Gadgetcollector
2 years ago
TSXV: SGU | OTCQB: SGGTF | FSE: 3S3
Signature Resources Expands Gold Mineralization With Ongoing Initial Resource Estimation Development Work
Toronto, Ontario, August 30, 2022, Signature Resources Ltd. (TSXV: SGU, OTCQB: SGGTF, FSE: 3S3) ("Signature" or the "Company") is pleased to update progress on its NI 43-101 initial resource estimation effort for our 100%-owned Lingman Lake Gold Project in northern Ontario, Canada.
Initial resource enhancement. Further to the previously issued update, over the course of working with Wood Canada Limited (“Wood”), and Watts, Griffis, and McQuat Limited (“WGM”), the Company had identified a low-cost opportunity to capture additional data to increase the quantity and quality of the geologic knowledge of the deposit underpinning the development of an initial resource estimate via an enhanced sampling and assay program.
New gold zones identified. As a result, the Company embarked on a campaign of the additional sampling and assaying of a limited number of drill holes between the existing high-grade gold shear zones (“Intra-Zone”). Out of 30 holes sampled, 7 holes have newly identified low-grade mineralization and a number of higher-grade shoots. Intercept widths ranged from 1.0 to 2.0 metres. (See Table 1). Sampling was over 1.0 metre intervals.
These newly sampled intervals collectively aimed to:
Identify gold mineralization between the previously identified zones where no assaying had been conducted historically (See Figure 1).
Collect and add new data to the geology database to aid and expand the geologic understanding and resource model.
Demonstrate the potential for an expanded initial resource estimate by identifying the presence of a broader mineralized, near-surface, gold system beyond the extents of the existing high-grade zones.
Improve the continuity of existing gold zones by filling gaps in the geologic database and resource model (See Figure 2).
“The work from Wood, WGM, and our team continues to significantly advance the understanding of the Lingman Lake project and the contained gold system. Initial intra-zone sampling results identifying a broader mineralized gold system from additional sampling between the previously identified zones is directionally positive for the mineralized volume, scale of potentially contained ounces, and quality of the developing initial resource estimate targeted for H2/2022. We are very pleased with these results as this new information underpins the ongoing development of a more robust gold system than previously understood.”
Robert Vallis, President, CEO, and Director
Expanding Mineralization within the Geological Footprint. Based on the results of the sampling program, the Company expects that, when incorporated into Wood’s ongoing initial resource modelling, the data will enhance the quantity and quality of the initial resource estimate. This additional knowledge gained from the sampling program will better inform future exploration work and points to the need for further sampling between areas of known mineralization. The Company has aligned its procedures with respect to assay and data collection with CIMVal standards and best practices.
Poised for Further Resource Expansion. In anticipation of future drilling at the Lingman Lake Project, the Company advanced the development of camp infrastructure during 2021. Much of the work done during that period provides a degree of insulation from rising costs and supply issues in the exploration sector. Onsite exploration work, including drilling, can be started in a timely manner. The Company has two 100%-owned diamond drills onsite along with an initial inventory of drilling consumables to support up to 10,000 metres of drilling. As the current drill extents of the Lingman Lake Project are shallow averaging about 200 metres downhole, a follow up drill program could capture an opportunity to materially grow the resource.
Additional Sampling and Assaying 'between' the existing high-grade gold zones
Figure 1 - Additional Sampling and Assaying "between" the existing high-grade gold zones
Sample section demonstrating new low-grade intervals expanding gold mineralization and improving continuity
Figure 2 - Sample section demonstrating new low-grade intervals expanding gold mineralization and improving continuity
Selected sampling results between the existing gold zones
Table 1 - Selected sampling results between the existing gold zones
Insiders have recently exercised options in support of the Company’s continued efforts to add value to shareholders.
About Signature
The Lingman Lake Project 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 substructure 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:
Investor Relations
(416) 840-6345
info@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 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.
Signature Resources Ltd.
401 Bay Street?Suite 2704,
Toronto, ON M5H 2Y4
info@signatureresources.ca
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Macod
2 years ago
Signature Resources Ltd. Announces Results of 2022 Annual General & Special Meeting of Shareholders and Grant of Stock Options
TORONTO, May 27, 2022 Signature Resources Ltd. (TSXV: SGU, OTCQB: SGGTF, FSE 3S3) ("Signature" or the "Company") is pleased to announce the results of voting at its annual general and special meeting of the shareholders which was held May 26, 2022 (the “Meeting”). All matters submitted to the shareholders, as set out in the Company’s Notice of Meeting and Management Information Circular, were approved by the requisite majority of votes cast at the Meeting.
