Signature Resources Announces That All Core Samples From Its 2018 Diamond Drill Campaign Have Been Received at SGS’ Lab in ...
October 16 2018 - 9:42AM
Signature Resources Ltd. (TSXV: SGU, OTCQB: SGGTF)
("
Signature" or the "
Company") is
pleased to announce that all of the sampled sections of drill core
from the Company’s recently completed exploration program at its
Lingman Lake gold property have been received at SGS’ analytical
processing lab in Red Lake, Ontario. The samples were flown by
charter aircraft to Red Lake last Friday and are currently being
inventoried at the lab prior to processing.
“We are very excited that the samples are now in
the analytical processing stage. We wait with anticipation for the
results, as many of the core samples being analyzed displayed
characteristics of gold mineralization associated with the Lingman
Lake gold zones,” commented Walter Hanych, President and CEO of
Signature Resources.
Exclusive of QA/QC (Quality Assurance – Quality
Control) samples, 558 intervals of core have initially been
selected for sampling. These samples were prepared, in the field
under supervised conditions, by diamond saw cutting of the NQ (47
mm diameter) core; half of the core for each sample interval is
retained at the project site by Signature. Analyses will consist of
quantifying gold tenors employing a fire-assay concentration with
an atomic-absorption finish; samples reporting gold tenors of
greater than 5 grams of gold per tonne (>5 g Au/t) will be
re-analyzed with a gravimetric finish. Also included in the
analytical protocol is a 51-element package by ICP methods.
The sampling protocol includes 145 samples
inserted for QA/QC purposes. The Company’s QA/QC protocol is an
integral component of evaluating sample integrity from collection
to analysis. Caracle Creek International Consulting has been
retained to independently monitor and assess these samples.
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
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.
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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