War Eagle Provides Update on Exploration Program
Vancouver, British Columbia – May 23, 2018 - War Eagle Mining Company Inc. (TSXV - WAR) (“War Eagle”or the “Company”) is pleased to announce that the exploration work program announced on May 23th, 2018, on the Goodfish Patents (“the Patents”) of the company’s 100% owned Goodfish Kirana Project, located in the Kirkland Lake gold district of Northern Ontario is now completed. The exploration program included, ground geophysical surveys (Magnetic,/Very Low Frequency (“VLF”), IP (DC Resistivity/Chargeability), an airborne VLF-Magnetic survey and a diamond drilling campaign.
The IP and Magnetic/VLF surveys completed by Canadian Exploration Services of Larder Lake (“CXS Exploration”) included a total of 6.7 km of IP data, and 43 km of Magnetic/VLF data. The geophysical surveys were designed to trace the strike of known mineralized zones from historic drilling records (NI 43-101 Report on the Goodfish Kirana Property, Bernhardt, Teck, Lebel and Morrisette Townships, NTS Map Sheets 32D/04 and 42A/01 North Eastern Ontario, Tom Setterfield PhD P.Geo., January 2, 2018).
While further analysis of the IP and Mag/VLF surveys are currently underway, preliminary results of the DCIP survey indicate a series of strong north/north-northeast striking chargeability responses (Figure 1).
The presence of the northerly striking structural features that host anomalous gold mineralization have been substantiated by past historical drilling (Zones ‘B’ and ‘C’, Figure 2).
Five structurally-oriented drill-holes totalling 610 metres were drilled at the end of March 2018. The structurally orientated drilling program was designed to test three of the four structural zones identified by previous work (NI43- Tom Setterfield PhD P.Geo. January 2, 2018):
- Kirana Deformation Zone (DDHs GK18-001 & 002),
- Goodfish A (DDHs GK18-003) and,
- Goodfish B (DDHs GK18 -004 & 005).
This is the first recorded structural analysis of diamond drill core on the Patents since the discovery of gold on the property which was shallowly mined from 1938-1944. Results from the drill campaign will be used to better understand the overall structural signature of the Goodfish area and will assist in guiding future drilling programs.
Drill core was received and processed by SGS laboratories in Lakefield, Ontario at the end of April. Assays are pending and once compiled will be released.
The 942 km airborne Magnetic/VLF survey flown by Terraquest at 50 m spacing was completed at the end of April and data is currently being processed. Results from this survey are expected by the end of Q2.
“We look forward to receiving more positive results of our exploration program and compiling them with historical data on the known mineralized zones of the Patents as well as compiling the new airborne results with existing LiDAR and historical mineralized areas,” stated War Eagle President and CEO, Danièle Spethmann, who added,“This analysis and campaign will provide vital information and will assist in focussing our upcoming summer exploration work program”.
War Eagle is also pleased to announce the hiring of Ms. Joanne Jobin, Principal and Founder of Investor Relations Services Inc. (“IR.INC”) as Investor Relations Consultant to the Company. Ms. Jobin is a seasoned Investor Relations and Corporate Development professional with over 25 years of global investor relations, public relations, corporate affairs, corporate development and communications experience in the natural resource sector. IR.INC, is an established international Investor Relations Company consulting to junior, mid-tier and blue-chip mining, and oil and gas clients. Ms. Jobin, has strong, key relationships in the financial and mining industry sectors and will assist War Eagle’s management in building and developing its profile as well as develop an IR plan and assist management with its practical Investor Relations duties.
About War Eagle Mining Company
War Eagle is a TSX Venture Exchange listed company focused on the exploration of mineral resource properties in northern Ontario, Canada, with a focus on gold deposits. The Company’s Goodfish Kirana Project is a 10 km long by 3 km wide land package with numerous historical gold showings and significant structural breaks that has been under-explored with modern technology, providing an exciting and unique discovery opportunity. The Goodfish Kirana Project is located within the significant land position held by the Company located in the Kirkland Lake Gold Camp five kilometers from the center of the Town of Kirkland Lake, Ontario, Canada.
Tom Neelands, P. Geo., Chief Geologist of War Eagle, is a “qualified person” within the meaning of National Instrument 43-101 and has reviewed and approved the technical information in this news release.
For additional information please contact:
Danièle Spethmann, P.Geo, President & CEO
War Eagle Mining Company Inc.
(647) 344-3433 | [email protected]
Malcolm Burke, Director
War Eagle Mining Company Inc.
(604) 220-2000 | [email protected]
Joanne Jobin, Investor Relations Officer
War Eagle Mining Company Inc.
(647) 964 0292 | [email protected]
This news release was prepared by management of War Eagle, which takes full responsibility for its contents as it relates to War Eagle.
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 War Eagle 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 War Eagle 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, 2017 and the second quarter ended September 30, 2017, which are available at www.sedar.com. The forward-looking statements contained in this press release are made as of the date hereof and War Eagle 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.