Signature Resources Ltd. (TSXV-SGU, OTCQB-SGGTF, FSE-3S3)
(“Signature” or the “Company”) first and foremost; to our friends
and families, shareholders, First Nations communities, contractors,
suppliers and colleagues, during these extraordinary, changing
times as we all adjust to the new reality imposed by COVID-19, we
hope that you stay well, be attentive and safe guard your loved
ones.
Project Development – Camp,
Drilling and Exploration
The Company is pleased to announce that it has
acquired additional specialized equipment which will assist in the
movement of crews and drilling equipment. The Company has taken
steps to position fuel, lumber and other key supplies regionally,
ready for delivery to site. Upon notice of travel being reinstated
the Company will be ready to mobilize a field crew to site, to
re-establish a new centralized camp location which will allow for
expansion as the project grows. Contingent on our success of
funding, and travel being reinstated, the Company will mobilize a
drill crew, technical staff and general laborers to begin the 2020
drilling program. The focus of this program will initially target
the under-drilled very high-grade West zone. The Company
anticipates that very positive results will be achieved, as the 2
holes in this zone from the Company’s 2018 drill program indicated
high grades, hole 18-01 (9.5 meters with an average grade of 12.5
gpt) and hole 18-02 (5.0 meters with an average grade of 13.65
gpt).
Also planned for summer of 2020, will be an
exploration program targeting the western portion of Signature’s
land package. A 2-man crew will explore, prospect, map and sample
high priority targets. This will help the Company gain an even
stronger understanding of the trend we have noted along the
greenstone belt as future exploration is planned.
Investor Relations
Under volatile conditions Signature Resources is
working diligently with its plans regarding the exploration and
development of its Lingman Lake gold property. To this end, the
company announces that it has entered into an investor relations
advisory agreement (the “Investor Relations Agreement”) with East
West Fuel Strategies Inc. (“East West”).
East West, an arm’s length company based in
Brampton, Ontario, has been engaged in providing investor relations
services to other companies since 2015, including the development
of corporate communications strategies and developing and
maintaining active communications networks with private investors
across Canada. Prior to signing the Investor Relations
Agreement, [East West did not have any interest, directly or
indirectly, in the Company or its securities, or any right or
intent to acquire such an interest.]
Under the terms of the Investor Relations
Agreement, East West will provide Investor Relation Activities,
within the meaning TSX Venture Exchange policies, to Signature for
an initial period of one year. The services will include creating a
shareholder communications strategy for the Company, communicating
with brokers and potential institutional investors and promoting
the corporate image of Signature.
The Investor Relations Agreement provides for a
non-refundable $10,000 engagement fee upon signing, and a monthly
retainer of $10,000 per month for the first six months after the
Company successfully raises $500,000. Provided that Signature
achieves certain milestones, including completing a financing of at
least $1.8M, and the share price trading above $0.18 at the end of
the first six-month period, the monthly fee shall be increased to
$12,000 per month after the initial six-month period.
Upon signing of the Investor Relations Agreement
500,000 options have been granted at an exercise price of $0.05
with an additional 500,000 options to be granted 30 days after
signing of the Agreement at an exercise price of $0.07 provided
that East-West demonstrated market support, and has raised private
placement financing of at least $500,000. The options are
irrevocable, and will expire three (3) years from the date of
issue.
The Investor Relations Agreement remains subject
to TSX Venture Exchange approval.
Claims Update
At the property level, the Company, after a
review of geological, geophysical and physiological data has
elected to forfeit 286 single cell claims effective April
19th-26th. These claims have been deemed to be low ranking and do
not warrant annual assessment maintenance. The remaining claim
fabric of 484 single cell claims, 14 mineral patents and 4 full
patents (mineral and surface rights) will encompass an area of
approximately 23.8 kilometers by 3.7 kilometers, which includes
23.8 kilometers of strike length of the favourable granite-volcanic
contact.
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 any private placement
proceeds raised, success of funding including closing of any
proposed private placements 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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