TORONTO, March 02, 2017 (GLOBE NEWSWIRE) -- Signature Resources Ltd. (TSXV:SGU) (OTCQB:SGGTF) ("Signature" or the "Company") is pleased to announce that it has received the Quality Assurance – Quality Control report prepared by Caracle Creek International Consulting Ltd on the assay results of Signature’s 2016 re-sampling program. In her concluding opinion Dr. J. Selway, Ph.D. states; “In the Qualified Person’s opinion, the assay data is adequate for the purpose of verification of historic drill core assays and for future resource estimation calculations”.
“We are extremely pleased with the strong correlation from the sampling program and the expected savings that we will have thanks to its success. All of the historic assays, including those that were not resampled, for a total of 25,000 meters will be meshed with future core assays when working towards a defined resource. This allows us to direct future drill programs on expansion drilling versus twinning, resulting in significant savings”, commented Walter Hanych, President and CEO.
From the report. “A total of 450 core duplicate pairs were plotted of which 9 duplicate pairs were considered to be “failed” duplicates due to the significant difference between the two Au assays. The linear regression line through the passed duplicated has R2 = 0.940. The significant absolute pair difference is more likely due to gold nugget effect than analytical error, as the dissimilar pairs are high grade Au samples with > 2 g/t Au. The dissimilar pairs represent 2.0% of the core duplicate pairs which the QP considers to be an excellent correlation between the historic and 2016 Au assays”.
The complete report titled, “QA/QC Report for the Resampling of Historic Drill Core, Lingman Lake”, is available for viewing on the company’s website: www.signatureresources.ca.
Qualified Persons
The scientific and technical content of this press release has been prepared, reviewed and approved by Dr. J. Selway P.Geo. of Caracle Creek International Consulting Ltd. who is a Qualified Person as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
About Signature
The Lingman Lake gold property consists of four free hold patented claims and the twelve staked claims, comprising 606.8 hectares. The property hosts an historic estimate of 234,684 oz of gold* (1,063,904 tonnes grading 6.86 g/t with 2.73 gpt cut-off) and includes what has historically been referred to as the Lingman Lake Gold Mine, an underground substructure consisting of a 126.5-meter shaft, and 3-levels at 46-meters, 84-meters and 122-meters depths.
*This historical resource estimate is based on prior data and reports obtained and prepared by previous operators, and information provided by governmental authorities. A Qualified Person has not done sufficient work to verify the classification of the mineral resource estimates in accordance with current CIM categories. The Company is not treating the historical estimate as a current NI 43-101-compliant mineral resource estimate. Establishing a current mineral resource estimate on the Lingman Lake deposit will require further evaluation, which the Company and its consultants intend to complete in due course. Additional information regarding historical resource estimates is available in the technical report entitled, “Technical Report on the Lingman Lake Property” dated December 20, 2013, prepared by Walter Hanych, P.Geo., and Frank Racicot, P.Geo., available on the Company’s SEDAR profile at www.sedar.com
