Signature Resources Announces Results from the May 2024 Field Program, Provides Update on 2024 Drilling Program
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Signature Resources Announces Results from the May 2024 Field Program,
Provides Update on 2024 Drilling Program
Toronto, Ontario, August 15, 2024, Signature Resources Ltd. (TSXV: SGU, OTCQB: SGGTF,
FSE: 3S30) ("Signature" or the "Company") is pleased to announce that it has received the results
from channel samples collected during the recently completed field program. During the field
activities, 101 samples were collected and have been analyzed at SGS’s Red Lake facilities. The
results include 16 groups of channel samples from the East Base Lake, North Zone, Central Zone,
West Zone and the South Zones. Each sample is one meter in length and the average results
are provided in the tables below. In addition, there were also 28 grab samples from around the
Lingman Lake property with grades ranging from 0.011g/t to 6.784g/t. The map below (Figure 1:
Lingman Lake Compilation) provides an overview of where the majority of the samples were taken
on the property and includes prior grab samples from a 2016 program (red dots) for reference.
Figure 1: Lingman Lake Compilation
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“Our work continues to fill in the picture of the Lingman Lake Property and
was an important foundational step in helping us evaluate this area. While
often viewed as mundane by the market it is critical in filling the data gaps
to better understand the gold endowment of the mine area and on the
regional potential. Our near-term goals are focused on delivering our initial
NI 43-101 next year, but all this work is setting us up to rapidly follow that
achievement with further exploration work to continue proving the potential
of the Lingman Lake property. This program was conducted on a very small
portion of the 32km wide greenstone belt that Signature controls. We have
multiple areas identified across the Greenstone Belt that we believe have
similar potential to the historical Lingman Lake mine location.”
- J. Dan Denbow, CFA – President, CEO and Director
These field programs are typically overshadowed by the drilling activity but play a very important
role in developing the knowledge and understanding of the property leading to better planning for
future exploration activities. The Signature geology team has been working diligently to digitize
all the historical data on the property and this work continues to identify areas near the historic
Lingman Lake mine workings that warrant follow-up surface evaluation and present additional drill
targets. This work is necessary to properly assess the property and its potential.
An example of the benefits of this work can be seen in the figure below (Figure 2: North Zone
Samples) which shows the channel samples along the North Zone have identified mineralization
that has not been previously drilled and represents a target area that can prospectively expand
the known mineralization. The results of the North Zone channel samples can be seen in the
table below (Table 1: NZ Channel Samples), including sample number 5 with an average gold
grade of 1.95g/t over nine meters that was particularly interesting in the Monzonite-Feldspar
Porphyry-Volcanic rock package where very good grades were observed. This area is just
northwest of the historical Lingman Lake mine workings and 19 meters east of the dike.
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Figure 2: North Zone Samples
Table 1: NZ Channel Samples
Channel Weighted Avg AU g/t Length (m) Max Au g/t/m Min Au g/t/m
North Zone 2 0.03 6 0.064 0.009
North Zone 3 0.61 13 1.891 0.03
North Zone 4 0.30 12 1.669 0.008
North Zone 5 1.95 9 11.516 0.009
North Zone 6 0.28 7 0.894 0.019
A highlighted area of the work completed in the South A and B zones is shown below (Figure 3:
South Zone Samples). These samples follow up on some very good grab samples from the 2016
program including the 125.28 g/t sample collected in the South Zone A area. The results from
the sampling along the South Zones can be seen below (Table 2: SZ Channel Samples).
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Figure 3: South Zone Samples
Table 2: SZ Channel Samples
Channel Weighted Avg AU g/t Length (m) Max Au g/t/m Min Au g/t/m
South Zone A 7 0.06 2 0.073 0.043
South Zone B 8 1.64 6.6 1.868 0.12
South Zone A 9 0.84 1.1
South Zone A 11 0.544 1.1
South Zone A 12 0.033 0.9
South Zone A 13 0.006 1.1
Ten of the 16 channel samples were collected around the previously identified South and North
zones as shown above but the team also undertook sampling (Table 3: Other Channel Samples)
from the East Base Lake area which is on the east side of the dike near a major east-west fault.
