Novo Resources

Juggernaut Exploration Ltd. Drills 35.35 Meters of 0.56 Grams Per Tonne Gold Equivalent on Midas

VANCOUVER, British Columbia, Oct. 09, 2018 (GLOBE NEWSWIRE) -- Juggernaut Exploration Ltd. (JUGR.V) (the “Company” or “Juggernaut”) is pleased to report that exploratory, drilling on the 100% controlled Midas property has confirmed widespread near surface polymetallic gold mineralization in multiple drill holes targeting newly discovered zones. The drilling confirmed mineralization seen at surface continues to depth and remains open, both along strike and to depth.

The most significant gold mineralization confirmed to date was in drill hole MD-18-16, returning assays of 0.56 g/t AuEq over 35.35 meters (Table 1). The assay results of the upper 42.0 meters of this drill hole were completed by rush assay, and the remaining results from drill hole MD-18-16, which terminated at 269 meters, are pending.  Recently completed high resolution ground IP and MT data also shows strong, large, well-defined geophysical anomalies at depth, below the mineralized intercepts confirmed with the 2018 shallow drilling. All this data combined provides very compelling evidence of a large gold mineralizing system at depth. These large well-defined anomalies remain to be drilled and provide excellent sub-surface targets with strong gold potential. Future drill campaigns will focus on testing these anomalies and extending the known mineralization to depth/down-plunge, and along strike.

Midas Property Highlights

  • Inaugural exploratory wide-spaced shallow drilling totaling 1977 metres from 16 holes was successfully completed on the Midas property targeting the surface mineralization of the King Solomon Trend over a strike length of 834 metres. Assays from 12 drill holes remain outstanding.
  • Newly completed MT and IP data shows large, strong resistivity lows and chargeability highs at depth that remain to be drill tested and are believed to be associated with polymetallic gold mineralization confirmed with the 2018 drilling near surface. These anomalies remain open to depth and provide strong drill targets.
  • Multiple new quartz stockwork /vein zones mineralized zones continued to be found on surface located marginal and laterally to the new hydrothermal breccias, with grabs up to 70.7 g/t Au, 1385 g/t Ag, and 2.52% Zn.
  • Mapping and drilling has further confirmed a central core of silicified-sericitic-sulphidized hydrothermal breccia(s) reflecting a widespread gold-zinc halo near surface.

The King Solomon Trend

The King Solomon Trend is a 2.1 x 1.6 km zone of intense alteration (Figure 1) that is both structurally and strata-bound controlled and ranges from a core of intense silicification and sulphidation with quartz±feldspar-pyrite-(sphalerite-galena-argentite) → quartz-sericite-pyrite → quartz-chlorite-sericite-pyrite → marginal chlorite-epidote±-(sericite-pyrite). Polymetallic gold mineralization is controlled by both intense silica ± (feldspar?) flooding and veining in the form of two closely-spaced silica-sulphide hydrothermal breccias with multiple, stacked quartz-sulphide stockwork and vein systems, which have been mapped in detail and outcrop throughout this large alteration system. Post or syn-alteration deformation appears to have caused significant remobilization of precious and base metals and this event could also be a secondary mineralizing event. The zone has also been subject to a late brittle deformation event. An intensely developed array of first (N) and second order fault structures (NW and NNE) transect the zone (Figure 2), which locally control the continuity of the mineralized zones.

Recently completed IP and MT geophysical data indicate the presence of large coinciding resistivity and chargeability anomalies at depth (Figure 3 & Figure 4), located vertically below this seasons inaugural shallow drilling, where mineralization has been confirmed and remains open to depth and along strike. These anomalies provide excellent drill targets for the next drill campaign.

Table 1 - Drill hole assay results. Widths reported are drilled core lengths and the true widths are not known. For hole location, azimuth, and dip please see Table 2.

