
February 04, 2025
Juggernaut Exploration Ltd (JUGR.V) (OTCQB: JUGRF) (FSE: 4JE) (the “Company” or “Juggernaut”) is pleased to announce that it has the option to earn 100 % interest in the Big One property (the “Property”) from the B-ALL Syndicate Ltd. The Big One Property is a new discovery with assays up to 79.01 g/t gold (2.54 oz/t gold) and 3157.89 g/t silver (101.5 oz/t silver) from >200 gold-silver-copper rich polymetallic veins up to 8 m wide and striking for up to 500 m that remain open. These veins were identified along the newly discovered 11 km Highway of Gold surrounding the Eldorado porphyry system on the Big One property. The discovery is located in an area of glacial and snowpack abatement adjacent to the world-class gold-rich porphyry systems at Galore Creek. The property covers 33,693 hectares in world-class geologic terrane with tremendous additional discovery potential in the heart of the Golden Triangle, British Columbia. The Big One property was generated, staked and the original discovery was made by the B-ALL Syndicate.
Dan Stuart, President and CEO of Juggernaut Exploration, states,“We are excited to have been selected as the vehicle to explore, drill, and develop this exciting discovery home to the 11 km Highway of Gold, where over 200 high-grade gold-silver polymetallic veins up to 8 m thick and exposed on surface for over 500 m have assayed up to 79.01 g/t gold (2.54 oz/t gold) and 3157.89 g/t silver (101.5 oz/t silver) and remain open. Even more exciting is the fact that the mineralization observed on the surface is indicative of a much larger precious and base metal porphyry system or systems at depth. To have 100 % control over a district-scale property of this caliber located in world-class geologic terrane in close proximity to a Tier 1 deposit the likes of Galore Creek is a once-in-a-lifetime opportunity. With ~95 % of the Big One property remaining unexplored and hosting vast areas of newly exposed outcrop due to glacial and snowpack retreat, it provides for excellent additional long-term discovery potential. The Big One discovery has already garnered serious interest from multiple miners and institutions alike. The company looks forward to the maiden drill program, which could very quickly evolve into a world-class gold discovery.”
ELDORADO PORPHRYRY SYSTEM / 11 KM HIGHWAY OF GOLD HIGHLIGHTS
- Whopper vein: grab samples from 5 m wide quartz-sulphide vein hosted in an 8 m wide mineralized shear zone returned 16.04 g/t AuEq (13.12 g/t Au, 169.88 g/t Ag, 0.51 % Cu, 1.65 % Pb, 0.42 % Zn) as well as 13.10 g/t AuEq (10.62 g/t Au, 206.32 g/t Ag, 0.01 % Cu, 0.77 % Zn, 0.01 % Pb) and 7.42 g/t AuEq (6.01 g/t Au, 121.97 g/t Ag, 0.01 % Cu, 0.06 % Pb, 0.09 % Zn). The Whopper vein is exposed on surface for 100 m and remains open along strike where it goes under snowpack and ice. The quartz vein consists of lenses and seams of massive pyrite and galena contained in the quartz vein and stockwork. The high-grade Whopper vein geochemical and geophysical signatures are indicative of a porphyry source at depth. This target is drill ready.Big One Whopper Image 1Big One Whopper Image 2, Big One Whopper Image 3,Big One Whopper Image 4, Big One Whopper Video
- Big Mac Vein: Grab sample from a quartz-sulphide vein hosted in a 4 m wide shear zone that contains stringers of semi-massive galena as well as clots of chalcopyrite and pyrite assayed 41.46 g/t AuEq (37.98 g/t Au, 70.37 g/t Ag, 0.24 % Cu, 5.72 % Pb, 3.93 % Zn), as well as 10.67 g/t AuEq (10.61 g/t Au, 3.55 g/t Ag, 0.01 % Cu, 0.01 % Pb, 0.01 % Zn). The Big Mac vein is exposed for 50 m where it goes under overburden/ice and remains open. The Big Mac vein’s geochemical signature is conducive for a porphyry source that is also indicated by geophysical anomalies at depth. This target is drill ready. Big One Big Mac ImageBig One Big Mac Video
- Giant Vein: Channel sample across 1.5 m quartz vein with lenses and stringers of semi-massive to massive chalcopyrite and pyrite returned 6.10 g/t AuEq (5.06 g/t Au, 91.41 g/t Ag, 0.01 % Cu, 0.05 % Pb, 0.03 % Zn). The vein extends vertically for 30 m and remains open within a large gossanous area 100 m wide. The Giant vein’s geochemical signature is conducive for a porphyry source that is also indicated by geophysical anomalies at depth. This target is drill ready. Big One Giant Image
- Deluxe Vein: Channel sample across a 45 cm vein containing semi-massive galena and pyrite assayed 37.20 g/t AuEq (12.12 g/t Au, 2084.61 g/t Ag, 0.02 % Cu, 8.04 % Pb, 0.01 % Zn) as well as 7.68 g/t AuEq (3.39 g/t Au, 380.15 g/t Ag, 0.01 % Cu, 0.11 % Pb, 0.01 % Zn). The vein is up to 2 m wide and has been traced along strike for 150 m and remains open. The Deluxe vein has a geophysical anomaly at depth that is conducive for a porphyry source. This target is drill ready. Big One_Deluxe ImageBig One Deluxe Video
- Double Decker: Grab sample from a set of intersecting quartz-sulphide veins up to 50 cm wide and exposed for 60 m returned 22.04 g/t AuEq (19.82 g/t Au, 216.65 g/t Ag). The veins contain seams of semi-massive galena and pyrite and remain open. The Double Decker vein has a geophysical anomaly at depth that is conducive for a porphyry source. This target is drill ready. Big One DoubleDecker
- Eldorado consists of a high-grade polymetallic gold-silver zone named Highway of Gold that stretches 11 km and remains open on newly exposed bedrock along the fringes of the Geology Ridge icefield and Decker Creek glacier
- Eldorado demarks an area of 7.5 Km of recently exposed bedrock containing substantial propylitic alteration, hydrothermal veining, and epithermal veining with 200 quartz-sulphide veins up to 8 m wide containing semi-massive to massive chalcopyrite, sphalerite and galena with grades up to 79.01 g/t Au (2.54 oz/t Au) and 3157 g/t Ag (101.5 oz/t Ag), that remains open
- The polymetallic veins, alteration signature, geochemical path finder element signature, and geophysical anomalies strongly indicate the presence of a common buried gold-silver-copper rich porphyry feeder source at depth responsible for the extensive high-grade veining confirmed on surface
- The newly exposed Eldorado system contains 200 veins over an area of 1.2 km by 800 m that remains open. Within this zone, veins up to 8 m wide and striking up to 500 m were observed (Whopper vein), containing semi-massive to massive chalcopyrite, sphalerite and galena, indicated to be the source of historic high-grade gold-silver angular float samples reported in the 1960s in the valley below. Both the zone and the system remain open and are drill ready.
