TORONTO, July 14, 2020 (GLOBE NEWSWIRE) -- Signature Resources Ltd. (TSXV-SGU, OTQB-SGGTF, FSE-3S3) (“Signature” or the “Company”) announces that the company has acquired by staking 5 kilometers of the eastern portion of the Lingman Lake greenstone belt covering its northern and eastern contact.
“The 102 cells that were staked over the eastern portion of the Lingman Lake greenstone are important because the Lingman Lake gold mine is associated with this contact. This staking has increased the strike length of the favorable contact zone by approximately 5 kilometers. In total, approximately 28 kilometers of strike, essentially the entire northern contact of the Lingman Lake greenstone belt is now available as a regional exploration package,” commented Walter Hanych, President-CEO.
In addition, 12 fill-in single cell claims were staked on the northern contact and 3 boundary claims were staked. The Lingman Lake property now consists of 600 claims totalling approximately 11,725 hectares.
As COVID-19 restrictions ease-up, the company is planning to undertake a program of ground follow-up of targets identified from the airborne survey conducted in 2018. Six areas have been selected for evaluation this summer.
The Company has also granted 250,000 incentive stock options, to a Director of the Company. The incentive options have an exercise price of $0.05, expire five years from the date of issuance and vest upon issuance.
Qualified Persons
The scientific and technical content of this press release has been prepared, reviewed and approved by Walter Hanych P.Geo. and President-CEO of Signature Resources who is a Qualified Person as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects
About Signature
The Lingman Lake gold property consists of 600 claims, which includes four free hold patented claims and 14 mineral rights patented claims totaling approximately 11,725 hectares. The property hosts an historical 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 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 resource estimates is available in the technical report entitled, “Technical Report on the Lingman Lake Property” dated December 20, 2013, prepared by Walter Hanych, P.Geo., and Frank Racicot, P.Geo., available on the Company’s SEDAR profile atwww.sedar.com.
To find out more about Signature Resources Limited, visit our website at www.signatureresources.ca, or contact:
Walter Hanych
Chief Executive Officer
705.446.5379