Drilling highlighted by 8.0 m of 17.87 g/t gold
& 4.0 m of 6.84 g/t gold in the North Zone Target
Signature Resources Ltd. (TSXV: SGU, OTCQB: SGGTF)
("
Signature" or the "
Company")
reports the results of drill holes 18-03, 18-04 and 18-05 which
targeted the North 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. Highlights from the North Zone
drilling are summarized below.
- Drill hole 18-05 returned 8.0 meters with an average
grade of 17.87 grams of gold per tonne (from 95.0 to 103.0
meters). True width is estimated at ~6.9 meters.
- Drill hole 18-03 returned 4.0 meters with an average
grade of 6.84 grams of gold per tonne (from 82.0 to 86.0
meters). True width is estimated at ~3.5 meters.
Drill hole 18-05 was collared to intercept the
North Zone at approximately 64 meters vertical depth, in the
gold-mineralized shoot between the 150 Level (45 meters vertical
depth) and 275 Level (84 meters vertical depth) of the historical
underground workings at the site. Historical drilling in proximity
to 18-05 are: 45-21 (approximately 14 meters higher up and 5 meters
east) assayed 136.5 grams of gold per tonne along 3.9 meters; and
87-73 (14 meters higher and 20 meters west) assayed 13.50 grams of
gold per tonne along 9.2 meters.
Drill hole 18-03 was collared 83 meters west of
18-05 and was designed to intersect the North Zone at 55 meters
vertical depth, between the 150 Level and 275 Level. Historical
drilling in proximity to 18-03 was hole 45-17, situated 11 meters
lower which assayed 16.10 grams of gold per tonne along 3.02
meters.
Drill hole 18-04 was drilled to test the grade
of gold-mineralized shoots between surface and the 150 Level in an
area previously untested by drilling. 18-04 intersected the
interpreted edge of a gold-mineralized shoot of the North zone and
returned an assay of 2.33 grams of gold per tonne along 6.0 meters,
(5.2 meters true width) at 23 meters vertical depth.
Mr. Walter Hanych, CEO stated, “We are extremely
encouraged by these additional results from our first drill
campaign. We believe Lingman Lake is one of the premier
under-developed emerging gold projects in Canada. With these
results from our new drilling, we are very optimistic that any
future drill campaigns will successfully support and enhance the
robust historical legacy. The North Zone is typical of a high-grade
gold system producing assay results ranging from low grade to very
high-grade gold. We are confident, that with the historical gold
grades which have been reported in previous press releases, and
with future infill and extension drilling, that the North zone will
yield significant high-grade gold sections. Importantly, the
drilling is indicating that the true width of the zone is wider
than what is indicated in historical underground plans.”
The above cited intersections for hole 18-03,
18-04 and 18-05 are derived from assay results presented in the
following table and are reported as weighted composite
averages.
North Zone
Target1 |
DDH |
Easting2 |
Northing2 |
Azimuth |
Dip |
From meters |
To meters |
Width meters |
g Au/t |
18-03 |
507236 |
5968772 |
360° |
-45° |
82.00 |
83.00 |
1.00 |
4.00 |
83.00 |
84.00 |
1.00 |
6.94 |
84.00 |
85.00 |
1.00 |
15.63 |
85.00 |
86.00 |
1.00 |
0.79 |
82.00 |
86.00 |
4.00 |
6.84 |
18-04 |
507260 |
5968729 |
360° |
-45° |
45.00 |
46.00 |
1.00 |
2.62 |
46.00 |
47.00 |
1.00 |
1.59 |
47.00 |
48.00 |
1.00 |
0.64 |
48.00 |
49.00 |
1.00 |
4.37 |
49.00 |
50.00 |
1.00 |
4.13 |
50.00 |
51.00 |
1.00 |
0.65 |
45.00 |
51.00 |
6.00 |
2.33 |
18-05 |
507320 |
5968750 |
360° |
-45° |
95.00 |
96.00 |
1.00 |
3.15 |
96.00 |
97.00 |
1.00 |
3.52 |
97.00 |
98.00 |
1.00 |
15.67 |
98.00 |
99.00 |
1.00 |
2.813 |
99.00 |
100.00 |
1.00 |
12.99 |
100.00 |
101.00 |
1.00 |
44.71 |
101.00 |
102.00 |
1.00 |
58.08 |
102.00 |
103.00 |
1.00 |
2.06 |
95.00 |
103.00 |
8.00 |
17.87 |
Notes: 1 |
North zone strikes east-west, dips 75° to the
south. |
2 |
UTM coordinates: Zone 15N. Datum: NAD 83. |
3 |
Reported analysis is the mean of original sample
(3.26 g Au/t) and duplicate sample (2.35 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 Ontario 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.
Analyses and Quality Assurance – Quality
Control
Gold and multi-element analyses were performed
by SGS Canada at their laboratory located at Red Lake, Ontario and
quality assurance/quality control monitoring of the samples will be
undertaken by the independent consulting firm of Caracle Creek
International Ltd.
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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