- Juggernaut Exploration (TSXV:JUGR) agreed to an earn-in deal to secure 100 per cent of the Goldstar Property in British Columbia
- The Goldstar property has two confirmed mineralised zones, with the main Goldilocks zone returning assays as high as 7.86 grams per tonne of gold over 3.75 metres from channel sampling
- The Yellow Brick Road zone, the other mineralised zone on the property has returned assays of 24.55 grams per tonne gold
- The purchase will cost Juggernaut five million in shares and warrants, C$750,000 in cash and a $3 million exploration
- Juggernaut Exploration (JUGR) is down 15 per cent and is trading at 16 cents per share
Juggernaut Exploration (TSXV:JUGR) agreed to an earn-in deal to secure 100 per cent of the Goldstar Property in British Columbia.
The Goldstar property is a 238-hectare property located close to Juggernaut’s Gold standard property, that it already owns in the region.
The company hopes this will lead to some efficiencies in its exploration work across both sites.
Goldstar’s main zone, the Goldilocks zone, was discovered in 2018 and is 190 metres long by 20 metres wide.
The Goldilocks zone has previously returned assays as high as 7.86 grams per tonne gold over 3.75 metres. One historic grab sample from Goldilocks assayed as high as 40 grams per tonne gold.
The other zone on the property is the Yellow Brick Road zone, which lies 500 meters north of Goldilocks and runs for 170 metres long. Channel sampling work conducted in 2018 and 2019 at the Yellow Brick Road zone also returned results up to 24.55 grams per tonne gold equivalent.
The company can secure the property by issuing 1.5 million shares and warrants, alongside completing $250,000 worth of drilling work by December 15, 2022.
Juggernaut can pay out another $250,000 and issue a further 1.5 million, alongside a further $750,000 in exploration work by 2023, to secure 40 per cent of the project.
If juggernaut then pay $500,000, issue two million shares and incur a further $2 million in exploration expenses it can then secure 100 per cent of the project.
Juggernaut Exploration (JUGR) is trading down 15 per cent to $0.16 per share at 2:15 pm EDT.