties
It’s go time at Juggernaut Exploration Ltd (JUGR.V; OTCQB: JUGRF; FSE: 4JE). The company wants to build on the successes of the previous year and is now starting the 2024 drilling season on its Midas and Bingo properties in the Golden Triangle of British Columbia. A total of 6,000 metres of drilling is planned, 3,000 metres per property.
At Bingo, drilling is designed to extend the strike and depth of known mineralisation of a high-grade gold-silver-copper shear vein. At Midas, a strong Eskay-style volcanogenic massive sulphide (VHMS) anomaly identified at the Kokomo deposit on the Midas property will be tested. Bingo encompasses the same world-class geological units as Goliath Resource’s Surebet discovery located 15 km to the west, including Hazelton volcanics and associated sediments and intrusives, and the same style of mineralisation of pyrrhotite, chalcopyrite and galena occurring in a similarly oriented, west-dipping shear zone. Bingo is located in the southern part of the Golden Triangle, which is known for a number of well-known deposits including Anyox, Surebet, Dolly Varden, Porter Idaho, Premier and others.
Figure 1: 12 drill holes up to 3,000 metres in total length are planned from 6 pads along the mineralised corridor of the Bingo Main Zone. The Bingo Main Zone is part of a 550 metre by 350 metre mineralised corridor that remains open with high grade gold drill samples (11.42 gpt AuEq over 5.11 metres) and surface samples (up to 13.4 gpt Au) along the axial plane of a fold hinge.
Dan Stuart, President and CEO of Juggernaut Exploration, commented, “We have designed a comprehensive drill plan that will allow us to expand the high-grade gold-silver-copper mineralisation at Bingo along strike and at depth, as well as test what we believe is the most compelling VHMS target identified to date on the Midas property. In addition, we look forward to the new discoveries from the B-ALL consortium, in which we are one of the largest investors.”
A new fold has recently been mapped at Bingo, located 1 kilometre north of the Bingo Main Zone, called the Double Down Hinge Zone. This fold has the same orientation and characteristics as the fold observed in the Bingo Main Zone. A fault separates the two folds, possibly indicating that the two structures are in fact the same fold that has been displaced, in which case gold-silver-copper mineralisation is also expected to be found in the Double Down Hinge Zone.
Drilling at the Midas VHMS Target
Juggernaut also plans to drill up to 3,000 metres on the Midas property. Here, 6 drill pads with up to 15 drill holes are planned. Drilling is targeting the most compelling VHMS (Volcanogenic Hosted Massive Sulphide) target identified to date on the property at the Kokomo deposit. Highlights from the Midas property include the discovery of the Kokomo gold-silver-copper-zinc-rich deposit (9.343 gpt Au, 117 gpt Ag, 1.58% Cu and 1.77% Zn), drill hole MD-19-18 (6. 22 metres of 0.31 gpt Au, 0.95 metres of 1.50 gpt Au and 1.94% Cu and 3.22 metres of 0.36 gpt Au) and the VG zone (2.24 gpt Au, 6.83 gpt Ag, 0.18% Cu and 1.04% Zn over 4.80 metres).
Figure 2: Drill results from 2023 indicate an extensive north-south trending gold, copper and zinc mineralisation trend extending over 550m along strike with a large, relatively shallow chargeability and induced polarisation (IP) resistivity anomaly. The gold and base metal component increases significantly towards the Kokomo deposit, indicating proximity to the core of a VHMS deposit.
Drilling at Midas will specifically target the 550 metre by 300 metre area between the Eskay 1 pad and the Kokomo deposit, which has been shown to contain the core of the gold-bearing VHMS system. The Kokomo deposit consists of a VHMS-style outcrop where a 1 metre chip sample returned 9.343 g/t Au, 117 g/t Ag, 1.58% Cu and 1.77% Zn. The outcrop is 5 metres wide and extends over 30 metres at surface. It remains open and is underlain by an extensive 550m long chargeability and induced polarisation (IP) resistivity anomaly that remains open and is conducive to semi-massive to massive sulphides such as those confirmed at surface on the Kokomo deposit.
In collaboration with the B-ALL syndicate, a large-scale exploration and prospecting programme was prepared to discover new potential deposits in an area of recent glacial retreat and permanent snowpack decline in northwest British Columbia between Stewart and the Yukon border. The team created over 300 exploration targets and staked 97 properties to be explored and mapped over the summer.
Summary: The two companies, Juggernaut Exploration and Goliath Resources (TSX: GOT; FRA: B4IF), reveal their kinship and shared ambitions through their names. In fact, the two companies work closely together. Not only do they share the basic exploration approach made possible by the retreat of the glaciers in the south of the Golden Triangle, but they actually share the camp, the drill crews and even the geologist in charge due to their close proximity. In addition, Crescat Capital is the majority shareholder in both companies. Juggernaut is still at an earlier stage of exploration than Goliath. While Goliath has already invested tens of thousands of metres of drilling to expand its resource following its Surebet discovery, Juggernaut's Surebet moment is yet to come. This season could bring the breakthrough for Juggernaut at Bingo as well as at Midas.
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