- At least two extensive areas with strong porphyry potential have been identified where the distribution of geochemical path finder elements overlaps with strong geophysical anomalies as well as multiple gold-rich polymetallic veins in outcrop and clearly corresponds to the typical signature observed within or in close proximity to a porphyry system.Big One Geochemistry Maps
The results from the August 2024 reconnaissance exploration program on the Big One property confirmed the excellent untapped exploration potential of the area with the discovery of the extensive high-grade Eldorado gold-silver-copper system found along the 11 km Highway of Gold in newly exposed outcrop around the fringes of the snowfields/glaciers. The Eldorado discovery is bordered by an extensive zone of propylitic alteration halo covering an area of 4 km by 1 km and porphyry textures in outcrop, which, coupled with buried geophysical anomalies and strong geochemical pathfinder element signatures, strongly indicates the presence of a large mineralizing (porphyry) system or systems at depth indicated to be the origin of the extensive high-grade gold, silver and copper mineralization confirmed in veins on surface that remains open.
The Big One property covers 33,693 hectares of world-class geologic terrain in the heart of the Golden Triangle of British Columbia, Canada. The property is largely unexplored, and only recently, due to ongoing rapid glacial and snowpack abatement, has an opportunity been provided to explore extensive areas of the newly exposed outcrop, which has strong potential for discovery today and into the future.
The Eldorado system is indicated to be the source of angular float samples with grades up to 16.9 g/t Au and 49 g/t Ag, discovered in the early 1960s. Eldorado corresponds to the location of the source that was suggested by renowned geologist and glaciation expert Dr. Richard E Kucera in 1990 to the west of the boulder field at an elevation of >4700 ft, which at the time was covered by permanent snow and ice. Big One Float Zone
We have only started to scratch the property's surface and have likely only seen the tip of the iceberg. A number of mineralized occurrences, including porphyry and extensive high-grade polymetallic veins, were discovered on the Big One property, clearly demonstrating the enormous untapped potential of this area, which could quickly evolve into a new world-class discovery.
Table 1: Assay highlights from the Big One property
Sample ID | Sample Type | Au (g/t) | Ag (g/t) | Cu (%) | Pb (%) | Zn (%) | AuEq (g/t) |
D751282 | Grab | 79.01 | 53.49 | 0.13 | 0.43 | 0.80 | 80.08 |
D751966 | Grab | 56.54 | 23.40 | 0.03 | 0.02 | 0.03 | 56.84 |
D751216 | Grab | 37.98 | 70.37 | 0.24 | 5.72 | 3.93 | 41.46 |
D751164 | Grab | 2.03 | 3157.89 | 0.38 | 2.04 | 0.31 | 38.28 |
D751191 | Channel | 12.12 | 2084.61 | 0.02 | 8.04 | 0.00 | 37.20 |
D751156 | Grab | 33.72 | 128.83 | 0.27 | 2.71 | 0.27 | 36.11 |
D751964 | Talus | 23.47 | 105.31 | 1.37 | 0.01 | 0.00 | 26.07 |
D750389 | Grab | 8.10 | 1421.50 | 1.11 | 0.15 | 2.70 | 26.01 |
D751163 | Float | 23.97 | 2.75 | 0.02 | 2.16 | 0.13 | 24.53 |
D751209 | Grab | 19.82 | 216.65 | 0.00 | 0.00 | 0.00 | 22.24 |
D750394 | Grab | 13.12 | 169.88 | 0.51 | 1.65 | 0.42 | 16.04 |
D751285 | Grab | 3.74 | 101.58 | 7.96 | 0.01 | 0.01 | 13.18 |
D751975 | Grab | 10.62 | 206.32 | 0.00 | 0.77 | 0.01 | 13.10 |
D750192 | Grab | 3.44 | 230.39 | 6.61 | 0.00 | 0.01 | 12.91 |
D751943 | Grab | 4.00 | 99.85 | 0.30 | 15.35 | 8.35 | 11.32 |
D750198 | Float | 6.01 | 32.31 | 0.14 | 0.04 | 15.30 | 11.21 |
D750608 | Grab | 10.62 | 3.55 | 0.00 | 0.01 | 0.01 | 10.67 |
D751154 | Grab | 5.72 | 219.32 | 0.22 | 1.81 | 1.34 | 9.20 |
D751969 | Float | 5.59 | 187.89 | 0.40 | 1.91 | 0.98 | 8.82 |
D751284 | Float | 6.34 | 56.05 | 0.03 | 6.78 | 0.59 | 8.66 |
D751151 | Float | 2.79 | 95.04 | 0.01 | 20.00 | 1.22 | 8.59 |
D751192 | Channel | 3.39 | 380.15 | 0.01 | 0.11 | 0.00 | 7.68 |
D751104 | Float | 3.79 | 187.22 | 0.30 | 4.60 | 1.12 | 7.54 |
D750395 | Grab | 6.01 | 121.97 | 0.01 | 0.06 | 0.09 | 7.42 |
D751939 | Channel | 5.06 | 91.41 | 0.00 | 0.05 | 0.03 | 6.10 |
D751107 | Float | 4.09 | 74.75 | 0.22 | 1.20 | 0.95 | 5.71 |
D751112 | Float | 4.94 | 60.63 | 0.00 | 0.31 | 0.02 | 5.70 |
D751158 | Grab | 4.60 | 33.15 | 0.04 | 1.36 | 0.02 | 5.31 |
D750657 | Grab | 3.71 | 41.29 | 0.76 | 0.01 | 0.02 | 4.98 |
D751215 | Grab | 2.96 | 105.47 | 0.04 | 0.04 | 2.15 | 4.84 |
D750094 | Grab | 0.02 | 100.05 | 1.01 | 0.06 | 8.60 | 4.83 |
D750656 | Grab | 1.56 | 100.27 | 0.06 | 7.88 | 0.25 | 4.53 |
D750088 | Grab | 0.16 | 166.59 | 0.04 | 7.63 | 1.50 | 4.18 |
D750664 | Float | 0.46 | 224.12 | 0.02 | 4.51 | 0.08 | 3.99 |
