Juggernaut Exploration Ltd. Drills 1.56 gpt AuEq Over 5 m on Midas and Confirms Extensive Mineralized Gold Rich VHMS System
2023 DRILLING HIGHLIGHTS:- Extensive broad copper-zinc-gold rich intervals consisting of considerable chalcopyrite and pyrite in aggregates
Juggernaut Exploration Ltd. (JUGR.V) (OTCQB:JUGRF) (FSE:4JE) (the "Company" or "Juggernaut") is pleased to report the assay results from the 2024 drill program on its 100 % controlled Midas property (the "Property"), Golden Triangle, British Columbia. Drill hole MD-23-34 collared from Eskay 1 Pad intersected 1.56 gpt AuEq (0.35 gpt Au, 6.10 gpt Ag, 0.64 % Cu and 0.67 % Zn) over 5.00 meters, within 0.68 gpt AuEq (0.22 gpt Au, 2.73 gpt Ag, 0.20 % Cu and 0.38 % Zn) over 22.00 meters. All three holes collared from Eskay 1 Pad located at the transition from the VG Zone to the Kokomo Zone have intersected considerable gold-copper-zinc mineralization and are characterized by copious amounts of chalcopyrite and pyrite in aggregates, stringers, and veinlets within a strongly altered volcanic host rock indicating close proximity to an Eskay-style Volcanogenic Hosted Massive Sulphide (VHMS) deposit. The 2023 drill results in combination with results from previous years indicate an extensive north-south gold-copper-zinc rich mineralized trend that remains open extending for 550 m by 300 m from Eskay 1 Pad to the Kokomo showing on strike with a large relatively shallow Induced Polarization (IP) chargeability and resistivity anomaly. The gold and base metals component clearly increased towards the Kokomo showing, strongly indicating proximity to the heart of a VHMS deposit.
MAP WITH HIGHLIGHTED DRILL HOLES AND TREND
Drill hole MD-23-34 intersected 1.56 gpt AuEq (0.35 gpt Au, 6.10 gpt Ag, 0.64 % Cu and 0.67 % Zn) over 5.00 meters, within 0.68 gpt AuEq (0.22 gpt Au, 2.73 gpt Ag, 0.20 % Cu and 0.38 % Zn) over 22.00 meters. Additional intervals in this hole include 0.70 gpt AuEq (0.24 gpt Au, 2.93 gpt Ag, 0.64 % Cu and 0.70 % Zn) over 10 meters and 0.54 gpt AuEq (0.18 gpt Au, 1.70 gpt Ag, 0.09 % Cu and 0.53 % Zn) over 8.00 m. MD-23-34 PHOTO. Drill hole MD-23-35 intersected 0.53 gpt AuEq (0.18 gpt Au, 1.64 gpt Ag, 0.11 % Cu and 0.47 % Zn) over 20.00 meters, including 1.41 gpt AuEq (0.38 gpt Au, 3.62 gpt Ag, 0.32 % Cu and 1.40 % Zn) over 3.00 meters and 1.07 gpt AuEq (0.39 gpt Au, 2.48 gpt Ag, 0.28 % Cu and 0.69 % Zn) over 3.00 meters. MD-23-35 PHOTO Drill hole MD-23-36 intersected 1.76 gpt AuEq (0.79 gpt Au, 16.60 gpt Ag, 0.58 % Cu) over 1.00 meter, within 0.45 gpt AuEq (0.19 gpt Au, 4.30 gpt Ag, 0.15 % Cu) over 6.00 meters. An additional interval in this hole assayed 0.29 gpt AuEq (0.16 gpt Au, 1.69 gpt Ag, 0.14 % Zn) over 32 meters. MD-23-36 PHOTO In all three holes, the mineralization is cut off by a north-northeast trending, steeply dipping fault. The mineralized horizon consists of aggregates, stringers, and veinlets of chalcopyrite (up to 10 %) and pyrite (up to 15 %) in a strongly quartz-sericite altered volcanic host rock with occasional foliated portions that align with the north-northeast direction of major faults in the area. A series of meter-size mafic dykes intrude into the mineralized rock.