Election of Directors
Shareholders approved the election of the seven (7) Directors as set out below:
Paolo Lostritto
Robert Vallis
Stephen Timms
Lisa Davis
Dan Denbow
John Hayes
Priya Patil
Appointment of Auditors
McGovern Hurley LLP, Chartered Professional Accountants was appointed auditors of the Company for the ensuring year at the renumeration to be fixed by the Directors.
Approval of the Share Consolidation
Shareholders approved the consolidation of the common shares on the basis of one (1) new common share for up to five (5) old common shares. The Board may, in its sole discretion, determine not to proceed with the Consolidation without further approval or action by or prior notice to shareholders.
Approval of Incentive Stock Option Plan
Shareholders approved the Incentive Stock Option Plan as set out in the Company’s Management Information Circular.
Stock Options
The Company has also granted a combined total of 4,000,000 incentive stock options to the Board and Management of the Company. The options have an exercise price of $0.06, expire five years from the date of issuance, and vest 25% immediately, and 25% annually thereafter through to the third anniversary.
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 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 (177 drill holes) of historical drilling done on the Property.
To find out more about Signature Resources Ltd., visit our website at www.signatureresources.ca, or contact:
Donna McLean
Chief Financial Officer
416.642-1807 Ext. 307
info@signatureresources.ca
Gadgetcollector
2 years ago
TSXV: SGU | OTCQB: SGGTF | FSE: 3S3
Signature Resources Announces Closing Of Oversubscribed Private Placement And Engagement Of Wood Canada To Complete The Initial Mineral Resource Estimate For Q2/22
Toronto, Ontario, March 9, 2022, Signature Resources Ltd. (TSXV: SGU, OTCQB: SGGTF, FSE 3S3) ("Signature" or the "Company") is pleased to announce that due to strong demand, it has closed an over- subscribed non-brokered private placement (the “Offering”). Pursuant to the Offering previously announced in press releases on February 15 and 25, 2022, the Company has issued 19,692,335 non-flow- through shares (the “NFT Shares”) and 18,082,800 flow-through shares (the “FT Shares”) for aggregate gross proceeds of C$2,447,336.10. Each NFT Share was issued at a price of C$0.06 and each FT Share was issued at a price of C$0.07. The Company paid finder’s fees of C$8,261.40 and issued 137,690 finder warrants exercisable at C$0.10/share for a period of 12 months from closing. All securities issued in the Offering are subject to a statutory hold period ending July 10, 2022, and the Offering is subject to final acceptance of the TSX Venture Exchange.
“This financing is designed to allow the Company to complete an initial NI 43-101 mineral resource estimate for our 100%-owned Lingman Lake Gold Project. We are undertaking this effort to determine the potential scale of the currently drilled mineralization at Lingman Lake and provide further guidance for focusing our 2022 exploration work planned for later this year.”
Robert Vallis, President, CEO, and Director
The net proceeds from the Offering will be used for the mineral resource estimate and related deposit characterization, ongoing exploration data compilation and general corporate purposes.
Signature Resources Selects Wood Canada Limited (formally Amec):
Signature is also pleased to announce it has engaged the services of Wood Canada Limited (“Wood”), formerly Amec Foster Wheeler, to complete the previously announced initial NI 43-101 mineral resource estimate for the Lingman Lake Gold Project. Work has commenced with Wood and is expected to be completed late Q2 2022.
Management Long-Term Incentive Options:
As part of its commitment to a performance-based compensation plan, the Company has reserved for grant to certain senior management of the Company, 12,000,000 incentive stock options to acquire common shares in the capital of the Company at an exercise price of $0.08 and vesting over three (3) years (the "Options"). Granting of the Options will be subject to certain key performance indicators being met and an annual review by the Board of Directors of the Company. In addition, the grant of these Options is subject to compliance with the limitations under the Company’s Option Plan, which limits the number of options to 10% of the issued and outstanding shares of the Company.
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 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 (177 drill holes) of historical drilling done on the Property.
To find out more about Signature Resources Ltd., visit our website at www.signatureresources.ca, or contact:
Donna McLean
Chief Financial Officer
416.642-1807 Ext. 307
info@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 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 discla ims 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.
Signature Resources Ltd.
401 Bay Street—Suite 2704,
Toronto, ON M5H 2Y4
info@signatureresources.ca
Click here to unsubscribe from this list or email info@signatureresources.ca indicating you wish to be unsubscribed.
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