Signature Resources Announces Nordmin Engagement
24 December 2020 - 12:30AM
Signature Resources Ltd. (TSXV: SGU, OTCQB: SGGTF, FSE 3S3)
("Signature" or the "Company") is pleased to announce the
engagement of Nordmin Engineering Ltd. (“Nordmin”) to provide
technical services.
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“Given the extensive expertise that Nordmin has developed in this
region with their work at Monument Bay and other projects
regionally and globally, we are pleased to be working with their
team. Nordmin has demonstrated a proficiency with working with the
local stake holders and have formidable experience in optimizing
logistical planning in this region. Ultimately, advancing our
historic resource to full compliance, plus the upcoming drill
program, will form the foundation for an expanded resource in due
course. We expect to be in a position to provide a more extensive
exploration update early in 2021.” |
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Robert Vallis, P.Eng., MBA – President, CEO, and Director |
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Stock OptionsThe Company has
also granted 2,575,000 incentive stock options to directors,
officers and consultants of the Company. 2,500,000 options shall
have an exercise price of $0.13, expire five years from the date of
issuance, and shall vest 25% immediately, and 12.5% ever six months
thereafter through to the third anniversary. The other 75,000 stock
options shall have an exercise price of $0.13, expire one year from
the date of issuance and shall vest immediately upon issuance.
About SignatureThe Lingman Lake
gold property consists of 622 staked claims, four free hold full
patented claims and 14 mineral rights patented claims totaling
approximately 12,148 hectares. The property hosts an historical
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 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 Gold Property"
dated January 31, 2020, prepared by John M. Siriunas, P.Eng. and
Walter Hanych, 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:
Jonathan HeldChief Financial
Officer416-270-9566
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, use of any private placement
proceeds raised, success of funding including closing of any
proposed private placements and proceeds therefrom, acceptance of
regulatory filings by the TSX-V, 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 changes in general
economic and financial market conditions, 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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