Signature Resources Ltd. (TSXV: SGU, OTCQB: SGGTF, FSE 3S3)
("Signature" or the "Company") is pleased to announce the
appointment of Rickardo Welyhorsky as an advisor to the Company.
Mr. Welyhorsky is a registered Professional
Metallurgical Engineer with over 28 years of experience spanning
all levels of project development and operations in the mining and
metals industry. He brings to Signature’s advisory board a wealth
of industry experience in various roles globally including with
Yamana Gold, Detour Gold, Barrick Gold, and AMEC. Mr. Welyhorsky
has held key roles in the study and development of many world-class
gold mining operations including Yamana Gold’s Cerro Moro mine and
Detour Gold. Mr. Welyhorsky has also held management positions at
several Canadian open pit and underground operations and was most
recently Mine General Manager at the Pure Gold Mine in Red Lake,
Ontario, Canada where he was successful at taking the project into
operations.
“I am extremely
delighted to be joining Signature Resources as board advisor using
my years of project, technical and operating experiences to further
advance the Lingman Lake Gold Project. Having worked in the Red
Lake area, I have seen firsthand the significant high-grade
potential in the region. To be part of this very real growth story,
and the ability to positively impact the company’s goals while
working with an exceptionally talented team, is a privilege and an
honour.”
Rickardo Welyhorsky, P. Eng. - Advisory
Board
“Rickardo’s depth and
breadth of experience within our industry is incredible. He brings
unique Canadian and international perspective to our advisory board
in all phases of mineral projects with special emphasis on
metallurgy, mine development, and operation. His technical prowess,
leadership capabilities, and team-focused professionalism is a
significant and highly valued addition to Signature’s Advisory
Board.”
Robert Vallis, P. Eng., MBA - President &
CEO
Stock OptionsThe Company has
also granted 200,000 incentive stock options to Mr. Welyhorsky as a
result of his appointment. The options shall have an exercise price
of $0.12, expire five years from the date of issuance, and shall
vest 25% immediately, and 12.5% ever six months thereafter through
to the third anniversary.
Upcoming AGMSignature is
seeking shareholder approval for a share consolidation on an up to
one (1) new common share for up to every existing five (5) common
shares (the “Consolidation”) at its upcoming
Annual General and Special Meeting to be held on
March 1st, 2021. Management and the board of the Company
believe that the Consolidation will enhance the marketability of
the Company’s common shares as an investment to a wider range of
potential investors, which should help to facilitate additional
financings for strategic investment. This in turn would permit
Signature to act upon opportunities to accelerate resource growth
through drilling. In addition, the Consolidation could also
provide the potential for new index inclusions of Signature’s
common shares, which could be beneficial to the Company and its
shareholders. The Consolidation will only be pursued if
management and the board deem the impact to be a
net material benefit to the Company's goals of becoming a
premier gold exploration/development company. Consequently, the
Company would only initiate a share Consolidation in the event
management believed it could potentially lead to:
-
New material investor(s) that require fewer
outstanding shares
- Potential index
inclusion
- Possible new
exchange listing (such as graduation to the TSX, or listing on the
NYSE)
About Signature The 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 Gold Property"
dated January 31, 2020, prepared by John M. Siriunas, P.Eng. and
Walter Hanych, 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 Officer
416-270-9566
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, 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.
Signature Resources (TSXV:SGU)
Historical Stock Chart
From Jun 2024 to Jul 2024
Signature Resources (TSXV:SGU)
Historical Stock Chart
From Jul 2023 to Jul 2024