Toronto, October 19, 2022 – Warrior Gold Inc. (TSX-V - WAR) (“Warrior Gold” or the “Company”) is pleased to announce that it has completed the summer field mapping and sampling program on its Kirkland Lake West (“KLW”) and Kirkland Lake Central (“KLC”) claim groups located in the Kirkland Lake gold camp (Figure 1). Work this summer comprised mapping and collecting 239 grab samples across the KLW and KLC claim groups over 45 field days by a two-person team. The work complements the heliborne geophysical survey recently completed (See September 8, 2022 news release). To date, the best assay returned from a bedrock grab sample is 34.7 g/t Au on the western side of the KLW property. Additional assay results are pending. Figure 1. Warrior Gold’s land position in the Kirkland Lake gold camp (map from DigiData/EarthLabs).
“We are pleased with the encouraging results from our summer field program on the newly acquired KLW and KLC claim groups and we look forward to receiving the remaining sample analyses. Once completed, our exploration team will combine all data with the geology and the structural interpretation generated by the recent heliborne survey to support targeting for our next exploration program,” stated Danièle Spethmann, CEO of Warrior Gold, who added, “The Abitibi is a prolific gold belt and the opportunity for a discovery is made more probable with the sound scientific approach to our exploration efforts.”
The KLW and KLC claim groups comprise a land package totaling 17,176 hectares. Combined with the Company’s flagship Goodfish-Kirana claim group (4,368 hectares), this makes Warrior Gold the second largest mineral claims landholder (~21,500 hectares) in the Kirkland Lake gold camp.
KLW Claim Group
Mapping and sampling concentrated on the southern half of the claim group where historical mineral occurrences and trenches were recorded in previous government assessment files dating from 1965 onwards. These areas were re-examined and sampled to understand mineralizing controls and the broader geological environment. On the far western edge of the KLW claim group, anomalous gold was identified in a broad two-kilometre-long NNW-SSE trend, parallel to regional structures. A bedrock grab sample of a sheared and mineralized quartz vein returned an assay of 34.7g/t Au. The location of the grab sample is provided in Figure 2. Five additional grab samples from this area returned anomalous gold values ranging from 1.35 g/t Au to 21.6 g/t Au. Assays are pending for 26 samples.
Figure 2. Grab sample locations in the KLW and KLC claim groups with assay result where available. Pending assays in the yellow x. Inset provides detail of sample returning 34.7 g/t Au and related trend.
KLC Claim Group The KLC claim group transected by the Kirkland Lake Fault, which is an extension of the Main Break, is host to seven historical gold mines that produced over 700 tonnes of gold (21.875 million ounces over the past 100 years [1]).
Two other prominent northeast-trending deformation zones (DZ) transect the claim group, namely the Misema DZ and the Mulven DZ. The Victoria Creek gold deposit (along the Victoria Creek DZ) lies just 250 metres south of the southern boundary of the KLC claim group.
Sampling and mapping efforts during the summer concentrated along the above-mentioned faults and deformation zones. Glacial cover is thicker within large areas of the KLC, so the recent high-resolution LiDAR survey was key to identifying areas of outcrop exposure. Highlights include quartz veins with tourmaline and carbonate within a strongly foliated and sericitized feldspar porphyry with 1% fine pyrite observed along the Kirkland Lake Fault. Assay results are pending. Additional sites with favorable gold mineralization in deformed and sheared lithologies were also sampled throughout the claim group with results pending.
Heliborne Geophysical Survey
A heliborne high-resolution magnetic, VLF and LiDAR survey was recently completed by EarthLabs (formerly Goldspot Discoveries). Preliminary interpretation of the high-resolution magnetic data emphasized structural features such as deformation zones and lithological contacts where reconnaissance ground-truthing and sampling were completed (Figure 3). This survey information will be critical to support targeting efforts for next winter’s drill program.
Figure 3. Total magnetic intensity map of the KLW and KLC claim groups obtained from the EarthLabs high-resolution heliborne survey.
QP Statement
The technical information contained in this news release has been approved by Mike Kilbourne, P.Geo. who is a Qualified Person as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects.
About Warrior Gold Inc.
Warrior Gold is a TSX Venture Exchange-listed company that has consolidated a significant and prospective land package in the Kirkland Lake Gold Camp in Ontario, Canada. The properties are hosted in the Abitibi Greenstone Belt, one of the world’s best-endowed greenstone belts with +200 million ounces of gold produced to date [2]. The properties are host to regional and property-scale mineralized structures that are second order structures off the Larder Lake Cadillac Deformation Zone – LLCDZ – the regional structure in the belt known to be spatially associated with the gold mines hosted in the camp.
The properties assembled include: the 100%-owned Goodfish-Kirana, the Arnold property and the recently optioned KL West (KLW) and KL Central (KLC). Warrior Gold’s land position in the Kirkland Lake Gold Camp comprises ~ 21,500 hectares, over 480 claims and 29 patented claims and ranks the Company as one of the largest landholders in the Kirkland Lake region.
For additional information please contact:
Danièle Spethmann, P.Geo.
President & CEO
+1 647 344-3433
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements: This press release contains forward-looking statements. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", “anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. The forward-looking statements are based on certain key expectations and assumptions made by the Company. Although Warrior Gold believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Warrior Gold can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. In addition to other risks that may affect the forward-looking statements in this press release are those set out in the Company’s Management Discussion and Analysis of the financial condition and results of operations for the year ended March 31, 2022 and the first quarter ended June 30, 2022 which are available at www.sedar.com. The forward-looking statements contained in this press release are made as of the date hereof and Warrior Gold undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
This press release does not constitute an offer, invitation or recommendation to subscribe for or purchase any securities and neither this press release nor anything contained in it shall form the basis of any contract or commitment. In particular, this press release does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States, or in any other jurisdiction in which such an offer would be illegal.
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[1] Natural Resources Canada and Ontario Geological Survey 2015. Mining heritage tour, Kirkland Lake: A century of mining the “Mile of Gold”; GeoTours Northern Ontario series.
[2] 2020 Mineral Production in Canada, Government of Canada, Minerals and Metals Statistics Division, 2022-03-10, https://mmsd.nrcan-rncan.gc.ca/PDF/MIS2020TableG01a-en.pdf