Warrior Gold Inc. [WAR-TSXV] shares were active Thursday December 27 after the company received positive results from the 3D induced polarisation survey on the recently acquired Deloye Patents located on the Goodfish-Kirana Project near Kirkland Lake, Ontario.
The shares advanced on the news, rising 16.67% or $0.01 to $0.07. The shares are trading in a 52-week range of 21.5 cents and $0.04.
The Deloye claims land package consists of 122 hectares and contains the old shafts and trenches of the historical Kirana Kirkland Lake Gold Mine, which ceased production in 1936. The patented claims and surface rights were owned by the Deloye family before they were acquired by War Eagle in July 2018 for $155,000 plus legal fees. Diane Deloye was granted a 1.5% net smelter return royalty. The company can re-acquire the royalty for $1 million.
The acquisition of the Deloye claims has increased Warrior’s Goodfish Kiranda land position to 3,418 hectares.
Warrior Gold President and CEO Daniele Spethmann said he expects the Kirana Kirkland Mine to be a rewarding exploration endeavour for his company. “The mine’s historic shafts are located close to the intersection between two major mineralized structures on our property, the Kirana Deformation Zone and the Goodfish Deformation Zone,” he said. Exploration on a small part of this land package was completed in the late 1980s and the rest of the claims have not been efficiently explored to any depth for more than 30 years,” he said.
The 3D induced polarisation survey has been designed to explore the configuration/plunge of the Kirana-Kirkland mine mineralization located on the Deloye patents and other parallel structures associated with quartz-feldspar intrusives on the property.
“We are extremely pleased to be deploying the IRIS IP system on the Deloye claims,” Spethmann said recently. “The new IRIS ‘Full-Waver’ 3D IP device is a state-of-the-art distributed data acquisition system that allows for greater design flexibility so that electrode arrays can be planned to optimize target definition and data collection efficiency,” he said.
He went on to say that 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.”
On Thursday, the company said the survey results have been positive. “This is the first look at the Deloye Patents area of the Warrior Gold land position with this new technology,” Spethmann said. Several areas of elevated IP responses were identified. The company says the Deloye survey will be combined with other historical exploration data from Goodfish-Kirana to provide a comprehensive, property wide data layer for drill target selection.