VANCOUVER, British Columbia, Jan. 08, 2019 (GLOBE NEWSWIRE) -- Juggernaut Exploration Ltd. (JUGR.V) (the “Company” or “Juggernaut”) is pleased to report the discovery of a new high-grade gold zone on its 100 % controlled Midas property, where diamond drill hole MD-18-08 intersected 6.85 g/t Au over 9.0 m between 35.0 and 44.0 meters downhole. This shallow gold mineralization is believed to be peripheral and marginal to a deeper feeder source, as indicated by the core of a large multi-line, newly identified IP anomaly, located ~125 meters below the surface. This buried core underlies an area of this anomaly, that is situated 150 meters north of hole MD-18-08, under drill hole MD-18-16 from 1.5 to 36.85 meters down-hole.  The discovery of this new zone, located within a regional world class VHMS setting, confirms the strong potential for the Midas property to host a significant discovery (Figure 1). The 2018 mapping, geochemistry, alteration studies, and geophysics, combined with the inaugural exploratory shallow drilling, was designed to expand the understanding of the controls on mineralization and the geological model. The 2018 drilling targeted eight surface targets identified within the extensive 2.1 km by 1.6 km King Solomon Trend. The 2019 drill program will focus on expanding the discoveries, both to depth and along strike, drilling the buried core(s) of the newly identified large, sub-surface IP chargeability and resistivity anomalies.  These buried core(s) are believed to be the feeder source to the shallow structurally related polymetallic mineralization seen on surface and in the 2018 shallow drilling. 

Simplified VHMS Model (modified after Olson & Lodge – 2016)

Figure 1 - Simplified VHMS Model (modified after Olson & Lodge – 2016)

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Midas 2018 Highlights

• Inaugural exploratory wide-spaced shallow drilling totaling 1977 metres from 16 holes was successfully completed on the Midas property targeting the surface mineralization over a strike length of 834 metres (Figure 2).
• All 16 drill holes on Midas intersected gold and polymetallic mineralization, further confirming the strong potential for a significant feeder source at depth.
• 25% of the drill holes returned significant intercepts of gold and polymetallic mineralization as tabulated below.

Table 1 – 2018 Drill Hole Assay Highlights

*AuEq metal values were calculated using: Au $126.51/oz, Ag $14.675/oz, Cu $2.6903/lb, Pb $0.8963/lb, Zn $1.1499/lb
¹Drill hole was reported in October 9^th Press Release

• The King Solomon Trend is a 2.1 x 1.6 km zone of intense alteration (silicification and sulphidation) and deformation that is associated with gold and polymetallic mineralization.
• Newly acquired and modeled MT and IP data shows large, strong chargeability and corresponding low resistivity anomalies at depth that are believed to be the large feeder source of the widespread polymetallic gold mineralization confirmed with the near surface 2018 drilling (Figure 3, Figure 4, & Figure 5).
  • The anomalies become larger to the south and remain open
  • Future campaigns will focus on drilling the core of the large IP anomalies and tracing the known mineralization to depth/down-plunge, and along strike.

The Midas property is underlain by the Paleozoic Mount Attree volcanic complex. Work by the British Columbia Geological Survey (BCGS; McKeown et al., 2007) documented a zone of intense gossan development and quartz-sericite±chlorite-pyrite alteration covering an area at least 10 by 18 kilometres in size. Fracture-fill and stringers of quartz-pyrite-sphalerite-argentite-chalcopyrite-galena veins and stockwork, with silicified breccias and silicified zones, are characteristic of near-surface mineralized structural zones at the core of the King Solomon Trend.  

Table 2 – 2018 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.

*AuEq metal values were calculated using: Au $126.51/oz, Ag $14.675/oz, Cu $2.6903/lb, Pb $0.8963/lb, Zn $1.1499/lb
¹Drill hole was reported in October 9^th Press Release

This is part of a larger regional play, where stratiform lenses and horizons of massive to semi-massive sulfides occur at several sites. These observations are similar to those drawn by the BCGS who interpreted the mineralization to represent a volcanic-hosted massive sulphide feeder zone below the seafloor. Higher copper values may indicate a more proximal setting and 2018 chip, channel, and grab sampling in both the west and east of the King Solomon Trend returned such copper results. This area also corresponds with strong, extensive, multi-line, north-south IP anomalies, especially in the southwest part of the trend. This area is reflected by sodium-depleted iron-rich chloritic alteration, which returned anomalous Zn-Cu-Ag, in a coarse felsic fragmental sequence. Although partially outlined by the IP survey over 700 meters, there is the potential of excellent continuity along strike to the south and at depth with multiple, stacked, and buried chargeability IP anomalies (Figure 3, Figure 4, & Figure 5).   

A similar sub-surface anomaly was also identified and reported in the October 9^th Press Release. Several new lines of evidence from the 2018 data strongly indicate that these buried IP anomalies are likely the feeder source to the widespread structurally controlled gold and polymetallic mineralization hosted in a hydrothermal breccia body seen on surface and in the shallow drill holes. This mineralization is believed to have been remobilized and peripheral to the core of the main polymetallic source. Drilling in 2019 will be the first to test the core of these anomalies and trace the known mineralization to depth/down-plunge, and along strike to its source.

Table 3 - Drill Collar Information

*UTM Zone 9N NAD83
¹Drill hole was reported in October 9^th Press Release

Mr. Dan Stuart, Director, President and CEO of Juggernaut states:
“We are pleased with the results from this year’s program and with the discovery of another new near surface high-grade gold-zone on King Solomon. We have barely begun to scratch the surface with our inaugural exploration drilling and could be seeing just the tip of the iceberg. It clearly demonstrates the tremendous untapped potential of this extensive polymetallic gold system. Midas is located in a world class geologic setting with excellent potential for a significant VMS discovery, all in close proximity to both roads and infrastructure, and we look forward to continue drilling this discovery in order to outline its full extent both to depth and along strike. This geologic setting and model have proven to host multiple world class deposits, including the Eskay Creek high grade gold VMS deposit. Northwestern British Columbia continues to provide new discoveries and attract significant interest and commitment from both senior miners and exploration companies alike.  The Midas project is still in its infancy with only 1977 meters of wide spaced shallow exploratory drilling completed in 2018 with the majority of the King Solomon Trend remains to be drill tested. The many layers of new data point to clearly defined targets at depth for the 2019 drilling and we are now well positioned to unlock the tremendous untapped potential of the Midas property.  The King Solomon Trend has shown it has the right ingredients required – location, grade, dimensions, geology, geophysics and geochemistry – to quickly develop into the next big discovery. We look forward to the fully funded 2019 drill program on Midas with great 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 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 were 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.

For more information please contact:

Juggernaut Exploration Ltd.
Mr Dan Stuart
President and Chief Executive Officer
Tel: 604-559-8028
dan@juggernautexploration.com
Website: https://juggernautexploration.com

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