Juggernaut Exploration (TSXV: JUGR; US-OTC: JUGRF) has discovered a new gold zone on its Midas gold property in northwestern B.C. after drilling 6.85 grams gold per tonne over 9 metres from 35 metres downhole.
The company was following up on results from an induced polarization (IP) survey that identified an anomaly about 125 metres below surface. It believes that anomaly represents a deeper feeder source to the gold zone it just drilled.
Juggernaut drilled Midas for the first time in 2018, plunging 1,977 metres across 16 holes and targeting near surface mineralization over an 834 metre strike length. It intersected gold and polymetallic mineralization in every hole it drilled.
Highlights from the drill program include: 4.8 metres grading 2.24 grams gold, 6.83 grams silver, 0.18% copper and 1.04% lead from 3 metres downhole as well as 1.07 metres at 5.21 grams gold, 15.62 grams silver and 3.49% copper from 69 metres downhole.
Midas sits on the 2.1 x 1.6 km King Solomon trend. The company intends to focus future drilling on deeper IP anomalies that it says grow larger to the south of current drilling and remain open.
In mid-December 2018, the company raised $2.2 million across two financing tranches and is now fully funded for 2019 exploration programs at Midas as well as at its Empire, DSM and J2 projects. All of the companys projects are in northwestern British Columbia.
This article provided by NewsEdge.