Signature Resources Drilling Continues to Highlight a Larger Halo of Near Surface Gold Mineralization; Featured by 1.14g/t Gold over 54 Metres in the Central Zone
Signature Resources (SGGTF) has announced significant results from its 2024 drill program at the Lingman Lake gold deposit. The company reported notable findings from drill holes LM 24-04, LM 24-05, and LM 24-06, with LM 24-06 yielding 1.14 g/t gold over 54 metres, including three high-grade sections of 9.97 g/t, 7.16 g/t, and 17.69 g/t Au over one-meter intervals.
The company has completed its planned 14-hole diamond drilling program totaling 4,650 metres and expects to deliver its initial NI 43-101 resource in early Spring 2025. All necessary field work and verification have been completed by independent geologists. The program has revealed a larger halo of near-surface mineralization that was previously untested.
Additionally, Signature has secured a C$200,000 interest-free loan from a related party, maturing on April 30, 2025, to support ongoing operations while awaiting remaining assay results.
Signature Resources (SGGTF) ha annunciato risultati significativi dal suo programma di perforazione 2024 presso il giacimento d'oro di Lingman Lake. L'azienda ha riportato scoperte notevoli dai fori di perforazione LM 24-04, LM 24-05 e LM 24-06, con il foro LM 24-06 che ha fornito 1,14 g/t di oro su 54 metri, inclusi tre segmenti ad alta gradazione di 9,97 g/t, 7,16 g/t e 17,69 g/t Au su intervalli di un metro.
L'azienda ha completato il suo programma di perforazione a diamante pianificato di 14 fori per un totale di 4.650 metri e prevede di consegnare le sue risorse iniziali NI 43-101 all'inizio della primavera 2025. Tutti i lavori di campo necessari e le verifiche sono stati completati da geologi indipendenti. Il programma ha rivelato un'aura più ampia di mineralizzazione vicino alla superficie che era precedentemente non testata.
Inoltre, Signature ha assicurato un prestito senza interessi di C$200.000 da una parte correlata, che scade il 30 aprile 2025, per supportare le operazioni in corso in attesa dei risultati delle analisi rimanenti.
Signature Resources (SGGTF) ha anunciado resultados significativos de su programa de perforación 2024 en el depósito de oro de Lingman Lake. La compañía reportó hallazgos notables de los agujeros de perforación LM 24-04, LM 24-05 y LM 24-06, siendo LM 24-06 el que mostró 1.14 g/t de oro en 54 metros, incluyendo tres secciones de alta ley de 9.97 g/t, 7.16 g/t y 17.69 g/t Au en intervalos de un metro.
La compañía ha completado su programa de perforación de diamante de 14 agujeros, totalizando 4,650 metros, y espera presentar su recurso inicial NI 43-101 a principios de la primavera de 2025. Todo el trabajo de campo necesario y la verificación han sido completados por geólogos independientes. El programa ha revelado un halo más grande de mineralización cerca de la superficie que previamente no había sido analizado.
Adicionalmente, Signature ha asegurado un préstamo sin intereses de C$200,000 de una parte relacionada, con vencimiento el 30 de abril de 2025, para apoyar las operaciones en curso mientras espera los resultados de los análisis restantes.
Signature Resources (SGGTF)는 Lingman Lake 금 매장지에서 2024년 채굴 프로그램의 중요한 결과를 발표했습니다. 회사는 LM 24-04, LM 24-05, LM 24-06의 드릴 홀에서 주목할만한 발견을 보고했으며, LM 24-06은 54미터에 걸쳐 1.14 g/t의 금을 산출했으며, 9.97 g/t, 7.16 g/t, 17.69 g/t Au의 3개의 고급 섹션이 포함되어 있습니다.
회사는 총 4,650미터의 14홀 다이아몬드 드릴링 프로그램을 완료했으며, 2025년 봄 초에 초기 NI 43-101 자원을 제출할 계획입니다. 독립적인 지질학자들에 의해 모든 필수 현장 작업과 검증이 완료되었습니다. 이 프로그램은 이전에 테스트되지 않았던 더 큰 표면 근처의 광물화 영역을 밝혀냈습니다.
