Vancouver, British Columbia – November 21, 2018 – Warrior Gold Inc. (TSX-V - WAR) (“Warrior Gold” or the “Company”) is pleased to provide an exploration update on its Goodfish-Kirana Project located in Kirkland Lake, Ontario.
The Company has completed the fieldwork component of an IRIS Instruments 3D IP (Induced Polarisation) survey on the recently acquired contiguous Deloye Patents located on the Goodfish-Kirana Project (see Figure #1 and Figure #2). The survey has been designed to explore the configuration/plunge of the Kirana-Kirkland Mine mineralisation located on the Deloye patents and other parallel structures associated with quartz-feldspar intrusives on the property. The survey work is being executed by Canadian Exploration Services (CXS) of Larder Lake and is anticipated to be completed by the end of November.
The Deloye Claims land package consists of a total of 122 ha and contains the old shafts and trenches of the historical Kirana Kirkland Lake Gold Mine which stopped production in 1936 (refer to news release dated July 19, 2018).
All IP survey results will be compiled with the current mapping and structural analysis, completed by GeoVector Management Inc. in order to better define drill targets. A follow-up drill campaign is expected to commence mid December to early January 2019.
Danièle Spethmann, President and CEO of Warrior stated; “We are extremely pleased to be deploying the IRIS IP system on the Deloye claims. The new IRIS “Full-Waver” 3D IP device is a state-of-the-art distributed data acquisition system that allows for greater survey design flexibility so that electrode arrays can be planned to optimize target definition and data collection efficiency. The resulting survey data set provides for enhanced sub-surface resolution, increased depth of exploration and greatly improved interpretability. This new technology will significantly shorten typical IP survey turn-around time and provide a better defined end-product to assist in developing our follow-up drill program.”
Warrior fieldwork on the Goodfish-Kirana Property was completed in late September/early October and included, mapping, sampling and trenching. Other geological work recently completed includes the inversion of 92 km of historical IP data, which is now being integrated and compiled into the overall geological interpretation of the Goodfish-Kirana Property. This data along with historical diamond drilling on the property is now being modelled into 3D software. The results of the compiled data, the recently acquired airborne magnetic survey, the structural interpretation by Terrane Geoscience of the 2016 LiDAR survey and the inverted IP survey will be compiled to provide a sound geological base from which to define drill tragets for the upcoming drill campaign.
The Company would like to acknowledge the receipt of a grant in the amount of C$100,000 from the Junior Exploration Assistance Program (JEAP) in mid-October. The Company would also like to acknowledge the support of the Ontario Prospectors Association (OPA) and Northern Ontario Heritage fund in assisting Northern Ontario junior exploration companies in the advancement of their projects.
About Warrior Gold Inc.
Warrior Gold is the 100% owner of the Goodfish-Kirana Property located 5 kilometers from the center of the Town of Kirkland Lake, Ontario. The Property is located in the historic Kirkland Lake Gold Camp where over 40 million ounces of gold has been produced and is situated in the prolific Abitibi Greenstone Belt, which is recognized as one of the world’s highest grade greenstone belts with over 200 million ounces of gold produced to date.
The Goodfish-Kirana Property is 10 km long by 3 km wide (34 km2/ 3,418 ha) and contains two major structural trends: the East-West trending Kirana Deformation Zone (approximately 8 km) and the Northeast trending Goodfish Deformation Zone (approximately 2 km). The Goodfish-Kirana Property contains numerous historical gold showings, including 18 historical pits and shafts, as well as the historical Goodfish Mine (1930s) and the Kirana Kirkland Mine (1900s).
The technical information contained in this news release has been approved by Tom Neelands, P.Geo., Consulting Chief Geologist to Warrior Gold Inc., who is a Qualified Person as defined in “National Instrument 43-101, Standards of Disclosure for Mineral Projects.”
For additional information please contact:
Danièle Spethmann, P.Geo,
President & CEO,
Warrior Gold Inc.
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, 2018 and the first quarter ended June 30, 2018, 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.