VANCOUVER, British Columbia, Nov. 13, 2019 (GLOBE NEWSWIRE) -- Juggernaut Exploration Ltd. (TSX-V: JUGR) (OTCQB: JUGRF) (FSE: 4JE) (the “Company” or “Juggernaut”) is pleased to report that, subject to TSX approval, it has entered into two earn-in option agreements to fund inaugural drill programs on each of the large-scale MACK and JAKE porphyry copper-gold-molybdenum deposit targets located in the Golden Triangle and north central regions of British Columbia, respectively.
The two projects are currently owned 100% by United Mineral Services Ltd., a Hunter Dickinson Inc (“HDI”) affiliated company. Juggernaut and HDI are cooperating to commence an exploration alliance and the Hunter Dickinson team will operate the two projects.
HDI is a diversified, global mining group with more than 30 years of mineral development success. HDI sources mineral assets with significant potential and has strong technical and management experience to successfully advance those projects. Previous and current HDI porphyry deposit discoveries and developments include some of BC’s and the world’s most important mineral resources – such as Pebble, Mount Milligan, Kemess South, Kemess North, Gibraltar, Prosperity, Xietongmen, Newtongmen, Florence, Sisson, Maggie and IKE.
Bob Dickinson, Chairman of HDI states: “This new exploration alliance with Juggernaut paves the way to drill test for the first time, the important-scale porphyry copper-gold-molybdenum mineral systems located on the MACK and JAKE properties. These exciting deposit targets are drill ready. Both the HDI and Juggernaut groups are aligned and focused to make a major mineral deposit discovery together.”
JAKE Earn-in Option Agreement Highlights:
(link to Jake presentation)
- Year one: Fund up to $400,000 to complete 600 meters of core drilling by October 31st, 2020.
- Year two: Fund up to $600,000 to complete 1,400 meters of core drilling by October 31st, 2021.
- Once either a total of 2,000m have been drilled or $1m spent on exploration, Juggernaut will have earned a 50% interest in the JAKE property and the parties will enter a 50:50 working interest joint venture to partner the further development of the project. There is no ongoing minimum cash, stock, exploration commitments or NSR payments payable by Juggernaut.
MACK Earn-in Option Agreement Highlights:
(link to Mack presentation)
- Year one: Fund up to $500,000 to complete 1,000 meters of core drilling by October 31st, 2020.
- Year two: Fund up to $500,000 to complete 1,000 meters of core drilling by October 31st, 2021.
- Once either a total of 2,000m have been drilled or $1m spent on exploration Juggernaut will have earned a 50% interest in the MACK property the parties will enter a 50:50 working interest joint venture to partner the further development of the project. There is no ongoing minimum cash, stock, exploration commitments or NSR payments payable by Juggernaut.
Dan Stuart, Director, President and CEO of Juggernaut states: “We are very pleased to announce this newly formed partnership with the HDI group that has a longstanding track record of success for discovery and development globally. Bob Dickinson an inductee into the Canadian Mining Hall of Fame co-founded the HDI team that has helped birth many successful Canadian mining companies, including Taseko Mines, Detour Gold and the original Continental Gold (acquired by Placer Dome) to name a few. Having the opportunity to acquire a significant interest in these exciting projects coupled with a partnership alliance with a group of this caliber is certain to unlock shareholder wealth. We look forward to the inaugural drill programs on the very compelling JAKE and MACK porphyry targets that are well poised for significant discoveries.”
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.
For more information, please contact:
Juggernaut Exploration Ltd.
President and Chief Executive Officer
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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.