November 5, 2018 (Source) —
- Drilling highlighted by 9.5 m of 12.15 g/t gold & 5.0 m of 13.65 g/t gold in the West Zone Target
- First two holes reported higher grade gold values than what was reported from historical drilling
Signature Resources Ltd. (TSXV: SGU, OTCQB: SGGTF) (“Signature” or the “Company“) is pleased to announce the results of drill holes 18-01 and 18-02 which targeted the West Zone at the company’s Lingman Lake gold property located in northwestern Ontario. This year’s exploration campaign was conducted with a view to test the grade and continuity of the mineralization encountered in historical drilling done on the property by previous operators. Drilling in the West Zone, the first holes to be reported on herein, is highlighted by the following:
- Drill hole 18-01 returned 9.50 meters with an average grade of 12.15 grams per tonne gold (from 35.5 to 45.0 meters). True width is estimated at ~8.23 meters.
- Drill hole 18-02 returned 5.0 meters with an average grade of 13.65 grams per tonne (from 100.0 to 105.0 meters). True width is estimated at ~4.33 meters.
Drill hole 18-01 is a twin of an historical diamond drill hole, 89-15, being collared 2 meters east of 89-15 which had returned 10.70 grams along a 9.54 meter drill intercept.
Drill hole 18-02 was collared 48 meters east of 18-01 in the vicinity of historical drill hole 45-49 which yielded 8.2 grams of gold per tonne along a 4.18 meter drill intercept. The historical diamond drill holes were put down by previous operators on the property.
“We are very excited by these intersections; not only are we seeing a significant grade increase when comparing the historical drilling to the current drilling, but the drill composite widths are comparable, corroborating the width of the zone from historical work. The West Zone, where these drill holes are located, is 430 meters west and along strike of the North zone at the mine site. The zone was identified by historical drilling along a strike length of 360 meters and to a depth of 90 meters. This zone was under-drilled and is open at depth and along strike and we feel it is a high potential target”
– Walter Hanych, President and CEO of Signature Resources
The above cited intersections for hole 18-01 and 18-02 are derived from assay results presented in the following table and are reported as weighted composite averages.
- West Zone strikes east-west, dips 75° to the south.
- UTM coordinates: Zone 15N. Datum: NAD83.
- Reported analysis is the mean of original sample (24.27 g Au/t) and duplicate sample (53.9 g Au/t) from same core interval.
Gold analyses were performed using a fire-assay concentration with an atomic-absorption finish. Gravimetric-finish results of the highest-grade intervals are to follow. QA/QC results support the validity of the original assays.
The Lingman Lake gold property, located in Northwestern in the Red Lake Mining District consists of four free-hold full patented claims, 14 mineral rights patented claims and 1,054 single-cell staked claims, comprising a total of approximately 21,420 hectares. The property hosts an historical 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) 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 three levels of development at depths of 46 m (150 Level), 84 m (275 Level) and 122 m (400 Level).
*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-compliant 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
The scientific and technical content of this press release has been prepared, reviewed and approved by John Siriunas, P.Eng., Associate Independent Consultant with Caracle Creek International Consulting Ltd., and is the program site geologist, and by Walter Hanych, P.Geo., President-CEO of Signature Resources. Both are Qualified Persons as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
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, 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 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.