Signature Resources Expects Fully Funded Winter Drill Campaign to Start Late February-Early March
27 January 2021 - 12:30AM
Signature Resources Ltd. (TSXV: SGU, OTCQB: SGGTF, FSE 3S3)
("Signature" or the "Company") is pleased to provide an update on
its 100% owned Lingman Lake Gold Project (“Project”) located in
Northwestern Ontario.
Camp preparation on the Company’s
patented claims is underway for a 2,500 meter drill program, which
is targeted to commence late February - early March.
Ground crews have been preparing the exploration camp for the
upcoming winter drill campaign since early January. All items
delivered to the Project have been transported via Manitoba by
fixed wing aircraft and helicopter. Setup activities include
mobilization of fixed and mobile support equipment, consumables,
and all other supplies and structures required to establish and
operate the exploration camp safely and efficiently. The Signature
team has emplaced an extremely rigid COVID-19 protocol to protect
communities, contractors and personnel... Signature will be
utilizing its 100% owned diamond drill rig for the upcoming, fully
funded, 2,500-meter winter drill campaign. Despite challenging
logistics and unusually mild weather causing heavy snow conditions,
setup activities continue for drilling to commence in late
February-early March. All activities and related logistics specific
to the Project preparation and operation are led by Signature’s
founder and valued consulting advisor, John Leliever.
“I am incredibly pleased with the exceptional
efforts made by John and his entire setup team. When I first was
introduced to Signature’s founder, John Leliever, I was and remain
extremely impressed with his depth of knowledge, resourcefulness,
proficiency, professionalism, and like-minded support to rapidly
advance the Lingman Lake gold project. With respect to the ongoing
setup and pending operation of our Project, John’s invaluable
experience with exploration logistics and planning have been
integral to Signature’s successful progress.”
Robert Vallis, P.Eng., MBA – President, CEO, and
Director
The Company will continue to provide updates on
the Project’s setup and pending drilling activities as related
scheduled milestones are achieved.
About Signature The 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 Officer
416-270-9566
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, the start date of the drilling
campaign, the completion of site preparation, 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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