Excellent potential for further discoveries
Juggernaut Exploration’s (WKN A2PTXU / TSXV JUGR) Bingo Project is located in the Eskay Rift, a developing gold district in a world-class geologic setting in British Columbia’s Golden Triangle. It is home to several gold deposits containing several million ounces of gold. In addition, it is only 15 kilometers away from the world-class Surebet discovery by Goliath Resources – and Juggernaut is now presenting drill results that suggest they may have made a comparable discovery!
That’s because Bingo encompasses the same world-class geological units as Surebet, including Hazelton volcanic rocks and associated sediments and intrusives, as well as the same type of mineralization of pyrrhotite, chalcopyrite and galena, which occur in a similarly oriented, west-dipping shear zone! (Incidentally, both projects have only become accessible in recent years, as large areas in the region have only been exposed as a result of progressive glacial retreat).
First drilling delivers numerous high-grade mineralization intersections
And Juggernaut is delivering with its first drill program at Bingo – just like Goliath did at Surebet. Drilling within the Bingo Main Zone encountered high-grade gold, silver and copper mineralization along a north-trending, west-dipping vein. This lies within a shear zone located in a precious metal enriched mineralized corridor (550 by 350 metres) that remains open with potential for further discoveries.
The highlights of the drillings were:
- – BI-23-01 with 11.42 g/t gold equivalent (7.57 g/t gold, 20.23 g/t silver and 2.72% copper) over a width of 5.11 meters. This includes 19.69 g/t gold equivalent (13.05 g/t gold, 24.93 g/t silver and 4.70% copper) over 2.90 meters.
– BI-23-04 with 4.23 g/t gold equivalent (2.52 g/t gold, 11.05 g/t silver and 1.16% copper) over 10.12 meters. Includes 6.74 g/t gold equivalent (4.01 g/t gold, 17.37 g/t silver and 1.85% copper) over 5.89 meters.
– BI-23-02 returned 4.81 g/t gold equivalent (2.86 g/t gold, 8.72 g/t silver and 1.39% copper) over 7.05 meters, including 9.49 g/t gold equivalent (5.69 g/t gold, 17.36 g/t silver and 2.70% copper) over 5.89 meters and 12.35 g/t gold equivalent (7.31 g/t gold, 23.11 g/t silver and 3.58% copper) over 2.45 meters, and
– BI-23-03 with 2.22 g/t gold equivalent (1.39 g/t gold, 4.06 g/t silver and 0.58% copper) over 5.78 meters, including 2.56 g/t gold equivalent (1.66 g/t gold, 4.58 g/t silver and 0.62% copper) over 4.73 meters. Also included was 10.67 g/t gold equivalent (6.77 g/t gold, 21.30 g/t silver and 2.69% copper) over 0.92 meters.
More than 90% of the known mineralization corridor not yet tested
With this first ever drill program at Bingo, Juggernaut has confirmed strong gold, silver and copper mineralization on the Bingo Main Zone outcrop to a depth of 40 metres, which remains open. Which means, according to the company, that more than 90% of the known mineralization corridor has not even been tested yet.
In addition, these initial bingo holes have given Juggernaut an even better understanding of the geometry of the vein, which dips steeply at surface and turns 45 degrees to the west at depth.
Excellent potential for further discoveries
The mineralized shear vein runs parallel to the axial plane of a fold identified in the magnetic signature of the Bingo Main Zone. And interestingly, Juggernaut has recently discovered a new such fold about one kilometer north of the Bingo Main Zone. This zone, called the Double Down Hinge, has been mapped and is being prepared for future drilling – with “excellent additional discovery potential” according to Juggernaut Exploration.
That’s understandable because, according to the company, the two folds are separated by a fault. However, this indicates that the two structures are actually the same fold, which has simply been displaced. And in that case, according to Juggernaut, it can be assumed that gold, silver and copper mineralization can also be found in the Double Down Hinge zone!
Big plans for 2024
The 2024 drill program is designed to expand the depth and strike extent of the high-grade gold-silver-copper mineralization in the northern part of the Bingo Main Zone where a step-out pad will allow the vein to be tested at depth and extend its strike extent along trend where numerous surface samples have returned multiple grams of gold. Additional drill locations along trend with the mineralized vein to both the north and south will help determine the extent of mineralization along strike.
Dan Stuart, President and CEO of Juggernaut Exploration, states, “Drill results far exceeded our expectations for this small scout drill program with four of the seven holes intersecting wide intervals of high-grade gold, silver and copper mineralization on the 100% controlled Bingo property. We now know from surface sampling and mapping and maiden drilling that the system is extensive and remains open to the north, south and now to depth, providing excellent potential for further discoveries. Bingo encompasses the same world-class geological units as our sister company Goliath Resource’s Surebet discovery next door. The team believes this could very quickly develop into a new world-class discovery in British Columbia’s prolific Golden Triangle. We look forward to defining the full extent of this new gold, silver and copper-rich discovery with additional drilling in 2024 and beyond. The Company looks forward to releasing drill results from its 100% controlled Midas and Empire properties in the near future.”
Conclusion: In our opinion, the results that Juggernaut is now presenting from Bingo are more than impressive. Especially when you consider that this is the first ever drilling on the project. The similarities to Goliath's world-class Surebet discovery are striking. Both in terms of geology, as Juggernaut explains, and in terms of grades and widths of mineralization encountered (although Bingo has significantly stronger copper mineralization). Juggernaut still has a lot of work to do on the property, but also a lot of potential for further discoveries. If the discovery announced today proves to be of a similar caliber to Surebet, this should put Juggernaut on the radar of many investors, indeed. In 2020, before the Surebet discovery, Goliath was sometimes trading at less than 0.02 Canadian dollars, but is currently trading at 0.76 CAD. The risk associated with exploration companies may be very high, but so is the potential.
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