oronto, Ontario, January 7, 2019 – Signature Resources Ltd. (TSXV: SGU, OTCQB: SGGTF) (“Signature” or the “Company”) CEO, Walter Hanych has issued a letter to the shareholders of the Company.
Dear Signature Shareholders,
On behalf of management and personally, I would like to thank you for your years of support and loyalty. Over the past years, risk capital has largely ignored the resource sector and the funding of mineral exploration projects, regardless of their caliber. Signature is very fortunate that its message is being heard and has attracted investors that recognize the potential of Signature’s Lingman Lake gold project. Your support and encouragement have been more than appreciated and has reinforced our commitment to you to develop the Lingman Lake Gold project to a significant gold asset.
I would like to thank our team and acknowledge their success, under challenging market conditions, in raising the funds which has allowed us to advance the Lingman Lake project over the past 3 fiscal years, achieving some major milestones:
- 2016 – raised $1,066,338. Allowed the company to successfully complete a program of archived core evaluation. The program achieved a 94% correlation of duplicate core sampling comparing historical sample results to 2017 sampling. This high correlation allows the company to incorporate historical drill results into a current resource model.
- 2017 – raised $321,496. Allowed the company to complete a high resolution Matrix VLF-EM and Magnetic survey from which 18 high priority targets contained in two separate horizons were identified. The company also completed a major land acquisition by boots on the ground staking resulting in a significant increase in its land position.
- 2018 – raised $2,259,108. Allowed the company to successfully complete a 1,500 meter drill program and establish an all season exploration camp. The drill program successfully tested the known gold zones for grade and dimension, returning higher grades and in some cases wider dill intercepts. A program of map staking allowed the Company to increase its land position by 158 cells or 3,160 hectares, and through an acquisition agreement the company acquired 14 mineral rights patented claims west of the Lingman Lake mine adding another 275 hectares to its land position.
As we move forward into 2019, our primary focus will be drilling the West, North, Central and South zones, to expand the known gold zones sufficiently to commission a resource model. We are confident that future drilling will expand the historic resource estimate of 234,000 oz of gold by zone enhancement through grade improvement and zone definition. The secondary objective will on a regional scale; to put boots on the ground this summer and evaluate the gold potential of two horizons defined by geophysics, which contain 18 high priority targets.
Shareholders have expressed their concerns of a lack of information during the long intervals between programs, and although this may to lead to the perception that little is going on, the reality is far different. Every day we work diligently on project data construction, project planning, marketing and funding opportunities. Having said this, in 2019 we expect to be much more active in the field, so news flow should be more regular.
The Signature team is very confident that 2019 will be a year of continued advancement of the Lingman Lake gold project, and from the Signature team we wish all our shareholders, consultants and contractors a happy New Year of joy, health and prosperity.
The Lingman Lake gold property, located in northwestern Ontario in the Red Lake Mining District consists of four free-hold full patented claims, 14 mineral rights patented claims and 771 single-cell staked claims, comprising a total of approximately 15,774 hectares. The property hosts an historical estimate of 234,684 oz of gold* (1,063,904 tonnes grading 6.86 g Au/t at a 2.73 g Au/t 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 three levels of development at depths of 46 m (150 Level), 84 m (275 Level) and 122 m (400 Level).
*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 atwww.signatureresources.ca , or contact:
Chief Executive Officer
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This news 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 to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address 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. Risks, uncertainties and other factors involved with 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 in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or 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, other than as required by law.