TORONTO, ONTARIO–(Marketwired – Nov. 9, 2016) – Signature Resources Ltd. (TSX VENTURE:SGU)(OTCQB:SGGTF) (“Signature” or the “Company“) is pleased to announce that an assessment of archived core stored at the Lingman Lake mine site has determined that the core is in remarkably good condition allowing for a detailed re-evaluation and sampling of it.
22 holes, totaling approximately 3,500 meters, representative of the gold mineralized zones, are being evaluated by a process of re-logging and sampling. The sampling component is two-fold; 1) sample past intervals for confirmation of historic results, 2) test sections of previously un-sampled core exhibiting geological-mineralogical characteristics for potential gold enrichment. The objectives of this program are: to confirm the historic database, potentially identify new zones and extensions to known zones.
Gold and multi-element analyses will be performed by SGS Canada at their laboratory located at Red Lake, Ontario and quality assurance/quality control monitoring of the samples will be undertaken by the independent consulting firm of Caracle Creek International Ltd.
“We look forward to receiving the assay results and re-logs of the core. This information will be invaluable in our assessment of the Lingman Lake deposit as we move forward to upgrading the historic resource to meet current 43-101 standards,” commented Walter Hanych, President and CEO.
Bob Komarechka, P.Geo., is a Qualified Person as defined by NI43-101 and is responsible for maintaining best practice in the field.
The Lingman Lake gold property consists of four free hold patented claims and the twelve staked claims, comprising 606.8 hectares. The property hosts an historic estimate of 234,684 oz of gold* 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.
*Cautionary Note. The quantity reported as ‘historical’ estimate is historic in nature: A qualified person has not done sufficient work to classify the historical estimate as a current resource estimate. The issuer is not treating the historical estimate as a current resource estimate. Additional information concerning the historical estimate is contained within the 43-101 filed on www.sedar.com.
To find out more about Signature Resources Limited, visit our website at www.signatureresources.ca.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although Management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such.
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Chief Executive Officer