Signature Resources Ltd. (TSXV-SGU, OTCQB-SGGTF, FSE-3S3)
(“Signature” or the “Company”) is pleased to announce that it has
successfully completed its two part field program and has
demobilized its field crew from its Lingman Lake gold property in
northern Ontario. The program focused on a borehole survey and a
geological field program that sets up Signature Resource for a
productive 2021 exploration program.
Part 1: Borehole
SurveyThe first phase of this program was to undertake
borehole north-seeking gyro surveys of 104 holes drilled in the
1980’s and one hole from 2018. This represented a total of 18,773m
for testing. These holes were selected as a representation of
drilling into all the zones across the strike, width and depth of
the deposit.
Of the 104 holes to be surveyed 47% were
successfully completed and the Company believes that these holes
are representative of all the zones. The Company is very pleased
with the professional surveying services completed by IMDEX. This
information will greatly assist in calculating a new more accurate
resource model and determining the location of new drill holes.
Part 2: Geological Field Work and
SamplingThe Company also had a team of geologists and
prospectors visit six pre-determined target areas as defined by a
combination of geophysical interpretations of the airborne survey
results, geological mapping, structural interpretation and a
detailed review of high resolution visual satellite imagery. While
exploring the target areas, numerous new rusty zones of shearing,
silicification and pyrite mineralization, were encountered by the
field crews. This style of mineralization, encountered by the field
crews, was similar to what is found in the area around the Lingman
Lake mine site, which in the Company’s opinion, is extremely
positive for continuing exploration for new discoveries.
A total of 93 grab samples, six standards and
three banks were submitted for assaying. These samples were
delivered by the project geologist to Purolator’s office in
Winnipeg for couriering to SGS laboratories in Red Lake Ontario.
Currently these samples are in the lab being assayed.
“We are intrigued and
encouraged by the large number of new mineralized areas encountered
in this exploration program despite the very localized area of
investigation in each target area. We look forward to their further
evaluation,” commented Bob Komarechka, P. Geo, Project
Geologist.
Detailed information and results on this program
will be reported in the near future as more information becomes
available.
Qualified Persons
The scientific and technical content of this
press release has been prepared, reviewed and approved by Bob
Komarechka, P.Geo. who is a Qualified Person as defined in National
Instrument 43-101 - Standards of Disclosure for Mineral
Projects
About
SignatureThe Lingman Lake gold property consists
of 622 staked claims, four free hold full patented claims and 14
mineral rights patented claims totaling approximately 12,148
hectares. The property hosts an historical estimate of 234,684 oz
of gold* (1,063,904 tonnes grading 6.86 g/t with 2.73 gpt cut-off)
and includes what has historically been referred to as the Lingman
Lake Gold Mine, an underground substructure consisting of a
126.5-meter shaft, and 3-levels at 46-meters, 84-meters and
122-meters depths.
*This historical resource estimate is based on
prior data and reports obtained and prepared by previous operators,
and information provided by governmental authorities. A Qualified
Person has not done sufficient work to verify the classification of
the mineral resource estimates in accordance with current CIM
categories. The Company is not treating the historical estimate as
a current NI 43-101 mineral resource estimate. Establishing a
current mineral resource estimate on the Lingman Lake deposit will
require further evaluation, which the Company and its consultants
intend to complete in due course. Additional information regarding
historical resource estimates is available in the technical report
entitled, "Technical Report on the Lingman Lake Property" dated
December 20, 2013, prepared by Walter Hanych, P.Geo., and Frank
Racicot, P.Geo., available on the Company's SEDAR profile at
www.sedar.com
To find out more about Signature Resources
Limited, visit our website at
www.signatureresources.ca, or contact:
Jonathan HeldChief Financial
Officer416-270-9566
Cautionary Notes
Neither 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 news release.
This news release contains forward-looking
statements which are not statements of historical fact.
Forward-looking statements include estimates and statements that
describe the Company’s future plans, objectives or goals, including
words to the effect that the Company or management expects a stated
condition or result to occur. Forward-looking statements may be
identified by such terms as “believes”, “anticipates”, “expects”,
“estimates”, “may”, “could”, “would”, “will”, or “plan”. Since
forward-looking statements are based on assumptions and address
future events and conditions, by their very nature they involve
inherent risks and uncertainties. Although these statements are
based on information currently available to the Company, the
Company provides no assurance that actual results will meet
management’s expectations. Risks, uncertainties and other factors
involved with forward-looking information could cause actual
events, results, performance, prospects and opportunities to differ
materially from those expressed or implied by such forward-looking
information. Forward looking information in this news release
includes, but is not limited to, results of the program, proposed
further exploration on any new discovery areas, prospecting,
mapping, and sampling in future work programs, the Company’s
objectives, goals or future plans, statements, exploration results,
potential mineralization, the estimation of mineral resources,
exploration and mine development plans, timing of the commencement
of operations and estimates of market conditions. Factors that
could cause actual results to differ materially from such
forward-looking information include, but are not limited to changes
in general economic and financial market conditions, failure to
identify mineral resources, failure to convert estimated mineral
resources to reserves, the inability to complete a feasibility
study which recommends a production decision, the preliminary
nature of metallurgical test results, delays in obtaining or
failures to obtain required governmental, environmental or other
project approvals, political risks, inability to fulfill the duty
to accommodate First Nations and other indigenous peoples,
uncertainties relating to the availability and costs of financing
needed in the future, changes in equity markets, inflation, changes
in exchange rates, fluctuations in commodity prices, delays in the
development of projects, capital and operating costs varying
significantly from estimates and the other risks involved in the
mineral exploration and development industry, and those risks set
out in the Company’s public documents filed on SEDAR. Although the
Company believes that the assumptions and factors used in preparing
the forward-looking information in this news release are
reasonable, undue reliance should not be placed on such
information, which only applies as of the date of this news
release, and no assurance can be given that such events will occur
in the disclosed time frames or at all. The Company disclaims any
intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, other than as required by law.
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