Signature Resources Announces Acceleration of an Initial NI 43-101 Resource Estimate
Signature Resources Announces Acceleration
of an Initial NI 43-101 Resource Estimate
Toronto, Ontario--(Newsfile Corp. - February 9, 2022) - Signature Resources Ltd. (TSXV: SGU)
(OTCQB: SGGTF) (FSE: 3S3) ("Signature" or the "Company") is pleased to announce the acceleration
of an initial NI 43-101 resource estimate at its 100%-owned Lingman Lake Gold Project ("Lingman
Lake") in Ontario, Canada. The acceleration results from new evaluation work completed in January
2022, on all exploration data, including historic data compilation completed throughout 2021.
During 2021, Signature embarked on and completed extensive exploration data gathering and historical
data compilation of Lingman Lake. This work prompted the Company to conduct a re-evaluation in
January 2022, of all exploration data, with a fresh perspective. This re-evaluation led to
the decision to
accelerate our plans to commission an initial NI 43-101 resource estimate ("43-101") for Q2/22.
The planned 43-101 will provide Signature with several key insights to position the Company's 2022
exploration strategy, including:
Establishing a modern NI 43-101 compliant resource that is more representative of the existing
mineralization;
Providing a better understanding of the associated local geology and geologic controls of the
mineralization; and
Positioning the team to be able to continue to unlock and extend the pending initial resource with
improved geological guidance for drilling as testing and developing new drill targets at Lingman
Lake
(see Figure 2).
"2021 was a tremendously valuable year for Signature in positioning for further success and I
commend the entire team. Throughout last year, Signature established and commenced exploration
diamond drill operations in parallel with completing new geophysical surveys and bringing historical
data into modern formats. Kicking things off in 2022, the data compilation from 2021 has now
provided the essential components to evaluate the entire data set objectively. This key evaluation is
now revealing the potential scale of the known mineralization and initiating a complete review of what
has been discovered to date at Lingman
Lake."
-Robert Vallis, President, CEO, and Director
"I am extremely pleased with the initial results from the work that the team has done under the
direction of Management at Signature , despite facing some unique challenges over the past 12
months. It is only because of the multidisciplinary expertise of our Management, Board of Directors
and Advisory group that we were able to navigate these challenges and lay the foundation for future
success. More importantly, this group has helped us understand the potential at both Lingman Lake
and the entire Greenstone belt of which we have majority control. It is especially important to recognize
the geological expertise that we have on our team at this critical stage of our Company's evolution."
-
Paolo Lostritto, Chairman and Director
Figure 1 - Lingman Lake Gold Project Regional Geophysical Survey and High-Priority
Exploration Targets
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/8296/113240_signat2.jpg
2022 Next Steps:
Signature is in the final stage of engaging a consulting firm to develop the initial 43-101 resource
estimate and is targeting completion and publication in Q2 2022. A summary of the 2022 planned and
budgeted exploration activities will promptly follow in Q2.
Figure 2 - Lingman Lake Gold Project Plan Map - 2022 - Focused Extension and New-Target
Drilling
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/8296/113240_signat4.jpg
About Signature
The Lingman Lake Gold Property consists of 1,434 staked claims, four freehold fully patented claims
and 14 mineral rights patented claims totaling approximately 27,113 hectares. The Property includes
what has historically been referred to as the Lingman Lake Gold Mine, an underground development
consisting of a 126.5-metre shaft, and 3-levels at 46-metres, 84-metres and 122-metres depths.
To find out more about Signature Resources Ltd., visit our website at
www.signatureresources.ca,
or
contact:
Donna McLean
Chief Financial Officer
416.417.8349
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/113240