Signature Resources Ltd. (TSXV: SGU, OTCQB: SGGTF, FSE: 3S3)
("
Signature" or the "
Company") is
pleased to announce the commissioning of a detailed interpretation
of its geophysical surveys.
“We are excited that we will be undertaking a
detailed technical interpretation of the airborne geophysical
surveys in relation to structural controls. This is important
because many Archean lode gold deposits have a strong linear
structural control with associated splays which contain zones of
gold mineralization. Past interpretation has defined extended
targets, we are now going to enhance these targets to prioritize
for follow-up ground evaluation by prospecting, mapping, select
ground geophysics and soil sampling. Results from this
interpretation will be made available as soon as the structural and
geophysical consultants draft a report of their findings”,
commented Walter Hanych, President and CEO of Signature
Resources.
Signature is also pleased to announce today it
closed a non-brokered private placement (the
“Financing”) for gross proceeds of $192,300 by
issuing 3,846,000 non-flow through units (“NFT
Units”) at a price of $0.05 per NFT Unit.
The Financing consists of NFT Units at a price
of $0.05 per NFT Unit. Each whole Warrant will entitle the
holder thereof to acquire an additional common share (a
“Warrant Share”) of the Company at an exercise
price of $0.10 per Warrant Share for a period of 2 years from the
date of issuance, provided that if after four (4) months and one
(1) day following the closing of the Financing, the closing price
of the Company's common shares on the TSX Venture Exchange is equal
to or greater than $0.20 for 10 consecutive trading days, then the
Company may accelerate the expiry date of the Warrants by
disseminating a press release and in such case the Warrants will
expire on the 30th day after the date on which such press release
is disseminated by the Company.
In conjunction with the Financing, the Company
paid cash finders fees of $14,300 and issued 286,000 finder’s
warrants (“Finder’s Warrants”). Each Finder’s Warrant is
exercisable to acquire one Common Share at a price of $0.05, for a
period of 2 years from the Closing Date.
Securities issued pursuant to the Financing are
subject to a statutory four-month plus one day hold period, which
will expire on October 16, 2020.
Proceeds of this Financing will be used to
further finance the Company’s exploration and development expenses
and activities and for general corporate purposes, which may
include, but not limited to transportation of equipment, fuel and
lumber to set up the camp for future drill and exploration
programs. The uses of proceeds remains subject to any
restrictions that may be in place due to Covid-19.
This press release does not constitute an offer
to sell or the solicitation of an offer to buy these securities,
nor shall it constitute an offer, solicitation or sale in any
jurisdiction in which such offer, solicitation or sale is unlawful.
These securities have not been, and will not be, registered under
the United States Securities Act of 1933, as amended, or any state
securities laws, and may not be offered or sold in the United
States or to U.S. persons unless registered or exempt
therefrom.
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 502 single cell staked claims, four free
hold full patented claims and 14 mineral rights patented claims
totaling approximately 9,974 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 Financing,
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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