Signal Gold Begins Drilling at the Western Extension of Goldboro, Targeting Increased Mineral Resources

Rhea-AI Summary

Signal Gold (TSX:SGNL, OTCQX:SGNLF) has commenced a drilling program at the western extension of the Goldboro Deposit in Nova Scotia, aiming to expand near-surface mineral resources. The program encompasses up to 5,000 meters of diamond drilling, with initial results showing five occurrences of visible gold. Assays are pending. The company has also acquired seven additional exploration licenses covering 1,311 hectares, increasing its land position in the Goldboro Gold District to 28,525 hectares. Highlights from 2023 drilling include gold intersections of up to 371.59 g/t gold over 0.5 meters. Signal Gold aims to leverage these findings to develop an open-pit mineral resource and expand known gold reserves.

Positive

• Commencement of up to 5,000 meters of diamond drilling.
• Initial drilling shows five occurrences of visible gold.
• Gold intersections in 2023 included 371.59 g/t gold over 0.5 meters.
• Acquired seven additional exploration licenses, adding 1,311 hectares of exploration land.
• Total exploration land now stands at 28,525 hectares.
• Potential to develop open-pit mineral resources and expand known gold mineralization.
• Drilling aims to extend near-surface mineral resources.

Negative

• Assays for current drilling samples are still pending.
• Reported intervals are core lengths only, true widths are between 70% and 100% of core length.
• Drilling results require further validation through additional assays.

TORONTO, ON / ACCESSWIRE / June 5, 2024 / Signal Gold Inc. ("Signal Gold" or the "Company") (TSX:SGNL)(OTCQX:SGNLF) is pleased to announce exploration drilling has commenced on the western extension of the Goldboro Deposit at the Goldboro Project in Nova Scotia ("Goldboro", or the "Project"). The drill program, which comprises up to 5,000 metres of diamond drilling, is designed to extend near-surface mineral resources immediately west of the existing Goldboro Deposit (Exhibit A and B). Geological modelling of the gold mineralization identified in 2023 indicates the potential to delineate additional open-pit Mineral Resources, and the potential for further gold discoveries. Initial drilling of the first two drill holes has successfully intersected gold mineralization with 5 occurrences of visible gold as well as intersecting the host structure and associated alteration. Assays are pending for all samples collected to date.

The Company has also further consolidated its position in the Goldboro Gold District through the staking of seven (7) additional exploration licences comprising 81 claims over 1,311 hectares. The Company's exploration land position in the Goldboro Gold District is now 28,525 hectares (Exhibit C). There are no royalties associated with the newly acquired exploration licences.

"We are pleased to start drilling at the western extension of the Goldboro Deposit and follow-up on our 2023 discovery of continued gold mineralization to the west, which brings the total strike length of known gold mineralization to 3.4 kilometres at the Goldboro Project. Based on our geological modelling, we believe there exists the strong potential to both develop an open-pit mineral resource and further expand the known gold mineralization. Early observations of drill core show the presence of mineralization with visible gold intersected in both drillholes completed to date. We also continue to be opportunistic in further consolidating the Goldboro Gold District through staking of additional mineral licences, which will complement our ongoing regional exploration work at the Stewart, Fowlers, Armstrong and Hurricane Targets."

~ Kevin Bullock, President and CEO, Signal Gold Inc.

Selected composited highlights from previously reported drilling, located within the western extension target area, include:

• 26.09 g/t gold over 8.9 metres (105.5 to 114.4 metres) in hole BR-23-393 including 79.18 g/t gold over 0.5 metres and 371.59 g/t gold over 0.5 metres;
• 11.79 g/t gold over 4.1 metres (49.9 to 54.0 metres) in hole BR-23-386 including 47.23 g/t gold over 1.0 metres;
• 10.85 g/t gold over 1.3 metres (209.6 to 210.9 metres) in hole BR-23-395;
• 109.91 g/t gold over 0.5 metres (92.8 to 93.3 metres) in hole BR-23-399;
• 1.76 g/t gold over 2.4 metres (167.6 to 169.3 metres) in hole BR-23-399;
• 19.15 g/t gold over 1.2 metres (114.7 to 115.9 metres) in hole BR-23-388;
• 21.16 g/t gold over 0.7 metres (80.5 to 81.2 metres) in hole BR-23-397; and
• 2.44 g/t gold over 1.7 metres (167.6 to 169.3 metres) in hole BR-23-405

Drill results in 2023 conclusively demonstrate continuous gold mineralization between the western extent of the Goldboro Deposit and the past producing Dolliver Mountain Mine, bringing the total strike length of known mineralization to 3.4 kilometres. Further drilling success of the western extension of Goldboro could potentially result in additional open-pit Mineral Resources that could leverage planned mine and mill infrastructure.

Exhibit A. A map showing the location of the West and East proposed pits of the Goldboro Project and the location of the western extension of the Goldboro deposit and the of the current drill program, against the backdrop of the trend an IP geophysical survey.

Exhibit B. A plan map showing the location of drill holes completed during recent drilling and the area of the current drill program as well as the planned mine and mill infrastructure at Goldboro.

