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Signature Resources Provides Update on Airborne Survey of Its Lingman Lake Property
TORONTO, March 02, 2018 (GLOBE NEWSWIRE) -- Signature Resources Ltd. (TSXV:SGU) (OTCQB:SGGTF) ("Signature" or the "Company") announces that due to weather condi
About this update from Signature Resources Ltd.
[{"type":"text","content":" TORONTO, March 02, 2018 (GLOBE NEWSWIRE) -- Signature Resources Ltd. (TSXV:SGU) (OTCQB:SGGTF) (\"Signature\" or the \"Company\") announces that due to weather conditions, the Company has been delayed on flying the airborne survey. Pending weather conditions the airborne survey of its Lingman lake property is set to commence. 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. “Over the past few months, challenging weather conditions in the region impacted our scheduling, however, with improving weather, we will be taking advantage of every window that opens up. 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. 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 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 ...