Fishing resources

Signature Resources Identifies Eight New Regional Gold Exploration Targets From Completed Airborne Survey


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Toronto, Ontario – (Newsfile Corp. – November 30, 2021) – Signature Resources Ltd. (TSXV: SGU) (OTCQB: SGGTF) (FSE 3S3) (“Signature” or the “Company”) is pleased to announce the interpretation of the recently completed VLF airborne magnetic survey. Work to date from the 2021 survey has produced eight new gold exploration targets of high interest, resulting in a total of 15 regional exploration targets (when combined with targets identified from of the 2018 airborne survey – See Figure-1).

Strong points

  • In total, 15 regional exploration targets of high interest identified

  • The merged magnetic surveys of 2018 and 2021 allow a more complete contextual regional targeting

  • Magnetic data from completed survey work reveals that the Lingman greenstone belts have undergone several periods of folds and faults producing favorable environments for gold deposition, now including the margins of the sedimentary basin.

“Signature’s regional exploration program continues to produce exciting results and increase the potential for additional gold discoveries in our vast land complex. The rich geological structure of the Lingman greenstone belt reveals several areas of great interest for gold deposit. The ranking of targets for prioritization is currently underway and will result in the selection of our three main regional exploration targets to begin the ground survey for the next stage this winter. 10,000 meters at the Lingman Lake gold project designed to widen the known envelope of gold mineralization is expected in the coming weeks. ”

Robert Vallis – President, CEO and Director

Advances in regional exploration

Initial targeting brings the target total to 15 anomalous areas (A to O – Figure 1) based on the reconstructed total field maps and the first magnetic derivative. The target zones for the selection of gold mineralization are based on:

A ranking of priority targets is currently carried out on the targets identified by the airborne very low frequency electromagnetic data (VLF-EM) obtained during the 2018 and 2021 surveys carried out. Winter monitoring in the first quarter of 2022 of the three main targets by ground geophysics, including magnetic and electromagnetic surveys, is planned. Winter permit applications for the three main targets for summer drill testing will follow the finalization of priority targets.

Figure 1. Airborne Very Low Frequency (VLF-EM) electromagnetic data obtained in 2018 and 2021

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Qualified person

The scientific and technical content of this press release has been prepared, reviewed and approved by Mr. Walter Hanych, P. Geo., Who is a Qualified Person under NI 43-101 and is a director of the Company.

About the signature

The Lingman Lake gold property consists of 1,434 staked claims, four fully patented freehold claims and 14 patented mineral rights claims totaling approximately 27,113 hectares. The property contains a historical estimate of 234,684 oz of gold * (1,063,904 tonnes grading 6.86 grams per tonne (“g / t”) of gold using a cut-off grade of 2.73 g / t gold) and includes what has been historically called the Lingman Lake Gold Mine, an underground substructure consisting of a 126.5 meter shaft and 3 levels at depths of 46 meters, 84 meters and 122 meters.

* This historical resource estimate is based on previous data and reports obtained and prepared by previous operators, and on information provided by government authorities. A qualified person has not performed sufficient work to verify the classification of the mineral resource estimates according to the current CIM categories. The Company does not treat the historical estimate as a current estimate of mineral resources under NI 43-101. Establishing a current mineral resource estimate on the Lingman Lake deposit will require a more in-depth assessment, which the Company and its consultants intend to complete in due course. Additional information regarding historical resource estimates can be found in the technical report titled “Lingman Lake Gold Property Technical Report” dated January 31, 2020, prepared by John M. Siriunas, P.Eng. and Walter Hanych, P.Geo., available on the Company’s SEDAR profile at www.sedar.com

To learn more about Signature Resources Limited, visit our website at www.signatureresources.ca or contact:

Donna McLean
Financial director
416.417.8349
info@signatureresources.ca

Caution 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 press release.

This press 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 indicating that the company or management expects a condition or reported result to occur. Forward-looking statements may be identified by words such as “believes”, “anticipates”, “expects”, “estimates”, “could”, “could”, “could”, “will” or “will”. Because forward-looking statements are based on assumptions and deal with 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. The risks, uncertainties and other factors involved in 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 contained in this press release includes, without limitation, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, mineral resource estimate, mining exploration and development plans, when to start operations and estimates of market conditions and risks associated with infectious diseases, including COVID-19. Factors which could cause actual results to differ materially from this forward-looking information include, without limitation, changes in general economic and financial market conditions, inability to identify mineral resources, inability to converting estimated mineral resources into reserves, inability to complete a feasibility study that recommends a production decision, preliminary nature of metallurgical test results, delays in obtaining or failure to obtain government approvals, environmental or other project requirements, political risks, the inability to fulfill the duty to accommodate of First Nations and other Indigenous peoples, uncertainties relating to the availability and costs of necessary financing in the future, market variations stock market, inflation, exchange rate fluctuations, commodity price fluctuations estimates, delays in project development, varying capital and operating costs and other risks involved in mineral exploration and development of the investment industry and the risks set out in the documents the Company’s public filings on SEDAR. Although the Company believes that the assumptions and factors used in the preparation of forward-looking information in this press release are reasonable, one should not place undue reliance on such information, which only applies as of the date of this press release. press release, and no guarantees can be made as such events will occur within the timeframe disclosed or will not occur 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, except as required by law.

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