Signature Resources Drilling Continues to Highlight a Larger Halo of Near Surface Gold Mineralization; Featured by 1.14g/t Gold over 54 Metres in the Central Zone
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Signature Resources Drilling Continues to Highlight a Larger Halo of Near Surface Gold
Mineralization; Featured by 1.14g/t Gold over 54 Metres in the Central Zone
Toronto, Ontario, January 10, 2025, Signature Resources Ltd. (TSXV: SGU, OTCQB: SGGTF, FSE:
3S30) ("Signature" or the "Company") is pleased to provide an update on its 2024 drill program and
provide assay results for diamond drill holes LM 24-04, LM 24 -05 and LM 24 -06. Drilling so far has
highlighted a larger hal o of near surface mineralization that not been fully tested prior to the 2024 drill
program. This was seen in LM 24 -06 which returned 1. 14 grams per tonne of gold (“g/t Au”) over 54
metres (“m”) which includes three higher grade sections with one meter intercepts of 9.97 g/t Au, 7.16 g/t
Au and 17.69 g/t Au. The Company is still waiting for assays from the remaining eight diamond drill holes
that are being processed by the labs.
The Company has completed its 2024 drilling program and all the necessary field work in November and
has delivered all the samples to the lab for assaying. The Company remains on track to deliver its initial
NI 43-101 resource in early Spring 2025. Before the camp was closed for the winter, the independent
geologists were able to complete all the necessary verification at the project site required for the resource
estimate. The resource estimate is being undertaken by the independent geologic consulting firm of
Watts, Griffis and McQuat Limited (WGM).
As previously announced, the Company’s 2024 drill program consist s of 14 DDH’s for a total of
approximately 4,650 metr es of drilling. The drilling program was carefully designed to improve our
knowledge of the Lingman Lake gold deposit, fill identified data gaps and test new targets identified in
our updated geologic model completed earlier this year. The drill program includes continuous core
assaying for the entire length of each hole, thereby providing total lithological gold distribution, giving us
a much more complete data package about the mineralization contained in and outside the mineralized
zones. All new drilling information and assays will be incorporated into the database to expand and build
the Lingman Lake deposit model. We look forward to these results informing the resource modelling
exercise currently underway.
We are very pleased to have completed our 2024 drill program and look forward to
receiving all the results of this work. It is exciting to see the new data coming in to
continue building our knowledge of the Lingman Lake Project. With the drilling and
field work completed we remain on track to deliver our initial NI 43-101 resource in
the Spring of 2025. This will be a significant step in putting in a floor valuation and
demonstrating the potential of the Lingman Lake gold deposit. We look forward to
the implications of this new understanding once fully compiled this spring.”
- J. Dan Denbow, CFA – President, CEO and Director
The largest concentration of historical drilling has been conducted east of a diabase dyke and has
identified four zones of mineralization beginning with the 11650 Zone on the southern edge moving north
to the South Zone, Central Zone and North Zone. The North and South Zones have been the most
consistent with respect to mineralization running proximal to the Q uartz-Feldspar-Porphyry (QFP)
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intrusion contact. It is still undetermined if the 11650 Zone is an independent zone or a splay of the
South Zone as it begins to converge into the South Zone east from the diabase dyke.
Figure 1 is the surface view of the 2024 drill program east of the diabase dyke (yellow drill traces) relative
to the historical drilling beginning in 1987 up to 2021. Signature’s interpretation of the gold zones are
shown in the red shading and the QFP body in the yellow shading. Based on the observations from the
drill core and the assay results, the gold zones are further highlighted on the drill traces in colored
rectangles including the newly observed Leopard and Contact Zones as well as grade disks representing
the assayed results.
Figure 1. Drilling East of Diabase Dyke
As a result of the Spring mapping program and on- going GIS data and drill compilation, t he QFP has
been interpreted to be an intrusion that bifurcates going from east to west forming a north and south arm.