또한, Signature는 관련 당사자로부터 C$200,000의 무이자 대출을 확보했으며, 이는 2025년 4월 30일 만기이며, 남은 분석 결과를 기다리는 동안 진행 중인 작업을 지원하기 위해 사용됩니다.
Signature Resources (SGGTF) a annoncé des résultats significatifs de son programme de forage 2024 au gisement d'or de Lingman Lake. La société a rapporté des découvertes notables des trous de forage LM 24-04, LM 24-05 et LM 24-06, le LM 24-06 ayant donné 1,14 g/t d'or sur 54 mètres, y compris trois sections de haute teneur de 9,97 g/t, 7,16 g/t et 17,69 g/t Au sur des intervalles d'un mètre.
La société a achevé son programme de forage à diamant prévu de 14 trous totalisant 4 650 mètres et s'attend à présenter ses premières ressources NI 43-101 au début du printemps 2025. Tous les travaux sur le terrain nécessaires et la vérification ont été réalisés par des géologues indépendants. Le programme a révélé un halo de minéralisation en surface plus important qui n'avait pas été testé auparavant.
De plus, Signature a sécurisé un prêt sans intérêt de C$200 000 auprès d'une partie liée, qui arrive à maturité le 30 avril 2025, pour soutenir les opérations en cours en attendant les résultats restants des analyses.
Signature Resources (SGGTF) hat bedeutende Ergebnisse aus seinem Bohrprogramm 2024 am Goldvorkommen Lingman Lake bekannt gegeben. Das Unternehmen berichtete von bemerkenswerten Funden aus den Bohrlöchern LM 24-04, LM 24-05 und LM 24-06, wobei LM 24-06 1,14 g/t Gold über 54 Meter lieferte, einschließlich dreier hochgradiger Abschnitte von 9,97 g/t, 7,16 g/t und 17,69 g/t Au über ein-Meter-Intervalle.
Das Unternehmen hat sein geplantes Diamantbohrprogramm mit 14 Löchern, das insgesamt 4.650 Meter umfasst, abgeschlossen und erwartet, seine ersten NI 43-101-Ressourcen Anfang Frühling 2025 vorzulegen. Alle notwendigen Feldarbeiten und Prüfungen wurden von unabhängigen Geologen durchgeführt. Das Programm hat ein größeres Halo an oberflächennahen Mineralisierungen offenbart, das zuvor nicht getestet wurde.
Darüber hinaus hat Signature ein zinsfreies Darlehen in Höhe von C$200.000 von einer verbundenen Partei gesichert, das am 30. April 2025 fällig wird, um die laufenden Operationen zu unterstützen, während die verbleibenden Analyseergebnisse abgewartet werden.
- Discovery of significant gold mineralization: 1.14 g/t Au over 54m including high-grade sections
- Completion of 4,650-metre drilling program with all samples submitted for analysis
- Initial NI 43-101 resource estimate on track for Spring 2025
- Secured interest-free loan of C$200,000 for operational support
- Company requires interim funding through related party loan
- Still awaiting assay results from eight remaining drill holes
Toronto, Ontario--(Newsfile Corp. - January 10, 2025) - Signature Resources Ltd. (TSXV: SGU) (OTCQB: SGGTF) (FSE: 3S30) ("Signature" or the "Company") is pleased to provide an update on its 2024 drill program and provide assay results for diamond drill holes LM 24-04, LM 24-05 and LM 24-06. Drilling so far has highlighted a larger halo of near surface mineralization that not been fully tested prior to the 2024 drill program. This was seen in LM 24-06 which returned 1.14 grams per tonne of gold ("g/t Au") over 54 metres ("m") which includes three higher grade sections with one meter intercepts of 9.97 g/t Au, 7.16 g/t Au and 17.69 g/t Au. The Company is still waiting for assays from the remaining eight diamond drill holes that are being processed by the labs.