The Central Zone follows the same east-west mineralization roughly crossing through the
exploration camp with the channel samples taken just east of the camp. Interesting results were
obtained from the West Zone which is the western extension of the North Zone just across the
diabase dike and sampling from the 11650 Zone located south of the South Zone A.
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Table 3: Other Channel Samples
Channel Weighted Avg AU g/t Length (m) Max Au g/t/m Min Au g/t/m
East Base Lake 1 0.63 3.0 1.858 0.018
11650 - 10 2.903 0.9
West Zone 14 2.307 0.6
Central Zone 15 0.02 0.4
Central Zone 16 0.0133 0.4
While conducting the field program, in May of this year, the team also collected 28 grab samples
from various parts of the property near the historical Lingman Lake mine workings. As mentioned
above, the 11650 Zone is interesting in that it seems to follow the same east-west trend as the
other known zones and follows a fault through the property. It is uncertain if it is a distinct zone
or a splay of the South Zone A.
South Base Lake is on the west side of the dike and to the southwest of the main exploration
area, where heavily oxidized iron sulphides and sheared volcanics have been identified. It
provides another area of interest that warrants follow-up work.
The Contact Lake occurrence, located 2,000 meters northeast of the camp, is another area having
sulphide mineralization with gold in outcrop. The occurrence is just off the compilation map (Figure
1) and has very little work done on it but continues to build the database aiding our interpretation
of the regional geological features hosting gold mineralization in the Greenstone Belt. The Contact
Lake occurrence is believed to be within a formational feature expressed as a magnetic linear
that follows the all-important north granite-volcanic contact for an additional 5 kilometers.
Table 4: Grab Sample Results
Grab Sample Location AU PPM Grab Sample Location AU PPM
D00482001 South Zone A 0.378 D00482083 South Zone A* 0.006
D00482002 Central Zone 0.006 D00482084 Central Zone* 0.036
D00482003 Central Zone 0.367 D00482085 Central Zone* 0.141
D00482004 South Zone B 4.577 D00482089 South Base Lake* 1.068
D00482065 South Zone A 0.087 D00482091 South Base Lake* 0.352
D00482066 South Zone A 0.041 D00482092 South Base Lake* 0.058
D00482067 11650 1.102 D00482151 Contact Lake 0.103
D00482068 11650 0.042 D00482152 Contact Lake 1.145
D00482069 11650 0.426 D00482153 Contact Lake 0.057
D00482071 South Zone A 6.784 D00482154 Contact Lake 0.011
D00482072 South Zone A 0.156 D00482155 Contact Lake 0.015
D00482073 11650 1.039 D00482156 Contact Lake 0.011
D00482074 11650 0.054 D00482156 Contact Lake 0.114
D00482082 West Zone* 5.446 D00482156 Contact Lake 0.028
*West of the Diabase Dike
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2024 Drill Program Update
The 2024 drill program is advancing well with the completion of the first two holes, LM 24-01 and
LM 24-02, for a total of 810 meters at the end of July. We will be delivering samples to the SGS
laboratories throughout the program and we would expect to have some initial results in the next
few weeks. The drill crew is back in the field and has commenced the next 30-day drill program.
We remain on track to complete the planned drilling program in early November, and would expect
the geological team to complete their work by mid-November.
Qualified Person
The scientific and technical content of this press release have 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 2 4,761
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 depths of
46-metres, 84-metres and 122-metres. 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 2023, the Ontario government energized a new 115kV high tension transmission
line within 40 km of the historic Lingman Lake Mine (https://www.wataypower.ca/).
To find out more about Signature, visit www.signatureresources.ca or contact:
Dan Denbow
Chief Executive Officer
416-840-6345
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