A Haywood Securities report shared what is new with this Canadian company.
In a June 4 Junion Exploration Report, analyst Mick Carew indicated that Haywood Securities Inc. added Juggernaut Exploration Ltd. (JUGR:TSX.V) to its Watch List, which means, for one, it is expected to announce news during Q3/18.
As for the latest developments, Juggernaut just began a CA$3.5 million 2018 exploration program at its 100%-controlled Midas and Empire projects located south of British Columbia's Golden Triangle. Geochemistry, mapping and sampling will be done, followed by drilling of several targets to help the company prioritize them for additional work.
Subsequent to that, the explorer will drill the northwest trending King Solomon gold zone at Midas, which is "of particular interest" and where a 2.1 by 1.6 kilometer area of volcanogenic massive sulphide polymetallic and gold mineralization has been identified, Carew wrote.
The Empire property spans 16,400 hectares and "comprises several targets," Carew described. Area infrastructure includes logging tracks for access, power that is 8 kilometers away, roads and rail. Highlight assays from rock chip and channel sampling in 2017 at the Rockstar zone included 6.02 meters (6.02m) grading 1.53 grams per ton (1.53 g/t) gold, 1.38% copper, 0.23% zinc and 0.13% lead. One rock chip sample returned 21.7 g/t gold, 0.94% copper, 3.42% zinc and 11.55% lead.
The Midas property, which covers 16,653 hectares, has nearby infrastructure and "is defined by an 18 by 10 kilometer alteration zone of oxidation and quartz-sericite-pyrite alteration," Carew indicated. Rock chip and channel sampling elicited high-grade gold mineralization, including 4.34m grading 10.28 g/t gold.
Both Midas and Empire are under option agreements with the DSM Syndicate in which Juggernaut has a 20% interest. Per the agreements, Juggernaut must pay, through cash, shares and warrants, CA$13.35 million per project over five years.
The company also just closed a private placement of CA$2.74 million, which boosted its cash balance to CA$3.5 million. The company has no debt.
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