The intervening area between the two arms displays a more fragmented dyke array resulting in a more
complex distribution of gold relative to the Central Zone.
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As the QFP narrows going eastward, the North, South and Central zones converge in the vicinity of DDH
LM24-03. This convergence is important in that, as the zones merge, they form a wider mineralized area
which is attractive in a bulk mining scenario. We still are awaiting results on LM 24-07 and LM 24-08 that
were drilled at an oblique southeast angle on the east side of the diabase dyke. The final six holes of the
program are on the west side of the diabase dyke . Two are testing the possible extension of the South
Zone and the other four in the area of Shoe Lake where there is also lower density of drilling. These are
targeting the west extension of the West Zone.
LM 24-04
DDH LM 24-04 was drilled at slight northeast path at a 25 degree azimuth reaching total depth of 400 m
terminating in the granite rock package. It has been assumed but never confirmed that the deposit did
not continue into the granite. The granite had not been previously assayed and as part of our full hole
assaying work we have a better understanding of the interaction of the granite rock package within the
deposit and can limit our drilling once it is encountered. LM24-04 had mineralized intersections in the
three main identified zones, S outh, Central and North. It also showed mineralization in two new areas
identified in the 2024 program, the Leopard and Contact zones. The South zone had the highest grading
one metre intercept of 6.96 g/t Au with the total zone having mineralization over 9 m grading 0.95 g/t Au.
See Table 1: Assay Results for further highlights of the drilling program.
LM 24-05
The fifth DDH of the program, LM 24-05, is the most eastern hole of the 2024 drill program and drilled
to a total depth of 359 m. It intersected the North zone at a drilling depth of 295 and continued for over
3 m. While the returned values in the assay were lower grade it is leading us to reconsider the
interpretation of the North and Central zones in this area as the hanging walls and footwalls appear to
be merging. We know from past modeling the Central zone is present based on data from DDH 89-03.
In future drill programs this hole warrants additional work, either extending the existing hole another
100 m into the Central zone or to twin the hole extending it into the Central and possibly the South
zone. The orientation of drilling North to South is downdip of the structure and extends the necessary
length to intersect all zones within the deposit.
LM 24-06
The sixth DDH of the program, LM 24-06, was drilled to the northeast at a 20 degree azimuth for 400
m. The South and Central zones showed broad areas of mineralization of 50 and 54 m. The south
zone was segmented into three distinct area of 18 m of 0.65 g/t Au, 15 m of 0.44 g/t Au and 17 m of
0.23 g/t Au. The central zone mineralization was over 54 m grading 1.14 g/t Au and contained three
higher grade segments with intercepts of 9.97 g/t Au 7.16 g/t Au and 17.69 g/t Au over 1 meter each.
The North zone was also present with only one mineralized intercept of 1 m grading 9.21 g/t Au.
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Table 1: Assay Results
From m To m W idth
DRILL HOLE LM24-04
ZONE AVG 37 46 9 m
Includes 38 39
ZONE AVG 96 98 2 m
ZONE AVG 126 137 7 m
ZONE AVG 243 245 2 m
ZONE AVG 271 274 3 m
DRILL HOLE LM24-05
ZONE 62 63 1 m Grading 0.27 g/t
ZONE AVG 188 190 2 m AVG 0.12 g/t
ZONE AVG 295 298 3 m
DRILL HOLE LM24-06
ZONE AVG 27 45 18 m
I
ncludes 27 28 Grading 1.03 g/t
28 29
29 30
37 38
38 39
ZONE AVG 69 84 15 m
Includes 70 71 Grading 3.26 g/t
83 84 Grading 1.86 g/t
ZONE AVG 94 111 17 m
ZONE AVG 157 211 54 m
Includes 158 159
175 176
179 180 Grading 1.16 g/t
180 181 Grading 1.46 g/t
185 186 Grading 2.15 g/t
186 187 Grading 9.97 g/t
187 188 Grading 7.16 g/t
196 197 Grading 1.90 g/t
203 204 Grading 1.19 g/t
204 205 Grading 2.00 g/t
208 209
209 210
ZONE 245 246 1 m
ZONE AVG 324 326 2 m
Includes 89 90
ZONE AVG 359 362 3 m
Includes 360 361
