Signature Resources Announces that GPS Collar Survey Locates 84% of 1980s Diamond Drill Holes at its High Grade Lingman Lake ...
October 11 2018 - 8:30AM
Signature Resources Ltd. (TSXV: SGU, OTCQB: SGGTF)
("
Signature" or the "
Company") is
pleased to announce the successful completion of a high resolution
GPS survey of the diamond drill casings from the drill campaigns
conducted from 1987 to 1989. 84% of the drill casings, from a total
of 154 drill holes were located.
“We are very pleased with this result and we are
very fortunate that the located holes had their casing intact.
Quite often the drill casing, which goes through the overburden and
is anchored to bedrock at its lower end, is removed leaving no
surface evidence of the hole. Now that these casings have been
located to a sub-meter accuracy (60cm), we have the confidence
level that we need to refine our geological model. We will also be
able to geo-reference other features in relation to the drill holes
with a greater degree of accuracy, allowing us to produce better
property scale maps”, commented Walter Hanych, President and CEO of
Signature Resources.
The survey was conducted employing a SX Blue II
GPS unit which provided accuracy to 60cm. Each locate was measured
by taking five fixes minimum with a 95% confidence level.
The company is also nearing the completion of
winterizing its field camp in anticipation of a winter drill
program in 2019.
Qualified Persons
The scientific and technical content of this
press release has been prepared by Walter Hanych, P.Geo.,
President-CEO of Signature Resources. Mr. Hanych is a 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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