Signature Resources Commences Drilling at its 100% Owned Lingman Lake Gold Project

Rhea-AI Summary

Signature Resources Ltd. has initiated its 2021 winter drill campaign at its fully owned Lingman Lake Gold Project in Ontario. The campaign includes 13 drill holes, totaling approximately 2,500 meters, aimed at extending known mineralization zones to a depth of 180 meters. The historic estimates suggest 234,684 oz of gold. Initial assay results are expected by April. Signature aims to establish a current mineral resource estimate following further evaluation of drill results.

Positive

• Initiation of a 2,500-meter winter drill campaign at the Lingman Lake Gold Project.
• Historic estimates indicate the presence of 234,684 oz of gold on the property.

Negative

• The historic resource estimate is not verified as a current NI 43-101 mineral resource estimate.
• Further evaluation is required to establish a current mineral resource estimate.

TORONTO, March 17, 2021 (GLOBE NEWSWIRE) -- Signature Resources Ltd. (TSXV: SGU, OTCQB: SGGTF, FSE 3S3) ("Signature" or the "Company") is pleased to announce it has commenced drilling of its 2021 winter drill campaign on its 100% owned Lingman Lake Gold Project (“Lingman Lake”) in north-western, Ontario.

“This is an exciting event for Signature to report the start of its 13-hole (~2,500-metre) winter drill campaign utilizing its 100% owned diamond drill rig. This round of drilling is focused on extending the known zones of mineralization along strike to the west down to a depth of approximately 180 meters. The historic resource that was developed on Lingman Lake based on 28,000 metres of drilling was only developed down to approximately 180 metres and open in all directions. The Company is expecting initial assay results in April.“

Robert Vallis, President, CEO and Director

About Signature
The Lingman Lake gold property consists of 1,084 claims, 1,066 staked claims, four free hold full patented claims and 14 mineral rights patented claims totaling approximately 20,124 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 Held
Chief 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 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. 

FAQ

What is the latest update on Signature Resources Ltd. (SGGTF)?

Signature Resources Ltd. has started its winter drill campaign at the Lingman Lake Gold Project, consisting of 13 drill holes totaling 2,500 meters.

When will assay results from the Lingman Lake drilling be available?

Initial assay results from the winter drill campaign are expected in April.

What is the estimated gold resource at Lingman Lake for SGGTF?

The historic estimate indicates 234,684 oz of gold at the Lingman Lake Gold Project.

What depth is Signature Resources targeting in its drilling campaign for SGGTF?

The drilling campaign is focused on extending mineralization zones down to a depth of approximately 180 meters.