Recent discovery worth highlighting
Juggernaut Exploration Ltd (TSX-V: JUGR; OTCQB: JUGRF; FSE: 4JE) has announced that it has raised a further C$3.32 million in cash after receiving C$1 million in fresh capital from investors at the end of April. The stock exchange has already granted conditional approval for the new capital round, which Juggernaut says is already oversubscribed. Juggernaut had originally planned to raise CAD 3 million.
The funds from this financing will be used for an approximately 5,000 meter drill program for high-grade copper and gold at surface at the Bingo and Midas projects in British Columbia’s Golden Triangle. Strategic investor Crescat Capital will own 13,828,386 shares of Juggernaut Exploration at the closing of the capital round. The financing consists of 27,395,871 units at a price of C$0.1215 per unit. Each unit consists of one common share and one warrant to purchase one common share at C$0.14 for a period of thirty-six months.
Prominent investors take part
Dr. Quinton Hennigh, Crescat’s geological consultant, commented: “The encouraging results from the initial 2023 drill program confirmed the strong potential for Surebet-type intrusive-related gold-base metal deposits (Goliath Resources) at Bingo. In addition, drilling at Midas shows the presence of a large volcanogenic massive sulphide system that requires further work. It is vital that companies like Juggernaut get back to work making discoveries.”
One of the recent discoveries at the Bingo project is worth highlighting. There, multiple holes hit high-grade gold-silver-copper mineralization along an extensive, north-trending, west-dipping, shear-hosted vein with grades up to 11.42 g/t AuEq (7.57 gpt Au, 20.23 g/t Ag and 2.72% Cu) over 5.11 metres, including 19.69 g/t AuEq (13.05 g/t Au, 24.93 g/tt Ag and 4.70% Cu) over 2.90 metres. The shear-hosted vein in the Bingo Main zone is partially exposed at surface for over 600 meters. Only the main outcrop has been drill tested to date, with the system open in all directions.
Conclusion: Access to fresh capital is the basic prerequisite for explorers to be successful. It was clear that the CAD 1 million raised by Juggernaut in April would not be enough for a proper drilling program. It is therefore all the more important that the company is now raising a larger amount at a higher issue price. With well over CAD 3 million in liquidity, Juggernaut is well equipped for the season that is now beginning. It is pleasing that the company has once again succeeded in convincing prominent investors such as Crescat Capital of the quality of its targets. We will be following the upcoming activities closely.
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