Toronto, Ontario--(Newsfile Corp. - February 18, 2025) - Signature Resources Ltd. (TSXV: SGU) (OTCQB: SGGTF) (FSE: 3S30) ("Signature" or the "Company") is pleased to provide the final assay results of its 2024 drill program which again highlighted a larger halo of near surface mineralization. The drill results from holes west of the north-south trending dyke which bisects the zones, extended the mineralization to the west and successfully tested areas of interest identified by Artificial Intelligence ("AI") interpolation in our geologic model. This was confirmed by intersections in the South Zone for diamond drill holes ("DDH") LM24-09 and LM24-10. Drill hole LM 24-09 returned 1.81 grams per tonne of gold ("g/t Au") over 51 metres ("m") which includes 14 m with an average grade of 3.6 g/t Au. Drill hole LM24-10 returned 34 m with an average grade of 1.8 g/t Au, including six metres with an average grade of 7.7 g/t Au. The Company is also announcing results from four drillholes further to the west that encountered mineralization in the West Zone and extended the zone westward with results from drill hole LM 24-14.
"I am very pleased that we have been able to complete all the assay work on our 2024 drill program and can say our work programs have successfully met our goals of defining a larger, near surface gold halo. The four drill holes designed to test the AI identified gaps in our database were successful. We have seen an extensive expansion of the mineralized gold halo on the property which is supportive of the shallow resource being tested. In addition, our knowledge of the control structures of the deposit has also improved. With all this work complete, we can now move forward with our initial NI 43-101 resource which is expected to be released this spring. This will be a significant step in demonstrating the potential of the Lingman Lake gold deposit which remains open in all directions. We look forward to gaining geological insights as the new information is compiled into the resource model. These new drill results continue to show potential to extend laterally and its exciting to consider that we have only drilled to a depth of 200 m where many NW Ontario deposits continue much deeper."
-J. Dan Denbow, CFA - President, CEO and Director
As previously announced, the Company's 2024 drill program consisted of 14 DDH's for a total of 4,736 metres of drilling. The drilling program was carefully designed to improve our knowledge of the Lingman Lake gold deposit, fill identified data gaps and test new targets identified in our updated geologic model completed earlier this year. The drill program included continuous core assaying for the entire length of each hole, thereby providing total lithological gold distribution, giving us a much more complete data package about the mineralization contained in and outside the mineralized zones.
Figure 1 is the surface view of all the drillholes completed in the 2024 drill program (yellow drill traces) relative to the historical drilling beginning in 1987 up to 2021. All new drilling information and assays are being incorporated into the database to expand and build the Lingman Lake deposit model. All the necessary field work and verification at the project site required for the resource estimate has been completed by the independent geologists and the data has been handed over for analysis for the resource statement and updating the geologic model. The resource estimate is being undertaken by the independent geologic consulting firm of Watts, Griffis and McQuat Limited (WGM). All of this new data will be used to generate a maiden NI 43-101 resource this spring. The resource is designed to provide a snapshot of the size and value of the Lingman Lake deposit as it remains open in all directions and represents a small percentage of the overall land package that stretches over 32 km strike length.
Figure 1: 2024 Drill Program
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Drilling results West of the Diabase Dyke
Figure 2 is the surface view of the drillholes west of the diabase dyke (yellow drill traces) relative to the historical drilling beginning in 1987 up to 2021. There were 6 DDH holes completed west of the dyke. Drill holes LM 24-09 and LM 24-10 were collared very near the diabase dyke and were designed to target an area identified with AI interpolation of the geologic model where additional drilling could successfully add to the model. Both of these holes were very successful in that they encountered a wide zone of mineralization extending the South Zone west of the dyke for 70 m. The remaining drillholes, LM 24-11, LM 24-12, LM 24-13 and LM 24-14 were drilled further to the west in the area of Shoe Lake and were targeting the western extension of the West Zone. All four holes encountered the West Zone and in addition three of the four zones also encountered a mineralized area that we believe could be part of the Central Zone. We are very pleased that these holes all encountered significant mineralization which correlate to strike extension of known zones.
Figure 2: Drilling West of Diabase Dyke
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LM 24-09
DDH LM 24-09 was collared at the margin of diabase dyke and drilled to the north at a 355 degree azimuth reaching total depth of 251 m. This hole had two distinct mineralized intersections in the South Zone of very good width. The first section was 35 m wide with an average grade of 2.25 g/t Au followed by 7 m of 1.93 g/t Au. These two sections were separated by 9 m. Combined, the South Zone intercept is 51 m with an average grade of 1.81 g/t Au. Within these broad mineralized sections there were a number of high- grade intercepts including 4 m with an average grade of 4.4 g/t Au and 6 m with an average grade of 5.34 g/t Au. This South zone mineralization was first intercepted at a drilling depth of 76 m. At 198 m depth hole intersected low grade mineralization of 0.42 g/t Au over 4 m, which is being interpreted to be the western extension of the Central Zone. While not significant from a grade perspective, it does indicate that a shear structure with sulphide mineralization is present where the Central Zone projects west of the dyke. See Table 1: Assay Results West of Diabase Dyke for further details of the drilling results.
