Warrior Gold Intersects Gold in all Holes and Extends A Zone Mineralization

Warrior Gold Inc. (TSX-V - WAR) (“Warrior Gold” or the “Company”) is pleased to report the results of the Company’s Winter 2021 drill program on the Goodfish-Kirana Project located in the Abitibi Greenstone Belt north of Kirkland Lake, Ontario. The program focused on the A Zone (11 drill holes, 2,866 m) and C Zone (one hole, 180 m), for a total of 12 diamond drill holes and a 40-metre extension to GK20-032 (totalling 3,066 m).

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Figure 1. Goodfish-Kirana Property Location Map, North of Kirkland Lake, Ontario. References: Upper Beaver probable resource numbers referenced from Agnico Eagles Mines Ltd., 2021 Annual Information Form, page 73 and Macassa historic production referenced from “Macassa Property, Ontario, Canada, Updated NI 43-101 Technical Report” dated July 19, 2019, page 16/17. (Photo: Business Wire)

Program Highlights:

• The continued intersection of significant gold in the A Zone and C Zone
• A Zone structure was extended an additional 300 m for a total strike length of 650 m
• Mineralization at A Zone remains open at depth

Drilling continues to intersect gold in strongly altered shear zones and in extension/dilation-style quartz-carbonate veins in both the A and C Zones. An Optical Televiewer imaging (OTV) survey of 14 drill holes (4,100 m) from the current and prior drill programs was completed last week and data from this downhole technology will assist in advancing the modelling of the geology, structural domains, and the controls of gold mineralization.

Significant Results Include:
A Zone:

• GK21-045: 3.74 g/t Au over 6.80
• GK21-044: 1.12 g/t Au over 7.50 m
• GK21-044: 1.20 g/t Au over 4.55 m

A Zone FW:

• GK21-036: 3.85 g/t Au over 3.80 m
• GK21-039: 4.52 g/t Au over 1.50 m

C Zone:

• GK21-041: 6.68 g/t Au over 3.00 m

Danièle Spethmann, President and CEO, stated, “We are very pleased with the results of our winter drilling campaign as we continue to intersect gold mineralization at the A and C Zones at relatively shallow depths. The A Zone structure has now been extended to a total strike length of 650 m and remains open at depth. Multiple cross-cutting structures, intrusives: alteration with gold mineralization is present in all holes drilled during this campaign. All of this suggests the presence of a complex and robust mineralized system. Once data from the downhole imagery (OTV) is received, our geological modelling and drill targeting will continue for our next phase of exploration.”

A Zone

The A Zone Deformation Zone (A Zone DZ) is a shear structure that strikes 300° and dips steeply to the northeast. The shear zone varies from 10 m to 20 m in width and is spatially associated with the contact between Mg-tholeiitic mafic volcanic rocks to the south and Fe-tholeiitic mafic volcanic rocks to the north. This shear zone has been intersected to a vertical depth of 325 m below surface. Drill hole GK21-038 extended the A Zone DZ 50 m to the northwest (Figure 4) and GK21-042 added 250 m to the southeast, increasing the strike length from 350 m to 650 m.

The zone is characterized by moderate to strong deformation textures and structures with pervasive sericite ± carbonate ± silica alteration, quartz and quartz-carbonate veining and gold mineralization (Photo 1). Warrior Gold changed the drill orientation at the A Zone DZ area to a north-south direction (Figure 3) (from east northeast) to intersect the shear structures and the NNE-trending vein-hosted mineralization found in GK20-028.

The A Zone DZ is an important structure that is interpreted to have provided a pathway for gold-bearing fluids. The recent results suggest that the intersection of this structure with secondary shear zones in the A Zone FW area along with the emplacement of quartz-feldspar porphyry dykes provided a favourable host for gold deposition. Figure 3 illustrates Warrior Gold’s updated interpretation of at least three important secondary structures that are in the A Zone FW area that host gold mineralization. Warrior Gold awaits the results of the multi-element whole-rock geochemistry and downhole OTV surveys to assist with interpreting this complex structural domain.

C Zone

Warrior Gold drilled one hole in the C Zone area (GK21-041) during this phase of drilling in the same north-south orientation as the 2020 drill holes to test the eastern extent of gold mineralization (Figure 5). The drill hole intersected Fe-tholeiite volcanic rocks with associated quartz feldspar porphyries and intermediate to mafic dykes. Gold mineralization in GK21-041 (6.68 g/t Au over 3.0 m) is hosted in volcanics with 1% to 5% quartz-carbonate stringers (Photo 2). The OTV survey data on this drill hole and two others will assist with the interpretation of the orientation of the mineralization at the C Zone.

Table 1 summarizes the significant assay results for the Winter 2021 drill program and Table 2 lists drill collar information. 

For more details on the cross sections and additional geological descriptions of the drilling data, please go to www.warriorgoldinc.com/detailed-geology-jan-2021

Drilling Contract, Analytical Protocol and QA/QC

The Winter 2021 drilling program was undertaken by SMP Drilling based in Rouyn, Quebec. The drill hole diameter is NQ. Drilling took place from January 5 to January 28, 2021.

Program design, management, supervision and Quality Control/Quality Assurance (QA/QC) were conducted by Warrior Gold’s exploration group under the direction of Melissa Render, P.Geo., Principal Consulting Geologist. Kate Cameron managed the drilling program during January 2021 and David Lewis, M.Sc., P.Geo., managed all aspects of the core logging which included: core logging, photography, and structural, magnetic susceptibility and core recovery measurements, and the insertion of standards and blanks. Standards were obtained from Analytical Solutions Ltd. and the QA/QC results were reviewed by Susan Lomas P.Geo., Lions Gate Geological Consulting Inc. (LGGC) who is a Principal Technical Advisor to Warrior Gold.

Drill core samples were cut by diamond saw at Warrior Gold’s new core logging facility. Field duplicate samples, blank rock samples and certified reference materials were inserted into the sample sequence at a frequency of one per 20 samples. A halved core sample was left in the core box with the other half core sent for sample analysis and either transported by Warrior Gold’s personnel in securely sealed bags or picked up by ALS. Samples were prepared at ALS Limited’s sample laboratory in Timmins, Ontario and then shipped to ALS's Vancouver facility for gold analysis by Fire Assay (50 gm subsample) with atomic absorption (AA) and gravimetric finish for samples greater than 3.0 g/t Au. ALS is a certified and accredited laboratory service. ALS routinely inserts certified gold reference materials, blanks and pulp duplicates, and results of all QC samples are reported. A Screen Analysis study was initiated during the 2020 drill program and samples from this drill program will be selected and re-analyzed using screen analysis method. The purpose of the study is to determine how gold is distributed in the system and whether there is a coarse gold component. Thus far, 100 samples have been assayed using screen analysis. Interpretation of the results is ongoing but early indicators suggest Fire Assay is a reliable gold analysis method for this project.

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.

About Warrior Gold Inc.

Warrior Gold is a TSX Venture Exchange-listed company that owns the Goodfish-Kirana Property located five 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 and productive greenstone belts with over 220 million ounces of gold produced to date.

The Goodfish-Kirana Property is 11.5 km long by roughly three km wide (34 km² - 4,251 ha) and contains three major structural trends: the east-west trending Kirana Deformation Zone; the northeast-trending Goodfish Mineralized Zone; and the Victoria Creek Deformation Zone located on the Sutton claims at the northeast side of the property. The Property contains numerous high-grade gold showings, as well as 18 historical pits and underground workings from the 1930s.

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, 2020, and the third quarter ended December 31, 2030, 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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