Juggernaut Receives Permit for Goldstandard Discovery
Juggernaut Receives Permit for Goldstandard Discovery
VANCOUVER, British Columbia, Nov. 16, 2020 (GLOBE NEWSWIRE) — Juggernaut Exploration Ltd. (TSX-V: JUGR) (OTCQB: JUGRF) (FSE: 4JE) (the “Company” or “Juggernaut”) is pleased to report it has received its five year advanced exploration permit for drilling its 100% controlled Goldstandard property. The property contains multiple extensive newly discovered outcropping orogenic gold veins including the Goldzilla vein that measures up to 20 meters wide and has been traced at surface for 938 meters along strike with 300 meters of vertical relief and remains open to the southeast. The fully funded inaugural drilling will focus on the Godzilla Hinge Zone that is part of the large-scale Goldzilla orogenic vein system where channel cut assayed up to 6.00 g/t AuEq (gold equivalent) over 12 metres including 5 metres of 13.03 g/t AuEq true width.
The planned inaugural drill program will be designed to test the Goldzilla hinge zone both along strike and to depth. The discovery zones are located in alpine areas of recently exposed bedrock due to glacial and snowpack abatement. The Goldzilla Zone is an original new orogenic gold discovery located in a world-class geological setting (high strain zone) that remains largely unexplored, providing tremendous additional untapped gold potential. This discovery has already garnered the attention of the miners and institutions alike, further demonstrating the potential of the Goldstandard property and surrounding area to evolve into a new orogenic gold camp. Approximately 67 % of Canadian gold production comes from this world class geologic setting. (Link to Video)
The company also successfully completed a property wide LiDAR and orthophoto survey in Sept 2020 covering both its Goldstandard and Goldstar properties located in the same area. This data will used to assist in future exploration on both properties.
The Goldstandard property is located in the Central Coastal region of British Columbia Canada, only 4km from major infrastructure and 1km to tidewater and logging roads, providing excellent, cost-effective exploration.
GOLDZILLA HINGE ZONE
Detailed mapping and surface sampling, identified a 100m by up to 20m wide hinge zone containing high grade gold mineralization of up to 6.00 g/t AuEq over 12m including 5m of 13.03 g/t AuEq and 1m of 31.66 AuEq (schematic of hinge zone). This hinge zone is part of the large-scale Goldzilla orogenic system that is traced on surface for 938m with 320m of vertical relief and remains open (hinge zone Image)
The Goldzilla hinge zone planned inaugural drill program will target the high grade gold mineralization discovered at surface and trace it to depth. Drilling will be designed to unlock the full potential of this newly discovered high-grade orogenic vein system and to understand the relationship between the multiple other newly discovered large en-echelon gold bearing orogenic veins at depth.
HIGHLIGHTS OF OTHER OROGENIC VEINS ON GOLD STANDARD:
- The Leviathan Vein: has been traced on surface for 500 m with 50 m of vertical relief and remains open. Channel sampling from 2019 returned grades of up to 3.65g/t AuEq over 3 m including 10.55g/t AuEq over 1 m true width. (Leviathan Video) (Leviathan Schematic)
- The Kraken Vein: has been traced on surface for 1000 m with 520 m of vertical relief and remains open. Channel samples from 2019 returned grades of 29.48g/t AuEq over 0.7 m and a 1m chip taken 305m along strike grading 6.52g/t Au. (Kraken Video) (Kraken Schematic)
- The East Vein: is a newly discovered large vein system with grab samples up to 7.22 g/t Au and a 3 m chip sample grading 5.75 g/t Au. The discovery of this vein system has increased the Big Show High Strain zone from 2 km by 1 km to 4.6 km by 1.5 km. (East Vein)
In addition several other en-echelon gold bearing orogenic veins have been found within the Big Show high strain zone that has been expanded in 2019 from 2km by 1km, to 4.5km by 1.5km, containing multiple large en-echelon gold bearing mineralized quartz veins and shear zones. Exploration has further confirmed the extent of gold mineralization within multiple quartz veins and shear zones, within the Big Show high-strain, confirming an extensive orogenic gold system within the property. (link to image)
This mineralized orogenic system is part of a regional high-strain zone, a brittle and ductile, sub-vertical shear zone system that is proximal to the boundary between the Intermontane and Insularsuperterranes, demarked by the Coast shear zone. Localization of high-strain zones within the system are associated with sheeted, oxidized, sulphide-bearing quartz veins and shear zones that have been identified in outcrop with a strike length of 4.6 km and 1.5 km wide, which remains open in all directions. Discrete gold bearing quartz veins and shears trend up to ~1 km in strike with 500m of vertical extent and are up to 15m in width. They host variable amounts of gold mineralization, oxidized pyrite and disseminated pyrite with chalcopyrite.
