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Signature Resources Announces that GPS Collar Survey Locates 84% of 1980s Diamond Drill Holes at its High Grade Lingman Lake Gold Property
TORONTO, Oct. 11, 2018 (GLOBE NEWSWIRE) -- Signature Resources Ltd. (TSXV: SGU, OTCQB: SGGTF) ("Signature" or the "Company") is pleased to announce the successf
About this update from Signature Resources Ltd.
[{"type":"text","content":" TORONTO, Oct. 11, 2018 (GLOBE NEWSWIRE) -- Signature Resources Ltd. (TSXV: SGU, OTCQB: SGGTF) (\"Signature\" or the \"Company\") is pleased to announce the successful completion of a high resolution GPS survey of the diamond drill casings from the drill campaigns conducted from 1987 to 1989. 84% of the drill casings, from a total of 154 drill holes were located. “We are very pleased with this result and we are very fortunate that the located holes had their casing intact. Quite often the drill casing, which goes through the overburden and is anchored to bedrock at its lower end, is removed leaving no surface evidence of the hole. Now that these casings have been located to a sub-meter accuracy (60cm), we have the confidence level that we need to refine our geological model. We will also be able to geo-reference other features in relation to the drill holes with a greater degree of accuracy, allowing us to produce better property scale maps”, commented Walter Hanych, President and CEO of Signature Resources. The survey was conducted employing a SX Blue II GPS unit which provided accuracy to 60cm. Each locate was measured by taking five fixes minimum with a 95% confidence level. The company is also nearing the completion of winterizing its field camp in anticipation of a winter drill program in 2019. Qualified Persons The scientific and technical content of this press release has been prepared by Walter Hanych, P.Geo., President-CEO of Signature Resources. Mr. Hanych is a Qualified Persons as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects. 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 Au/t at a 2.73 g Au/t 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 three levels of development at depths of 46 m (150 Level), 84 m (275 Level) and 122 m (400 Level). *This historical resource estimate is based on prior data and reports obtained and prepared by previous operators, and information provided by gov...