Signature Resources Ltd. (TSXV:SGU) (OTCQB:SGGTF)
("Signature" or the "Company") is pleased to
announce that it has received additional interpretation of its
airborne geophysical data. The interpretation defines a new horizon
(“South Horizon”) with multiple high priority targets. The
geophysical response of the South Horizon is similar to that
observed for the Lingman Lake gold mineralized zones, in both the
Magnetic and VLF data. The South Horizon contains 6 high
priority targets and, as was previously reported, the North Horizon
contains 12 high priority targets. The South Horizon collectively
is 6.2 kilometers long and is separated from the 16 kilometers long
North Horizon, by 900 meters.
Jeremy S. Brett of MPH Consulting Limited
states: “Gold mineralized zones at Lingman Lake display correlation
to both the Magnetic and VLF Electromagnetic components of the
survey, as released May 2, 2018. A distinct pattern was identified,
consisting of a Matrix VLF-EM conductor lying immediately North of
a prominent Magnetic horizon. The VLF conductor is interpreted to
be indicative of fractured and faulted ground that may be related
to a hydrothermal fluid alteration corridor. The VLF conductor is
also coincident with weak and thin Magnetic horizons that appear to
be discontinuous, possibly indicating alteration and magnetite
replacement. These characteristics appear consistent with those
expected for alteration system that could relate to gold
mineralization.
This pattern is repeated <1km to the South of
the Lingman Lake gold mineralized zones, with ~3.5 kilometer of
sub-parallel strike length. The location of this new horizon,
along the North flank of a prominent Magnetic high, could indicate
a repeat of the strain conditions observed for the Lingman Lake
gold zones. A possible extension of this new zone lies to the
Northwest, with ~2.7 kilometer of additional strike length, and
exhibits similarly coincident VLF EM and Magnetic
characteristics”.
An image of the Reconstructed Total Field
Magnetics from the airborne survey is presented below highlighting
key areas identified:
http://www.globenewswire.com/NewsRoom/AttachmentNg/d086330b-4aff-4db3-910c-0354b3ee82ee
Target classification definition: Target
ranking is defined by correlation of Magnetic and VLF
characteristics with the known gold zones at Lingman Lake. Hence,
an ‘A’ target has the strongest correlation, followed by ‘B’ and
‘C’. We fully anticipate lower ranking targets to be identified as
interpretation is on-going.
“This interpretation is very exciting. Not only
do we have a new horizon defined, but it contains 6 high priority
targets. In total we now have 18 high priority targets for
exploration with correlations to the Lingman Lake gold zones. 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 Lingman Lake property
continues to produce gold targets associated with district scale
exploration projects. At such a scale, the discovery of new
mineralized gold zones is enhanced, especially if you have 18 high
priority targets. Furthermore, the west section of the property
remains to be looked at, and we are very confident it also will
produce some interesting results”, commented Walter Hanych,
President and CEO of Signature Resources.
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. Total
land package amounts to 15,372.3 hectares. 275.5 hectares of the
property total include 14 mineral rights patents, the acquisition
closing of which is pending Exchange approval. 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-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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