Table 1: Selected 2023 Midas drill hole assay results reported in this news release.
| Pad ID | Hole ID | From (m) | To (m) | Interval (m) | Au (gpt) | Ag (gpt) | Cu (%) | Pb (%) | Zn (%) | AuEq (gpt) | |
| Eskay 1 | MD-23-34 | Interval | 12 | 20 | 8 | 0.18 | 1.70 | 0.09 | 0.01 | 0.53 | 0.54 |
| Interval | 23 | 33 | 10 | 0.24 | 2.93 | 0.13 | 0.01 | 0.64 | 0.70 | ||
| Interval | 35 | 57 | 22 | 0.22 | 2.73 | 0.20 | 0.02 | 0.38 | 0.68 | ||
| Including | 47 | 52 | 5 | 0.35 | 6.10 | 0.64 | 0.05 | 0.67 | 1.56 | ||
| Eskay 1 | MD-23-35 | Interval | 6 | 26 | 20 | 0.18 | 1.46 | 0.11 | 0.01 | 0.47 | 0.54 |
| Including | 6 | 9 | 3 | 0.38 | 3.62 | 0.32 | 0.01 | 1.40 | 1.41 | ||
| Including | 20 | 23 | 3 | 0.39 | 2.48 | 0.28 | 0.01 | 0.69 | 1.07 | ||
| Eskay 1 | MD-23-36 | Interval | 1 | 33 | 32 | 0.16 | 1.69 | 0.04 | 0.01 | 0.14 | 0.29 |
| Interval | 167 | 173 | 6 | 0.19 | 4.30 | 0.15 | 0.001 | 0.04 | 0.45 | ||
| Including | 172 | 173 | 1 | 0.79 | 16.60 | 0.58 | 0.001 | 0.01 | 1.76 | ||
| Kokomo 2 | MD-23-46 | Interval | 95 | 96 | 1 | 1.30 | 8.92 | 0.74 | 0.001 | 0.01 | 2.40 |
Drill holes MD-23-34, MD-23-35 and MD-23-36 were collared from Eskay 1 Pad, located 550 m south of the gold-silver-copper-zinc rich Kokomo showing (9.343 gpt Au, 117 gpt Ag, 1.58 % Cu and 1.77 % Zn), 250 m northeast of drill hole MD-19-18 (6.22 m of 0.31 gpt Au, 0.95 m of 1.50 gpt Au with 1.94 % Cu and 3.22 m of 0.36 gpt Au) and 200 m east-northeast of the VG Zone (2.24 gpt Au, 6.83 gpt Ag, 0.18 % Cu and 1.04 % Zn over 4.80 meters). The distribution of the mineralization shows based on results from the 2023 drilling, in combination with results from previous years, mapping, and geophysical surveys, clearly define a large, mineralized trend extending for 550 meters by 300 meters between Eskay 1 Pad and the Kokomo showing. The same trend is seen in the subsurface geophysical IP data and remains open. Geochemical results confirmed in drill core and outcrop clearly show a significant increase in gold and base metal values near the Kokomo showing strongly indicating that the heart of the VHMS deposit lies in very close proximity. This vector to the core of the mineralization is also supported by multiple other lines of evidence including the large open IP anomaly, structures, and mapping.
