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VANCOUVER, British Columbia, Feb. 12, 2018 (GLOBE NEWSWIRE) -- Juggernaut Exploration Ltd. (TSX-V:JUGR) (the “Company” or “Juggernaut”) is pleased to announce preliminary results of a recent 759-line kilometre high-resolution SKYTEMTM survey on their Empire property, 40 kilometres northeast of Terrace British Columbia. The survey has resulted in the discovery of a geophysically indicated, large buried highly conductive body known as the Big One Anomaly measuring 1000 x 800 x 300 metres. This target is drill-ready and located in a world class geological setting with excellent potential to host VMS deposits (link to image).
In preparation for drilling, 3D inversion modeling and interpretation of the SKYTEMTM survey data was recently completed by an independent geophysics firm. This interpretation and modelling identified a large, buried, highly conductive body that measures 1000 x 800 x 300 metres. Below the main anomaly, the conductive zone remains open to depth. The Big One anomaly is hosted within a sequence of Upper Hazelton Group marine volcanics (pillow lavas) and sediments (marine fossils) that were recently mapped by the British Columbia Geological Survey (Link to map). The Survey concluded that the geologic setting is contemporaneous with the development of the Eskay rift to the west. Therefore, this area is believed to have very strong potential for both Eskay-Creek-style VMS and epithermal mineralization. The northern section of the property underlain by the Quock Formation remains largely unexplored. Rapid glacial and snowpack abatement have exposed extensive areas of bedrock yet to be prospected with excellent additional discovery potential.
Big One Anomaly (Link to video)
An extensive geophysically indicated buried strong bedrock conductor has been identified approximately 3.5 kilometres north of the Inca Trend, towards the underexplored northern part of the property. The Big One Anomaly is a strongly conductive body measuring 1000 by 800 by 300 metres. The conductive zone comes to within 30 m of the surface remains open to depth. The Big One Anomaly was modeled using a conductivity cut-off of 10 mS/m. Doubling this value to 20 mS/m subdivides the anomaly into two separate conductive zones.
This very prominent electromagnetic body generates strong low moment (shallow imaging) and high moment responses (deeper imaging) (link to image), occurs over a large area, and has provided for multiple, near surface drill-targets. Drilling these anomalies is planned during the 2018 exploration program to confirm the source of the conductivity and to outline the geometry of these large conductive bodies along strike and to depth.
A second anomaly known as Colossus, was also identified by the SKYTEMTM survey. This low moment conductivity anomaly consists of two lobes, each spanning ~20 hectares. The large geophysically indicated conductive body is an approximately a horizontal tabular body that extends from surface to a depth of >50 metres. Below this the body, the survey indicates a resistive zone. This geophysical response is consistent with a possible epithermal system, not dissimilar to other epithermal systems in British Columbia, such as Dolly Varden. The Colossus area is underlain by the Quock Formation, a key geologic unit that remains unexplored. Both the geophysical characteristics and geological setting of the Colossus Anomaly provide for additional discovery potential. A comprehensive prospecting, surface mapping, and alteration study is strongly recommended in preparation for drilling.
In addition to the VMS potential in the northern quadrant of Empire, the central and southern sections of the property, known as the Inca Trend, are host to extensive porphyry-style gold-silver-polymetallic mineralized veins and breccias. The Inca Trend contains potassic alteration, propylitic alteration and porphyritic dykes all of which are consistent with a porphyry–style feeder source at depth. This porphyry signature on Empire is situated on a magnetic high that is found along strike (<10 km) from a known copper gold porphyry. This and other porphyries are documented in a linear belt of aeromagnetic highs that correspond with porphyritic intrusions of the Nanika plutonic suite (link to image).
A state of the art, high resolution ground IP geophysical survey is planned to delineate the full geophysical response of these exciting, newly discovered conductive bodies. In addition to the VMS potential of the Empire property, multiple IP surveys will be used to further confirm the porphyry potential of the property beneath the widespread polymetallic bedrock showings and alteration seen on the Inca Trend. The survey is planned for early in the 2018 exploration season to define additional drill targets at depth and along strike.
Mr. Dan Stuart, Director, President and CEO of Juggernaut states:
“The company and entire geologic team are very excited to have so many untested new mineralized bedrock discoveries that are drill ready on Empire. These discoveries are located in geologic elephant country and have excellent potential of being one drill hole away from a world class discovery. The Empire property is located in a key geologic terrane that certainly will tick the boxes of the Miners, has road access and is in close proximity to excellent infrastructure in Terrace British Columbia. We look forward to the 2018 drilling season with great anticipation.”
Dr. Stefan Kruse. P.Geo, Chief Consulting Geologist stated:
“Results of the geophysical surveys are extremely encouraging. We look forward to unlocking the full potential of the Empire property in 2018 with an inaugural drill program”
For new maps and photos please go to the website at www.Juggernautexploration.com
Stefan Kruse, Ph.D., P. Geo., Chief Geologist, 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. Further information regarding Juggernaut’s Midas and Empire properties can be sourced on-line at www.juggernautexploration.com, or by contacting Dan Stuart at 778-233-0293.
Note that geophysical anomalies are not directly indicative of mineralization, and may be caused by other geological bodies.
On behalf of the Board of Directors,
Dan Stuart Director, President, and CEO
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. 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.
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