TORONTO, March 14, 2019 /CNW/ - Warrior Gold Inc. (TSX-V - WAR) ("Warrior Gold" or the "Company") is pleased to announce that drilling has commenced on the Goodfish Kirana Project in Kirkland Lake, Ontario. The property is situated approximately 6 km north of the Cadillac Larder Lake Fault Zone in Kirkland Lake (Figure 1), and hosts numerous gold showings, pits, shafts and several historical underground workings.
A 2,200 m diamond drill program of 14 holes has been designed to test four high-priority Zones which exhibit encouraging gold mineralization characteristic of Abitibi-type gold deposits: Goodfish A; Goodfish A-East; Goodfish C Zone and the Deloye Claims (Figure 2). Drilling has started on the Company's Deloye patented claims.
TARGET HIGHLIGHTS AND OBJECTIVES
Is a high-grade gold target that is hosted in an east-southeast trending shear zone. This area contains the property's most extensive historical underground development and past drilling. The majority of this drilling was conducted in the 1990s and the records are incomplete. Warrior's drilling will test the extension of the mineralization along strike and dip of a historic drill intercept of 12.65 m @ 16.97 g/t Au (GF95-04).
Is a NE-trending shear zone which was insufficiently drill tested in the 1980s and 1990s. High-grade mineralization associated with the contact of quartz-feldspar porphyry and mafic volcanics, as well as high-grade grab samples indicate that the mineralization continues along strike. Magnetic signatures from the airborne survey suggest a possible association with an inferred cross-fault. Drilling will confirm historic grades and confirm the Zone's continuity along strike and down-dip.
The Deloye Zone is interpreted to be an extension of the Kirana Deformation Zone which intersects the southern extention of the Goodfish Deformation Zone. The target area includes a 1930s shaft with high-grade gold in grab, drill core samples, and mapped quartz-feldspar porphyries. Drilling is designed to test the break below the historical Kirana Kirkland Mine underground workings, and the gold mineralization along deformed porphyry contacts.
The target is a shallow geophysical IP anomaly (chargeability/resistivity) coincident with an inferred cross-fault and fold hinge as identified in the airborne magnetics. Drilling is planned to test both the structure and the IP anomaly.
Danièle Spethmann, Warrior Gold CEO commented: "The results gained from this drill program will advance our understanding of both the geology and the mineralization potential of this very exciting property."
About Warrior Gold Inc.
Warrior Gold is a TSX-V listed Company and owns the Goodfish-Kirana Property located 5 km from the town of Kirkland Lake, Ontario. The Property is located in the historic Kirkland Lake Gold Camp which is situated in the prolific Abitibi Greenstone Belt, 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 11.5 km long by roughly 3 km wide (34 km2) and contains three major structural trends: the East-West trending Kirana Deformation Zone; the Northeast trending Goodfish Deformation Zone; and the Victoria Creek Deformation Zone on the recently acquired Sutton claims on the northeast side of the property. The Property contains numerous historical gold showings, as well as 18 historical pits and shafts.
The scientific and technical content of this news release has been reviewed, prepared and approved by Mr. Tom Neelands, P.Geo., Chief Geologist of Warrior Gold, who is a "qualified person" as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101")
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 second quarter ended September 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.
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.
SOURCE Warrior Gold Inc.
For further information: Danièle Spethmann, P.Geo, President & CEO, Warrior Gold Inc., +1 647 344-3433, [email protected]; Malcolm Burke, Director, Warrior Gold Inc., +1 604 220-2000, [email protected]