Juggernaut Intersects Two Mineralized Zones in First 2022 Step-Out Drill Hole 120 Meters Along Strike and 90 Meters Down-Dip On Goldilocks Discovery

Vancouver, British Columbia, CANADA


VANCOUVER, British Columbia, Aug. 08, 2022 (GLOBE NEWSWIRE) -- Juggernaut Exploration Ltd (JUGR.V) (OTCQB: JUGRF) (FSE: 4JE) (the “Company” or “Juggernaut”) is pleased to announce the company has intersected two mineralized zones in the first Step-Out 2022 drill hole 120 m along strike and 90 m down dip on the Goldilocks Discovery that remains open along strike and to depth. The 2022 inaugural discovery hole expands upon the 5 discovery holes drilled in 2021, all of which intersected significant widths of high-grade gold / polymetallic mineralization in quartz-chlorite-sulphide veins on the newly discovered Goldilocks Zone. Drill hole GS-21-05 intersected 10.795 gpt Au (14.31 AuEq) over 5.5 m including 29.2 gpt Au (38.37 AuEq) over 2.0 m. The Goldilocks Zone has been traced on surface for 290 meters with 160 meters vertical relief before being covered by overburden and remains open both along strike and to depth. The 2022 drilling will focus on testing the Goldilocks Zone on strike for up to ~300 meters and down dip up to 400 m. The Gold Star Property is an original discovery with no previous recorded work in the area and is situated 4.5 km east of tidewater along the Central Coast of British Columbia approximately 5.5 km from logging access roads, which provides for good access to infrastructure.

The first hole drilled on the Goldilocks discovery in 2022 (GS-22-06) intersected significant intervals of sulphide mineralization including a 5.8 m mineralized interval from 165.5 m to 171.3 m containing stringers and aggregations of pyrite and chalcopyrite (Photo 1) and a 20 cm vein with chalcopyrite at 138 m (Photo 2). The mineralized intervals consist of sulphides occurring within shear-hosted massive quartz veins surrounded by strongly foliated quartz-chlorite schist hosted in a sequence of alternating granodiorite and andesite units. (Drill Rig photo)

The Goldstar property is located in a key geologic setting along a regional scale and under-explored high-strain zone that contains a series of newly discovered gold mineralized quartz-chlorite-sulphide veins up to 10 m wide. (VIDEO LINK HERE)

Extensive regions of snow-pack abatement and glacial recession along the regional high-strain zone provide for extensive, recently exposed areas with excellent discovery potential. (Link to Regional High-Strain Zone Map).

Dan Stuart, President and CEO of Juggernaut Exploration, states: “We are excited to have hit the zone with our first hole at 165.5 meters downdip confirming the system continues to depth. We are drilling and exploring four 100% controlled original discoveries at Goldstandard, Goldstar, Midas and Bingo this summer, all of which have the potential to become the next big gold discovery in BC. We look forward to providing news around drilling, exploration and results as the exploration program progresses this summer. Juggernaut is in a very unique position, with a tight share structure of just over 43MM shares issued and outstanding and $4,000,000 currently in the treasury including exploration rebates. Juggernaut is fully funded and on track for the rapidly approaching exploration programs for both 2022 and 2023.”

Qualified Person
Rein Turna P. Geo is the qualified person as defined by National Instrument 43-101, for Juggernaut Exploration projects, and supervised the preparation of, and has reviewed and approved, the technical information in this release.

Other
Oriented HQ-diameter diamond drill core from the drill campaign is placed in core boxes by the drill crew contracted by the Company. Core boxes are transported by helicopter to the staging area, and then transported by truck to the core shack. The core is then re-orientated, meterage blocks are checked, meter marks are labelled, Recovery and RQD measurements taken, and primary bedding and secondary structural features including veins, dykes, cleavage, and shears are noted and measured. The core is then described and transcribed in MX DepositTM. Drill holes were planned using Leapfrog GeoTM and QGISTM software and data from the 2017-2019 exploration campaigns. Drill core containing quartz, chlorite-schist, sulphide(s), or notable alteration are sampled in lengths of 0.5 to 1.0 meters. Core samples are cut lengthwise in half, one-half remains in the box and the other half is inserted in a clean plastic bag with a sample tag. Standards, blanks and duplicates were added in the sample stream at a rate of 20%.

Grab, channels, chip and talus samples were collected by foot with helicopter assistance. Prospective areas included, but were not limited to, proximity to MINFile locations, placer creek occurrences, regional soil anomalies, and potential gossans based on high-resolution satellite imagery. The rock grab and chip samples were extracted using a rock hammer, or hammer and chisel to expose fresh surfaces and to liberate a sample of anywhere between 0.5 to 5.0 kilograms. All sample sites were flagged with biodegradable flagging tape and marked with the sample number. All sample sites were recorded using hand-held GPS units (accuracy 3-10 meters) and sample ID, easting, northing, elevation, type of sample (outcrop, subcrop, float, talus, chip, grab, etc.) and a description of the rock were recorded on all-weather paper. Samples were then inserted in a clean plastic bag with a sample tag for transport and shipping to the geochemistry lab. QA/QC samples including blanks, standards, and duplicate samples were inserted regularly into the sample sequence at a rate of 10%.

All samples, including core, rock grabs, channels, and talus samples, are transported in rice bags sealed with numbered security tags. A transport company takes them from the core shack to the ALS labs facilities in North Vancouver (or MSA labs facilities in Langley). ALS (and MSA) is either certified to ISO 9001:2008 or accredited to ISO 17025:2005 in all of its locations. At ALS (and MSA), samples were processed, dried, crushed, and pulverized before analysis using the ME-ICP61 and Au-ICP21 (ICP-130, ICA-5Ag, and FAS-124) methods. Overlimits were re-analyzed using the ME-ICP61, Au-ICP21, and Ag-GRA21 (FAS-428, ICA-6Ag, and FAS-425) methods. If Gold was higher than 5 gpt, the labs would re-analyze using Metallic Screening Au-SCR24C (MSC-150) method.

The reader is cautioned that grab samples are spot samples which are typically, but not exclusively, constrained to mineralization. Grab samples are selective in nature and collected to determine the presence or absence of mineralization and are not intended to be representative of the material sampled.

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FORWARD LOOKING STATEMENT
Certain disclosure in this release may constitute forward-looking statements that are subject to numerous risks and uncertainties relating to Juggernaut’s operations that may cause future results to differ materially from those expressed or implied by those forward-looking statements, including its ability to complete the contemplated private placement. Readers are cautioned not to place undue reliance on these statements. NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. PERSONS OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES. THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR AN INVITATION TO PURCHASE ANY SECURITIES DESCRIBED IN IT

 

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