Signature Resources Ltd. (TSXV-SGU, OTCQB-SGGTF, FSE-3S3)
(“Signature” or the “Company”) is pleased to announce that it has
completed its two component field program with the crew it
mobilized to its Lingman Lake gold property in northern Ontario in
August.
The first component of this program was to
undertake borehole north-seeking gyro surveys of 104 holes drilled
in the late 1980’s. This information will be extremely useful in
calculating a new, more accurate resource model and determining the
location of new drill holes.
The second component of this program was to have
a team of geologists and prospectors visit six pre-determined
target areas as defined by a combination of geophysical
interpretations of the airborne survey results, geological mapping,
structural interpretation, and a detailed review of high resolution
visual satellite imagery. The field crew was helicopter supported
to efficiently examine outcrop areas and focus on evaluating and
sampling any mineralization encountered in those target areas.
“We are very excited about this phase of work as
we have identified new discoveries on surface in these target areas
and have successfully taken 104 samples for analysis. We are very
pleased about these recent accomplishments. Similar geophysical
responses between the mine site geology and the newly targeted
areas suggests planning further exploration on any new discovery
areas. The results from this current prospecting work will help
determine the continuity of the shear system and possible
associated mineralization. Further prospecting, mapping, and
sampling in future work programs will be planned for next summer
season,” commented Walter Hanych, CEO.
Detailed information and results of this program
will be reported in the near future as the program progresses.
While the team was mobilized, Signature also
re-established our base camp in preparation for an upcoming winter
drill program. We are pleased to announce that the camp is 80%
ready and some final work will be completed in January 2021 prior
to the arrival of the commencement of the drill program.
Qualified Persons
The scientific and technical content of this
press release has been prepared, reviewed and approved by Bob
Komarechka, P.Geo. 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 622 staked claims, four free hold full patented claims and 14
mineral rights patented claims totaling approximately 12,148
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:
Jonathan HeldChief Financial Officer416-270-9566
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, results of the program, proposed
further exploration on any new discovery areas, prospecting,
mapping, and sampling in future work programs, 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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