Crescat Capital sees the potential for a significant discovery
Juggernaut Exploration Ltd (TSX-V: JUGR; OTCQB: JUGRF; FSE: 4JE) is close to completing an oversubscribed CAD 3.8 million financing. According to the company, 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 CAD 0.1215 per unit. Each FT Unit will consist of one flow-through common share and one common share purchase warrant, with each warrant exercisable for one additional common share at a price of $0.14 per common share for a period of thirty-six months. Crescat Capital will now own 13,828,386 shares of Juggernaut Exploration Ltd. The funds from this financing will be used for ~5,000 meters of drilling on Juggernaut’s Bingo and Midas properties targeting high-grade copper and gold at surface.
Major shareholder Crescat Capital sees the potential for a significant discovery
Crescat’s Dr. Hennigh commented: “The encouraging results from the initial 2023 drill program confirmed the strong potential for Surebet-type intrusive-related gold-base metal deposits at Bingo. In addition, follow-up drilling at Midas continues to show the presence of a large volcanogenic massive sulphide system that requires further work. With interest in mine exploration rapidly increasing, it is critical that companies like Juggernaut refocus on discovery.”
Summary: Crescat's fund managers see parallels in Juggernaut to their successful investment in Goliath Resources (TSXV: GOT). The Bingo property in the Golden Triangle is geologically reminiscent of Goliath's "Surebet discovery". At Bingo, multiple drill holes intersected high-grade gold-silver-copper mineralization along shear-hosted veining with grades up to 11.42 gpt AuEq (7.57 gpt Au, 20.23 gpt Ag and 2.72% Cu) over 5.11 metres, including 19.69 gpt AuEq (13.05 gpt Au, 24.93 gpt Ag and 4.70% Cu) over 2.90 metres. The shear-hosted vein in the main Bingo zone is partially exposed at surface over 600 meters, with only the main outcrop drill tested to date and the system open in all directions.
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