D751697 | Grab | 0.09 | 97.20 | 2.35 | 0.01 | 0.07 | 3.65 |
D751283 | Float | 0.26 | 14.00 | 3.02 | 0.00 | 0.00 | 3.57 |
D751946 | Grab | 0.02 | 125.23 | 0.72 | 0.18 | 4.35 | 3.54 |
D751699 | Grab | 2.15 | 67.96 | 0.01 | 2.63 | 0.06 | 3.51 |
D751195 | Channel | 1.61 | 36.67 | 0.82 | 1.27 | 0.71 | 3.37 |
D750554 | Channel | 0.05 | 80.48 | 0.35 | 1.05 | 5.34 | 3.17 |
D750199 | Grab | 0.15 | 113.29 | 0.01 | 7.73 | 0.05 | 3.13 |
D751836 | Chip | 0.22 | 98.74 | 0.00 | 5.21 | 1.59 | 2.95 |
D751845 | Chip | 2.63 | 27.78 | 0.00 | 0.01 | 0.00 | 2.95 |
D751972 | Channel | 1.42 | 44.82 | 0.03 | 3.43 | 0.68 | 2.90 |
D751846 | Grab | 2.59 | 24.90 | 0.01 | 0.00 | 0.00 | 2.87 |
D751207 | Grab | 0.04 | 3.30 | 0.01 | 12.65 | 0.01 | 2.85 |
D751109 | Grab | 1.65 | 86.36 | 0.10 | 0.01 | 0.03 | 2.73 |
D751962 | Grab | 0.55 | 86.59 | 0.26 | 1.17 | 1.98 | 2.65 |
D751968 | Grab | 1.49 | 58.18 | 0.01 | 1.68 | 0.13 | 2.55 |
D751153 | Grab | 0.83 | 82.95 | 0.38 | 0.08 | 1.16 | 2.52 |
D751213 | Float | 1.65 | 59.19 | 0.02 | 0.31 | 0.02 | 2.41 |
D751992 | Grab | 0.33 | 100.07 | 0.03 | 3.27 | 0.06 | 2.21 |
D750448 | Grab | 0.42 | 65.04 | 0.03 | 4.57 | 0.09 | 2.20 |
D750086 | Channel | 0.17 | 16.43 | 0.12 | 1.11 | 4.70 | 2.16 |
D751947 | Grab | 0.01 | 68.75 | 0.48 | 0.09 | 2.81 | 2.16 |
D750555 | Channel | 0.05 | 68.88 | 0.17 | 1.03 | 2.65 | 2.03 |
D751165 | Grab | 1.95 | 2.75 | 0.00 | 0.01 | 0.01 | 1.99 |
D750393 | Grab | 1.01 | 38.49 | 0.02 | 1.79 | 0.37 | 1.97 |
D750449 | Grab | 0.24 | 27.68 | 0.01 | 6.38 | 0.02 | 1.96 |
D751194 | Grab | 0.44 | 110.84 | 0.01 | 0.08 | 0.09 | 1.74 |
D750197 | Grab | 0.10 | 95.55 | 0.02 | 1.43 | 0.53 | 1.66 |
D750195 | Grab | 0.33 | 15.65 | 0.07 | 2.21 | 1.77 | 1.60 |
D750083 | Channel | 0.81 | 32.15 | 0.01 | 1.63 | 0.12 | 1.57 |
D751251 | Grab | 1.27 | 12.39 | 0.11 | 0.02 | 0.02 | 1.53 |
D750552 | Channel | 0.02 | 32.45 | 0.24 | 0.04 | 2.82 | 1.51 |
D751948 | Grab | 0.11 | 53.19 | 0.01 | 3.48 | 0.07 | 1.49 |
D751993 | Grab | 1.20 | 10.66 | 0.03 | 0.35 | 0.17 | 1.48 |
D751116 | Grab | 1.27 | 14.42 | 0.00 | 0.01 | 0.01 | 1.44 |
D750553 | Channel | 0.02 | 25.81 | 0.22 | 0.06 | 2.82 | 1.42 |
D751115 | Grab | 0.05 | 44.66 | 0.02 | 0.95 | 2.03 | 1.40 |
D750607 | Grab | 0.68 | 44.82 | 0.00 | 0.75 | 0.03 | 1.36 |
D751941 | Grab | 0.35 | 28.01 | 0.06 | 0.64 | 1.54 | 1.34 |
D750095 | Channel | 0.06 | 50.63 | 0.07 | 1.56 | 0.93 | 1.32 |
D750093 | Channel | 0.02 | 43.65 | 0.15 | 0.65 | 1.65 | 1.31 |
D751159 | Grab | 0.54 | 28.12 | 0.03 | 1.93 | 0.03 | 1.31 |
D751599 | Float | 0.05 | 71.52 | 0.02 | 1.54 | 0.23 | 1.27 |
D750091 | Channel | 0.02 | 52.72 | 0.13 | 0.07 | 1.40 | 1.18 |
D751193 | Grab | 0.44 | 20.10 | 0.48 | 0.01 | 0.01 | 1.17 |
D750087 | Channel | 0.14 | 36.37 | 0.00 | 1.49 | 0.91 | 1.15 |
D751945 | Grab | 0.02 | 29.84 | 0.08 | 1.53 | 1.17 | 1.13 |
D751835 | Chip | 0.12 | 24.61 | 0.05 | 1.76 | 0.75 | 1.05 |
The Big One property is situated in a region that is well known for hosting world-class precious metal and porphyry deposits, several of which occur near the property including the multiple porphyry systems at Galore Creek (12,159 million pounds of copper, 9.438 million ounces of gold, 174.086 million ounces of silver), the world’s largest known gold reserve at KSM (47.3 million ounces of gold, 160 million ounces of silver, 7.32 billion pounds of copper) and the polymetallic copper project at Shaft Creek (5 billion pounds of copper, 3.7 million ounces of gold, 16.4 million ounces of silver), as well as the Brucejack high-grade epithermal gold deposit (14 million ounces of gold, 91.8 million ounces of silver), and the structurally controlled high-grade hydrothermal gold-silver zones at Trophy and Sphal Creek. The property geology is favorable to host these types of deposits as confirmed by the presence of extensive areas of propylitic alteration, untested geophysical anomalies, strong silt, soil and rock geochemistry, including path finder elements directly related to porphyry systems, key structures and textures, porphyry-style mineralization, and high-grade polymetallic veins, that have been discovered within the Big One claims. Big One Property Map
The Big One property can be accessed year-round via helicopter from the Glenora/Telegraph Creek Road at the Barrington Mine (33 km to the north-northeast) and the Galore Creek Road (15 km to the southeast). The Canadian government committed $20 M to extend/improve the Galore Creek Road within 15 km of the Big One property. The property is only 2 km west of the Scud River airstrip used in the early days of Galore Creek.
The Big One property exploration qualifies for the Critical Mineral Exploration Tax Credit (CMETC).
