Signature’s Lingman Lake Gold Property Continues to Yield Significant Gold Values Supporting the High-Grade Nature of the Lingman Lake Deposit
January 11, 2017 (Source) — Signature Resources Ltd. (TSX VENTURE:SGU)(OTCQB:SGGTF) (“Signature” or the “Company“) is pleased to announce results from the remainder of the 22-hole re-evaluation program of the archived core from the Lingman Lake deposit. Results from the remaining 10-holes have been received and once again they have successfully demonstrated the validity of the historic data, and the high-grade nature of the Lingman Lake deposit. The highest single assay was from Hole 88-56 which returned a current assay of 28.7 gpt (0.84 opt) along a core interval of 0.46-meters (1.5-feet) within a wider interval of 2.9-meters (9.5-feet), which also includes an adjacent assay of 13.89 gpt (0.41 opt) along 0.46-meters (1.5-feet), resulting in a calculated weighted average of 8.57 gpt (0.25 opt).
The historic core re-evaluation program consists of a subset of 22-holes from 177-drilled between 1987-89 and are representative of the deposit along a strike of 1,000-meters and a width of 225-meters. Zone categorization is pending and detailed maps will be posted on the company website in the near future.
Exclusive of standards, 765-samples from the 10-holes were analyzed for gold and multi-element, of which 176-samples (23%) duplicated historic sample intervals. A correlation by regression analysis of gold values comparing historic assays to current assays, was completed by independent QA/QC consultant, and is reported to have good correlation producing an R2 value of 0.75 (1.0 being perfect positive correlation). Only 9.7% of the samples are dissimilar which is due to the nugget effect of gold on high grade values.
Furthermore, in conjunction with the first set of results reported December 8th, 2016, a total of 450-duplicate core samples resulted in only 24 samples, 5.3%, being dissimilar, which can be explained by the nugget effect of gold.
Highlights from the second batch of samples correlated to drill holes with weighted gold average intervals are tabled below. A comprehensive table of these assay results and intervals comparing the historic data (1987-88) with the current (2016) data is provided at the end this release.
|SUMMARY OF SIGNIFICANT 2016 GOLD WEIGHTED AVERAGE INTERVALS|
|Hole||From||To||Length||From||To||Length||W Avg||W Avg|
|Notes: gpt is grams per tonne, opt is oz per short ton, W Avg is weighted average. Intervals are core length.|
“We are extremely pleased with this second and final set of assay results from the archived drill core. Once again, the validity of the historic data has been supported. We can now move forward with the resource picture by optimizing this data into upgrading the historic estimate of 234,684 oz to current standards. Lingman Lake has clearly demonstrated that it indeed is a high-grade gold deposit worthy of much more work and we look forward to developing this deposit into a significant asset for the shareholders of Signature Resources,” commented Walter Hanych, President and CEO.
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The scientific and technical content of this press release has been prepared, reviewed and approved by Mr. Walter Hanych, P.Geo. President and CEO of Signature Resources, who is a Qualified Person as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
Gold and multi-element analyses were performed by SGS Canada Ltd. Gold assays were performed at their Red Lake facility, adhering to a Quality Management System that meets, as a minimum requirement, ISO 9001 and ISO/IEC 17025 standard. In addition to the laboratories internal quality management system, an independent Quality Assurance-Quality Control (QA/QC) of the assays was commissioned by Signature Resources which was implemented and monitored by J. Selway, Ph.D. P.Geo. of Caracle Creek International Consulting Ltd. (CCIC). Standards inserted at the core sampling stage into the sample stream and analyzed by the laboratory were scrutinized by CCIC for reproducibility by the laboratory.
The Lingman Lake gold property consists of four free hold patented claims and the twelve staked claims, comprising 606.8 hectares. The property hosts an historic estimate of 234,684 oz of gold* 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-compliant mineral resource estimate. Accordingly, this historical estimate should not be relied upon. 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
To find out more about Signature Resources Limited, visit our website at www.signatureresources.ca.
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.
|Detailed Table of Assay Results|
|No.||feet||feet||feet||meters||meters||meters||Au gpt||Au opt||Au gpt||Au opt|
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