TORONTO, April 25, 2017 (GLOBE NEWSWIRE) —
Signature Resources Ltd. (TSX-V:SGU) (OTCQB:SGGTF) (“Signature” or the “Company“) wishes to provide more details on historic high gold grades from detailed underground samples of gold zones of up to 51.43gpt along 50.9m length by 1.56m width.
On-going research of historical data of the Lingman Lake deposit has uncovered grade and assay data which demonstrates that the Lingman Lake deposit hosts significant high grade gold zones. In 1948, bulk samples were extracted from the North zone 150 level and 275 level of the mine, along with supporting detailed face samples which yielded the following results.
|Sample||Level||Sample area||Original sample size||Final sample size||Au g/t face||Au g/t bulk|
|No. 1 bulk||150L – 1100 East drift||9.5m x 1.6m||1,361 kg||227 kg||15.1||18.7|
|No. 2 bulk||150L – 1100 West drift||16.2m x 2.3m||1,814 kg||227 kg||18.5||22.1|
|No. 3 bulk||275L – 2100 East drift||9.5m x 1.0m||566 kg||227 kg||9.6||9.5|
|No. 4 bulk||Composite of 1, 2 and 3||227 kg||19|
Source: Report to Shareholders; November 12, 1947, by J.A. Reid, Consulting Mining Engineer.
A raise (an upward driven tunnel from a lower level to a higher level) driven in the North zone from the 275 level to the 150 level produced the following results.
|Raise 2102||Vertical distance||Gold grade of average
of face samples assays
|Weighted average of raise
samples over 30.5m vertical
|275L to 16.8m above||16.8m||33.9||28.51|
|16.8m above to 150L||13.7m||21.9|
Raise dimensions at 1.5m x1.5m.
Source: Report to Shareholders; October 1, 1948, by M.G. Smerchanski
Further, an underground level plan illustrating the gold zones as defined by drifting shows the following results.
|NORTH||150||1101E||“A”East Portion (North zone B)||east of x-cut||45.70||1.31||11.31|
|NORTH||150||1101W||“B” West Portion (North zone B)||west of x-cut||41.20||1.74||15.43|
|NORTH||275||2101E||“A” East portion (North Zone B)||depth extension of “A” from 150L||16.70||1.83||41.83|
|NORTH||275||2101E||“A East portion (North Zone B)||depth extension of “A” from 150L east of above||19.81||1.52||15.77|
|NORTH||275||2101W||“B” West Portion (North zone B)||west of main x-cut||22.86||1.37||13.37|
|NORTH||400||4100E||“A” East portion (North Zone B)||84m east of main x-cut||50.90||1.56||51.43|
|CENTRAL||275||2100E||footwall (Central zone B)||east of main x-cut||81.60||0.73||10.97|
|CENTRAL||275||2100E||hangingwall (Central zone A)||east of main x-cut||30.50||1.25||11.31|
|CENTRAL||400||4100 E and W||footwall (Central zone B)||south of shaft, east-west of main cross cut||36.60||1.00||13.03|
|CENTRAL||400||4100W||hangingwall (Central zone A)||west of main x-cut||39.01||1.71||12.00|
|SOUTH||275||2099||footwall (South zone B)||west of main x-cut||20.30||8.70||13.02|
Source: “Composite assay plan of underground levels, Lingman Lake Gold Mines Ltd. November 1948”.
“This historical information is an indication that high grade zones were outlined in the past. We are excited to continue the exploration of these high grade gold zones as part of the next stage of exploration,” commented Walter Hanych, President and CEO of Signature Resources.
The historical information – data contained in this press release has been verified to the extent that the sources of information stem from reliable reports and plan maps generated in the period 1946-1948 when Lingman Lake Gold Mines was developing the deposit. Actual assay certificates and individual assay intervals that comprise composite assay information are not available for verification. By the very nature that this data is from underground sampling conducted in the period 1946-1948, and access to the underground is not possible this information cannot be independently verified.
The scientific and technical content of this press release has been prepared, reviewed and approved by Walter Hanych P.Geo. and President-CEO of Signature Resources who is a Qualified Person as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
The Lingman Lake gold property consists of four free hold patented claims and the 50 staked claims, totalling 9,896.8 hectares. The property hosts an historic estimate of 234,684 oz of gold* (1,063,904 tonnes grading 6.86 g/t with 2.73 gpt 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 3-levels at 46-meters, 84-meters and 122-meters depths.
*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
To find out more about Signature Resources Limited, visit our website at www.signatureresources.ca, or contact:
Chief Executive Officer
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.
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. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to 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.
Powered by WPeMatico