About the B-ALL Syndicate
The B-ALL Syndicate is a highly specialized geologic team of project generators with a proven track record of success. The Syndicate is focused on unexplored areas of glacial and snowpack retreat, providing new opportunities for material discovery in world-class geologic terrain. The B-ALL Syndicate is on track with discovery as demonstrated with Big One and other properties generated by the J2 Syndicate that were subsequently optioned out resulting in the material Surebet discovery with Goliath Resources. The B-ALL Syndicate team consists of many of the same J2 Syndicate members who have played key roles from inception in the exploration teams for both Goliath Resources and Juggernaut Exploration and are responsible for multiple discoveries. Juggernaut Exploration has a significant interest in the B-ALL Syndicate.
Big One option
All payments are optional. Subject to receipt of all regulatory approvals, Juggernaut will commit to issuing 18,000,000 units on or before April 2nd, 2027; the units will have a 5-year warrant issued at market price on April 2nd, 2027, to earn 49%. Juggernaut can elect to pay an additional 18,000,000 units on or before April 2nd, 2033; the units will have a 5-year warrant issued at market price to earn 80% of the Bigone property. Juggernaut can earn an additional 20% interest in the Property (for a 100% interest ) by delivering to the B-All Syndicate, by April 2, 2034, a NI 43-101 technical report which includes an inferred resource calculation of gold equivalent mineral ounces of all minerals on the Property in the aggregate; within six months of the delivery of the NI 43-101 report pay to the B-All Syndicate USD $1 million plus USD $1 for every gold equivalent ounce outlined in the NI 43-101 technical report. Juggernaut will be required to produce an updated NI 43-101 technical report on the Property every thirty-six (36) months commencing April 2, 2034. Juggernaut will pay the B-All Syndicate a cash bonus of USD $1 for every additional gold equivalent ounce of gold in the inferred mineral resource category outlined by each NI 43-101 technical report produced on the Bigone Property. A royalty (“Royalty”) of 3% of net smelter returns (“NSR”) and other returns from all production from the Property will be payable to the B-All Syndicate, in cash or in-kind (i.e., gold and other Minerals produced from the Property) at the option of the B-All Syndicate. Juggernaut will have the right and option to reduce the Royalty on Juggernaut’s interest in the Property from 3% to 2.5% by paying US$1,500,000 to the B-All Syndicate not later than April 2, 2032.
About CASERM (Center To Advance The Science Of Exploration To Reclamation In Mining)
Juggernaut is a paying member and active supporter of CASERM, an organization that represents a collaborative venture between the Colorado School of Mines and Virginia Tech aimed at transforming the way that geoscience data is used in the mineral resource industry. Research focuses on the integration of diverse geoscience data to improve decision-making across the mine life cycle, beginning with the exploration for subsurface resources and continuing through mine operation as well as closure and environmental remediation.
Qualified Person
Tyler Punk, P. Geo 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.
About Juggernaut Exploration Ltd.
Juggernaut Exploration Ltd. is an explorer and generator of precious metals projects in the prolific Golden Triangle of northwestern British Columbia. Its projects are in world-class geological settings and geopolitical safe jurisdictions amenable to mining in Canada. Juggernaut is a member and active supporter of CASERM, an organization representing a collaborative venture between the Colorado School of Mines and Virginia Tech. Juggernaut’s key strategic cornerstone shareholder is Crescat Capital.
For more information, please contact:
Dan Stuart
President, Director, and Chief Executive Officer
604-559-8028
info@juggernautexploration.com
Other
Grab, channels, chip and talus samples were collected by foot with helicopter assistance. Prospective areas included, but were not limited to, proximity to MINFile locations, placer creek occurrences, regional soil anomalies, and potential gossans based on high-resolution satellite imagery. The rock grab and chip samples were extracted using a rock hammer, or hammer and chisel to expose fresh surfaces and to liberate a sample of anywhere between 0.5 to 5.0 kilograms. All sample sites were flagged with biodegradable flagging tape and marked with the sample number. All sample sites were recorded using hand-held GPS units (accuracy 3-10 meters) and sample ID, easting, northing, elevation, type of sample (outcrop, subcrop, float, talus, chip, grab, etc.) and a description of the rock were recorded on all-weather paper. Samples were then inserted in a clean plastic bag with a sample tag for transport and shipping to the geochemistry lab. QA/QC samples including blanks, standards, and duplicate samples were inserted regularly into the sample sequence at a rate of 10%.
All samples are transported in rice bags sealed with numbered security tags. A transport company takes them from the core shack to the Paragon Geochemical labs facilities in Surrey, BC or ALS labs facilities in North Vancouver, BC. Paragon Geochemical is certified with both AC89-IAS and ISO/IEC Standard 17025:2017. ALS is either certified to ISO 9001:2008 or accredited to ISO 17025:2005 in all of its locations. Samples submitted to Paragon received gold and silver analysis by photon assay whereby the entire sample is crushed to approximately 70% passing 2 mm mesh. The entire crushed sample is riffle split and weighed into multiple (300-500g) jars that are submitted for photon assay. Photon assay uses high-energy X-rays (photons) to excite atomic nuclei within the jarred samples, causing them to emit secondary gamma rays, which are measured to identify and quantify the metals present. The assays from all jars are combined on a weight-averaged basis. At ALS samples were processed, dried, crushed, and pulverized before analysis using the ME-MS61 and Au-SCR21 methods. For the ME-MS61 method, a prepared sample is digested with perchloric, nitric, hydrofluoric, and hydrochloric acids. The residue is topped up with dilute hydrochloric acid and analyzed by inductively coupled plasma atomic emission spectrometry. Overlimits were re-analyzed using the ME-OG62 and Ag-GRA21 methods (gravimetric finish). For Au-SCR21 a large volume of sample is needed (typically 1-3kg). The sample is crushed and screened (usually to -106 micron) to separate coarse gold particles from fine material. After screening, two aliquots of the fine fraction are analysed using the traditional fire assay method. The fine fraction is expected to be reasonably homogenous and well represented by the duplicate analyses. The entire coarse fraction is assayed to determine the contribution of the coarse gold.
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FORWARD LOOKING STATEMENT
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.
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The Conversation (0)
10 June
Juggernaut Exploration
Investor Insight
Juggernaut Exploration is an early-stage explorer and project generator with a compelling investment story, focused on unlocking high-grade precious and base metal discoveries in the prolific Golden Triangle of northwestern British Columbia.
Overview
Juggernaut Exploration(TSXV:JUGR,OTCQB:JUGRF,FSE:4JE) is a precious metals explorer focused on northwestern British Columbia’s Golden Triangle, a globally recognized district for world-class porphyry, VMS and high-grade gold systems. The company operates in a geopolitically stable jurisdiction with excellent infrastructure, adjacent to Newmont’s Galore Creek project and in proximity to major road and airstrip developments.
The company controls three 100 percent owned projects – Big One, Midas and Bingo – totaling nearly 60,000 hectares in the heart of British Columbia’s most prolific mineral belt.
