Signature Announces Updated Geologic Model, Completed Design of Its 2024 Drill Program and Planned 2024 Activities
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Toronto, Ontario--(Newsfile Corp. - March 26, 2024) - Signature Resources Ltd. (TSXV: SGU) (OTCQB: SGGTF) (FSE: 3S30) ("Signature" or the "Company") is pleased to announce that its contractor Watts, Griffin, McOuat ("WGM") has completed updating its geologic model by incorporating the historical drilling completed in the 1980's. This was an important step in our roadmap to defining the prospects of the Lingman Lake Project and delivering on our objectives for 2024.
With the addition of the 1980's drilling to the geologic model, we have significantly extended the identified high-grade mineralization (greater than 5g/t), in the working geologic model. With the additional drilling data, WGM have identified zones of moderate grade mineralization (>2 g/t and <5 g/t) which was never a focus of past exploration efforts despite being less than 200 metres from surface (see Figure 1). This updated model provided us with a more data rich package in which to identify areas of interest and allowed us to design an efficient drill program to meet our goals to drive shareholder value.
Figure 1: Updated Geologic Model Showing Zones of Mineralization
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"This work reaffirms Lingman Lake as an undervalued, near surface, high-grade Canadian gold deposit with tremendous exploration potential. The recent completion of high tension power and roads into the region is a game changer for this asset. Meanwhile, we continue to meet the objectives set by the board when we started down the path of resetting the company last November. If we continue to hit our goals, 2024 will be a catalyst rich year which should be rewarding for the company and its shareholders."
- J. Dan Denbow, CFA – Interim CEO and Director
New targets identified by Artificial Intelligence Modeling
While completing the updating of the model, through the use of Artificial Intelligence Interpolation ("AI"), several new targets emerged that were identified as highly prospective. All these targets will be tested by the 2024 program designed by WGM and reviewed and approved by Signature's exploration team. Interestingly, a number of these targets are reinforced by geophysics that was not available to the AI software during the first iteration, We are excited to be able to use these new modeling techniques to target areas within the property that can quickly expand the resource and more efficiently use our exploration funds.
Figure 2: New mineralization zones identified by Artificial Intelligence Interpolation
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2024 Work Program
Now that WGM has updated our geologic model and designed the 2024 drill program. Signature plans to conduct an extensive field program that will focus on: 1) mapping historical activity at the site, 2) structural mapping, 3) locating proposed drill locations and reviewing any structural outcroppings that might better locate and design proposed drill holes. The drill program is designed to most efficiently use our exploration funds to enrich our understanding and knowledge of the Lingman Lake Project. This drill program totalling 5,000 metres will include full hole core assaying for each hole, thereby providing total lithological gold distribution giving us a much richer data package about the mineralization contained in the envelope around the mineralized zones. Prior drilling had not undertaken such extensive assaying of the core and this data will be very beneficial to the planned resource estimate.
Figure 3: Proposed 2024 Drilling Program
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The Spring exploration program will focus on compilation and detailed mapping of surface outcrops in the Lingman Lake deposit to better inform the planned drill program. It is anticipated that the drilling program should commence in early summer and will be executed in three 30-day programs with a two-week program by the geologic team to complete the data interpretation. Signature and its shareholders have made a significant investment in its exploration camp and drilling equipment which provides flexibility when exploring our property and scheduling drill programs. We can very efficiently conduct our drilling programs at a reduced cost.
Once the field work, drilling and assay work is complete, the data can be turned over to the resource team which should be able to begin the process of compiling and publishing an initial NI 43-101 resource. Completing the drilling program and the publishing of our initial resource will be dependent upon the raising of additional capital. If Signature is able to fund the programs in a timely manner it is anticipated that the resource estimate could be completed early in calendar 2025.
Qualified Person
The scientific and technical content of this press release has been, reviewed and approved by Mr. Walter Hanych, P. Geo., who is a Qualified Person under NI 43-101 regulations.
About Signature
The Lingman Lake gold property (the "Property") consists of 1,300 staked claims, four freehold fully patented claims and 14 mineral rights patented claims totaling approximately 24,761 hectares. The Property includes what has historically been referred to as the Lingman Lake Gold Mine, an underground substructure consisting of a 126.5-metre shaft, and 3-levels at 46-metres, 84-metres and 122-metres depths. There has been over 28,000 metres of historical drilling done on the Property.
To find out more about Signature, visit our website at www.signatureresources.ca, or contact:
Dan Denbow
Interim CEO
416-840-6345
info@signatureresources.ca
Cautionary Notes
Neither the 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 and risks associated with infectious diseases, including COVID-19. 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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FAQ
What is the significance of completing the geologic model update at Lingman Lake Project for Signature Resources ?
How are new targets identified for the 2024 program at Lingman Lake Project?
What are the key focus areas of Signature's 2024 work program at Lingman Lake Project?
