Signature Resources Completes Initial Field Program, Commences 2024 Drill Program

Strategic Insights -

Signature Resources Ltd. has completed its initial field program, gaining a better understanding of structural controls at the Lingman Lake Gold Project. The 2024 drill program, which will cover 4,650 meters and involve 14 drillholes, aims to collect necessary data and deliver a maiden NI 43-101 resource by Spring 2025. With the completion of this foundational work, Dan Denbow assumes the role of President, CEO, and Director on a permanent basis.

Key Takeaways:

  • The initial field program collected 101 samples, which are currently being analyzed at SGS's Red Lake facilities.
  • The 2024 drill program will cover 4,650 meters and involve 14 drillholes in three separate periods, 30 days each.
  • The program is expected to be completed by fall 2024, with the geologic consultants completing their independent audit before winter weather sets in.
  • Watts Griffis & McOuat Ltd. will conduct the maiden NI 43-101 resource, with a delivery date anticipated for Spring 2025.
  • Dan Denbow assumes the role of President, CEO, and Director on a permanent basis, replacing his interim role from November 2022.
  • The company has completed a number of tasks outlined in its strategic review process, enhancing knowledge of the Lingman Lake prospect and designing an efficient drill program.
  • The Lingman Lake Gold Property consists of 1,300 staked claims, four freehold fully patented claims, and 14 mineral rights patented claims totaling approximately 24,761 hectares.
  • The property includes an underground substructure with a 126.5-meter shaft and three levels at 46 meters, 84 meters, and 122 meters depths.
  • Over 28,000 meters of historical drilling have been completed on the property, with four 500-pound bulk samples averaging 19 grams per tonne of gold.
  • A new 115-kV high-tension transmission line has been energized within 40 km of the historical Lingman Lake Mine.

Statistics:

  • The initial field program collected 101 samples.
  • The 2024 drill program will cover 4,650 meters.
  • The program will involve 14 drillholes in three separate periods, 30 days each.
  • The property consists of 1,300 staked claims and 14 mineral rights patented claims, totaling approximately 24,761 hectares.
  • Over 28,000 meters of historical drilling have been completed on the property.
  • Four 500-pound bulk samples averaged 19 grams per tonne of gold.
  • The geologic consultants will conduct an independent audit of the drill data before winter weather sets in.

Sources:

  • Signature Resources Ltd. press release, July 10, 2024.
  • Watts Griffis & McOuat Ltd. report, 2013.
  • Hanych, W., Racicot, F., 2013, Technical Report on the Lingman Lake Property, Lingman Lake Area, District of Kenora, Ontario, Canada. NI 43-101 report filed with SEDAR.
  • Ontario government website, November 2023.