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Signature Resources Provides Progress Report on Airborne Survey of Its Lingman Lake Property
TORONTO, March 21, 2018 (GLOBE NEWSWIRE) -- Signature Resources Ltd. (TSX-V:SGU) (OTCQB:SGGTF) ("Signature" or the "Company") announces that to date, over 80% o
About this update from Signature Resources Ltd.
[{"type":"text","content":" TORONTO, March 21, 2018 (GLOBE NEWSWIRE) -- Signature Resources Ltd. (TSX-V:SGU) (OTCQB:SGGTF) (\"Signature\" or the \"Company\") announces that to date, over 80% of its Lingman lake property has been covered by the airborne survey. The airborne survey conducted by Teraquest Ltd. is comprised of the acquisition of data using high resolution magnetics and digital matrix VLF EM. It will be flown over the majority of Signature’s 9,896.8 hectare property. “We are thrilled that finally the weather has changed, and that the flight crews have been able to take advantage of the opportunities to fly. We anticipate, weather permitting, to achieve completion of the survey by end of week. We are very excited by this survey and its implications to discovering new mineralized systems within the Lingman lake greenstone belt. Not only will the response signatures of the gold mineralized zones serve to provide a base-line for investigating the strike extension of these zones, well beyond their current footprint, they will also serve as a model for prioritizing high target areas outside the main Lingman lake gold zones,” commented Walter Hanych, President and CEO. The Company also announces the grant of an aggregate of 1,150,000 options exercisable at $0.08 per share and exercisable for a period of five years for following the date of grant. 500,000 options were issued to Mr. Walter Hanych, CEO, 500,000 to Mr. Jonathan Held, CFO, 75,000 to Keith McDowell and 75,000 to Stephen Timms. The options vest 25% at issuance an additional 25% every 6 month anniversary from issuance. About Signature Signature’s Lingman Lake gold property consists of four free hold patented claims and the 50 staked claims, totaling 9,896.8 hectares. 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 curr...