Grading 9.21 g/t
Grading 0.20 g/t
Grading 1.40 g/t
Grading 1.02 g/t
Grading 2.16 g/t
NORTH
LEOPARD
CONTACT
Grading 1.06 g/t
Grading 1.42 g/t
AVG 0.23 g/t
AVG 0.44 g/t
CENTRAL
SOUTH-A
SOUTH-AB
AVG 1.14 g/t
Grading 1.54 g/t
Grading 2.06 g/t
Grading 4.26 g/t
Grading 17.69 g/t
SOUTH-B
AVG 0.16g/t NORTH ZONE-B
Grading 2.83 g/t
Grading 1.51 g/t
AVG 0.65 g/t
LINGMAN LAKE PROJECT
Observed Zone Au result
AVG 0.95 g/t
Grading 6.96 g/tSOUTH
LEOPARD
CONTACT
AVG 0.17 g/t
AVG 0.07 g/t
CENTRAL
NORTH
AVG 0.16 g/t
LEOPARD
CONTACT
AVG 0.23 g/t
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Notes to Table:
Reported widths are drill intercepts (core lengths).
Computer modelling of the zones for true widths is pending.
LM24-04 was drilled at azimuth 025 degrees, dip -55 degrees.
LM24-05 was drilled at azimuth 180 degrees, dip -50 degrees.
LM24-06 was drilled at azimuth 020 degrees, dip -50 degrees
NORTH ZONE strikes at 093 degrees.
CENTRAL ZONE strikes at 087 degrees.
SOUTH ZONE strikes at 082 degrees
All zones dip steeply south 70-80 degrees.
With all the drilling completed and all the samples at the lab for analysis we would anticipate additional
results throughout January.
Related Party Loan
The Company also announces that it has entered into a loan agreement with a related party to provide
interim funding for general corporate activities.
The C$200,000 loan, dated January 2, 2025, matures on April 30, 2025, and is intended to support
ongoing operations as the Company awaits additional assay results from its 2024 drilling program.
Notably, the loan is provided on a no-cost basis to the Company, with no interest, finder's fees, or
bonuses payable to the lender.
The Company anticipates repaying the loan through future equity financings. The company confirms
that the loan agreement meets the exemption requirements and complies with TSXV Policy 5.9 and MI
61-101. The transaction remains subject to the approval of the TSX Venture Exchange.
.
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.
Quality Assurance and Quality Control
Signature Resources maintains an industry standard Quality Assurance / Quality Control (QA/QC)
program at the Lingman Lake Project to ensure sampling and analysis of all exploration work is
conducted in accordance with best practices. John Siriunas, P. Eng. is the independent Qualified
Person under 43-101 who monitors and scrutinizes the results of the QA/QC program.
Assay results from SGS’s Red Lake lab for gold and the Burnaby lab for gold and multi-element are
directly e-mailed to three individuals: Dan Denbow, President and CEO of Signature Resources, Walter
Hanych, P. Geo. consultant to the company, and John Siriunas, P. Eng. independent consultant to the
company.
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SGS a certified laboratory and also have internal quality control (“QC”) programs that include insertion
of reagent blanks, reference materials, and pulp duplicates. The Corporation inserts QC samples
(blanks and reference materials) at regular intervals to monitor laboratory performance.
About Signature Resources Ltd.
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 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
or contact :
Renmark Financial Communications Inc.
John Boidman: [email protected]
Tel: (416) 644-2020 or (212) 812-7680
www.renmarkfinancial.com
Cautionary Notes
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Ven ture
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 uncertain ties.
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 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 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 differ materially from such forward -
looking information include, but are not limited to changes in general economic and financial market conditions, failure to i dentify
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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 accommodat e 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 e xploration 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 o bligation 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.