Signature Resources Ltd. (TSXV: SGU, OTCQB: SGGTF, FSE 3S3)
("Signature" or the "Company") is pleased to announce a significant
update to its gold assay results from its Exploration program. The
update details the relationship of the areas sampled from its
Exploration program conducted in September, 2020, as reported in a
press release dated October 21, 2020.
“Given the known relationship of the Lingman Lake Mine gold
zones to the north granite-volcanic contact, our exploration
strategy was simple, stake this contact regardless and then explore
later. We are excited that the results of this past summers field
program have proved the significance of this contact. We now have
target areas dispersed along 20.2 kilometers of strike length. With
these results, we at Signature are confident that the potential for
significant discoveries are extremely high with further
exploration. Those areas that received limited prospecting or were
not accessible by air remain high priority targets, our work is
just beginning,” commented Walter Hanych, P.Geo, President-CEO
Signature Resources.
The three areas, which yielded significant grab
sample* results, and are referenced in the table below, occur along
a 20.2-kilometer strike length and are associated with the
granite-volcanic contact. This contact is an important feature,
because elements which includes complex folding-shearing, faulting
and zones of high silica-quartz veining, felsic intrusions and
gold-base metal mineralization are spatially related to it. This
relationship characterizes the Lingman Lake mine gold zones. The
map below illustrates this relationship.
Target Area |
Sample No. |
Au g/t |
Target Area |
Sample No. |
Au g/t |
5A |
FR-012 |
2.117 |
3 |
FR-035 |
2.044 |
FR-016 |
0.696 |
BK-004 |
0.342 |
BK-003 |
0.432 |
FR-023 |
0.186 |
VL-003 |
0.244 |
FR-033 |
0.162 |
VL-004 |
0.211 |
|
MC-001 |
0.192 |
6 |
FR-053 |
1.025 |
FR-051 |
0.113 |
FR-018 |
0.112 |
|
|
*Grab samples: are typically first pass samples
and are selective to observed mineralization. At a reconnaissance
prospecting stage, this type of sample is often the only type that
can be collected.
Figure 1 - LINGMAN LAKE TARGET
MAP.
https://www.globenewswire.com/NewsRoom/AttachmentNg/71309540-c2c9-4071-809d-76617323ada9
Although areas 2 and 5B were prospected, time
limitations and overburden conditions hampered prospecting. These
areas remain high priority and will be explored in the future.
Area 4 is a high priority area away from the
north granite-volcanic contact. Instead it is a structurally
complex fold closure zone. The area was not investigated as a
suitable helicopter landing site was not available. This area will
be prospected in the future and will require an overland access
route.
Qualified Persons The
scientific and technical content of this press release has been
prepared, reviewed, and approved by Walter Hanych, P.Geo. who is a
Qualified Person as defined in National Instrument 43-101 -
Standards of Disclosure for Mineral Projects.
About Signature The 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 Gold Property"
dated January 31, 2020, prepared by John M. Siriunas, P.Eng. and
Walter Hanych, 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 Held Chief Financial Officer 416-270-9566
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, 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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