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Signature Resources Releases Initial Resource for Lingman Lake Gold Deposit Hosted Within a Single Open Pit, Remains Open to Further Exploration
Signature Resources Releases Initial Resource for Lingman Lake Gold Deposit Hosted Within a Single Open Pit, Remains Open to Further
About this update from Signature Resources Ltd.
[{"type":"text","content":"Toronto, Ontario - Signature Resources Ltd. (TSXV: SGU) (OTCQB: SGGTF) (FSE: 3S30) ('Signature' or the 'Company') is pleased to announce its initial mineral resource estimate (the 'MRE') on its Lingman Lake Gold Deposit in the District of Kenora, Ontario.\nThe MRE is a culmination of a total of 240 diamond drill holes including 33,309 assayed samples, for a combined length of 43,222 metres ('m') and was compiled by Watts, Griffis and McOuat ('WGM'). Highlights of the MRE include: Single resource shell containing more than 20.6 million tonnes of mineralized material and remains open. The MRE consists of an Indicated resource of 2.15 million tonnes with an average grade of 1.38 grams-per-tonne gold ('g/t Au') for an estimated 95,200 ounce of gold ('oz Au'), plus an inferred resource of 18.4 million tonnes with an average grade of 1.14 g/t Au totalling 674,320 oz Au. About 5% of the gold ounces are outside of the statistical gold-grade capping and estimation was relatively insensitive to cutoff and modeling methodology.\nResource growth potential remains robust. Structures hosting the mineralization remain open to further drilling both east, west and at depth. Modeling indicated the potential for a further mineralization outside the pit shell that could be brought in with additional drilling and an extension of the conceptual pit shell during a future mineral resource update. WGM also recommended that drilling test the potential for veins to converge at depth. Several surface channel samples have been taken near the modelled resource that have contiguous gold intervals that are above the resource cutoff. The Company plans to follow-up with drilling to potentially expand the resource envelope. It is important to highlight that the high-grade intercepts from 1945 drilling were excluded and is a target area for follow-up drilling. The Lingman Lake Gold Deposit is one of many exploration targets identified along the 24,821 hectare greenstone belt project held by Signature.\nModerate metrics used for the resource calculation. The resource cap used varied by zone, from a low of 4.5g/t in the 11650 zone to a high of 20 g/t Au in the North zone and a cut-off grade of 0.3 g/t Au was applied. The pit shell wall was constructed with a slope of 55 degrees on all pit wall assumptions and will be subject to future geotechnical review. The estima...