The company’s current strategy focuses on aggressive exploration at its flagship Big One project, where the rapid abatement of glacial cover led to the discovery of over 200 mineralized veins in a matter of days. The scale of the system, coupled with strong geophysical and geochemical signatures, points to a significant buried porphyry system.
Backed by world-renowned geologist Dr. Quinton Hennigh, Juggernaut is founded by the team behind Goliath Resources, which returned 2,400 percent to early investors in just 20 months.
Company Highlights
- The Big One property has uncovered an 11-km gold-rich porphyry system, described as a “highway of gold,” adjacent to Newmont’s $100 billion Galore Creek project.
- Founded by the team behind Goliath Resources, which returned 2,400 percent to early investors in just 20 months. Juggernaut is supported by world-renowned geologist Dr. Quinton Hennigh.
- Crescat Capital is a cornerstone investor, holding a 19.99 percent stake and providing both financial and technical backing.
- The company controls three 100 percent owned projects – Big One, Midas and Bingo – totaling nearly 60,000 hectares in the heart of the Golden Triangle in British Columbia.
- With $11.5 million recently raised, the 2025 field season is fully funded. The upcoming campaign aims to scale and define the scope of the porphyry system discovered in just five days of boots-on-the-ground work.
- Over 70 percent of the company’s shares are held by management, insiders and accredited investors. The company is debt-free.
Key Projects
Big One
The Big One project is Juggernaut’s flagship asset and the focus of its 2025 exploration campaign. Located in the heart of British Columbia’s Golden Triangle, the property spans 36,989 hectares of world-class geological terrain, 95 percent of which remains unexplored.
The project benefits from rapid glacial and snowpack abatement, which has recently exposed a vast mineralized system previously hidden under ice. This includes the newly identified Eldorado porphyry system, a high-grade, multi-kilometer corridor with grades reaching up to 79.01 grams per ton (g/t) gold and 3,157 g/t silver. More than 200 quartz-sulphide veins, containing semi-massive to massive chalcopyrite, sphalerite and galena, have been identified within a 4 km x 1 km alteration footprint, with coincident geophysical anomalies suggesting the presence of a large, buried mineralizing system at depth.
Drill-ready targets include the Whopper Vein (16.04 g/t gold equivalent over 8 meters, >200 m strike length) and the Big Mac Vein (41.46 g/t gold equivalent over 4 m), both of which are planned for drill testing in 2025.
The Big One project qualifies for the Critical Mineral Exploration Tax Credit and is strategically located adjacent to key infrastructure, including the Scud airstrip and a new $45 million government-funded road within 12 km of the site.
Midas
The Midas property covers 20,803 hectares in a geologically favorable setting for volcanogenic massive sulphide (VHMS) deposits, particularly those resembling the high-grade Eskay Creek system. Drilling at the Kokomo zone has intercepted significant VHMS-style mineralization, including standout results such as 8.27 g/t gold equivalent over 11.03 meters (MD-24-47) and 6.85 g/t gold over 9 meters (MD-18-08). The mineralized zone remains open to the north, and the company plans to step out aggressively with additional drilling.
Midas is considered a strong near-term value generator with potential for scale through further discovery.
Bingo
The Bingo property, although smaller in footprint at 1,008 hectares, is located in a structurally favorable setting for shear-hosted gold systems. The project features a 700-meter x 400-meter mineralized zone characterized by consistent sulphide mineralization. Sampling has confirmed an average mineralized width of 7 meters with grades averaging 5.67 g/t gold equivalent. The presence of strong K-spar alteration in the northeast quadrant of the property suggests proximity to a porphyry feeder system, making Bingo a compelling target for both high-grade, shear-hosted and porphyry-style exploration.
Management Team
Dan Stuart – President, CEO & Director
Dan Stuart has over 30 years of experience in capital markets, having raised more than $500 million for natural resource companies. He is a founding member and financier of several private mineral syndicates, including the J2 Syndicate behind Goliath Resources. Stuart is known for his investor acumen and has established strong institutional relationships in North America, Europe, Asia and the Middle East. Under his leadership, Juggernaut secured cornerstone funding from Crescat Capital and Dr. Quinton Hennigh while simultaneously building a platform for rapid discovery-driven growth.
Jim McCrea – Director
Jim McCrea brings 25 years of exploration and resource estimation experience. Notably, he worked on orebody modeling and resource estimation at Cumberland Resources, which was acquired by Agnico Eagle for $710 million. His deep expertise in geology and modeling helps guide exploration targeting and resource development.
William Jung – Director & CFO
A former chartered accountant with over 35 years of experience in finance, William Jung has managed several publicly listed companies on the TSX. His oversight ensures financial discipline, compliance and strategic capital allocation.
Peter Bryant – Director
Peter Bryant is a seasoned international investment banker with 45 years of experience, including senior roles at Standard Chartered Group, Hill Samuel Group and Guinness Mahon Holdings in London. His presence brings strong governance and capital markets insights to the board.
Chris Verrico – Director
Chris Verrico has over two decades of experience managing mineral exploration and infrastructure projects in remote northern regions, including British Columbia, Yukon and Nunavut. His knowledge of field operations and community engagement is critical to project execution.
Bill Chornobay – Program Manager
Bill Chornobay has over 30 years of experience in mineral exploration and has been directly involved in discoveries resulting in more than $1 billion in value. He played a pivotal role in the Surebet discovery for Goliath Resources and now leads on-ground execution at Juggernaut.
Dr. Quinton Hennigh – Technical Advisor
A globally respected exploration geologist, Dr. Quinton Hennigh has over 30 years of experience with major mining companies, including Homestake, Newcrest and Newmont. He is currently the chairman of Novo Resources and serves as a technical advisor to Crescat Capital. His guidance has helped validate and shape the exploration strategy at Juggernaut.
Dr. Manuele Lazzarotto – Senior Consulting Geologist
Dr. Manuele Lazzarotto has eight years of experience advancing early-stage exploration projects into defined resources, particularly in VMS and gold systems. He played a critical technical role in the Surebet discovery and brings valuable geological and structural insight to Juggernaut’s targeting approach.
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Advancing high-grade precious metals assets in northern BC’s Golden Triangle
5h
David Erfle: Silver Staging "Powerful" Breakout; Plus Gold Stocks and Copper Squeeze
David Erfle, editor and founder of Junior Miner Junky, shares his short-term outlook for gold, saying it could see a healthy test of US$3,200 per ounce — or even US$2,950 to US$3,000.