GEOLOGIC MODEL – NEW OROGENIC GOLD SYSTEM
Exploration programs have confirmed the extent of high grade gold mineralization within multiple quartz veins and shear zones, within the Big Show high-strain zone confirming an extensive orogenic gold system within the Gold Standard property. The prolonged faulting and shearing within this structural corridor on the Gold Standard property provided extensive conduits for mineralizing fluids and favorable sites for mineralization (link to image). Within the Big Show Zone, veins occur in an en-echelon pattern to the regional north-northwest orientation of the major shear zones. These orogenic characteristics are consistent with gold-bearing mineralized veins and shear zones in several mining districts globally.
Orogenic gold systems are often deep rooted and are mined to depths of 1 to 3 kilometres (orogenic Model 1). Approximately 67 % of Canadian gold production comes from this type of geologic setting, with examples including nearby to the south Talisker Resources Bralorne Pioneer camp in British Columbia (4.17 Moz) with depths to 2km, and Couer Mining’s Kensington mine just to the North in Juneau Alaska also including many regions within the Canadian shield including Kirkland Lake (>40 Moz), Timmins (>70 Moz), Val d’Or/Noranda (>69 Moz) and Red Lake gold camps (>29 Moz). These gold deposits typically contain average mining grades of ~5 gpt Au to ~15 gpt Au, similar to what is found at the Gold Standard property. Other orogenic systems are currently being explored such as Great Bear Resources Dixie project that confirm similar grades in drilling (orogenic model 2).
Dan Stuart President and CEO states:
“The Goldstandard property has demonstrated its tremendous gold potential with the discovery of the Goldzilla hinge zone and several other high-grade orogenic gold veins. These orogenic gold systems are commonly mined to depths of 1 to 3 kilometres. This geologic setting and model have proven to host several world-class, high grade, multimillion ounce deposits. Future exploration has excellent potential to expand on these discoveries both along strike and at depth. This project has already garnered the interest of several miners and institutions alike confirming the significance of this discovery. We look forward to the inaugural drill program designed to trace the discovery zone to depth and along strike.”
Rein Turna, P. Geo. is the qualified person as defined by National Instrument 43-101, for Juggernaut Exploration Ltd., and supervised the preparation of, and has reviewed and approved, the technical information in this release.
All samples were crushed and pulverized at ALS Global ISO 17025:2005 accredited geochemistry lab in North Vancouver, BC. Drill core samples were crushed, split and pulverized to 250 g pulp. The sample pulps were analyzed for gold by fire assay method (Au-AA24) and were also assayed using multi-element aqua regia digestion. Samples were analyzed using ALS assay procedure ME-ICP41m and MS-ICP61m. ME-ICP is an aqua regia (partial) digestion with inductively-coupled plasma (ICP)mass atomic emission spectroscopy (ICP-AES) finish for 36elements. MS-ICP61m is a four acid digestion with ICP mass spectrometry finish for 49 elements. Over-limit samples for copper, lead and zinc were reanalyzed by fire assay with a gravimetric finish (OG46 and OG62). 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.
For more information please contact:
Juggernaut Exploration Ltd.
Director, President and Chief Executive Officer
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.