Juggernaut Exploration Ltd.: J2 Syndicate Discovers New Limestone Hosted Gold Zone on Bullion Property
TSX VENTURE: JUGR
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VANCOUVER, British Columbia, Nov. 20, 2018 (GLOBE NEWSWIRE) -- Juggernaut Exploration Ltd. (JUGR.V) (the “Company” or “Juggernaut”) is pleased to announce it has expanded its land package with the discovery of a broad zone of gold mineralization hosted in limestone. This new gold zone is referred to as the Legal Tender (LT) Zone and remains open along strike on the Bullion Property. The property is 100 % owned by the J2 syndicate, a private precious metal project generator, in British Columbia where Juggernaut has right of first refusal on the Bullion Property subject to its fulfilment of the exploration commitment in an agreement with the J2 Syndicate.
- Discovery of the Legal Tender Zone: a highly silicified and extensive altered limestone horizon, where a sixteen-meter chip sample returned 0.33 grams per tonne gold (including 0.63 grams per tonne gold over 4 meters), that started and ended in mineralization (link to image).
- Newly discovered gold mineralization was discovered in areas of recent glacial and snowpack abatement providing for extensive areas of newly exposed bedrock with additional strong gold potential (link to image).
- The structurally altered limestone horizon has been recognized for 3.5 km along strike and the gold mineralized zone remains open.
- 13 km south of the Golden Bear Mine and is hosted in similar structurally-controlled silicified limestones (MINFILE), providing the LT Zone with a strong geologic model.
- The Bullion property is located only 10 km from the Golden Bear mine access road, providing close proximity to infrastructure and access to Telegraph Creek (link to image).
- Claims were expanded from 1660 to 2686 hectares to cover the full extent of a gold bearing silicified limestone (link to map).
- Geological mapping, channel sampling, ground geophysics, LIDAR, and an alteration study is strongly recommended to outline the full extent of mineralization on the property and delineate drill targets.
The Bullion Property (2886 ha) is located approximately 70 kilometers northwest of Telegraph Creek, and is situated 13 kilometers south of the Golden Bear Mine. The Bullion Property is also 10 kilometres from the access road to the Golden Bear Mine, providing for excellent infrastructure in close proximity to the property. In 2017, a brief prospecting program was carried out to expand on mineralized zones and systematically prospect other areas on the property. This resulted in the discovery of the Legal Tender Zone. The newly discovered gold-bearing limestone occurs in an area of recent glacial and snowpack abatement with no previous work recorded, demonstrating tremendous untapped gold potential. A sixteen-meter chip sample was collected across the structurally altered limestone horizon and assayed 0.33 grams per tonne gold, including 0.63 grams per tonne gold over four meters, that started and ended in gold mineralization and remains open in all directions. The mineralization and geologic setting is consistent with the past producing Golden Bear Mine, located only 13 kilometers to the north. The extensive limestone horizon has received less than a half a day of sampling at one location, and the structurally controlled and altered limestone horizon has been recognized for over 3.5 kilometers strike length.
The Bullion area is underlain by Triassic Stuhini sedimentary and volcanic rocks unconformably overlaying Carboniferous Stikine assemblage metasedimentary rocks, which are intruded by Triassic quartz diorite in the northwest corner of the claim block. An extensive gossan spans the majority of the claim block consisting of moderate to strong iron carbonate alteration which has received very limited work to date. However, historical regional exploration, particularly in the vicinity of the Golden Bear Mine, focused on specific stratigraphic units. This is mainly true for the more structurally competent host limestone horizons, as well as at strata-bound volcanic contacts with limestone, which have been preferentially brecciated and silicified along fault zones. The newly discovered gold-mineralized Legal Tender Zone confirms it is a strong example of this type of mineralizing system within fault-bound and folded limestone (link to image). The permeability and porosity of the limestone is believed to have been important factors in determining depositional sites for the ascending mineralizing fluids along preferential gold-bearing structures.
A focused, systematic, and comprehensive exploration program is recommended on the Bullion Property to outline the full extent of gold mineralization and to delineate high priority drill targets. Follow up exploration will begin at the Legal Tender Zone, where methodical prospecting and mapping is warranted to trace out its full extent of the gold zone. Further prospecting for new gold mineralized zones will also focus on limestone horizons, regional structures, and folding, which are evident on the property. Geophysical and LIDAR surveys would also aid in identifying zones, particularly in areas of increased hydrothermal alteration in prominent structures and areas obscured by overburden.
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.
All rock, channel and talus fine samples were crushed and pulverized at ALS Canada Ltd.'s lab in Vancouver, BC. ALS is either Certified to ISO 9001:2008 or Accredited to ISO 17025:2005 in all of its locations. The resulting sample pulps were analyzed for gold by fire assay in Vancouver, BC. The pulps were also assayed using multi-element aqua regia digestion at ALS Canada Ltd.'s lab in Vancouver, BC. The coarse reject portions of the rock samples, as well as the pulps, were shipped to J2 Syndicate's storage facility in Terrace, BC. All samples were analyzed using ALS Canada Ltd.'s assay procedure ME-ICP41, a 1:1:1 aqua regia digestion with inductively-coupled plasma atomic emission spectrometry (ICP-AES) or inductively-coupled plasma mass spectrometry (ICP-MS) finish for 35 elements as well as the Au-AA24 lead collection fire assay fusion procedure with atomic absorption spectroscopy (AAS) finish. Any results greater than 100 ppm for silver or 10,000 ppm copper, lead and zinc were additionally assayed using ALS's OG46 method particular to each element. This method used an HNO3-HCl digestion followed by ICP-AES (or titrimetric and gravimetric analysis). Gold values of greater than 10 ppm Au were assayed by the Au-GRA22 method which includes a fire-assay fusion procedure with a gravimetric finish. QA/QC samples including blanks, standards, and duplicate samples were inserted regularly into the sample sequence.
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.
For more information please contact:
Juggernaut Exploration Ltd.
Mr. Dan Stuart
President and Chief Executive Officer
Tel: (778) 223-0293
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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.