Erfle also shares his thoughts on what's coming for silver and copper prices.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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8h
Equity Metals: Advancing High-grade, District-scale Silver and Gold Assets in British Columbia
Equity Metals (TSXV:EQTY,OTCQB:EQMEF,FSE: EGSD) is rapidly advancing exploration at its 100 percent-owned Silver Queen Project in British Columbia, aiming to expand resources and further de-risk one of the province’s most promising high-grade polymetallic deposits. Situated in the prolific Skeena Arch—home to the historic Equity Silver and Huckleberry mines—Silver Queen hosts an NI 43-101 compliant resource of 62.8 million ounces silver equivalent (indicated) and 22.5 million ounces silver equivalent (inferred). Ongoing drilling in 2024 continues to extend known zones while uncovering new areas of mineralization.
The company is also advancing its newly acquired Arlington Project, a district-scale, never-before-drilled gold-copper-silver asset located in southern BC’s Greenwood Mining Division. With geological similarities to historic producers such as Phoenix and Buckhorn, Arlington is currently undergoing an aggressive 3,000-meter drill program, targeting high-grade, gold-enriched polymetallic mineralization.
The Silver Queen Project is Equity Metals’ 100%-owned flagship asset, located in the heart of British Columbia’s prolific Skeena Arch, approximately 35 kilometers south of Houston. Covering 18,871 hectares, the property comprises 17 crown-granted titles and 46 mineral tenure claims within the Omineca Mining Division. Strategically positioned among past-producing and active mines, including the Equity Silver Mine, Berg, Endako, and Mt. Milligan, the project is well supported by established infrastructure, with convenient access to roads, power, and rail.
Company Highlights
- Flagship High-grade Project – Silver Queen: Over 85 million silver-equivalent ounces defined in the heart of BC's Skeena Arch mineral belt, surrounded by Tier 1 infrastructure and historical producers.
- New Gold Discovery Potential – Arlington project: A district-scale, early-stage gold-copper-silver system with analogues to major past-producing skarn and vein-hosted mines in the region.
- Fully Funded for 2025: 9,000 meters of combined drilling is underway across both Silver Queen and Arlington with assay results expected to drive news flow through Q3 and Q4 2025.
- Experienced Management and Technical Team: Track record of discovery and mine development across North America, including the Penasquito and Eskay Creek mines and the Wind Mountain project.
- Exposure to Critical and Precious Metals: Balanced portfolio spanning silver, gold, copper and diamonds with optionality in battery materials (silica) and critical minerals.
This Equity Metals profile is part of a paid investor education campaign.*
Click here to connect with Equity Metals (TSXV:EQTY) to receive an Investor Presentation
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18h
Completed Sale of Lochinvar Coal Project and Royalty Deed
New Age Exploration (NAE:AU) has announced Completed Sale of Lochinvar Coal Project and Royalty Deed
19h
Munda Gold Mine - Purchase of Mine Camp, Nickel Rights and Water Assets from WIN Metals
Auric Mining Limited (ASX: AWJ) (Auric or the Company) together with WIN Metals Ltd (ASX: WIN) (WIN Metals or WIN) are pleased to announce that the two parties have successfully agreed to the purchase of a package of WIN assets including all nickel and associated minerals rights, water access rights and a fully equipped mining camp all relating to Auric’s Munda Gold Mine.
Highlights
- This milestone agreement considerably enhances Auric’s mining operations at its Munda Gold Mine.
- Acquisition includes a fully equipped mining camp and all related assets six kilometres from Munda Gold Mine.
- All Nickel rights and entitlements will be owned by Auric.
- Sole access and usage of stored water in the 132N pit by Auric.
- Total purchase price $1.4 Million (ex GST), payable in two tranches: Tranche 1 $900,000 paid 30 June 2025, Tranche 2 $500,000 due 31 July 2025.
Management Comment
Managing Director, Mark English, said:“This acquisition gives Auric greater control over our destiny for open pit mining at our Munda Gold Mine.
“Buying all nickel rights from WIN sees us taking another major step forward at Munda. We’ve moved mining at Munda along rapidly this year and are pleased this hurdle to progress our future expansion will be removed.
“There’s not much water around Widgiemooltha, so as part of this transaction, we are acquiring additional access to stored water in the 132N pit. Having adequate water is extremely important for our mining operations. The mining camp is another huge bonus for Auric being located just six kilometres north of our mine.
“We have reached a highly satisfactory agreement for all Auric shareholders,” said Mr English.
WIN Metals. Managing Director and CEO, Steve Norregaard, said:“WIN wish Auric all the best with their Munda gold project development.
“Proposed Nickel mining at Munda was not contemplated in WIN’s 2024 scoping study and as such would have been far into the future for the Mt Edwards Nickel Project. With the outlook of a prolonged subdued nickel price the opportunity to monetise a relatively small portion of the total projects nickel resource base will provide cash for investment into WIN’s gold assets. This is a transaction that makes sense for both companies,” said Mr Norregaard.
The Announcement
The total consideration is $1.4 million, (ex GST) payable in two separate tranches: the first tranche of $900,000 paid on 30 June 2025, the second, $500,000 due on or before July 31, 2025.
Included in the purchase is a fully equipped mining camp located six kilometres north of the Munda Gold Mine sufficient to house the entire workforce. Additional in the deal, Auric has also acquired sole access to all the water in the pit at 132N, just a short distance from the Munda mine.
Auric will at completion own all mineral rights at Munda, except lithium. The lithium mineral rights remain with WIN.
Upon completion of both tranches, on or before 31 July 2025, Auric will have paid WIN a total of $1.4 million (ex GST), for the mining camp, which includes all associated infrastructure such as solar panels, generators, bulk fuel storage, storage containers together with water rights to the 132N pit and all nickel rights and associated entitlements at Munda. The parties have agreed to expedite the grant of miscellaneous licences over the WIN tenements to secure road access as well as the camp.
Click here for the full ASX Release
This article includes content from Auric Mining, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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30 June
Equity Metals
Investor Insight
Equity Metals offers investors exposure to high-grade silver and gold discoveries in British Columbia through a dual-track strategy of expanding its flagship Silver Queen resource and advancing the newly acquired Arlington district.
Overview
Equity Metals (TSXV:EQTY,OTCQB:EQMEF,FSE:EGSD) is fast-tracking exploration at its 100 percent owned Silver Queen project in British Columbia, targeting resource expansion and derisking of one of the province's most prospective high-grade polymetallic deposits. Located within the prolific Skeena Arch near the historic Equity Silver and Huckleberry mines, Silver Queen boasts an NI 43-101 compliant resource of 62.8 million ounces (Moz) silver equivalent (indicated) and 22.5 Moz silver equivalent (inferred), with 2024 drilling extending known zones and identifying new mineralized areas.
