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. Inversion of a test block of data
for the Terraquest Matrix VLF system has identified Resistivity
Lows that are coincident with both the Northern and Southern Target
Horizons, which contain multiple high priority targets.
The test of the VLF inversion method clearly
shows distinct lows that are probably due to fracturing and
alteration along interpreted ~East-West controlling structures.
This response is clearly observed for the Lingman Lake gold
mineralized zones within the Northern Horizon and the new Southern
Horizon. As previously reported, the Northern Horizon contain 12
high priority targets and The Southern Horizon contains 6 high
priority targets, with a combined ~22km of strike length.
Jeremy S. Brett of MPH Consulting Limited
states: “A test block of Matrix VLF data was inverted by EMTOMO in
Portugal, with excellent results. Known felsic intrusive
rocks, lying to the north of the Lingman Lake gold mineralized
zones, are clear resistivity highs. The Lingman Lake gold
mineralized zones lie within a broad Resistivity Low with a width
that correlates with the rough width of known alteration,
silicified zones and mineralization. The contact between the felsic
intrusives and the altered and mineralized greenstone rocks is very
clearly defined - this is significant because this was not easily
discerned from the Aeromagnetic data. The Southern Target Horizon
is also detected as a clear zone defined by a Resistivity Low.
Inversion of the Matrix VLF data for the rest of
the Signature property is now planned. The combination of
this VLF Inversion method with the Aeromagnetic data has shown to
be powerful over the test block. The VLF Inversion method holds
great promise as a low cost Airborne Electromagnetic methods for
mapping bedrock and structure in areas with shallow overburden, as
exists on the Signature Resources property."
An image of the Reconstructed Total Field
Magnetics with the Test Matrix VLF Inversion, from the Terraquest
airborne survey, is presented below highlighting key areas
identified:
http://www.globenewswire.com/NewsRoom/AttachmentNg/73558d36-512e-4f83-82b9-fedec08577c3
Target classification definition: Targets
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 is cutting edge interpretation. The
inversions provide another level of focusing and defining critical
horizons with correlations to known mineralizing features
associated with the Lingman Lake gold zones. The results
clearly demonstrate that this is a powerful tool for gold
exploration and we are very excited to be able apply it over the
entire survey area. We anticipate high priority targets to emerge
from the interpretations which will only enhance the district scale
potential of the Lingman Lake greenstone belt,” 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 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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