Major Milestone Completing First Drill
Program at Lingman Lake Since Late 1980s
Signature Resources Ltd. (TSXV: SGU, OTCQB: SGGTF)
("
Signature" or the "
Company") is
pleased to announce the successful completion of the diamond drill
program at Lingman Lake. Twelve holes totaling 1,518 meters have
been completed; eleven of the holes intersected significant
alteration and sulphide mineralization that are typically related
to the known gold-bearing mineralization at Lingman Lake.
“Visually, all of the holes intersected zones of
interest. Eleven of them displayed significant alteration and
mineralization which should correlate with known gold zones. Sample
cutting of the core is underway and should be completed in about
two weeks, after which all of the samples will be flown to SGS’
laboratory in Red Lake, Ontario, and then we wait in anticipation
for the assay results”, commented Walter Hanych, President and CEO
of Signature Resources.
Mr. Hanych continued, “Further I would like to
thank Jacob and Samuel Drilling Ltd., its crew and management, for
the successful and safe completion of the drill program under
challenging conditions. We are happy that all measures to assure
crews safety resulted in zero accidents and or incidents reported
during the campaign.”
The drill program targeted known gold zones at
various depths and strike intervals. With the completion of the
drill program the focus is now on core processing. This includes:
total core photography, geotechnical RQD and core recovery,
geological logging, sample interval determination and core
cutting.
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. 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 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.
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