Signature Resources Drills 7.07 g/t Gold Over 4.0 Metres; Including 11.9 g/t Gold Over 1.0 Metre, at Its Lingman Lake Project
December 14, 2021 (Source) — Signature Resources Ltd. (TSXV: SGU) (OTCQB: SGGTF) (FSE: 3S3) (“Signature” or the “Company”) is pleased to announce the most recent set of drilling results from its ongoing 10,000-metre diamond drill program at its 100%-owned Lingman Lake Gold Project in Ontario, Canada using its two 100%- owned diamond drill rigs. This batch of diamond drill holes have successfully extended the North Zone below the 400L (~180 m vertical depth) (See Figure 2).
- 7.07 grams-per-tonne gold (“g/t Au”) over 4.0 metres (“m”) in LM21-27; including 11.9 g/t Au over 1.0 m
- 3.54 g/t Au over 2.0 metres in LM21-28A
“These holes primarily targeted the largest of the zones, the North Zone, east of the diabase dike below the existing mineralization and continue extending the zones to depth. In particular, the North Zone continues to be a strong target geologically, displaying wide intersections up to 9 m of very intense silicification, fluctuating sulphide content and variable gold distribution. 2022 drilling will continue to probe all of the zones to depth in the mine area as well as along the eastern strike extent.”
Walter Hanych – Head Geologist
“2021 was both an exciting and challenging year for Signature Resources. We successfully staked 90% of the host Lingman Lake Greenstone belt and tested the regional potential with airborne geophysics. In addition, drilling at the Lingman Lake Gold Mine successfully expanded known zones of mineralization both up and down dip. Further, ground-based geophysics revealed several new high-priority targets with the exciting potential to significantly expand the Lingman Lake gold system. I am extremely proud of the entire Signature Team and what we were able to accomplish despite the many challenges we faced and overcame.”
Robert Vallis – President, CEO, and Director
The current 10,000-metre diamond drill program up to and including LM21-30 is testing grade and continuity of the plunging mineralized high-grade shoots and overall mineralized North, South, and Central zones. The focus is below the 400 level (~180 m vertical depth), down dip/plunge target drilling with 30-metre to 50-metre step outs and to a maximum vertical depth of approximately 350 metres below surface. Drilling in the upper inter-level areas will continue to expand and tighten- up the historically-drilled mineralized envelopes.
As holes are collared further south to test the deeper horizons of the North Zone, the drill holes intersect the South and Central Zones at higher levels. This is evident in drill hole LM 21-27 reported above which hit the zone approximately 19 m below surface. The same zone intersected in LM21-28A, intersected it at a vertical depth of 45 m.
Table 1 – Latest batch of Assay Results from Lingman Lake Gold Project Drilling
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Figure 1 – Lingman Lake Gold Project Land Holdings Covering 90% of the Lingman Lake Greenstone Belt
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Figure 2 – Lingman Lake Gold Project Plan Map – Drilling Focused on Extending Known Zones to Depth
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Figure 3 – Diamond Drill Hole Plan Map – Extending Known Zones to Depth
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Figure 4 – Longitudinal North Zone Depth Extension Targets of Plunging Mineralization and approximate drill pierce points for drill holes LM21-19 to LM21-30
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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 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-metre shaft, and 3-levels at 46-metres, 84-metres and 122-metres 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 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.
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