Signature Resources Ltd. (TSXV-SGU, OTQB-SGGTF, FSE-3S3)
(“Signature” or the “Company”) announces the filing of a new
Technical Report in accordance with National Instrument 43-101
–Standards of Disclosure for Mineral Projects (“NI 43-101”) on its
100% owned Lingman Lake project. The Technical Report, titled
“National Instrument 43-101 Technical Report on the Lingman Lake
Gold Property, Lingman Lake Area, District of Kenora (Patricia
Portion), Ontario, Canada," (effective date of January 31,
2020) has been prepared by Mr. J. Siriunas, P.Eng. and Mr. W.
Hanych, P.Geo., and is available on SEDAR (www.sedar.com) under
Signature’s issuer profile.
This report serves as an update to the 43-101
technical report titled "Technical Report on The Lingman Lake
Property, Lingman Lake Area, District of Kenora, Ontario, Canada,”
(effective date of December 20, 2013). Since 2013, Signature has
attained several milestones, which include the completion of three
exploration campaigns, and major land acquisitions which expanded
the property from 616.8 hectares to approximately 15,754
hectares.
Exploration Campaigns:
- 2016, archived core re-logging,
duplicate core sampling and new sampling of 22-historical holes.
The core duplicate sampling achieved a 94% correlation between the
current sampling and the historical sampling. This high correlation
allows all the historical data to be incorporated into a future
resource model without the need for a costly historical hole
twinning program.
- 2018, a high resolution airborne
Magnetic and Matrix VLF-EM in which 2,270- line kilometers were
flown. Employing state of the art proprietary software, the VLF-EM
Inversion identified important bedrock features. They correlate
with the contact between the felsic intrusive domain and
volcanic-sedimentary belt which hosts gold mineralization at the
Lingman Lake Gold Mine. This recognition resulted in delineating
15-high priority targets.
- 2018, a 12-hole NQ core (47.6mm)
diamond drill program totalling of 1,501 metres was completed. The
program intersected gold tenors of up to 66.53 g Au/t (gravimetric
finish), from 101.00 m to 102.00 m in drill hole 18-05. Several
significant weighted average gold grade along drill widths were
attained; for example, hole 18-01 yielded 11.37 g/t along 9.50
meters.The drill program validated the high-grade nature of the
gold mineralization of the Lingman Lake gold zones, and in several
cases extended historical widths of drill intercepts.
The reader is encouraged to download the current
43-101 Technical Report for details of these milestones.
Qualified Persons
The scientific and technical content of this
press release has been prepared, reviewed and approved by Walter
Hanych P.Geo. and President-CEO of Signature Resources who is a
Qualified Person as defined in National Instrument 43-101 -
Standards of Disclosure for Mineral Projects.
About SignatureThe Lingman Lake
gold property consists of 770 single cell staked claims, four free
hold patented claims and 14 mineral rights patented claims totaling
approximately 15,754 hectares. The property hosts an historical
estimate of 234,684 oz of gold* (1,063,904 tonnes grading 6.86 g/t
with 2.73 gpt 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 3-levels at
46-meters, 84-meters and 122-meters depths.
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 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 Officer705.446.5379
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, use of proceeds of the Offering,
closing of additional tranches pursuant to the Offering and
proceeds therefrom, acceptance of regulatory filings by the TSX-V,
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 changes in general economic and financial market
conditions, 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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