TORONTO, August 23, 2021 (GLOBE NEWSWIRE) – Signature Resources Ltd. (TSXV: SGU, OTCQB: SGGTF, FSE 3S3) (“Signature” or the “Company”) is pleased to announce an update on all site activities, including geophysical data programs and preparation of Project site drilling conducted at its 100% owned Lingman Lake Gold Project (the “Project”) located in Northwestern Ontario.
- The planned 10,000 meter fall drill program is on schedule and will begin in mid-September despite a difficult summer.
- Delays in summer activities related to large forest fires and summer smoke in surrounding areas have eased and are no longer hampering site activities.
- The previously announced geophysical programs are progressing rapidly:
- Property-wide airborne LIDAR program completed
- Lingman 3D Induced Polarization (“IP”) data program is approximately 60% complete and is expected to be completed by mid-September (in time for drilling)
- A property-wide airborne geophysics program is underway and is expected to be completed in early September
- Historical information recently analyzed in the ongoing compilation of the Lingman Lake greenstone belt has generated a conceptual exploration model for the 40 mineral occurrences located at the western end of the belt.
Site expansion and improvements in support of the upcoming expanded drilling campaign continue to progress and are expected to be largely completed by the end of September.
“Signature has successfully advanced its project on all fronts throughout this summer despite some delays caused by forest fires in the region and I am proud of the entire Signature team for what they have been able to accomplish. . The project remains on target to begin drilling in mid-September.
– Robert Vallis – President, CEO and Director
The end of summer schedule is focused on completing various geophysical data collection programs at the site and region, as well as several camp expansion / improvement tasks to prepare for the next campaign of Expanded drilling planned.
Government restrictions on forest fires have now been lifted. July and early August saw project delays due to major forest fires and smoke from extreme and unprecedented drought conditions that hampered and threatened all western regions. and from northwestern Ontario to Manitoba, Saskatchewan and south into the northern United States. The Ministry of Northern Development, Mines, Natural Resources and Forests (“NMRMN”) put in place a resulting restriction on all logging / industrial logging operations and some mining exploration and development activities. ‘mining.
The NDMNRF restriction has delayed the company’s ongoing 3D IP data collection program. However, about 60% of the planned survey was completed before this restriction was imposed and this data was processed on the first pass principle, resulting in a preliminary interpretation of the dataset. This interpretation will be published in the coming weeks. Smoke in and around the regional property presented challenges and delays in the initiation and completion of the aforementioned regional airborne and ground geophysical activities of the project and site expansion. Access to the site was also difficult due to the regional air equipment detachment to support provincial firefighting operations and emergency evacuations in many communities in western Ontario and the is from Manitoba.
During the restriction period imposed by the NDMNRF, the Company successfully implemented several site risk mitigation measures, including:
- a large firewall around the entire perimeter of the project site
- installation of fire extinguishing systems in specific areas of the camp
- has set up existing site equipment / supplies in secure areas on site
- arrange for deliveries of new equipment / supplies off-site to secure locations
- insurance contracts have been increased for a greater scope of the project
With the reduction in forest fire delays and related challenges, the Company continues to responsibly and expeditiously progress all planned site and regional activities towards drilling by mid-September.
About the signature
The Lingman Lake gold property consists of 1,434 staked claims, four fully patented freehold claims and 14 patented mineral rights claims totaling approximately 27,113 hectares. The property contains a historical estimate of 234,684 oz of gold * (1,063,904 tonnes grading 6.86 g / t with a cutoff of 2.73 gpt) and includes what has been historically referred to as the gold mine Lingman Lake, an underground substructure consisting of a meter well and 3 levels at 46 meters, 84 meters and 122 meters deep.
* This historical resource estimate is based on previous data and reports obtained and prepared by previous operators, and on information provided by government authorities. A qualified person has not performed sufficient work to verify the classification of the mineral resource estimates according to the current CIM categories. The Company does not treat the historical estimate as a current estimate of mineral resources under NI 43-101. Establishing a current mineral resource estimate on the Lingman Lake deposit will require a more in-depth assessment, which the Company and its consultants intend to complete in due course. Additional information regarding historical resource estimates is available in the technical report titled “Lingman Lake Gold Property Technical Report” dated January 31, 2020, prepared by John M. Siriunas, P.Eng. and Walter Hanych, P.Geo., available on the Company’s SEDAR profile at www.sedar.com
To learn more about Signature Resources Limited, visit our website at www.signatureresources.ca or contact:
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This press release contains forward-looking statements which are not statements of historical fact. Forward-looking statements include estimates and statements that describe the future plans, objectives or goals of the Company, including words indicating that the Company or management expects a condition or reported result to occur. Forward-looking statements may be identified by words such as “believes”, “anticipates”, “expects”, “believes”, “may”, “could”, “would”, “will” or “will”. Because forward-looking statements are based on assumptions and deal with 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. The risks, uncertainties and other factors involved in 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 contained in this press release includes, without limitation, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, mineral resource estimate, mining exploration and development plans, when to start 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 this forward-looking information include, without limitation, changes in general economic and financial market conditions, inability to identify mineral resources, inability to converting estimated mineral resources into reserves, inability to complete a feasibility study that recommends a production decision, preliminary nature of metallurgical test results, delays in obtaining or failure to obtain government approvals, environmental or other requirements for the project, political risks, the inability to fulfill the duty to accommodate of First Nations and other Indigenous peoples, uncertainties relating to the availability and costs of necessary funding in the future, variations in stock markets, inflation, changes in exchange rates, fluctuations in the prices of raw materials, delays in project development, investment and operating costs varying widely in estimates and other risks involved in mineral exploration and development of the investment industry and the risks set forth in the Company public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in the preparation of forward-looking information in this press release are reasonable, one should not place undue reliance on such information, which only applies as of the date of this press release. press release, and no guarantees can be made as such events will occur within the timeframe disclosed or will not occur 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, except as required by law.