The Company has completed its 2024 drilling program and all the necessary field work in November and has delivered all the samples to the lab for assaying. The Company remains on track to deliver its initial NI 43-101 resource in early Spring 2025. Before the camp was closed for the winter, the independent geologists were able to complete all the necessary verification at the project site required for the resource estimate. The resource estimate is being undertaken by the independent geologic consulting firm of Watts, Griffis and McQuat Limited (WGM).
As previously announced, the Company's 2024 drill program consists of 14 DDH's for a total of approximately 4,650 metres of drilling. The drilling program was carefully designed to improve our knowledge of the Lingman Lake gold deposit, fill identified data gaps and test new targets identified in our updated geologic model completed earlier this year. The drill program includes continuous core assaying for the entire length of each hole, thereby providing total lithological gold distribution, giving us a much more complete data package about the mineralization contained in and outside the mineralized zones. All new drilling information and assays will be incorporated into the database to expand and build the Lingman Lake deposit model. We look forward to these results informing the resource modelling exercise currently underway.
We are very pleased to have completed our 2024 drill program and look forward to receiving all the results of this work. It is exciting to see the new data coming in to continue building our knowledge of the Lingman Lake Project. With the drilling and field work completed we remain on track to deliver our initial NI 43-101 resource in the Spring of 2025. This will be a significant step in putting in a floor valuation and demonstrating the potential of the Lingman Lake gold deposit. We look forward to the implications of this new understanding once fully compiled this spring."
- J. Dan Denbow, CFA - President, CEO and Director
The largest concentration of historical drilling has been conducted east of a diabase dyke and has identified four zones of mineralization beginning with the 11650 Zone on the southern edge moving north to the South Zone, Central Zone and North Zone. The North and South Zones have been the most consistent with respect to mineralization running proximal to the Quartz-Feldspar-Porphyry (QFP) intrusion contact. It is still undetermined if the 11650 Zone is an independent zone or a splay of the South Zone as it begins to converge into the South Zone east from the diabase dyke.
Figure 1 is the surface view of the 2024 drill program east of the diabase dyke (yellow drill traces) relative to the historical drilling beginning in 1987 up to 2021. Signature's interpretation of the gold zones are shown in the red shading and the QFP body in the yellow shading. Based on the observations from the drill core and the assay results, the gold zones are further highlighted on the drill traces in colored rectangles including the newly observed Leopard and Contact Zones as well as grade disks representing the assayed results.
Figure 1. Drilling East of Diabase Dyke
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8296/236650_9815e12304f9f8c1_001full.jpg
As a result of the Spring mapping program and on-going GIS data and drill compilation, the QFP has been interpreted to be an intrusion that bifurcates going from east to west forming a north and south arm. The intervening area between the two arms displays a more fragmented dyke array resulting in a more complex distribution of gold relative to the Central Zone.
As the QFP narrows going eastward, the North, South and Central zones converge in the vicinity of DDH LM24-03. This convergence is important in that, as the zones merge, they form a wider mineralized area which is attractive in a bulk mining scenario. We still are awaiting results on LM 24-07 and LM 24-08 that were drilled at an oblique southeast angle on the east side of the diabase dyke. The final six holes of the program are on the west side of the diabase dyke. Two are testing the possible extension of the South Zone and the other four in the area of Shoe Lake where there is also lower density of drilling. These are targeting the west extension of the West Zone.
LM 24-04
DDH LM 24-04 was drilled at slight northeast path at a 25 degree azimuth reaching total depth of 400 m terminating in the granite rock package. It has been assumed but never confirmed that the deposit did not continue into the granite. The granite had not been previously assayed and as part of our full hole assaying work we have a better understanding of the interaction of the granite rock package within the deposit and can limit our drilling once it is encountered. LM24-04 had mineralized intersections in the three main identified zones, South, Central and North. It also showed mineralization in two new areas identified in the 2024 program, the Leopard and Contact zones. The South zone had the highest grading one metre intercept of 6.96 g/t Au with the total zone having mineralization over 9 m grading 0.95 g/t Au. See Table 1: Assay Results for further highlights of the drilling program.
