Signature Resources Ltd. (TSX-V: SGU) (OTCQB: SGGTF) is pleased to announce the results of drill holes 18-01 and 18-02 which targeted the West Zone at the company’s Lingman Lake gold property located in northwestern Ontario. This year’s exploration campaign was conducted with a view to test the grade and continuity of the mineralization encountered in historical drilling done on the property by previous operators. Drilling in the West Zone, the first holes to be reported on herein, is highlighted by the following:
Drill hole 18-01 is a twin of an historical diamond drill hole, 89-15, being collared 2 meters east of 89-15 which had returned 10.70 grams along a 9.54 meter drill intercept.
Drill hole 18-02 was collared 48 meters east of 18-01 in the vicinity of historical drill hole 45-49 which yielded 8.2 grams of gold per tonne along a 4.18 meter drill intercept. The historical diamond drill holes were put down by previous operators on the property.
“We are very excited by these intersections; not only are we seeing a significant grade increase when comparing the historical drilling to the current drilling, but the drill composite widths are comparable, corroborating the width of the zone from historical work. The West Zone, where these drill holes are located, is 430 meters west and along strike of the North zone at the mine site. The zone was identified by historical drilling along a strike length of 360 meters and to a depth of 90 meters. This zone was under-drilled and is open at depth and along strike and we feel it is a high potential target”
– Walter Hanych, President and CEO of Signature Resources
The above cited intersections for hole 18-01 and 18-02 are derived from assay results presented in the following table and are reported as weighted composite averages.
|WEST ZONE1 TARGET||DDH
|WEST ZONE1 TARGET|
|From meters||To meters||Width meters||g Au/t||From meters||To meters||Width meters||g Au/t|
West Zone strikes east-west, dips 75° to the south.
|2||UTM coordinates: Zone 15N. Datum: NAD83.|
|3||Reported analysis is the mean of original sample (24.27 g Au/t) and duplicate sample (53.9 g Au/t) from same core interval.|
Gold analyses were performed using a fire-assay concentration with an atomic-absorption finish. Gravimetric-finish results of the highest-grade intervals are to follow. QA/QC results support the validity of the original assays.
The Lingman Lake gold property, located in Northwestern in the Red Lake Mining District consists of four free-hold full patented claims, 14 mineral rights patented claims and 1,054 single-cell staked claims, comprising a total of approximately 21,420 hectares. The property hosts an historical estimate of 234,684 oz of gold* (1,063,904 tonnes grading 6.86 g Au/t at a 2.73 g Au/t 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 three levels of development at depths of 46 m (150 Level), 84 m (275 Level) and 122 m (400 Level).
*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 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 at www.sedar.com
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