Signature Resources Provides Update on 2024 Drill Program and Assay Results for First Three Holes Highlighted by 1.23 Grams per Tonne of Gold over 28 Metres Core Interval in the North Zone
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Signature Resources Provides Update on 2024 Drill Program and Assay Results
for First Three Holes Highlighted by 1.23 Grams per Tonne of Gold over 28 Metres
Core Interval in the North Zone
Toronto, Ontario, November 1, 2024, 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 the first three diamond drill holes. Drilling so far has been
highlighted by a larger halo of near surface mineralization that had previously not been tested for
as indicated by LM 24-02 which returned 1.84 grams per tonne gold (“g/t Au”) over 12 metres
(“m”) and LM 24-03 which returned 1.23 g/t Au over 28 m. The Company has completed 12 of
the planned 14 holes and anticipates completing the remainder in early November. With the 2024
drilling program nearing its completion the Company remains on track to deliver its initial NI 43-
101 resource in early Spring 2025. 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 consists of 14 DDH’s for a total of
approximately 4,650 metres 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 geological modelling to expand and build the Lingman Lake deposit. We
look forward to these results informing the resource modelling exercise currently underway.
We are making very good progress on our 2024 work programs. It is exciting
to see the new data coming in to continue building our knowledge of the
Lingman Lake Project. With drilling nearly finished and the completion of
the logging and assaying we remain well on track to deliver our goal of
tabling our maiden NI 43-101 resource in the Spring of 2025. This will be a
significant step in demonstrating the potential of the Lingman Lake gold
deposit. The merging of the zones and the associated encouraging assays
suggest a larger envelope of mineralization around the North Zone than what
was previously tested, as historical work was mainly focused on high grade
sections of the deposit. We look forward to the implications of this new
understanding once fully complied in the 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
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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 Quartz-Feldspar-
Porphyry (QFP) 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 dike (yellow drill traces)
relative to the historical drilling beginning in 1987 up to 2021. Signature’s interpretation of the
gold zones 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 highlighted on the drill traces in
colored rectangles including the newly observed Leopard Zone as well as grade disks
representing the assayed results.
Figure 1. Drilling East of Diabase Dike
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As a result of the Spring mapping program and on-going GIS data and drill compilation, the 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 d yke
array resulting in a more complex distribution of gold relative to the Central Zone.
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. This is reflected in DDH LM24-03 where the hole intersected the three zones
from 46.0 metres to 111.0 metres with only three metres between the South and Central Zone
and the Central and North Zone. We will gain more insight into this trend as we get results from
the additional five holes that have been completed east of the diabase dyke where there has been
lower drill density to date. 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 24-01 and LM 24-02
Historically, drill holes have been collared south of and drilled north to crosscut the strike of the
east-west zones nearly perpendicular. The first two holes of the 2024 program, LM 24-01 and
LM 24-02, were designed with an oblique orientation drilling from the southwest to the northeast
through the area with the highest drilling density , and near the original 1940s underground
workings, as recommended by WGM.
LM24-01 is the longest hole of our drilling program with a total length of 460 metres at a dip of -
50 degrees and an azimuth of 035 degrees. The hole intersected all four zones. In addition, it
was designed to test for mineralization north of a unit of glomeroporphyry (leopard rock - LR). In
the past, the LR was used as the footwall to the North Zone and drilling was terminated within a
few metres into it. The North Zone is in the mafic volcanics that are sandwiched between the
northern edge of the QFP and the LR package, which appears to be coincident with higher grade
mineralization. The length of LM 24-01 was also designed to test for mineralization north and
well into the LR and intersected a narrow quartz vein-silicified shear with gold mineralization, as
can be seen in Table 1: Assay Results.
LM 24-02 was drilled to a total length of 347 metres at a dip of -45 degrees and an azimuth of 035
degrees. The hole intersected mineralization in the Central and North Zones, as can be seen in
Table 1. It was not expected to cross the South Zone as it was collared north of the South Zone.