Complementing this is the Arlington gold-copper-silver project, a newly acquired district-scale, never-before drill-tested project located in southern BC's Greenwood Mining Division. With analogues to historic producers like Phoenix and Buckhorn, Arlington is being aggressively explored with 3,000 meters of drilling underway, focused on delineating high-grade gold-enriched polymetallic mineralization.Parameters for the NI 43-101 Compliant Mineral Resource Estimate are in the Appendix and in the EQTY News Release, dated Dec 1, 2022
Together, Silver Queen and Arlington offer a balanced exposure to high-grade polymetallic and gold-rich systems. The former provides near-term resource expansion and development optionality, while the latter opens up district-scale discovery potential.
In addition, Equity Metals holds interests in the Monument and WO diamond properties in the Lac de Gras region (Northwest Territories), proximal to the Diavik and Ekati mines, and the La Ronge silica project in Saskatchewan. These projects offer upside optionality for strategic partnerships or asset sales.
Company Highlights
- Flagship High-grade Project – Silver Queen: Over 85 million silver-equivalent ounces defined in the heart of BC's Skeena Arch mineral belt, surrounded by Tier 1 infrastructure and historical producers.
- New Gold Discovery Potential – Arlington project: A district-scale, early-stage gold-copper-silver system with analogues to major past-producing skarn and vein-hosted mines in the region.
- Fully Funded for 2025: 9,000 meters of combined drilling is underway across both Silver Queen and Arlington with assay results expected to drive news flow through Q3 and Q4 2025.
- Experienced Management and Technical Team: Track record of discovery and mine development across North America, including the Penasquito and Eskay Creek mines and the Wind Mountain project.
- Exposure to Critical and Precious Metals: Balanced portfolio spanning silver, gold, copper and diamonds with optionality in battery materials (silica) and critical minerals.
Key Projects
Silver Queen Project
The Silver Queen project is Equity Metals’ 100 percent owned flagship asset located in central British Columbia’s prolific Skeena Arch, approximately 35 km south of Houston. This 18,871-hectare property consists of 17 crown-granted titles and 46 tenure claims in the Omineca Mining Division. Surrounded by past-producing and active mines, including the Equity silver mine, Berg, Endako and Mt. Milligan, the project benefits from established infrastructure such as roads, power and rail access.
Silver Queen hosts a high-grade polymetallic system featuring silver, gold, copper, lead and zinc mineralization. The project is underpinned by a robust NI 43-101 compliant resource estimate (as of December 2022) consisting of 62.8 million ounces (Moz) silver-equivalent (AgEq) in the indicated category grading 565 grams per ton (g/t) AgEq, and 22.5 Moz AgEq in the inferred category grading 365 g/t AgEq. This includes 3.46 million tons (Mt) of indicated resources averaging 189 g/t silver, 2.13 g/t gold, 0.24 percent copper, 0.6 percent lead, and 3.5 percent zinc, and 1.92 Mt of inferred resources grading 167 g/t silver, 0.82 g/t gold, 0.23 percent copper, 0.5 percent lead, and 2 percent zinc.
The mineralization occurs in multiple steeply dipping epithermal vein systems, subdivided into the No. 3, NG-3, Camp and Sveinson veins. Each exhibits distinct metal zonation – the Camp veins are silver-dominant, while the Sveinson, No. 3 and NG-3 show a stronger gold bias. Bonanza grades have been intercepted at multiple locations, including down-hole drill core intervals assaying up to 56,115 g/t silver over 0.3 metres in recent drill results. High sulphide and low sulphide vein environments have both been identified, suggesting a long-lived and multi-phase mineralizing event.
Since late 2020, Equity has completed 52,877 meters of drilling in 146 holes, targeting extensions and new zones of mineralization. In 2024 alone, four target areas – George Lake, Camp North, No. 3 North and Camp-Sveinson – were tested via 17,209 meters across 42 holes. Drilling resulted in the delineation of a 550-metre strike-length for mineralization in the George Lake target and a 400-metre strike-length for mineralization in the No. 3 North target, as well as several extensions of earlier identified veins in the Camp Deposit and a new discovery in the Camp North target. A 6,000-meter 2025 drilling program will further test these zones with updated modeling and resource growth expected in Q3 2025.
Metallurgical testing completed in both 1988 and 2022 yielded positive recoveries: 83 percent gold, 95 percent silver, 93 percent copper, 91 percent lead, and 98 percent zinc. A follow-up metallurgical program is planned to support preliminary development studies. With extensive underground development (~9 km of historic workings) and proximity to key infrastructure, the Silver Queen project is well positioned for advancement toward economic studies and ultimately, a potential strategic transaction.
Arlington Project
The Arlington project is a 3,584-hectare, early-stage exploration asset located in southern British Columbia’s Greenwood Mining Division, approximately 65 km south of Kelowna. The project sits within the prolific Quesnel Terrane and is accessible year-round via Highway 33 and a network of logging roads. The region hosts several historical producers including the Buckhorn, Phoenix, and Beaverdell mines, which have collectively yielded more than 2 Moz gold, 6 Moz silver and 500 Mlb copper.
Arlington encompasses multiple mineral occurrences and at least four deposit styles across a more than 5 km strike length. Historic and recent surface work has confirmed high-grade mineralization with rock samples returning values up to 11.67 g/t gold, 211 g/t silver, and 3.22 percent copper. The 2025 exploration program, currently underway, includes a 3,000-metre drill campaign primarily targeting the Fresh Pots gold-silver anomaly – a large (2 km x 1 km) intrusion-related gold system delineated by multi-element soil geochemistry and magnetic lows.
Other high-priority targets include:
- Rona Porphyry Target: A copper-molybdenum-gold system with pyroxenite intrusive-hosted mineralization. Rock chip assays have returned >1 percent molybdenum, 0.6 g/t gold, and 32.4 g/t silver. The area is characterized by a large copper-nickel soil anomaly and widespread argillic alteration in adjacent sedimentary rocks.
- Arlington Polymetallic Veins: A structurally controlled vein system with documented historic workings. Highlights include Arlington South (11.67 g/t gold, 3.22 percent copper) and Arlington North (1.86 g/t gold, 1.07 percent copper), suggesting vertical metal zonation and potential for stacked vein systems.
- Skarn and Replacement Targets: Notably at the Bru and Arlington zones, analogous to Buckhorn and Phoenix, where gold-copper magnetite skarns produced over 1 Moz historically.
In early 2025, Equity Metals completed a property-wide airborne magnetic/radiometric survey and LiDAR mapping campaign to refine targeting. Soil and till geochemistry, IP surveying and mapping continue across the license area to delineate follow-up drill targets for 2026.
Management Team
Lawrence Page – Chairman and Director
A seasoned mining executive with over four decades of experience, Lawrence Page has helped finance and develop several major discoveries including Penasquito (Mexico), Eskay Creek and Hemlo. He brings strategic oversight and a deep network within the exploration and capital markets community.
