The down under gold buzz moves to Canada
There’s been a lot of buzz recently about a massive gold nugget discovered in the historic gold fields region, of Kalgoorlie in Western Australia. If you look around it seems many historic mine sites are reopening to take advantage of historical indicated resources. Canada has many historical gold regions. The legendary Klondike Gold Rush in the Yukon, marked the beginning of one of the most productive periods in Canadian gold-mining history. Roughly 90% of Canada’s gold production comes from hard-rock underground and open-pit mines, with the majority being produced in Ontario and Quebec.
Signature Resources Ltd. (TSXV: SGU | OTCQB: SGGTF) is a Canadian gold exploration company with advanced and early exploration assets. They owns a 100% interest in the Lingman Lake gold property that includes 4 free hold patented claims and 50 staked claims covering an area of 9,896.8 hectares. Signature’s focus is on its core historical asset, the Lingman Mine Project, located in the Lingman Lake greenstone belt of northwestern Ontario. The Company’s other assets include two new early exploration projects: Lingside West and Lingside East. All three projects are located within the Lingman Lake greenstone belt. Signature is poised to advance and expand these projects centering on targeted diamond drilling of the high-grade gold zones.
The Lingman Mine Project
Comprising 606.8 hectares, the project hosts a historic estimate of 234,684 oz of gold (1,063,904 tonnes grading 6.86 g Au/t at a 2.73 g Au/t cut-off) on what has historically been referred to as the Lingman Lake Gold Mine. This historical resource estimate is based on prior data and reports obtained and prepared by previous operators, as is therefore not yet compliant. The Lingman Lake Gold Mine comes with an underground substructure consisting of a 126.5-meter shaft, and 3-levels at 46-meters, 84-meters and 122-meters depths.
The Lingside West Project
Encompassing an area of some 9,120 hectares, the expanded Lingside West project consists of 492 claim cell units that lie directly west of the Lingman Mine project area. Signature’s future plans for the Lingside West project area is to follow-up on the high priority targets.
The Lingside East Project
The Lingside East project area incorporates the eastern end of the Lingman lake greenstone belt and includes 144 cell claims totaling 2,880 hectares. Future plans for this project area include a high resolution airborne survey, and pending results of that survey, a ground follow-up program.
On October 11, 2018 Signature announced a successful completion of a high resolution GPS survey of the diamond drill casings from the drill campaigns conducted from 1987 to 1989. The survey was able to locate 84% of the drill casings, from a total of 154 drill holes.
Walter Hanych, President and CEO of Signature Resources commented: “We are very pleased with this result and we are very fortunate that the located holes had their casing intact. We will also be able to geo-reference other features in relation to the drill holes with a greater degree of accuracy, allowing us to produce better property scale maps.”
The Company is nearing the completion of winterizing its field camp in anticipation of a winter drill program in 2019, which can be funded by the recent $1.5M capital raise.
Gold is the flavor of the month (the last few months) in Western Australia, could Ontario Canada be next? Signature Resources has a historical resource and are moving on with other projects in their Lingman Lake Gold property in Ontario.
Matthew Bohlsen is a Senior Editor for InvestorIntel.com. With a Graduate Diploma in Applied Finance and Investment, and a Graduate Diploma in Financial Planning. He ... <Read more about Matthew Bohlsen>