2024 Drill Plan
Based on the new results from the 2023 drill program and a thorough compilation of data from previous drill campaigns and exploration programs on the Property, including geochemistry, geophysics and mapping, that have allowed to vector-in and strongly point to the heart of the VHMS system, a drill plan designed to outline the full VHMS potential of the 550 m by 300 m north-south trend between the Eskay 1 Pad and the Kokomo showing has been prepared. The drilling is designed to specifically target the 550 m by 300 m area between the Eskay 1 Pad and the Kokomo showing that is strongly indicated to contain the heart of the gold rich VHMS system. 3D MODEL
Due to a challenging drill environment and an underpowered light drill rig used, the Kokomo target was not able to be tested. The 2024 drilling is designed to overcome the challenges seen in 2023 by using a larger, more powerful drill rig. The Kokomo showing consists of a VHMS style outcrop where a 1 m chip sample assayed 9.343 gpt Au, 117 gpt Ag, 1.58 % Cu and 1.77 % Zn. The outcrop is 5 m wide and strikes on surface for 30 m and remains open and is underlain by an extensive strong 550 m long Induced Polarization (IP) chargeability and resistivity anomaly that remains open, conducive for semi-massive to massive sulphides like those confirmed on surface on the Kokomo showing.
MIDAS 2024 DRILL PLAN MAP
Table 2: Collar information for the drill holes reported in this news release.
| Pad ID | Hole ID | Easting | Northing | Grid | Azimuth | Dip | Length (m) |
| Kokomo 2 | MD-23-46 | 543495 | 6023013 | NAD83 / UTM zone 9N | 310 | 48 | 129 |
| Eskay 1 | MD-23-36 | 543336 | 6022836 | NAD83 / UTM zone 9N | 160 | 65 | 243 |
| Eskay 1 | MD-23-35 | 543337 | 6022835 | NAD83 / UTM zone 9N | 35 | 70 | 240 |
| Eskay 1 | MD-23-34 | 543338 | 6022836 | NAD83 / UTM zone 9N | 90 | 60 | 123 |
Eskay-Style Kokomo VHMS target
The 3D inversion of the 2018 Induced Polarization data performed by an independent geophysical company highlighted a 120 m by 150 m chargeability anomaly and 350 m by 200 resistivity anomalies from surface to 200 m depth that remain open to the South and East conducive for semi-massive to massive sulphides like those confirmed on surface at Kokomo. Most likely the chargeability (30-70 mrads) and resistivity (100-500 Ohm-m) signature are due to a combination of relatively large volumes of interconnected metallic sulphides such as chalcopyrite and pyrite in combination with slightly more resistive material such as sphalerite and strongly silicified domains.
The Kokomo showing has been mapped by the British Columbia Geological Survey (BCGS; M. McKeown, J. Nelson and R. Friedman, 2007) as a conformable sequence of layered Paleozoic felsic to mafic subaqueous volcaniclastic rocks including lenses of massive sulphide surrounded by an extensive alteration zone consistent with VHMS deposits as described at the nearby Sub showing located 400 m NW from the Kokomo showing. Samples collected by the BCGS from the Sub showing returned 0.275 gpt Au, 18.3 gpt Ag, 0.02 % Cu, 0.31 % Pb and 0.44 % Zn (Photo - BCGS Nelson Figure8). JoAnne Nelson (BCGS) stated in her report (on page 112) that the Sub and Gazelle showings demonstrate mineralization indicative of a VHMS deposit, most likely peripheral VHMS feeder zone below the seafloor, that have been discovered in an intensely altered body within the Mt Attree volcanics. The stratigraphy in the area includes andesiste, rhyolite and rhyolitic tuff of the Mt Attree formation which are Mississipian in age known to host the majority of significant VHMS deposits (Midas Age). Alteration includes quartz-sericite-pyrite (phyllic alteration), silicification and Fe-rich chlorite (including an intense depletion of Na2O and CaO) increasing in intensity from west to east. This alteration pattern is useful in providing a vector to the centre of the system (Midas Alteration) The area is characterized by a widespread Zn signature with secondary Au, Ag, Pb, Cu and trace element signature (elevated Au, Te, As, Sb, Bi, Cd, Hg, Ba) indicative of VHMS systems (Midas Geochemistry).