Joseph A. Kizis Jr. – President and Director
With over 40 years of mineral exploration experience, Joseph Kizis has been instrumental in advancing gold, silver and base metal projects across North America. He is also president of Bravada Gold and has played key roles in advancing Wind Mountain in Nevada and Homestake Ridge in BC.
Robert W.J. Macdonald – VP Exploration
Robert Macdonald leads Equity Metals’ technical team and brings extensive epithermal and porphyry system expertise. His past project experience includes Homestake Ridge in BC and Cerro Las Minitas in Mexico, and he is the Qualified Person for all technical disclosures.
Killian Ruby – CFO and Director
As president and CEO of Malaspina Consultants and a former senior manager at KPMG LLP, Killian Ruby brings financial discipline, governance strength and tax expertise. He also serves as CFO for several junior resource companies.
John Kerr – Director
A professional engineer with five decades of exploration experience, John Kerr has contributed to the discovery and development of projects such as Santa Fe and Mindora in Nevada, and Frasergold in BC.
Courtney Shearer – Director
Courtney Shearer has served in executive and advisory roles with multiple Canadian mining companies, including San Gold Corporation, where he led strategic evaluations and project planning initiatives.
Arie Page – Corporate Secretary
Arie Page provides legal and corporate compliance support and has served as corporate secretary for numerous public companies within the Manex Resource Group.
Appendix:
Silver Queen Mineral Resource Estimate (NI 43-101 Compliant, Dec. 1, 2022) (C$100 NSR cut-off)
- The current Mineral Resource Estimate was prepared by Garth Kirkham, P.Geo., of Kirkham Geosystems Ltd and Eugene Puritch, P. Eng., FEC, CET and Fred Brown, P, Geo. of P&E Mining Consultants Inc. (“P&E”), Independent Qualified Persons (“QP”), as defined by National instrument 43-101.
- All Mineral Resources have been estimated in accordance with Canadian Institute of Mining and Metallurgy and Petroleum (“CIM”) definitions, as required under National Instrument 43-101 (“NI43-101”).
- Mineral Resources were constrained using continuous mining units demonstrating reasonable prospects of eventual economic extraction.
- Silver and Gold Equivalents were calculated from the interpolated block values using relative process recoveries and prices between the component metals and silver to determine a final AgEq and AuEq values.
- Silver and Gold Equivalents and NSR$/t values were calculated using average long-term prices of $20/oz silver, $1,700/oz gold, $3.50/lb copper, $0.95/lb lead and $1.45/lb zinc. All metal prices are stated in $USD. The C$100/tonne NSR cut-off grade value for the underground Mineral Resource was derived from mining costs of C$70/t, with process costs of C$20/t and G&A of C$10/t. Process recoveries used were Au 70%, Ag 80%, Cu 80%, Pb 81% and Zn 90%.
- Grade capping was performed on 1m composites for the No. 3 and NG-3 veins and whole vein composites for the Camp and Sveinson veins. For the No. 3 and NG-3 veins Inverse distance cubed (I/d3) was utilized for grade interpolation for Au and Ag and inverse distance squared (I/d2) was utilized for Cu, Pb and Zn. Inverse distance squared (I/d2) was used for all metals in the Camp and Sveinson veins.
- A bulk density of 3.56t/m3 was used for all tonnage calculations in the No. 3 and NG-3 veins. A variable density with a 3.15 average was used for the Camp and Sveinson veins.
- Mineral Resources are not Mineral Reserves until they have demonstrated economic viability. Mineral Resource Estimates do not account for a Mineral Resource’s mineability, selectivity, mining loss, or dilution.
- An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
- All figures are rounded to reflect the relative accuracy of the estimate and therefore numbers may not appear to add precisely.
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30 June
Zijin Mining to Acquire Major Kazakh Gold Mine for US$1.2 Billion
China’s Zijin Mining Group (OTC Pink:ZIJMF,HKEX:2899,SHA:601899), the country’s largest producer of gold and copper, has agreed to acquire Kazakhstan’s Raygorodok gold mine for US$1.2 billion.
The deal, announced on Monday (June 30) through a filing to the Hong Kong Stock Exchange, furthers the company’s ambition of becoming one of the world’s top three gold producers by 2028.
Raygorodok is reportedly among the largest and most technologically advanced gold projects in Central Asia. It produced 6 metric tons of gold in 2024 at a production cost of US$796 per ounce, excluding non-cash items.
With a remaining mine life of 16 years and average annual output of 5.5 metric tons of gold, Zijin expects the mine, located in Northern Kazakhstan, to boost both its earnings and production starting this year.
Raygorodok's total ore reserves are estimated at 94.9 million metric tons, containing approximately 100.6 metric tons (3.5 million ounces) of gold, based on a gold price of US$1,750 per ounce.
However, Zijin believes that considering the current market for the yellow metal, there is clear potential to expand production and reserves by improving the pit design under a higher gold price assumption. Furthermore, a US$420 million processing plant, operational since mid-2022, has significantly expanded the mine’s output capacity.
Annual production rose from 50,000 ounces in 2023 to an expected 190,000 ounces in 2025, using carbon-in-pulp and heap-leaching technologies that improve extraction efficiency from low-grade ore. As of the end of 2024, Raygorodok reported net assets of US$291 million and posted a net profit of US$202 million on US$473 million in revenue.
The asset is currently owned by Cantech, a Kazakhstan-based firm 65 percent held by V Group International, one of the country’s largest equity investment companies, and backed by US private equity firm Resource Capital Funds.
Through its subsidiaries, Zijin Gold International and Jinha Mining, Zijin signed definitive agreements to purchase all rights and interests in RG Gold and RG Processing, the Kazakhstan-based entities that own and operate the mine.
The acquisition is expected to close by the end of September of this year, pending regulatory approvals from both Chinese and Kazakh authorities.
Zijin Gold IPO in the works
Zijin operates gold mines in China and globally in locations such as Africa and South America.
But Raygorodok is set to become one of its flagship assets, aligning with the group’s goal of raising annual gold production by 35 percent — from 73 metric tons in 2024 to 100 to 110 metric tons by 2028.
The acquisition also serves a broader corporate strategy: the planned initial public offering (IPO) of Zijin Gold International, the group’s overseas gold division, on the Hong Kong Stock Exchange.
Established in 2007, Zijin Gold International is being positioned as the vehicle for consolidating Zijin’s foreign gold assets and unlocking shareholder value. The IPO is expected to raise between US$1.5 billion and US$2 billion. Proceeds will be used for further expansion across Africa and South America.
The spinoff remains subject to approval from Chinese regulators, Zijin shareholders, the Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange.
Zijin has emphasized that the listing will not affect its control over the subsidiary. Furthermore, Zijin Gold International will remain under Zijin's consolidated financial statements post-listing.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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