Exhibit C. A map showing the extent of the 28,525 ha Goldbro Gold District including the 7 recently staked exploration licences comprising 1,311 hectares, shown in pink, at the Goldboro Gold Project.

Footnotes:

• Intervals are reported as core length only. True widths are estimated to be between 70% and 100% of the core length.
• All drill hole results are reported using fire assay only. See notes on QAQC procedures at the bottom of this press release.
• Drill holes were oriented along a north-south trend with holes on the north limb of the hosting anticlinal structure drilled southward and holes located south of the anticlinal structure drilled northward. The dip of holes is dependent upon the location relative to the anticline with the goal of intersecting mineralized zones orthogonally.

All samples and the resultant composites referred to in this release are collected using QA/QC protocols including the regular insertion of standards and blanks within the sample batch for analysis and check assays of select samples. All samples quoted in this release were analyzed at Eastern Analytical Ltd. in Springdale, NL, for Au by fire assay (30 g) with an AA finish.

All assays in this press release are reported as fire assays only. For samples analyzing greater than 0.5 g/t Au via 30 g fire assay, these samples will be re-analyzed at Eastern Analytical Ltd. via total pulp metallics. For the total pulp metallics analysis, the entire sample is crushed to -10mesh and pulverized to 95% -150mesh. The total sample is then weighed and screened to 150mesh. The +150mesh fraction is fire assayed for Au, and a 30 g subsample of the -150mesh fraction analyzed via fire assay. A weighted average gold grade is calculated for the final reportable gold grade. Total pulp metallics assays for drill holes sited within this press release may be updated in a future news release.

This news release has been reviewed and approved by Paul McNeill, P.Geo., VP Exploration with Signal Gold Inc., a "Qualified Person", under National Instrument 43-101 Standard for Disclosure for Mineral Projects.

ABOUT SIGNAL GOLD
Signal Gold is advancing the Goldboro Gold Project in Nova Scotia, a significant growth project subject to a positive Feasibility Study which demonstrates an approximately 11-year open pit life of mine with average gold production of 100,000 ounces per annum and an average diluted grade of 2.26 grams per tonne gold. (Please see the ‘NI 43-101 Technical Report and Feasibility Study for the Goldboro Gold Project, Eastern Goldfields District, Nova Scotia' on January 11, 2022, for further details). On August 3, 2022, the Goldboro Project received its environmental assessment approval from the Nova Scotia Minister of Environment and Climate Change, a significant regulatory milestone, and the Company has now submitted all key permits including the Industrial Approval, Fisheries Act Authorization and Schedule 2 Amendment, and the Mining and Crown Land Leases. The Goldboro Project has significant potential for further Mineral Resource expansion, particularly towards the west along strike and at depth, and the Company has consolidated 28,525 hectares (~285 km²) of prospective exploration land in the Goldboro Gold District.

FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking information" within the meaning of applicable Canadian and United States securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Signal Gold to be materially different from those expressed or implied by such forward-looking information, including risks associated with the exploration, development and mining such as economic factors as they effect exploration, future commodity prices, changes in foreign exchange and interest rates, actual results of current production, development and exploration activities, government regulation, political or economic developments, environmental risks, permitting timelines, capital expenditures, operating or technical difficulties in connection with development activities, employee relations, the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of resources, contests over title to properties, and changes in project parameters as plans continue to be refined as well as those risk factors discussed in Signal Gold's annual information form for the year ended December 31, 2022, available on www.sedarplus.com. Although Signal Gold has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Signal Gold does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

FOR ADDITIONAL INFORMATION CONTACT:

Signal Gold Inc. Kevin Bullock President and CEO (647) 388-1842 kbullock@signalgold.com

Reseau ProMarket Inc. Dany Cenac Robert Investor Relations (514) 722-2276 x456 Dany.Cenac-Robert@ReseauProMarket.com

SOURCE: Signal Gold Inc.

View the original press release on accesswire.com

FAQ

What is the focus of Signal Gold's recent drilling program?

Signal Gold's recent drilling program focuses on the western extension of the Goldboro Deposit, aiming to extend near-surface mineral resources.

How much drilling is planned at the Goldboro Project?

The drilling program at the Goldboro Project includes up to 5,000 meters of diamond drilling.

What were the highlights of the 2023 drilling results at the Goldboro Project?

The 2023 drilling results at the Goldboro Project included gold intersections such as 371.59 g/t gold over 0.5 meters.

How much additional exploration land did Signal Gold acquire?

Signal Gold acquired seven additional exploration licenses, adding 1,311 hectares of exploration land.

What is the total exploration land position for Signal Gold in the Goldboro Gold District?

Signal Gold's total exploration land position in the Goldboro Gold District is now 28,525 hectares.

What is the potential outcome of Signal Gold's current drilling program?

The potential outcome includes the development of an open-pit mineral resource and further expansion of known gold mineralization.

What are the pending results for Signal Gold's drilling program?

Assays for the current drilling samples are still pending.