The Kokomo target has strong potential to evolve into a significant new VHMS discovery which is supported by known mineralization, grade, alteration and textures observed at surface and most recently by the chargeability and resistivity anomalies highlighted by the 3D inversion of the IP data. The latter is confirmation of the continuation of the system at depth which remains open to the east and to the south making the Kokomo showing a strong drill target.
The Midas Property
The Midas property is 100% controlled and covers 20,803 hectares and is located 24 km southeast of Terrace, British Columbia in close proximity to logging access roads, power, railway and major infrastructure. The property is located in an area of recent glacial abatement and permanent snowpack recession at the southern end of the Golden Triangle, British Columbia. Multiple high-grade gold grab, chips and channel samples were collected from the Kokomo VHMS target where a 1.00 m chip sample assayed 9.343 gpt Au, 117 gpt Ag, 1.58 % Cu and 1.77 % Zn and is drill ready. Relatively shallow Induced Polarization (IP) chargeability and resistivity anomalies extend under the Kokomo showing on trend to the south for at least 550 m towards the Eskay 1 Pad, conducive for a buried VHMS containing semi-massive to massive sulphides at depth. Channel samples highlights from the VG Zone include 10.28 gpt Au over 4.34 meters; 15.37 gpt Au over 2 meters; and 5.43 gpt Au over 3.11 meters. Historic drill results from the Midas property include hole MD-18-16 which intersected the peripheral zone of the IP anomaly core and returned 0.56 g/t AuEq over 35.35 meters; hole MD-18-08, which assayed 6.85 gpt Au over 9 meters and narrowly missed a strong IP chargeability anomaly; and hole MD-18-01 which intersected 3.27 gpt AuEq over 4.80 meters and ended before it reached the core of a strong IP chargeability anomaly.
Dan Stuart, President and CEO of Juggernaut Exploration states: "It is exciting to see the right type of mineralization and alteration in drill core from the Midas property. We are confident based on drill results and multiple other lines of evidence that our 2024 drill plan is targeting the heart of a gold rich VHMS system that all the data indicates is sitting below the Kokomo showing. Drilling in 2024 will focus on unlocking the full potential of the 550 m by 300 m high-grade mineralized trend. We are on track for discovery."
EMPIRE PROPERTY DRILLING UPDATE
Drilling at the Metallica Zone on the Empire property didn't return significant assay results. Additional detailed data compilation, interpretation and modeling is required to determine the extent and distribution of the gold mineralization on the Empire property and understand its remaining gold potential.
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 or NQ-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 Deposit. Drill holes were planned using Leapfrog Geo and QGIS software and data from the 2017-2022 exploration campaigns. Drill core containing quartz breccia, stockwork, veining and/or sulphide(s), or notable alteration are sampled in lengths of 0.5 to 1.5 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 10%
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. ALS is either certified to ISO 9001:2008 or accredited to ISO 17025:2005 in all of its locations. At ALS samples were processed, dried, crushed, and pulverized before analysis using the ME-MS61 and Au-SCR21 methods. For the ME-MS61 method, a prepared sample is digested with perchloric, nitric, hydrofluoric and hydrochloric acids. The residue is topped up with dilute hydrochloric acid and analyzed by inductively coupled plasma atomic emission spectrometry. Overlimits were re-analyzed using the ME-OG62 and Ag-GRA21 methods (gravimetric finish). For Au-SCR21 a large volume of sample is needed (typically 1-3kg). The sample is crushed and screened (usually to -106 micron) to separate coarse gold particles from fine material. After screening, two aliquots of the fine fraction are analysed using the traditional fire assay method. The fine fraction is expected to be reasonably homogenous and well represented by the duplicate analyses. The entire coarse fraction is assayed to determine the contribution of the coarse gold.
Some of the reported data is historical in nature and is a compilation of third-party data from previous operators. 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. In addition, the reader is cautioned that proximity to known mineralization does not guarantee similar mineralization will exist on the properties.
For more information, please contact:
Dan Stuart
President and Chief Executive Officer
Tel: (604)-559-8028
www.juggernautexploration.com
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.