Signature Resources Announces Commencement of 2024 Drilling Program and provides a Corporate Update
TSXV-SGU OTCQB-SGGTF FSE-3S30
401 BAY STREET , SUITE 2704, TORONTO, ONTARIO M5H 2Y4
www.signatureresources.ca
Signature Resources Announces Commencement of
2024 Drilling Program and provides a Corporate Update
Toronto, Ontario, July 10, 2024, Signature Resources Ltd. (TSXV: SGU, OTCQB: SGGTF, FSE:
3S30) ("Signature" or the "Company") is pleased to announce that it has completed its initial field
program and commenced its 2024 drill program. As a result of the field program, we now have a
better understanding of some of the structural controls including fold axis and plunge direction
that should assist during the current drilling campaign. During the field program, 101 samples
were collected and are currently being analyzed at SGS’s Red Lake facilities. The current drill
plan is designed for 14 drillholes covering 4,650 metres conducted in three separate periods, 30-
days each , with the intention of the program being completed in the fall of this year. It is
anticipated that we should be able to complete the collection of all necessary data and have the
geologic consultants complete their independent audit before winter weather sets in. Watts Griffis
& McOuat Ltd will then be able to begin their work on the maiden NI 43 -101 resource which we
would anticipate can be delivered in the Spring of 2025.
“This is another important step in our plan to deliver shareholder value and
demonstrate the potential of the Lingman Lake Project. We have already
delivered on several of our stated goals for 2024 including a successful field
program, updating our geologic model and raising the necessary funds for
this drill program that will allo ws us to complete our initial 43 -101. We
believe that with the completion of these projects and the improving regional
infrastructure, this northwestern Ontario asset will be proven to be a very
attractive project.”
- J. Dan Denbow, CFA – President, CEO and Director
Corporate Update
Dan Denbow assumed the role of interim CEO in November of 2022 as the Company initiated a
strategic review process. The Company successfully exited that process last year laying out a
clear set of activities that it believed would advance the Lingman Lake prospect and prove it is a
worthy project. Signature has successfully completed a number of those tasks that has greatly
enhanced our knowledge of Lingman Lake and has allowed us to design a very efficient drill
program that upon completion will create significant value for shareholders. With the completion
of this foundational work, the Company is pleased to announce that Mr. Denbow has accepted
the board’s offer to assume the role of President, CEO and Director of Signature Resources on a
permeant basis. With this change from an interim CEO role, Mr. Denbow is no-longer considered
an independent director and his role on the audit committee is being assumed by Matthew
Goodman.
“Under Dan’s stewardship, Signature has made great progress in laying out
the foundational work required prior to the next phase of growth. As a result,
TSXV-SGU OTCQB-SGGTF FSE-3S30
401 BAY STREET , SUITE 2704, TORONTO, ONTARIO M5H 2Y4
www.signatureresources.ca
we are pleased that Dan has accepted the position to become Signature’s
full-time President and CEO. The 2024 drill program and subsequent
resource should be pivotal in Signature’s evolution as we plan to
demonstrate the camp’s potential . I am also pleased that Matthew has
accepted the offer to join the Audit Committee of the Signature board. We
believe he will be a strong addition to the Committee providing insights and
independence.”
- Paolo Lostrito, P. Eng – Chairman of the Board
Qualified Person
The scientific and technical content of this press release has been, reviewed and approved by
Mr. Walter Hanych, P. Geo., who is a Qualified Person under NI 43-101 regulations.
About Signature
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 46-metres,
84-metres and 122-metres depths. 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 of 2023, the Ontario government energized a new 115kV high tension transmission
line within 40 km of the historical Lingman Lake Mine* (https://www.wataypower.ca/).
*Reference: Hanych, W., Racicot, F., 2013, Technical Report on the Lingman Lake Property,
Lingman Lake Area, District of Kenora, Ontario, Canada. NI 43 -101 report filed with SEDAR+
(www.sedarplus.ca/onlinehelp/)
To find out more about Signature, visit our website at www.signatureresources.ca, or contact:
Dan Denbow
Chief Executive Officer
416-840-6345
TSXV-SGU OTCQB-SGGTF FSE-3S30
401 BAY STREET , SUITE 2704, TORONTO, ONTARIO M5H 2Y4
www.signatureresources.ca
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 as surance 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 e xpressed 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 estim ation 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 di ffer 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 inabil ity 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, in ability 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 docu ments
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.