Toronto, Ontario, June 29, 2022, Signature Resources Ltd. (TSXV: SGU, OTCQB: SGGTF, FSE 3S3) ("Signature" or the "Company") is pleased to update progress on its NI 43-101 initial resource estimation effort for our 100%-owned Lingman Lake Gold Project in Ontario, Canada.
Since engaging the services of Wood Canada Limited (“Wood”), formerly Amec Foster Wheeler, to complete the previously announced initial NI 43-101 mineral resource estimate for the Lingman Lake Gold Project, substantial work has been completed and has contributed to an improved understanding of the Lingman Lake deposit. Current activities include:
- Finalizing the compilation of the drill and assay database
- 3D geologic modelling and analysis
- Identification and analysis of gaps and opportunities to improve the completeness of the assay database to support geological interpretation and the resource estimate
- Engaging Watts, Griffis, and McQuat Limited (“WGM”) to provide supplemental assistance and peer review with the initial resource
Initial Resource Update. Resource estimation by its nature is an iterative process. The initial work has revealed areas requiring additional data to further improve the understanding of the Lingman Lake gold mineralization. Initial work has further indicated that a small portion of historical assays are not to NI 43-101 standards. As a result of these recommendations, the Company is currently engaged in additional assay and site work intended to advance the initial resource estimation. Completion of this work is expected to allow the Company to publish an initial resource in H2/22.
Signature expects that upon the completion of the initial resource estimate that it should have a strong technical plan for advancing a successive round of exploration that concurrently will aim to expand the resource envelope and address gaps within the current drill database; thus, supporting timely updates to the resource model. The emerging geological model is expected to ultimately serve to guide near-deposit exploration at the Lingman Lake Project and improve our ability to prioritize the numerous regional exploration targets along the 32-kilometre Lingman trend.
“The work from Wood, WGM, and our team has significantly advanced the understanding of the Lingman Lake project and the contained gold system. Initial figures support our decision to shift from the historical paradigm of a near-surface underground deposit to tabulating a resource estimate focused on a more practical and potentially open-pittable resource to be derived on an average drill depth of only 180 metres from surface. Based on the recommendations from our consultants, we continue to work on collecting data. Once completed, the current resource is expected to yield insights on the near surface mineralization and to guide exploration laterally and to depth beyond the currently drilled area.”
Robert Vallis, President, CEO, and Director
Poised for Further Shallow Pit Resource Expansion. In anticipation of future drilling at Lingman Lake, the Company advanced the development of camp infrastructure during 2021. Much of the work done during that period provides a degree of insulation from rising costs and supply issues in the exploration sector. Onsite exploration work, including drilling, can be started in a timely manner. The Company has two 100%-owned diamond drills onsite along with an initial inventory of drilling consumables to support up to 10,000 metres of drilling. As the current drill extents of the Lingman Lake Project are shallow averaging about 200 metres downhole, a follow-up drill program provides an opportunity to grow the resource.
The Lingman Lake gold property consists of 1,434 staked claims, four freehold fully patented claims and 14 mineral rights patented claims totaling approximately 27,113 hectares. The property includes what has historically been referred to as the Lingman Lake Gold Mine, an underground substructure consisting of a 126.5-metre shaft, and 3-levels at 46-metres, 84-metres and 122-metres depths.
To find out more about Signature Resources Ltd., visit our website at www.signatureresources.ca, or contact:
Chief Financial Officer
Neither the 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, 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 and risks associated with infectious diseases, including COVID-19. 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.