TORONTO, Ontario, Nov. 08, 2017 (GLOBE NEWSWIRE) -- Signature Resources Ltd. (TSXV:SGU) (OTCQB:SGGTF) ("Signature" or the "Company") is pleased to announce that it has commissioned Teraquest Ltd. to undertake an airborne survey of its Lingman lake property. The survey which will cover the majority of Signature’s 9,9896.8 hectare property will comprise of the following components; high resolution aeromagnetics, digital matrix VLF-EM and pending snow conditions radiometrics.
“We are very excited about this survey and its implications to discovering new mineralized systems within the Lingman lake greenstone belt. Not only will the response signatures of the gold mineralized zones serve to provide a base-line for investigating the strike extension of these zones, well beyond their current footprint, they will also serve as a model for prioritizing high target areas outside the main Lingman lake gold zones,” commented Walter Hanych, President and CEO.
About Signature
Signature’s 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.
