Signature Resources Ltd. (TSXV: SGU, OTCQB: SGGTF)
("
Signature" or the "Company") CEO, Walter Hanych
has issued a letter to the shareholders of the Company.
Dear Signature Shareholders,
On behalf of management and personally, I would
like to thank you for your years of support and loyalty. Over the
past years, risk capital has largely ignored the resource sector
and the funding of mineral exploration projects, regardless of
their caliber. Signature is very fortunate that its message
is being heard and has attracted investors that recognize the
potential of Signature’s Lingman Lake gold project. Your support
and encouragement have been more than appreciated and has
reinforced our commitment to you to develop the Lingman Lake Gold
project to a significant gold asset.
I would like to thank our team and acknowledge
their success, under challenging market conditions, in raising the
funds which has allowed us to advance the Lingman Lake project over
the past 3 fiscal years, achieving some major milestones:
- 2016 – raised $1,066,338. Allowed the company to successfully
complete a program of archived core evaluation. The program
achieved a 94% correlation of duplicate core sampling comparing
historical sample results to 2017 sampling. This high correlation
allows the company to incorporate historical drill results into a
current resource model.
- 2017 – raised $321,496. Allowed the company to complete a high
resolution Matrix VLF-EM and Magnetic survey from which 18 high
priority targets contained in two separate horizons were
identified. The company also completed a major land acquisition by
boots on the ground staking resulting in a significant increase in
its land position.
- 2018 – raised $2,259,108. Allowed the company to successfully
complete a 1,500 meter drill program and establish an all season
exploration camp. The drill program successfully tested the known
gold zones for grade and dimension, returning higher grades and in
some cases wider dill intercepts. A program of map staking allowed
the Company to increase its land position by 158 cells or 3,160
hectares, and through an acquisition agreement the company acquired
14 mineral rights patented claims west of the Lingman Lake mine
adding another 275 hectares to its land position.
As we move forward into 2019, our primary focus
will be drilling the West, North, Central and South zones, to
expand the known gold zones sufficiently to commission a resource
model. We are confident that future drilling will expand the
historic resource estimate of 234,000 oz of gold by zone
enhancement through grade improvement and zone definition. The
secondary objective will on a regional scale; to put boots on the
ground this summer and evaluate the gold potential of two horizons
defined by geophysics, which contain 18 high priority targets.
Shareholders have expressed their concerns of a
lack of information during the long intervals between programs, and
although this may to lead to the perception that little is going
on, the reality is far different. Every day we work
diligently on project data construction, project planning,
marketing and funding opportunities. Having said this, in 2019 we
expect to be much more active in the field, so news flow should be
more regularly.
The Signature team is very confident that 2019
will be a year of continued advancement of the Lingman Lake gold
project, and from the Signature team we wish all our shareholders,
consultants and contractors a happy New Year of joy, health and
prosperity.
About Signature
The Lingman Lake gold property, located in
northwestern Ontario in the Red Lake Mining District consists of
four free-hold full patented claims, 14 mineral rights patented
claims and 771 single-cell staked claims, comprising a total of
approximately 15,774 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
To find out more about Signature Resources
Limited, visit our website at
www.signatureresources.ca , or contact:
Walter HanychChief Executive
Officer705.445.0184
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.
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