Signature Resources Ltd. (TSXV: SGU, OTCQB: SGGTF)
("
Signature" or the "
Company") is
pleased to announce that drill hole 18-03 targeting the North Zone
of mineralization at Lingman Lake has intersected two sections of
variably altered and sheared rock. Visual examination of the core
reveals that the zones are a bleached, moderately to highly
silicified and carbonatized, variably pyritic and highly foliated
rock. The foliation is the result of high shear strain, which is an
environment conducive to fluid movement and possible gold
mineralization.
“As our drill program continues, initial core
observations reveal numerous characteristics which are typically
associated with gold and which have historically been reported with
identified zones. Hole 18-03 is just one example, we are very
excited as the observed alteration and deformation of the rocks
indicate widespread and active plumbing and deformation events
which are conducive to gold mineralization.”, commented Walter
Hanych, President and CEO of Signature Resources.”
Mr. Hanych continued, “We have completed 8 holes
of our 12 hole program and are on schedule to complete the drill
program by mid-month The core is being processed and upon
completion selected half cut core samples will transported to SGS’s
Laboratory in Red Lake, Ontario for assaying.”
The following intersections have been observed:
Meterage is measured down hole and reflects core interval. The hole
was drilled at an azimuth of 360 degrees, (true north) and at a -45
degree dip angle to intersect steeply south dipping (70-80 degree)
east-west striking lithological-deformational trends.
The main rock types are massive mafic volcanics
with some intermediate (composition) feldspar porphyry. These
volcanics have been strongly altered (variably silicified,
chloritized, carbonatized +/- epidote) and variably sheared in the
following zones:
44.35 - 53.55 meters (9.20-meter length); with
up to 5% pyrite in the upper and lower 2 to 3-meter shoulders of
the section. See image below of this intercept.
64.47 - 77.23 (12.76-meter length); very
chloritic with pervasive carbonate and brecciated appearance with
5% pyrite in upper <1 meter of the intersection.
Image of core run for hole 18-03 showing intersection of North
Zone between 44.35 and 53.55 meters down the hole. See description
above. Photo taken on site at Lingman Lake mine, September 8th,
2018.
The drill hole pierced the North Zone about 10
to 16 meters below the 150 Level drift (46-meter depth, east-west
underground tunnel) of the mine. The intercept is below a 41-meter
length of this drift, which historical records indicate averaged
15.4 grams of gold per tonne.
Qualified Persons
The scientific and technical content of this
press release has been prepared, reviewed and approved by John
Siriunas, P.Eng., Associate Independent Consultant with Caracle
Creek International Consulting Ltd., and is the program site
geologist, and by 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 a total of 15,096.3 hectares. The property hosts an
historical estimate of 234,684 oz of gold* (1,063,904 tonnes
grading 6.86 g Au/t at a 2.73 g Au/t 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
three levels of development at depths of 46 m (150 Level), 84 m
(275 Level) and 122 m (400 Level).
*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.
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/774d4123-2647-4636-aec7-e6bec97e2bb1
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