Signature Announces High Grade Targets; Updated Investor Presentation on Corporate Website
TORONTO, ONTARIO--(Marketwired - Feb 15, 2017) - Signature Resources Ltd. (TSX VENTURE:SGU)(OTCQB:SGGTF) ("Signature" or the "Company") is pleased to announce that the Company has posted an updated investor presentation, highlighting the exploration potential of the Lingman Lake gold deposit, on its corporate website which is available at www.signatureresources.ca.
"The 28.51 gpt gold average derived from raise sampling suggests high grade gold values occur within the North zone, which will serve to provide immediate target areas for drill testing in the multiple vein layered system. This target area, which will be evaluated by future drilling, may significantly expand the gold zones, which remain open along strike and at depth", commented Walter Hanych, President and CEO.
The investor presentation includes a current update of the Company, including details of the historical core assays that were recently completed. Incorporated into this presentation is a table of underground drift and raise sampling compiled from information derived from archival documents submitted as 'Reports to Shareholders' in the period 1946 to 1948. The gold mineralized zones of the Lingman Lake deposit, identified by this sampling, illustrate the high-grade nature of the gold deposit. Of particular note, are the gold grades obtained from the 2101 raise, North Zone, a 1.3 meter square access-way that was driven upward from the 275L to the 150L. Throughout its length of 30.5 meters and its encompassing volume within the zone, the raise averaged 28.51 gpt gold.
The results of this historic sampling,1946-1948 Underground Sampling, are tabled below:
Source: Annual reports to shareholders, Lingman Lake Gold Mines Limited, by M. Smerchanski, 1946-1948.
| ZONE | LEVEL | SECTION | DESCRIPTIONS | LENGTH | WIDTH | GRADE | |
| meters | meters | gpt | |||||
| NORTH | 150L drift | "A"East Portion (North zone B) | east of x-cut | 43.28 | 1.40 | 12.0 | |
| 150L drift | "B" West Portion (North zone B) | east of x-cut | 41.15 | 1.74 | 15.4 | ||
| NORTH | 275L drift | "A" East portion (North Zone B) | depth extension of "A" from 150L | 36.58 | 1.68 | 28.8 | |
| NORTH | 150-275L | 2101 raise | 275L to 16.76 m above (in feldspar porphyry) | 16.76 | 1.31 | 33.9 | |
| 2101 raise | 16.75 m to 150L (in feldspar porphyry) | 13.72 | 1.31 | 21.9 | |||
| CENTRAL | 275L drift | footwall (Central zone B) | 9m south of shaft | 54.86 | 0.73 | 10.6 | |
| 400L drift | footwall (Central zone B) | south of shaft, east of x-cut | 18.29 | 1.46 | 13.0 | ||
| 400L drift | hangingwall (Central zone A) | east of x-cut (visible gold encountered) | 42.67 | 1.25 | 11.3 | ||
| SOUTH | 275L drift | footwall (South zone B) | west of x-cut | 21.34 | 1.52 | 12.7 |
| Note on widths: Reported widths are restricted to actual drift widths employed at the time of deposit development in the period 1946-1948. |
Walter Hanych P.Geo., President and CEO of Signature Resources is a Qualified Person as defined by NI43-101 and is responsible for the technical information in this release.
About Signature
The Lingman Lake gold property consists of four free hold patented claims and the twelve staked claims, comprising 616.8 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. 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.
Cautionary Notes
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.