Drilling highlighted by 9.5 m of 12.15 g/t
gold & 5.0 m of 13.65 g/t gold in the West Zone
Target
Signature Resources Ltd. (TSXV: SGU, OTCQB: SGGTF)
("
Signature" or the "
Company") is
pleased to announce the results of drill holes 18-01 and 18-02
which targeted the West Zone at the company’s Lingman Lake gold
property located in northwestern Ontario. This year’s exploration
campaign was conducted with a view to test the grade and continuity
of the mineralization encountered in historical drilling done on
the property by previous operators. Drilling in the West Zone, the
first holes to be reported on herein, is highlighted by the
following:
- Drill hole 18-01 returned 9.50 meters with an average
grade of 12.15 grams per tonne gold (from 35.5 to 45.0
meters). True width is estimated at ~8.23 meters.
- Drill hole 18-02 returned 5.0 meters with an average
grade of 13.65 grams per tonne (from 100.0 to 105.0
meters). True width is estimated at ~4.33 meters.
Drill hole 18-01 is a twin of an historical
diamond drill hole, 89-15, being collared 2 meters east of 89-15
which had returned 10.70 grams along a 9.54 meter drill
intercept.
Drill hole 18-02 was collared 48 meters east of
18-01 in the vicinity of historical drill hole 45-49 which yielded
8.2 grams of gold per tonne along a 4.18 meter drill intercept. The
historical diamond drill holes were put down by previous operators
on the property.
“We are very excited by these intersections; not
only are we seeing a significant grade increase when comparing the
historical drilling to the current drilling, but the drill
composite widths are comparable, corroborating the width of the
zone from historical work. The West Zone, where these drill holes
are located, is 430 meters west and along strike of the North zone
at the mine site. The zone was identified by historical drilling
along a strike length of 360 meters and to a depth of 90 meters.
This zone was under-drilled and is open at depth and along strike
and we feel it is a high potential target”
- Walter Hanych, President and CEO of Signature
Resources
The above cited intersections for hole 18-01 and
18-02 are derived from assay results presented in the following
table and are reported as weighted composite averages.
DDH ID |
WEST ZONE1 TARGET |
DDH ID |
WEST ZONE1 TARGET |
18-01 |
2Easting |
Northing |
Azimuth |
Dip |
18-02 |
2Easting |
Northing |
Azimuth |
Dip |
506844 |
5968875 |
0° |
-45° |
506892 |
5968808 |
0° |
-45° |
From meters |
To meters |
Width meters |
g Au/t |
From meters |
To meters |
Width meters |
g Au/t |
35.50 |
36.00 |
0.50 |
2.98 |
100.00 |
100.50 |
0.50 |
7.81 |
36.00 |
36.50 |
0.50 |
18.55 |
100.50 |
101.00 |
0.50 |
36.89 |
36.50 |
37.00 |
0.50 |
0.41 |
101.00 |
101.50 |
0.50 |
1.15 |
37.00 |
37.50 |
0.50 |
1.17 |
101.50 |
102.00 |
0.50 |
0.12 |
37.50 |
38.00 |
0.50 |
13.13 |
102.00 |
102.50 |
0.50 |
1.58 |
38.00 |
39.32 |
1.32 |
10.49 |
102.50 |
103.00 |
0.50 |
7.20 |
39.32 |
40.00 |
0.68 |
15.12 |
103.00 |
103.50 |
0.50 |
47.25 |
40.00 |
40.50 |
0.50 |
5.12 |
103.50 |
104.00 |
0.50 |
23.18 |
40.50 |
41.00 |
0.50 |
39.093 |
104.00 |
104.50 |
0.50 |
11.28 |
41.00 |
41.50 |
0.50 |
26.16 |
104.50 |
105.00 |
0.50 |
0.03 |
41.50 |
42.00 |
0.50 |
27.22 |
100.00 |
105.00 |
5.00 |
13.65 |
42.00 |
42.50 |
0.50 |
13.78 |
|
|
|
|
42.50 |
43.00 |
0.50 |
0.27 |
|
|
|
|
43.00 |
43.50 |
0.50 |
0.79 |
|
|
|
|
43.50 |
44.00 |
0.50 |
10.59 |
|
|
|
|
44.00 |
44.50 |
0.50 |
10.05 |
|
|
|
|
44.50 |
45.00 |
0.50 |
13.30 |
|
|
|
|
|
35.50 |
45.00 |
9.50 |
12.15 |
|
|
|
|
|
Notes: 1 |
West Zone strikes east-west, dips 75° to the south. |
2 |
UTM coordinates: Zone 15N. Datum: NAD83. |
3 |
Reported analysis is the mean of original sample (24.27 g Au/t) and
duplicate sample (53.9 g Au/t) from same core interval. |
Gold analyses were performed using a fire-assay
concentration with an atomic-absorption finish. Gravimetric-finish
results of the highest-grade intervals are to follow. QA/QC results
support the validity of the original assays.
About Signature
The Lingman Lake gold property, located in
Northwestern in the Red Lake Mining District consists of four
free-hold full patented claims, 14 mineral rights patented claims
and 1,054 single-cell staked claims, comprising a total of
approximately 21,420 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
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.
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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