TORONTO, July 21, 2017 (GLOBE NEWSWIRE) -- Signature Resources Ltd. (TSX-V:SGU) (OTCQB:SGGTF) ("Signature" or the "Company") is pleased to announce that the company’s Lingman Lake property qualified under the provisions of the Junior Exploration Assistance program and has received the maximum allowed grant of $100,000. Signature Resources wishes to thank the Ontario Prospectors Association and Northern Ontario Heritage Fund Corporation, administrators of the program, for their support of the junior mineral exploration sector.
In addition, Signature Resources wishes to announce the extension of its previously-announced non-brokered private placement of non-flow-through units and flow-through units for aggregate gross proceeds of up to $1,500,000 (the “Offering”) until August 25, 2017. Additional details regarding the Offering can be found in the Company’s news release dated May 24, 2017.
This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. These securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States or to U.S. persons unless registered or exempt therefrom.
About Signature
The Lingman Lake gold property consists of four free hold patented claims and the 50 staked claims, totaling 9,896.8 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
To find out more about Signature Resources Limited, visit our website at www.signatureresources.ca
