Signature’s Historic Gold Assays Reaffirmed; Should Result in a Significant Cost Savings and Expedite a Resource Estimate
TORONTO, March 02, 2017 (GLOBE NEWSWIRE) — Signature Resources Ltd. (TSXV:SGU) (OTCQB:SGGTF) (“Signature” or the “Company“) is pleased to announce that it has received the Quality Assurance – Quality Control report prepared by Caracle Creek International Consulting Ltd on the assay results of Signature’s 2016 re-sampling program. In her concluding opinion Dr. J. Selway, Ph.D. states; “In the Qualified Person’s opinion, the assay data is adequate for the purpose of verification of historic drill core assays and for future resource estimation calculations”.
“We are extremely pleased with the strong correlation from the sampling program and the expected savings that we will have thanks to its success. All of the historic assays, including those that were not resampled, for a total of 25,000 meters will be meshed with future core assays when working towards a defined resource. This allows us to direct future drill programs on expansion drilling versus twinning, resulting in significant savings”, commented Walter Hanych, President and CEO.
From the report. “A total of 450 core duplicate pairs were plotted of which 9 duplicate pairs were considered to be “failed” duplicates due to the significant difference between the two Au assays. The linear regression line through the passed duplicated has R2 = 0.940. The significant absolute pair difference is more likely due to gold nugget effect than analytical error, as the dissimilar pairs are high grade Au samples with > 2 g/t Au. The dissimilar pairs represent 2.0% of the core duplicate pairs which the QP considers to be an excellent correlation between the historic and 2016 Au assays”.
The complete report titled, “QA/QC Report for the Resampling of Historic Drill Core, Lingman Lake”, is available for viewing on the company’s website: www.signatureresources.ca.
The scientific and technical content of this press release has been prepared, reviewed and approved by Dr. J. Selway P.Geo. of Caracle Creek International Consulting Ltd. 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 twelve staked claims, comprising 606.8 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
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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.
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