LM 24-03
The third DDH of the program, LM 24-03, was focused on confirmation of past drilling, using
hole 88-64 as a twin hole in order provide higher confidence to the 1980s drill results for the
resource model. Due to the forest fire in 2021, which swept through the outer margins of the
camp, core racks housing the historical and 2018 drilling were destroyed. Therefore, this hole
was critical to establish a relationship between the 1988 results and current results. The hole
was drilled to a total length of 152 metres and sampled for its entire length with one metre
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sample lengths, while 88-64 was originally selectively sampled. A complete comparison of the
results of the twinning of this hole is pending, and although some of the assay results from 88-
64 are higher, in general, grades and lithology mimic each other.
There are several completed holes with results pending that will be providing additional data on
the theory of convergence of the main zones to the east.
Table 1: Assay Results
LINGMAN LAKE PROJECT
Observed Zone From m To m Width Au result
DRILL HOLE LM24-01
11650 ZONE AVG 40 43 3m AVG 0.90 g/t
Includes 40 41 Grading 2.14 g/t
SOUTH ZONE AVG 106 109 3m AVG 2.66 g/t
Includes 106 107 Grading 5.71 g/t
CENTRAL
ZONE AVG 234 241 7 m AVG 1.35 g/t
Includes 235 236 Grading 2.77 g/t
237 238 Grading 4.01 g/t
NORTH
ZONE AVG 320 326 6 m AVG 3.06 g/t
Includes 321 322 Grading 7.23 g/t
322 323 Grading 9.90 g/t
LEOPARD ZONE AVG 421 423 2 m AVG 2.68 g/t
Includes 422 423 Grading 4.73 gpt
DRILL HOLE LM24-02
CENTRAL ZONE
ZONE AVG 13 23 12 m AVG 1.84g/t
Includes 14 15 Grading 3.54 g/t
15 16 Grading 2.29 g/t
21 22 Grading 5.23 g/t
22 23 Grading 6.77 g/t
NORTH ZONE AVG 137 143 7 m AVG 0.24 g/t
LEOPARD ZONE AVG 200 204 4 m AVG 0.30 g/t
DRILL HOLE LM24-03
SOUTH ZONE AVG 48 52 4 m AVG 0.27 g/t
CENTRAL
ZONE AVG 58 79 21 m AVG 0.49 g/t
Includes 68 69 Grading 1.50 g/t
71 72 Grading 1.40 g/t
73 74 Grading 1.48 g/t
77 78 Grading 2.10 g/t
NORTH
ZONE AVG 83 111 28 m AVG 1.23 g/t
Includes 87 88 Grading 1.02 g/t
88 89 Grading 1.68 g/t
89 90 Grading 1.40 g/t
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92 93 Grading 4.80 g/t
93 94 Grading 4.47 g/t
94 95 Grading 5.99 g/t
99 100 Grading 1.24 g/t
104 105 Grading 1.10 g/t
105 106 Grading 2.12 g/t
108 109 Grading 3.26 g/t
109 110 Grading 2.04 g/t
Notes to Table:
Reported widths are drill intercepts (core lengths).
Computer modelling of the zones for true widths is pending.
LM24-01 was drilled at azimuth 035 degrees, dip -50 degrees.
LM24-02 was drilled at azimuth 035 degrees, dip -45 degrees.
LM24-03 was drilled at azimuth 360 degrees, dip -45 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.
Option Grant
The Board of Directors has granted a combined total of 2,750,000 incentive stock options to the
Board, Management and Advisors of the Company. The options have an exercise price of
$0.05 and expire five years from the grant date. The options vest 25% immediately and 25%
annually thereafter until the third anniversary.
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 multi-element are
directly e-mailed to three individuals: Dan Denbow, President and CEO of Signature Resources,
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Walter Hanych, P. Geo. consultant to the company, and John Siriunas, P. Eng. independent
consultant to the company.
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]
Te l : ( 4 1 6 ) 6 4 4-2020 or (212) 812-7680
www.renmarkfinancial.com
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This news release contains forward-looking statements which are not statements of historical fact. Forward -looking
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prospects and opportunities to differ materially from those e xpressed or implied by such forward-looking information.
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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
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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.