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Signature Resources Announces Commencement of Diamond Drilling at Its Lingman Lake Gold Property
TORONTO, Aug. 29, 2018 (GLOBE NEWSWIRE) -- Signature Resources Ltd. (TSXV: SGU, OTCQB: SGGTF) ("Signature" or the "Company") is pleased to announce that diamond
About this update from Signature Resources Ltd.
[{"type":"text","content":" TORONTO, Aug. 29, 2018 (GLOBE NEWSWIRE) -- Signature Resources Ltd. (TSXV: SGU, OTCQB: SGGTF) (\"Signature\" or the \"Company\") is pleased to announce that diamond drilling has commenced at its Lingman Lake gold property, located in northwestern Ontario. The drill program will be undertaken on its patented claims on which the majority of the historical estimate of 234, 684 ounces of gold occur. Drilling will extract NQ diameter core (47.6 millimeter) totaling up to 1,800 meters in 11-15 holes, targeting the known gold zones. Jacob and Samuel drilling have been contracted to execute the helicopter supported program. “Signature is very excited at arriving at this milestone. Finally, after many years of hard work by management, field preparation by dedicated crews, and the loyal support of investors during challenging market conditions, the Lingman Lake property is receiving an initial round of exploration which it warrants. We wait in anticipation for the results of this first drill program and will continue to update its progress,” commented Walter Hanych, President and CEO of Signature Resources. About Signature The Lingman Lake gold property consists of four free hold patented claims and 762 single cell staked claims. Total land package amounts to 15,372.3 hectares. 275.5 hectares of the property total include 14 mineral rights patents. The property hosts an historic 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-compliant 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 i...