Drill Hole ID From (m) To (m) Interval (m) Au (g/t) Ag (g/t) Cu (%) Pb (%) Zn (%) AuEq (g/t)*
MD-18-01 2.80 7.60 4.80 2.24 6.83 0.18 0.08 1.04 3.31
Incl. 2.80 3.60 0.8 12.8 37.2 0.80 0.49 5.54 18.29
MD-18-05 61.85 63.4 1.55 0.215 2.92 0.47 <0.01 <0.01 1.01
MD-18-05 75.8 77.2 1.4 0.295 2.10 0.42 <0.01 0.095 1.06
MD-18-09 110.5 113.0 2.5 0.24 4.36 0.08 0.07 0.55 0.80
MD-18-13 16.7 25.0 8.3 0.19 1.79 0.04 0.01 0.08 0.33
MD-18-13 37.0 37.5 0.5 3.49 12.5 0.31 <0.01 0.18 4.25
MD-18-16 1.50 36.85 35.35 0.21 1.77 0.08 0.015 0.32 0.56
         
*AuEq metal values are calculated using: Au $1198.5/oz, Ag $14.315/oz, Cu $2.8132/lb, Pb $0.9049/lb, Zn $1.1068/lb        

Table 2 - Drill collar information

Drill Hole ID Zone Easting* Northing* Azimuth Dip Length (m)
MD-18-01 King Solomon 543150.4 6022781 270 -45 32
MD-18-05 King Solomon 543249.6 6022709 270 -65 183
MD-18-09 King Solomon 543062.5 6023322 80 -48 122
MD-18-13 King Solomon 543231.6 6022782 90 -48 161
MD-18-16 King Solomon 543334.3 6022835 270 -50 269
           
*UTM Zone 9N NAD83          

Empire Property Update
The 2018 Empire exploration and drilling is ongoing and has accomplished the goals established by the geological team. With over 3000 metres of inaugural exploration drilling from 18 planned holes targeting multiple different new zones along the 5 km Inca Trend. The program also included an IP and MT survey, LIDAR survey, magnetic survey, geological mapping, alteration studies, channel sampling, and property wide prospecting that has discovered multiple new zones of mineralization. The widespread bedrock mineralization that continues to be found as snowpack and ice recedes further validates the presence of a large mineralizing system on Empire. Assays from drilling, geochemistry, and alteration study results are pending and will be reported when they have been received, compiled, and interpreted.

DSM Update
A follow-up exploration program to the successful 2017 program was completed on all 6 properties. Again, the program exceeded the goals set and included prospecting, geologic mapping, channel cutting, and alteration studies with the goal of delineating drill targets. Assays, geochemistry, and alteration study results are pending and will be reported when they have been received, compiled, and interpreted.

Mr. Dan Stuart, Director, President and CEO of Juggernaut states:
“We are pleased that we are on target to achieve all of the goals set for the 2018 exploration programs. We are on track to soon complete more than ~5000 meters in 35 planned exploratory holes in the inaugural drilling programs on the Empire and Midas properties. We look forward reporting additional drill results with much anticipation”.

Qualified Person

Stephen Roach 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

All grab and channel samples were crushed and pulverized at Activation Laboratories Ltd.’s (Actlabs) ISO 17025 accredited geochemistry lab in Kamloops, BC. Rock and drill core samples are crushed, split and pulverized to 250 g pulp, 150 mesh. The sample pulps were analyzed for gold by fire assay as per ActLabs (Code 1A2-50) Fire Assay AA (QOP AA-Au) method and were also assayed using multi-element aqua regia digestion.  All samples were analyzed using ActLabs assay procedure Code UT-1M, an aqua regia (partial) digestion with inductively-coupled plasma mass spectrometry (ICP-MS) finish for 36 elements. Over-limit samples are reanalyzed by fire assay with a gravimetric finish (code 1A3-50). Rigorous procedures are in place regarding sample collection, chain of custody and data entry. QA/QC samples including blanks, standards, and duplicate samples were inserted regularly into the sample sequence.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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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