Signature Resources Ltd. (TSXV: SGU, OTCQB: SGGTF)
("
Signature" or the "
Company") is
pleased to announce that it has received additional interpretation
of its airborne geophysical surveys. The data from the surveys,
which have identified characteristics of the gold zones at the
Lingman Lake mine, have now defined an extensive area exhibiting
the same characteristics. The area is known to host over 40 mineral
occurrences, reported to contain gold, copper and molybdenum
mineralization. This area is situated 12.5-kilometers west of the
Lingman Lake gold mine.
“These areas, far to the West of the Lingman
Gold Zones, are a high priority for future exploration work. The
premise that the contact zone is an extensive alteration feature
along extended strike length is new for the project, but possibly
explains the 40 mineral occurrences, blast trenches and historical
drill holes at the West end of the property. This historical
work may have been onto something, but lacked modern airborne
geophysics and inversion modelling to support the targeting,”
commented Walter Hanych, President and CEO of Signature
Resources.
The feature in part, is a magnetic low
encompassing 1,400-hectres within a volcanic assemblage of rocks
which are typically characterized as having moderate to high
magnetic intensities. The feature is interpreted to be the
result of an alteration system replacing the normal magnetite found
in volcanic rocks with pyrite, an alteration often associated with
gold mineralization. (See Figure 1)
In addition, the VLF-EM 55-meter depth inversion
slice defines a semi-linear resistivity low feature, within the
broader magnetic low, at the edge of resistivity high, the high
being interpreted to be intrusive rocks. Two linear resistivity
lows, the north one, trends essentially-east-west, occurs for a
strike length of 10-kilometers and is situated along the main
contact between the north granitic terrane and southern volcanic
assemblage, while the south one, trends northwest-southeast and
extends for a distance of 4.6-kilometers. Importantly, these
features reflect the geophysical fingerprint of the Lingman Lake
gold zones. (See Figure 2)
Figure 1 - An image of the
Reconstructed Total Field magnetics from the airborne survey is
presented below highlighting key areas. The felsic intrusives
are obvious magnetic lows, but this presentation shows distinct
magnetic lows immediately South of the felsic/mafic contact, which
could relate to alteration and magnetite replacement by pyrite.
http://www.globenewswire.com/NewsRoom/AttachmentNg/33f73c80-44c9-41d3-8623-7d4bdb7c54cf
Jeremy S. Brett of MPH Consulting Limited
states: “The newly identified coincident magnetic and resistivity
lows could match an ideal model for a large alteration system at
the West end of the property and along the felsic / mafic
contact. This matches the same geophysical anomaly
characteristics observed at the Lingman Gold Zone. It
potentially adds another ~14km of target zones which could be
prospective for gold mineralization, which lay hidden under glacial
cover."
Figure 2 - An image of the
VLF-EM 55-meter depth inversion slice from the airborne survey is
presented below. The resistivity lows from the VLF inversion
are correlated with the magnetic lows, mentioned above in Figure
1. Combined, these may indicate prospective target zones
along the felsic/mafic contact.
http://www.globenewswire.com/NewsRoom/AttachmentNg/878388cb-f409-4093-933d-fe0d8f4bd236
Signature also wishes to announce today that
Keith McDowell has resigned from the Board of Directors effective
April 3, 2019. “On behalf of the Board of Directors I wish to thank
him for his valuable years of service and wish him well in his
retirement,” stated Walter Hanych, President and CEO.
Qualified Persons
The scientific and technical content of this
press release has been prepared, reviewed and approved by Jeremy S.
Brett, M.Sc., P.Geo., Senior Geophysical Consultant with MPH
Consulting Limited, an established international exploration and
mining consulting company with its head office in Toronto, Ontario,
and 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.
About Signature
The Lingman Lake gold property consists of 770
single cell staked claims, 4 free hold patented claims and 14
mineral rights patented claims totaling approximately 15,720
hectares. The property hosts an historic 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-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 , or contact:
Walter HanychChief Executive
Officer705.446.5379
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.
Signature Resources (TSXV:SGU)
Historical Stock Chart
From Sep 2024 to Oct 2024
Signature Resources (TSXV:SGU)
Historical Stock Chart
From Oct 2023 to Oct 2024