Drilling highlighted by 14.0m of 8.56 g/t gold in
the South Zone Target
Signature Resources Ltd. (TSXV: SGU, OTCQB: SGGTF)
("
Signature" or the "
Company")
reports the results of drill holes 18-09 and 18-10 which targeted
the South and Central Zones 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 zones
drilling are summarized below.
- Drill hole 18-09, South Zone; returned 3.0 meters with
an average grade of 12.20 grams per tonne gold (from 55.0
to 58.0 meters). True width is estimated at ~2.3 meters.
- Drill hole 18-09, Central Zone “A”; returned 9.0 meters
with an average grade of 6.55 grams per tonne gold (from
65.0 to 74.0 meters). True width estimated at ⁓ 6.9 meters.
- Drill Hole 18-09, Central Zone “B”; returned 4.0 meters
with an average grade of 4.27 grams per tonne gold (from
81.0 to 85.0 meters). True width estimated at ⁓ 3.1 meters.
- Drill hole 18-10, South Zone; returned 14.0 meters with
an average grade of 8.56 grams per tonne (from 22.0 to
36.0 meters). True width is estimated at ~10.7 meters. (Includes
5.0 meters with an average grade of 16.61 grams per tonne from 30.0
to 35.0 meters with a true width of 3.8 meters). Hole collared in
vicinity of 45-01 which returned 3.9 meters of 22.60 grams per
tonne gold.
Mr. Walter Hanych, CEO stated, “We are extremely encouraged by
these additional results from our first drill campaign. Drill hole
18-09 was designed to intersect multiple zones from one set-up.
This was successfully accomplished, and the results are exciting.
Drill hole 18-10 was collared in the vicinity of original
discovery outcrop at Lingman Lake and in proximity to the collar of
the first ever hole drilled on the property, in the 1940s.
Significantly, the new drill hole by Signature returned a wider
intercept. The South and Central Zones collectively contributed 34%
to the historical estimate of 234,684 ounces of gold. With these
results from our new drilling, we are very optimistic that any
future drill campaigns of infill and extension drilling will
successfully support and enhance the geological model of multiple
sub-parallel high grade gold zones. Importantly, it is quite
evident that the zones stand up to multiple intercepts from one
drill hole collar, providing cost effective drilling for
delineation and expansion of the resource. The results from our
first ever drill campaign of the Lingman Lake gold zones have
exceeded our expectations. We look forward to undertaking another
drill program in the near future to expand and build upon these and
the historical results.
The above cited intersections for hole 18-09 and
18-10 are derived from assay results presented in the following
table and are reported as weighted composite averages.
South and Central Zone Targets |
|
DDH |
Zone |
Easting2 |
Northing2 |
Azimuth |
Dip |
From meters |
To meters |
Width meters |
Au g/t |
|
|
|
|
|
|
|
55.00 |
56.00 |
1.00 |
0.15 |
|
SOUTH1 |
|
|
|
|
56.00 |
57.00 |
1.00 |
11.11 |
|
|
|
|
|
|
57.00 |
58.00 |
1.00 |
25.34 |
|
|
|
|
|
|
55.00 |
58.00 |
3.00 |
12.20 |
|
|
|
|
|
|
65.50 |
66.00 |
0.50 |
0.07 |
|
|
|
|
|
|
66.00 |
67.00 |
1.00 |
17.93 |
|
|
|
|
|
|
67.00 |
68.00 |
1.00 |
8.20 |
|
|
|
|
|
|
68.00 |
69.00 |
1.00 |
3.59 |
|
|
|
|
|
|
69.00 |
70.00 |
1.00 |
0.12 |
18-09 |
CENTRAL A1 |
507192 |
5968650 |
360 |
-45 |
70.00 |
71.00 |
1.00 |
0.15 |
|
|
|
|
|
|
71.00 |
72.00 |
1.00 |
25.13 |
|
|
|
|
|
|
72.00 |
73.00 |
1.00 |
5.51 |
|
|
|
|
|
|
73.00 |
74.00 |
1.00 |
3.45 |
|
|
|
|
|
|
65.50 |
74.00 |
9.00 |
6.55 |
|
|
|
|
|
|
81.00 |
82.00 |
1.00 |
0.15 |
|
|
|
|
|
|
82.00 |
83.00 |
1.00 |
15.50 |
|
CENTRAL B1 |
|
|
|
|
83.00 |
84.00 |
1.00 |
0.89 |
|
|
|
|
|
|
84.00 |
85.00 |
1.00 |
0.55 |
|
|
|
|
|
|
81.00 |
85.00 |
4.00 |
4.27 |
|
|
|
|
|
|
|
22.00 |
23.00 |
1.00 |
4.15 |
|
|
|
|
|
|
23.00 |
24.00 |
1.00 |
12.21 |
|
|
|
|
|
|
24.00 |
25.00 |
1.00 |
0.005 |
|
|
|
|
|
|
25.00 |
26.00 |
1.00 |
0.13 |
|
|
|
|
|
|
26.00 |
27.00 |
1.00 |
4.94 |
|
|
|
|
|
|
27.00 |
28.00 |
1.00 |
1.18 |
18-10 |
SOUTH1 |
507170 |
5968667 |
360 |
-45 |
28.00 |
29.00 |
1.00 |
7.03 |
|
|
|
|
|
|
29.00 |
30.00 |
1.00 |
6.48 |
|
|
|
|
|
|
30.00 |
31.00 |
1.00 |
11.86 |
|
|
|
|
|
|
31.00 |
32.00 |
1.00 |
37.27 |
|
|
|
|
|
|
32.00 |
33.00 |
1.00 |
0.25 |
|
|
|
|
|
|
33.00 |
34.00 |
1.00 |
10.25 |
|
|
|
|
|
|
34.00 |
35.00 |
1.00 |
23.42 |
|
|
|
|
|
|
35.00 |
36.00 |
1.00 |
0.733 |
|
|
|
|
|
|
22.00 |
36.00 |
14.00 |
8.56 |
|
|
|
|
|
|
30.00 |
35.00 |
5.00 |
16.61 |
Notes 1 |
South and
Central zones strike east-west and dip 85 degrees south. |
2 |
Co-ordinates referenced to UTM NAD 83, Zone 15 . |
3 |
Reported
analysis is the mean of original sample and duplicate sample from
same core interval. For 18-10; 35.0-36.0, 0.59 and 0.89
g/t. |
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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