Toronto, Ontario--(Newsfile Corp. - February 6, 2025) - Signature Resources Ltd. (TSXV: SGU) (OTCQB: SGGTF) (FSE: 3S30) ("Signature" or the "Company") is pleased to provide the assay results of the final two holes drilled east of the diabase dyke in our 2024 drill program. DDH LM 24-07 and LM 24-08 were successful in expanding our knowledge of the mineralization on the east side of the dyke both demonstrating a larger halo of near surface mineralization that had not been fully tested prior to the 2024 drill program. The holes successfully tested an area of interest identified by Artificial Intelligence ("AI") interpolation of our geologic model. This was confirmed in diamond drill hole ("DDH") LM 24-07 which returned 2.43 grams per tonne of gold ("g/t Au") over 47 metres ("m") which includes 19 m with an average grade of 4.7 g/t Au, This hole confirms the success of the AI modeling in this area which had shown good results from LM 24-06 as reported in the January 11, 2025 new release. The company is still waiting for assays from the remaining six diamond drill holes that are being processed by the labs and is still on track to generate an initial NI 43-101 resource on the Lingman Lake Gold deposit by the spring of this year.
"I am very excited that these two holes expand the mineralized halo on the property which is very supportive of a starter pit concept and have further confirmed the results from the first AI identified target previously reported. This will continue to build confidence in the potential of the Lingman Lake gold deposit."
-J. Dan Denbow, CFA - President, CEO and Director
The largest concentration of historical drilling has been conducted east of the diabase dyke and has identified four zones of mineralization beginning with the 11650 Zone on the southern edge moving north to the South Zone, Central Zone and North Zone. The North and South Zones appear the most consistent with respect to mineralization running proximal to the Quartz-Feldspar-Porphyry (QFP) intrusion contact. It is still undetermined if the 11650 Zone is an independent zone or a splay of the South Zone as it begins to converge into the South Zone east from the diabase dyke.
Figure 1 is the surface view of the 2024 drill program east of the diabase dyke (yellow drill traces) relative to the historical drilling beginning in 1987 up to 2021. Signature's interpretation of the gold zones are shown in the red shading and the QFP body in the yellow shading. Based on the observations from the drill core and the assay results, the gold zones are further highlighted on the drill traces in colored rectangles including the newly observed Leopard and Contact Zones as well as grade discs representing assayed results.
Figure 1. Drilling East of Diabase Dyke
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8296/239965_8e0b13ae94581b73_001full.jpg
The QFP has been interpreted to be an intrusion that bifurcates going from east to west forming a north and south arm. The intervening area between the two arms displays a more fragmented dyke array resulting in a more complex distribution of gold relative to the Central Zone.
As the QFP narrows going eastward, the North, South and Central Zones forming a wider mineralized area which is attractive in a bulk mining scenario. This convergence has been demonstrated by the results of LM 24-06 and LM 24-07 that demonstrate a wider mineralized area with a high-grade core.
LM 24-07
DDH LM 24-07 was drilled along a southeast path at a 140 degree azimuth reaching total depth of 359 m. The North Zone was first observed at 168 m, continuing for 19 m with an average grade of 0.79 g/t Au including three one metre intercepts grading 3.8, 3.3 and 3.7 g/t Au. The North Zone was again observed at 245 m continuing for 28 m at and average grade of 0.88 g/t Au. It is our interpretation that the Central Zone meets the North Zone at 273 m with the Central continuing for 19 m at 4.71 g/t Au. This combined mineralized area covered 47 m for an average grade of 2.43 g/t Au. LM 24-07 intersected the depth continuation, approximately 30 m below the zone in LM 24-06 This area contained a number of high-grade one meter intercepts including 7.96 g/t Au, 13.8 g/t Au and 13.4 g/t Au. The Inter-North Zone from 210 m to 232 m is a low grade (0.13 g/t) section between the North Zone-B and North Zone-A. See Table 1: Assay Results for further highlights of the drilling program.
LM 24-08
The final hole drilled east of the diabase dyke, DDH LM 24-08, followed a southeastern azimuth of 140 degrees to a depth of 350 m and was collared 148 m west of LM 24-07. It intersected the North Zone at a drilling depth of 201 m and continued for over 12 m with an average grade of 1.32 g/t Au, including 4 m averaging 3.7 g/t Au. The drillhole also encountered the Central Zone in two sections, the first having broad lower grade mineralization of 24 m averaging 0.35 g/t Au and 13 m averaging 0.46 g/t Au including a one meter intercept grading 4.18 g/t Au. Within the QFP there are some one meter intercepts which define the Inter-Central-North Zone of lower grade mineralization (0.12 g/t) over 22 m not specifically contained within the interpreted zones.
We anticipate having all the assay results from samples for the drillholes completed west of the diabase dyke shortly. There were six DDH's drilled west of the dyke, two targeted an area identified by our AI interpolation of our geologic model. The remaining four holes are testing the extent of the mineralization of the West Zone where the drilling density is much lower. These holes will greatly enhance our knowledge for lateral extensions west of the zones and Induced Polarization targets defined in the 2021 program. In addition, we believe there is also great potential to extend the deposit at depth as our work has only evaluated this area to total depth of 200 m.
Table 1 - Assay Results East of Dyke
Qualified Person
The scientific and technical content of this press release have been reviewed and approved by Mr. Walter Hanych, P. Geo, consultant and Head Geologist, who is a Qualified Person under NI 43-101 regulations.
Quality Assurance and Quality Control
Signature Resources maintains an industry standard Quality Assurance / Quality Control (QA/QC) program at the Lingman Lake Project to ensure sampling and analysis of all exploration work is conducted in accordance with best practices. John Siriunas, P. Eng. is the independent Qualified Person under 43-101 who monitors and scrutinizes the results of the QA/QC program.
Assay results from SGS's Red Lake lab for gold and the Burnaby lab for gold and multi-element are directly e-mailed to three individuals: Dan Denbow, President and CEO of Signature Resources, Walter Hanych, P. Geo. consultant to the company, and John Siriunas, P. Eng. independent consultant to the company.
SGS a certified laboratory and also have internal quality control ("QC") programs that include insertion of reagent blanks, reference materials, and pulp duplicates. The Corporation inserts QC samples (blanks and reference materials) at regular intervals to monitor laboratory performance.
About Signature Resources Ltd.
The Lingman Lake gold property (the "Property") consists of 1,300 staked claims, four freehold fully patented claims and 14 mineral rights patented claims totaling approximately 24,761 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 28,000 metres of historical 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/).
To find out more about Signature, visit www.signatureresources.ca or contact:
Dan Denbow
Chief Executive Officer
416-840-6345
info@signatureresources.ca
or contact:
Renmark Financial Communications Inc.
John Boidman: jboidman@renmarkfinancial.com
Tel: (416) 644-2020 or (212) 812-7680
www.renmarkfinancial.com
Cautionary Notes
Neither the 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.
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, including COVID-19. 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/239965
SOURCE: Signature Resources Ltd.