LM 24-05
The fifth DDH of the program, LM 24-05, is the most eastern hole of the 2024 drill program and drilled to a total depth of 359 m. It intersected the North zone at a drilling depth of 295 and continued for over 3 m. While the returned values in the assay were lower grade it is leading us to reconsider the interpretation of the North and Central zones in this area as the hanging walls and footwalls appear to be merging. We know from past modeling the Central zone is present based on data from DDH 89-03. In future drill programs this hole warrants additional work, either extending the existing hole another 100 m into the Central zone or to twin the hole extending it into the Central and possibly the South zone. The orientation of drilling North to South is downdip of the structure and extends the necessary length to intersect all zones within the deposit.
LM 24-06
The sixth DDH of the program, LM 24-06, was drilled to the northeast at a 20 degree azimuth for 400 m. The South and Central zones showed broad areas of mineralization of 50 and 54 m. The south zone was segmented into three distinct area of 18 m of 0.65 g/t Au, 15 m of 0.44 g/t Au and 17 m of 0.23 g/t Au. The central zone mineralization was over 54 m grading 1.14 g/t Au and contained three higher grade segments with intercepts of 9.97 g/t Au 7.16 g/t Au and 17.69 g/t Au over 1 meter each. The North zone was also present with only one mineralized intercept of 1 m grading 9.21 g/t Au.
To view an enhanced version of this graphic, please visit:
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Notes to Table:
Reported widths are drill intercepts (core lengths).
Computer modelling of the zones for true widths is pending.
LM24-04 was drilled at azimuth 025 degrees, dip -55 degrees.
LM24-05 was drilled at azimuth 180 degrees, dip -50 degrees.
LM24-06 was drilled at azimuth 020 degrees, dip -50 degrees
NORTH ZONE strikes at 093 degrees.
CENTRAL ZONE strikes at 087 degrees.
SOUTH ZONE strikes at 082 degrees
All zones dip steeply south 70-80 degrees.
With all the drilling completed and all the samples at the lab for analysis we would anticipate additional results throughout January.
Related Party Loan
The Company also announces that it has entered into a loan agreement with a related party to provide interim funding for general corporate activities.
The C
The Company anticipates repaying the loan through future equity financings. The company confirms that the loan agreement meets the exemption requirements and complies with TSXV Policy 5.9 and MI 61-101. The transaction remains subject to the approval of the TSX Venture Exchange.
Qualified Person
The scientific and technical content of this press release have been reviewed and approved by Mr. Walter Hanych, P. Geo, who is a Qualified Person under NI 43-101 regulations.
Quality Assurance and Quality Control
Signature Resources maintains an industry standard Quality Assurance / Quality Control (QA/QC) program at the Lingman Lake Project to ensure sampling and analysis of all exploration work is conducted in accordance with best practices. John Siriunas, P. Eng. is the independent Qualified Person under 43-101 who monitors and scrutinizes the results of the QA/QC program.
Assay results from SGS's Red Lake lab for gold and the Burnaby lab for gold and multi-element are directly e-mailed to three individuals: Dan Denbow, President and CEO of Signature Resources, Walter Hanych, P. Geo. consultant to the company, and John Siriunas, P. Eng. independent consultant to the company.
SGS a certified laboratory and also have internal quality control ("QC") programs that include insertion of reagent blanks, reference materials, and pulp duplicates. The Corporation inserts QC samples (blanks and reference materials) at regular intervals to monitor laboratory performance.
About Signature Resources Ltd.
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 depths of 46-metres, 84-metres and 122-metres. There has been over 28,000 metres of historical drilling done on the Property and four 500-pound bulk samples that averaged 19 grams per tonne of gold. In November 2023, the Ontario government energized a new 115kV high tension transmission line within 40 km of the historic Lingman Lake Mine (https://www.wataypower.ca/).
To find out more about Signature, visit www.signatureresources.ca or contact:
Dan Denbow
Chief Executive Officer
416-840-6345
info@signatureresources.ca
or contact:
Renmark Financial Communications Inc.
John Boidman: jboidman@renmarkfinancial.com
Tel: (416) 644-2020 or (212) 812-7680
www.renmarkfinancial.com
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
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