Signature Resources Ltd. (TSXV:SGU) (OTCQB:SGGTF)
("
Signature" or the "
Company") is
pleased to announce that it has staked 38 claims totaling 9,280
hectares. The Company is aware of numerous mineral occurrences
throughout the new staked claims, including one area with over 40
reported occurrences.
“This 1,500% increase in our land position is an
exciting acquisition for Signature Resources. The land
package includes numerous mineral occurrences that have been
under-explored. Beyond the known occurrences, the contact zone and
regional structural settings have never been adequately assessed
for gold mineralization. We intend to explore these regional
geologic features with state of the art methods, which includes
vectoring by geophysics, geochemistry and geological modelling,”
commented Walter Hanych, President and CEO of Signature
Resources.
A PDF of the Lingman Lake Property Map is available
at: http://www.globenewswire.com/NewsRoom/AttachmentNg/45aa9d4c-5ee6-4224-8e02-37cd8157d218
The new claims were staked along a 22 kilometer
gold trend. The trend is defined by the contact between volcanic
and granitic rocks along the north margin of the Lingman Lake
Greenstone belt. The Lingman Lake gold deposit, known as the
Lingman Lake Gold mine, which Signature is currently actively
exploring and developing and which hosts an historic estimate of
234,684 oz of gold, is associated with this contact.
The area with over 40 reported mineralized
occurrences is located 15-kilometers west of Signature’s Lingman
Lake Gold Mine property. Numerous blast trenches and limited
drilling have been performed in the past in this area. Gold,
silver, molybdenite, galena, chalcopyrite and sphalerite
mineralization have been reported from these occurrences.
With this acquisition, Signature land holding
amounts to 9,896.8 hectares of land available for gold exploration
within the Lingman Lake Greenstone Belt.
Exploration Plan for 2017
The Company will be continuing to review
historical assessment filings, among other data available on the
claims that have been staked. This additional data will be
considered as the Company works through its 2017 exploration plan
which can be found in the investor presentation on the Company’s
website.
Qualified Persons
The scientific and technical content of this
press release has been prepared, reviewed and approved by Walter
Hanych P.Geo. and President-CEO of Signature Resources who is a
Qualified Person as defined in National Instrument 43-101 -
Standards of Disclosure for Mineral Projects.
About Signature
The Lingman Lake gold property consists of four
free hold patented claims and the fifty staked claims, comprising
9,896.8 hectares. The property hosts an historic 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-compliant 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:
Walter HanychChief Executive
Officer705.445.0184
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 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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