Warrior
Gold Quadruples
Land Position in
Kirkland Lake Gold Camp
Toronto,
August
3,
2021 --
InvestorsHub NewsWire -- Warrior Gold Inc. (TSX-V - WAR) ("Warrior
Gold"
or the
"Company")
is pleased to
announce that the Company has entered into
an
option
agreement
with an arm's
length party to acquire a 100% interest in
the
KL West
("KLW")
and KL
Central ("KLC")
land
packages. The KLW land package
comprises 107
mining claims totaling 11,792 hectares and the KLC land package comprises
eight
mining claims
totaling 2,302 hectares for an aggregate
of 115 claims totaling
14,094 hectares. The KLW land package
is contiguous to
and west of the Company's
Goodfish-Kirana project
and
the KLC
land package
is
contiguous
to
Warrior
Gold's newly acquired
Arnold
claim
block
which
is
adjacent
to both
Agnico
Eagle's Kirkland
Lake Project and New Found Gold's Lucky Strike
Project. Following the acquisition,
Warrior Gold's land position will consist
of 373 claims and 29 patented claims,
totaling
18,884 hectares, ranking
the Company
as
one of the
largest
landholders in the camp.
Danièle
Spethmann, President and CEO of Warrior Gold, stated, "We are
extremely excited
with the opportunity to increase our land position in the gold-rich
Kirkland Lake camp with prospective, underexplored properties which
will make Warrior Gold
one of the
largest landholders
in the camp
and significantly increase our regional upside potential. These
claim groups are strategically situated contiguous to Warrior
Gold's existing land package, as well as Agnico Eagle's Kirkland
Lake Project, the Upper Beaver deposit, and are contiguous to New
Found Gold's Lucky Strike Project. All
these
properties are host to historical mine and exploration shafts,
numerous high-grade gold and copper showings and occurrences
as well as
regional structures. The
acquisition of these properties is indicative of Warrior Gold's
commitment to a discovery in the Kirkland Lake camp."
The KLW land package is located just 10
km northwest of
the town
of Kirkland
Lake in the
heart of the Kirkland Lake gold camp which has produced in
excess of 47 million ounces of gold in its
100-year history[1].
The property
hosts
numerous
intersecting northeast and northwest trending faults and
structures that cut through a variety of the
volcanic-dominated Blake River Group. Felsic and mafic-ultramafic
intrusive rocks are also present giving the KLW land package a
variety of environments conducive to orogenic gold mineralization.
Numerous pits, shafts and workings are present on the property
which has seen little systematic exploration.
The KLC-Arnold land package is transected
by over 12
km of the
Kirkland Lake Fault, a deep crustal scale deformation zone
that is
intimately related
to the gold deposits in the Kirkland Lake gold camp[2]
and
that also
hosts several known
kimberlite bodies. The KLC-Arnold land package is
proximal to the east-west-trending Victoria Creek
Deformation Zone which is associated with Agnico Eagle's Upper Beaver
complex which hosts probable reserves of 7.99Mt at
5.43 g/t Au and 0.25% Cu for 1.4M ounces of gold[3].
The Victoria Creek
gold deposit lies along the same structural trend
and
hosts
a
historical mineral
resource (NI 43-101 non-compliant)
of 4.2Mt at 3.27
g/t Au[4].
Under the terms of the
option
agreement, the
Company has
paid $10,000 in cash and will issue 1,000,000 common shares of
Warrior Gold on acceptance by the TSX Venture Exchange
("TSXV"), pay cash of $15,000 on the first anniversary,
$20,000 on the second anniversary, and $25,000 on the third
anniversary. The option agreement is also subject
to the issuance of 1,000,000 common
shares upon
the delivery of a Pre-Feasibility Study
as defined
in accordance with
a National
Instrument 43-101 technical report prepared
by Warrior and a 1.5% NSR.
Warrior Gold has the right to purchase
1%
of the NSR
for $1,000,000. The
common
shares, when
issued, will be subject to a
four-month
hold period pursuant to applicable securities laws and subject to
TSX Venture Exchange approval.
About Warrior
Gold Inc.
Warrior Gold is a
TSX Venture Exchange-listed company that owns the Goodfish-Kirana
Property and
the Arnold Property, both located just several kilometres
from the town of
Kirkland Lake, Ontario. The Properties are located in the historic
Kirkland Lake Gold Camp in the prolific Abitibi
Greenstone Belt, recognized as one of the world's highest
grade and
productive greenstone belts with over
220 million ounces of gold
produced to date.
Map 1. Location Map of
Warrior Gold's
new KLW and
KLC land packages.
References: Upper Beaver
probable reserve referenced from Agnico Eagles Mines Ltd., 2021
Annual Information Form, page 73 and Macassa historic production
referenced from the report addressed to
Kirkland Lake
Gold, "Macassa Property, Ontario,
Canada, Updated NI 43-101 Technical Report" dated July 19, 2019,
page 16/17.
The Kirkland Lake Gold Camp is
a prolific gold camp that hosts many high-grade deposits which
occur both near surface and at depth. Older and new deposits are
continuously being discovered and redefined with a combination of
fieldwork and new exploration technologies.
The technical
information contained in this news release has been approved by
Susan Lomas, P.Geo. who is a Qualified Person as defined in
National Instrument 43-101, Standards of Disclosure for Mineral
Projects.
For additional information
please contact:
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,
2021
which
is
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.
