Signature Resources Ltd. (TSXV-SGU, OTQB-SGGTF, FSE-3S3)
(“Signature” or the “Company”) announces that the company has
acquired by staking 5 kilometers of the eastern portion of the
Lingman Lake greenstone belt covering its northern and eastern
contact.
“The 102 cells that were staked over the eastern
portion of the Lingman Lake greenstone are important because the
Lingman Lake gold mine is associated with this contact. This
staking has increased the strike length of the favorable contact
zone by approximately 5 kilometers. In total, approximately 28
kilometers of strike, essentially the entire northern contact of
the Lingman Lake greenstone belt is now available as a regional
exploration package,” commented Walter Hanych, President-CEO.
In addition, 12 fill-in single cell claims were
staked on the northern contact and 3 boundary claims were staked.
The Lingman Lake property now consists of 600 claims totalling
approximately 11,725 hectares.
As COVID-19 restrictions ease-up, the company is
planning to undertake a program of ground follow-up of targets
identified from the airborne survey conducted in 2018. Six areas
have been selected for evaluation this summer.
The Company has also granted 250,000 incentive
stock options, to a Director of the Company. The incentive options
have an exercise price of $0.05, expire five years from the date of
issuance and vest upon issuance.
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 600 claims, which includes four free hold
patented claims and 14 mineral rights patented claims totaling
approximately 11,725 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.
Signature Resources (TSXV:SGU)
Historical Stock Chart
From Jun 2024 to Jul 2024
Signature Resources (TSXV:SGU)
Historical Stock Chart
From Jul 2023 to Jul 2024