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.
“We have received exceptional results from the interpretation of
VLF data. The results provide us with additional information for
target selection beyond the known gold zones at Lingman lake, as we
gear up to undertake a drill program of the known gold zones,
commencing next month,” stated Walter Hanych, CEO. “The new data
clearly demonstrates:
- Resistivity lows ranging from 150m to 500m along where we have
already identified numerous high priority targets, this is a
significant refinement of the important contact zone;
- Collectively, approximately 9.7km of target strike length falls
into this Resistivity low linear, helping prioritize target zones;
and
- This trend being strongly correlated with the data at the
Lingman Lake Gold Mine zones, increases the likelihood of
discovering new zones,” commented, Walter Hanych, President and CEO
of Signature Resources.
The VLF Inversion has enhanced the contact
between the mafic greenstone belt to the South and felsic intrusive
rocks to the North over a 22km strike length, identified as a broad
150m to 500m wide Resistivity Low at this Contact Zone, which could
represent alteration related to gold mineralizing systems.
This Contact Zone contains multiple high priority targets, which
were previously identified from the VLF conductors along the North
Horizon, which are also characteristics of the historical Lingman
Lake Gold Mine. Several of the previously reported high
priority targets along the North Horizon lie within the interpreted
wide Resistivity Low / Contact Zone, with a combined ~9.7km of
strike length.
These are now the highest priority for field
follow-up. Further, some historical drilling on the West end of the
property, in the area of reported mineral occurrences, is
coincident with Resistivity Lows identified from the VLF Inversion,
inferring faulting and alteration.
Jeremy S. Brett of MPH Consulting Limited
states: “The full Matrix VLF data set was inverted by EMTOMO in
Portugal, with exceptional results. The VLF Inversion
identified important bedrock features, that correlate with
historical Geological mapping and the Aeromagnetic component of the
Geophysical survey. Depth slicing of this VLF inversion, between 0m
and 50m depth, clearly showed the transition between near-surface
tills/water bodies and the deeper bedrock responses.
The VLF Inversion has also identified numerous
East-West striking features in the Resistivity which agree well
with trends interpreted from the Aeromagnetic data. These
define a fold belt with a predominantly East-West axis. This
folding is interpreted to be complex at the West side of the
property, where mafic greenstones are strongly deformed as the fold
axes become perpendicular to the contact with the felsic
intrusives. This area of folding-complexity is coincident
with much of the historical exploration drilling and trenching on
the property where 40 mineral occurrences have been reported.
This is a ground breaking approach for Canadian
Airborne Geophysics, inexpensively mapping near surface bedrock
lithologies and structure in areas of shallow overburden.”
An image of the Resistivity Inversion of the
Terraquest Matrix VLF is presented below, highlighting the key
areas
identified:http://www.globenewswire.com/NewsRoom/AttachmentNg/633ca0b9-75e8-425d-a748-7e3be6ee858a.
Interpretation of Matrix VLF
Inversion: The boundary between mafic greenstone
rocks and felsic intrusives is clearly defined on the property over
a 22km strike. Discrete 150m to 500m wide Resistivity lows
are prominent along this contact zone, and are interpreted to
represent possible faulting, fracturing and alteration that could
be related to gold mineralizing systems. Several "A" Ranked
Targets interpreted previously from the VLF conductor axes lie
within these Resistivity Lows along the Contact Zone, including the
historical Lingman Lake Gold Mine. These have a combined
strike length of ~9.7km, and represent the highest priority
targets, at this time.
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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