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PLANS FOLLOW UP DRILLING ON EXTENSIVE HIGH-GRADE COPPER-GOLD TARGETS
VANCOUVER, British Columbia - (NewMediaWire) - May 13, 2024 - TheNewswire - Juggernaut Exploration Ltd. (TSX-V: JUGR) (OTCQB: JUGRF) (FSE: 4JE) (the "Company" or "Juggernaut") further to its April 30th, 2024 news release, Juggernaut is pleased to report that it has received TSX Venture Exchange approval to close its non-brokered private placement financing (the "Financing") for aggregate gross proceeds of $1,000,440. The use of funds from this financing will be for general working capital and preparation to drill ~5000 meters on Juggernaut's 100% controlled Bingo and Midas properties, targeting prolific high-grade Copper and Gold at the surface.
Dr. Hennigh stated, "Very promising results from 2023's maiden drill program confirmed strong potential for "Surebet" style intrusive-related gold-base metal lodes at Bingo. In addition, follow up drilling at Midas continues to demonstrate the presence of a large volcanogenic massive sulfide system in need of further work. With interest in the mining exploration space quickly heating up, it is critical that companies like Juggernaut get back to the job of making discovery. I look forward to working with the Company's team as plans are made for this year's drill campaign at both of these exciting projects."
This investment and strategic partnership, coupled with the ongoing support and interest from other globally recognized Institutions and senior miners, is a strong endorsement that clearly demonstrates the significant near-term expansion discovery potential of our 100% controlled propertieshighlighting just one recent discovery on Bingo where multiple drill holes intersected high-grade gold-silver-copper mineralization along an extensive north-trending, west-dipping, shear-hosted vein with grades up to 11.42 gpt AuEq (7.57 gpt Au, 20.23 gpt Ag and 2.72 % Cu) over 5.11 meters, including 19.69 gpt AuEq (13.05 gpt Au, 24.93 gpt Ag and 4.70 % Cu) over 2.90 meters. The shear-hosted vein at the Bingo Main Zone is partially exposed at surfaces for over 600 meters, and only the main outcrop has been drill-tested to date, leaving the system open in all directions.
The Financing consists of 16,673,999 units ("Units"), priced at $0.06 each for gross proceeds of $1,000,440. Each Unit consists of one common share plus one warrant to purchase one common share at $0.10 for a thirty-six-month period.
The Company has also paid cash finder's fees totaling $5,221.20, issued 390,000 Broker Units,