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.
The 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.
Resource 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.
Moderate 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 estimation of gold grades was performed with the Inverse Distance technique cube (ID-3) on capped composites. The block model structure consists of an orthogonal model (no rotation). Ordinary Kriging (OK), Inverse Distance square (ID-2) and nearest neighbourhood methods also performed for comparisons and validations. Grade interpolations were carried out in three passes with each successive pass using a larger search radius than the preceding pass and only estimating the blocks that had not been interpolated by the previous pass.
'We are very pleased to announce the results of our initial MRE This was a crucial step in confirming the potential of the Lingman Lake Gold Deposit. In addition, this report demonstrates the depth and quality of the work being done on this project to illustrate the possibilities for this greenstone belt that Signature controls. The work has identified a number of opportunities to expand this initial resource around the historical Lingman Lake mine. The studies we are conducting on the mineralogy characterizations and initial metallurgical work to further characterize the deposit should greatly enhance our knowledge and targeting as we test the extensions and look for satellite deposits. All these steps should provide great confidence that we are advancing this project in the highest quality methods possible.'
Multiple Regional Targets
In 2018 and 2021 the Company conducted a high-resolution airborne Magnetic and Matrix VLF-EM surveys across the Signature claim package. In addition, the Company completed an induced polarization Alpha IPTM Wireless Time Domain and ground magnetic survey in the fall of 2021. With the combination of the induced polarization and magnetic surveys the Company has identified several targets across the project area. The airborne surveys have provided targets areas that are of great interest within the regional context of Signature's Lingman Lake Gold Deposit. While most of the recent work has been focused around the historical Lingman Lake mine site, there is evidence of past field programs that can help guide our future activities when we begin regional exploration work on our extensive 32km, 24,821 hectares project area.
Improved Regional Infrastructure
NW Ontario has seen improve regional infrastructure and the Ontario government is committing more support to mining. In November of 2023 the Ontario government energized the Phase 2 of the Wataynikaneyap Power Project which resulted in a number of 115kV power lines into Northern Ontario, a 40-metre-wide alignment right of way and an associated service road. This Phase 2 development has resulted in high tension power and road access being approximately 45 kilometres away from the Lingman Lake Deposit which has greatly reduced the amount of infrastructure needed should the deposit warrant development. In addition, the Ontario government has recently announced their plans to invest $500 million on a number of initiatives to help support development of critical mineral deposits in Northern Ontario. The province is also investing nearly $3.1 billion in loans, guarantees, grants and scholarships that would support Indigenous participation, partnership and ownership in Ontario's critical mineral supply chain. The provincial government has also introduced legislation designed to cut the red tape and duplicative processes that have held back major infrastructure, mining and resource development projects.
About Signature Resources Ltd.
The Lingman Lake gold property (the 'Property') consists of 1,274 single-cell and 13 multi-cell staked claims, four freehold fully patented claims and 14 mineral rights patented claims totaling approximately 24,821 hectares. The Property includes what has historically been referred to as the Lingman Lake Gold Mine, an underground substructure consisting of a 126.5-metre shaft, and 3-levels at depths of 46-metres, 84-metres and 122-metres. There has been over 43,222 metres of drilling done on the Property and four 500-pound bulk samples that averaged 19 grams per tonne of gold. In November 2023, the Ontario government energized a new 115kV high tension transmission line within 40 km of the historic Lingman Lake Mine (https://www.wataypower.ca/).
Contact:
Dan Denbow
Tel: (800) 259-0150
Email: info@signatureresources.ca
John Boidman
Email: jboidman@renmarkfinancial.com
Tel: (416) 644-2020
Web: www.renmarkfinancial.com
Cautionary Notes
This news release contains forward-looking statements which are not statements of historical fact. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as 'believes', 'anticipates', 'expects', 'estimates', 'may', 'could', 'would', 'will', or 'plan'. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions and risks associated with infectious diseases and global geopolitical events. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to changes in general economic and financial market conditions, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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