Signature Resources Ltd. (TSXV:SGU) (OTCQB:SGGTF)
("
Signature" or the "
Company") is
pleased to announce that preliminary interpretation of the recently
completed Terraquest airborne geophysical survey shows that the
gold mineralized zones at Lingman Lake display correlation to both
the magnetic and electromagnetic components of the survey. In April
of 2017, the Company staked an additional 9,280 hectares along the
greenstone belt. The results of the geophysical survey
strengthens the original thesis, which led the Company to stake an
additional 3,099.2 hectares as announced on April 30, 2018.
Jeremy S. Brett of MPH Consulting Limited
states, “Magnetic and digital Matrix VLF-EM data were acquired
using a 50 meter line-spacing and a ground clearance of 70-80
meters. The final airborne data was compared with historical
drilling and mining data for the property. The airborne data
was high-quality and very suitable for gold exploration. Known gold
mineralization in East-West vein systems at the Lingman Gold Zone
are clearly associated with strong VLF conductors in two of the VLF
Channels used. Approximately 16 kilometers of Priority Target
Horizons for gold mineralization have been identified, based on the
Magnetic and Matrix VLF-EM data, using a model of VLF conductors
coincident with the contacts of linear magnetic bodies within the
known volcanic rocks. Further interpretation work is underway to
determine the potential for structures away from the main target
zones”.
An image of the reconstructed total field
magnetics from the airborne survey is presented below highlighting
key areas identified:
http://resource.globenewswire.com/Resource/Download/610e8e2c-efd2-44e9-bfa9-8a1ad428ce63
“We are very excited by these results. The
correlation of the Lingman Lake gold zones to Magnetic and VLF-EM
components establishes a signature, which can now be applied across
the entire Lingman Lake property. We already have 12 high priority
targets identified in the 16 kilometer trend and the potential for
identifying targets outside this trend is very high. Furthermore,
the survey clearly demonstrates that the structures associated with
gold mineralization within the immediate mine area at Lingman Lake
extend beyond current known limits. The next step would be
follow-up on these extension to isolate drill targets as well as
ground evaluation of the 12 high priority targets. Clearly, the
property has developed to a district exploration play which only
bodes well for discovering new mineralized zones”, commented Walter
Hanych, President and CEO of Signature Resources.
The Company’s current land package is as per
below:
http://resource.globenewswire.com/Resource/Download/df81e17e-c04b-475d-b454-2a91c8174ff1
Qualified Persons
The scientific and technical content of this
press release has been prepared, reviewed and approved by Jeremy S.
Brett, P.Geo., Senior Geophysical Consultant with MPH Consulting
Limited, an established international exploration and mining
consulting company with its head office in Toronto, Ontario, and
Walter Hanych P.Geo., President-CEO of Signature Resources. Both
are Qualified Persons 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 762 single cell staked claims,
comprising 15,096.3 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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