LM 24-10
DDH LM 24-10 was drilled southwest at an azimuth of 225 degrees to a total drilling depth of 353 m. The results from this hole confirm the intercepts from LM 24-09 and increases the western strike extension from LM 24-09 by 35 m. Drill hole LM 24-10 intercepted 34 m with an average grade of 1.8 g/t Au. Within this mineralized intercept is a 21 m section with an average grade of 2.8 g/t Au which included one metre intercepts of 13.6 g/t Au, 8.1 g/t Au and 12.2 g/t Au which are part of a 6 m segment with an average grade of 7.7 g/t Au.
LM 24-11
LM 24-11 and LM 24-12 were drilled from the same setup to the southwest at an azimuth of 215 degrees just east of Shoe Lake. LM 24-11 was drilled at a dip of 65 degrees to a total drilling depth of 350 m. It is interpreted that the hole intercepted a lower grade section of the West Zone from 81 m to 88 m averaging 0.36 g/t Au. The zone was again intersected from 135 m to 153 m which averages 1.23 g/t Au over 18 m which includes a 1 m intercept grading 10.7 g/t Au. This hole intersected the West Zone about 50 m vertically below the intercept of LM 24-12.
LM 24-12
LM 24-12 was drilled at a dip of 45 degree for a total drilling depth of 302 m depth. The West zone was encountered at 53 m and is made up three distinct sections. The first section of 4 m averages 0.67 g/t Au, the second section of 3 m averages 0.65 g/t Au and the third section of 8 m averages 0.34 g/t Au ending at a drilling depth of 87m. In addition, LM 24-12 encountered another mineralized zone beginning at a drilling depth of 254m for a width of 10 m with an average grade of 0.36 g/t Au. Its correlation to known zones i.e. West Central, remains to be determined.
LM 24-13
LM 24-13 and LM 24-14 were collared 90 m west of Shoe Lake and drilled from the same setup at an azimuth of 35 degrees. LM 24-13 was drilled at a dip of 65 degrees to a total drilling depth of 350 m. The hole encountered mineralization from 17 m to 35 m, an 18 m intercept with an average grade of 0.39 g/t Au. It includes two 1 m sections of 2.6 g/t Au and 2.1 g/t Au. The hole intercepted the West Zone at 302 m returning a 4 m section with an average grade of 0.71 g/t Au. This West Zone intersection is about 100 m below the West Zone intersection of LM24-14.
LM 24-14
LM 24-14 was drilled at a dip of 45 degrees to a total drilling depth of 302 m and encountered similar lower grade near surface mineralization as LM 24-13. At 24 m depth 4 m returned an average grade of 0.48 g/t Au. The hole intercepted a section of mineralization interpreted to be the West Zone from of 166 m to 196 m. This 30 m interval returned an average grade of 0.37 g/t Au with a one metre intercept grading 6.85 g/t Au. LM24-13 and LM24-14 were essentially significant step out holes. The results from these holes not only establish the strike extension of the West zone, 180 m beyond its know extent, but also encountered an emerging zone tentatively being correlated as the West Central Zone from their near surface intersections of mineralized volcanics.
Table 1: Assay Results West of Dyke
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Table 1: Assay Results West of Dyke (continued)
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Notes to Table
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Now that all the lab work on the drilling assays has been completed, the data is being handed off to our independent consultants to complete their work on our initial NI 43-101. With the publication of the resource and the updating of our geologic model we will be in a position to design our work programs for 2025 that will be focused on improving the resource and extending our knowledge further of the Lingman Lake project. It is our plan to expand our field program in 2025, that will help to identify new areas that should be explored on our land package as well as follow up on the opportunities identified by the work completed this past year. With the completion of the new geologic model and our initial resource, we will design our 2025 program to fill any additional data gaps identified necessary to upgrade the resource and look to expand and extend the knowledge of the mineralization even further that will continue to grow our resource model. The company needs to gather further data on the potential depth of this deposit and the lateral extension of the identified zones offering great opportunities for Signature. There are many untested areas within our land package and remains open laterally and at depth. The 2024 drilling program only covered 1.5 kilometers of our 32 km wide greenstone belt and has only been drilled to a depth of 200 m.
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.
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SOURCE: Signature Resources Ltd.
