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NEWS RELEASES

Toronto, January 24, 2023 – Warrior Gold Inc. (TSX-V: WAR) (“Warrior Gold” or the “Company”) is pleased to announce that several grab samples from the summer-fall field mapping and sampling program on its Kirkland Lake West (“KLW”) and Kirkland Lake Central (“KLC”) claim groups (Figure 1) returned several significant high-grade Cu-Ag-Au assays within a 1,400 m2 outcrop area. In addition, the data from the airborne surveys (LiDAR/airborne magnetics news release on September 8, 2022) has been processed and interpreted.


Highlights

  • Grab samples of 6.61% Cu, 47.9 g/t Ag and 2.24 g/t Au (see Figure 1 and Table 1);

  • Samples are also anomalous in Bi (bismuth), Mo (molybdenum) and Te (tellurium), and associated magnetite, pyrite, epidote, hematite and calcite alteration minerals;

  • Mineralization occurs in stockwork quartz-carbonate veinlets and fractures hosted in mafic volcanics;

  • Airborne magnetic and LiDAR survey results and LiDAR maps identify many previously unrecognized structural features be explored for mineralization increasing the prospectivity of the Company’s district-scale land package (250 km2).


Table 1 - Selected Grab Sample Highlights - KLW Summer-Fall Sampling Program*

Note: *Grab samples acquired during prospecting are selective by nature and are used as a vector for future exploration. The reader is cautioned that grab samples may not represent the true grade or style of mineralization across the Property.


Danièle Spethmann, CEO of Warrior Gold, stated:


“We are very pleased with the final assays received from the summer-fall field program on the KLW and KLC claim groups. These results will be integrated with the known geology and associated mineralization trends as well as applied to the structural interpretation generated from our recent heliborne survey. This work is supportive of our exploration and targeting for our 2023 program.


The Abitibi is a prolific gold and mineral-rich belt, and the continued positive results of our exploration efforts support our belief that the opportunity for discovery is probable. The Company’s sound scientific approach to exploration provides the foundation and pathway to discovery.


The Company’s technical team of geophysicists, structural geologists, and field geologists have undertaken a review of the 2022 drilling, field and airborne survey results and will conduct a targeting exercise to plan and budget exploration programs for 2023.”


Summer-Fall Field Program

This past summer-fall mapping and sampling project was undertaken over 45 field days. The team collected 239 grab samples in a preliminary prospecting and mapping effort across the KLW and KLC claim groups.


In addition, a 3,400 km heliborne geophysical survey of the KLW and KLC land packages was completed as announced in the June 24, 2022 news release.


Property

The KLW and KLC (includes the Arnold property) claim groups comprise an area of 18,903 hectares (ha) and, combined with the Company’s flagship Goodfish-Kirana claim group (4,368 ha) and KL Bridge and KL East (1,610 ha) properties, makes Warrior Gold the second largest mineral claim landholder in the Kirkland Lake gold camp (~25,000 ha). Tens of kilometres of regional mineralized structures, as well as many historical pits, shafts and underground workings have been identified on Warrior Gold’s properties and remain to be fully explored.


Geology KLW

The southwest portion of the KLW claim group is hosted within an apparently rotated north-south block of the Blake River Assemblage. North-south-trending structures and faults have been mapped by the OGS. Reconnaissance geological mapping by Warrior’s field geologists in this area identified the presence of widespread epidote alteration in mafic volcanic host rocks, felsic intrusive porphyries and quartz veining with breccia textures. The Company’s recent assay results were returned from grab samples of mafic volcanics with stockwork quartz-carbonate veinlets and fractures accompanied by magnetite, pyrite, epidote, hematite, and calcite. Samples were anomalous in Bi (bismuth), Mo (molybdenum) and Te (tellurium). This is similar to samples with higher gold values that are correlative with increased levels of Bi, Mo and Te at the Upper Beaver Deposit [1].


The geological environment, alteration, and mineralization of the grab samples in the KLW have similarities to the Upper Beaver deposit located east of Kirkland Lake; Upper Beaver is currently being developed by Agnico Eagle [1,2,3,4].


Figure 1. Warrior Gold’s high-grade Cu-Ag-Au result on the KLW claim group.


Figure 2. Warrior Gold’s land position in the Kirkland Lake gold camp (map credit DigiGeoData).


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 [5]. 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 ~ 25,000 ha, over 617 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

Warrior Gold Inc.

+1 647 344-3433

dspethmann@warriorgoldinc.com


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.


References

  1. Feick, K. (2014). Alteration in UB11_192 from the South Contact Zone of the Upper Beaver Gold-Copper Deposit, BSc Thesis, Earth Sciences Department, University of Waterloo, Waterloo, Ontario

  2. Feick, K. (2016). An Evaluation of the Lithologies and Geochemistry of the Upper Beaver Deposit of the Kirkland Lake Area, Ontario MSc Thesis, Earth Sciences Department, University of Western Ontario, London, Ontario

  3. Intrusion-Associated Gold Systems and Multistage Metallogenic Processes in the Neoarchean Abitibi Greenstone Belt. Minerals 2021, 11, 261.

  4. https://www.agnicoeagle.com/English/exploration/exploration-projects/Kirkland-Lake-project/default.aspx

  5. 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


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 second quarter ended September 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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