Signature Resources Ltd.
Signature Resources Increases Its Land Position to 90% of the Lingman Lake Greenstone Belt and Provides Update on Drilling and Assaying Status From 2021 Lingman Lake Drill Program
Toronto, Ontario, May 11, 2021. Signature Resources Ltd. (TSXV: SGU, OTCQB: SGGTF, FSE 3S3) ("Signature" or the "Company") is pleased to announce it has acquired an additional 45 claims (720 hectares) along the Southern contact of the Lingman Lake Greenstone Belt. The acquisition increases Signature’s land position to over 90% of the Lingman Lake Greenstone belt.
“With the addition of these 45 claims, Signature continues to enhance the huge district scale potential of its 100% owned Lingman Lake land package. Signature’s Lingman Lake property now encompasses over 90% of the entire Lingman Lake Greenstone Belt and the all-important Greenstone contact margin. We continue to look forward to commencing regional and targeted exploration programs to assess this vast potential in the Spring and Summer", - Walter Hanych – Head Geologist, Director
A map property showing the acquisition of the claims relative to the Company’s existing Lingman Lake property is presented below.
Terms of Acquisition
Pursuant to the terms of the asset purchase agreement to acquire the additional 45 claims (the “Agreement”), Signature shall pay the vendor $8,000 in cash and issue the vendor 200,000 common shares in the capital of the Company at a deemed issue price of $0.20 per common share. The Agreement remains subject to final approval by the TSX Venture Exchange.
Project Update
The previously announced 2021 drilling campaign being conducted at the Lingman Lake property is over 50% drilled and advancing towards completion rapidly. Signature has delivered its first two assay sample batches to the lab in April and is shipping a third early this week. These samples represent approximately the first 40% of the drilling targeting the first 200 metres of strike to the West of the diabase dike feature. Signature is excited about the data these results will provide with respect to significantly extending the scale of the known mineralization to the west. All the assay results from the first three batches of drilling are expected to be received mid to late this month.
A map property showing the 2021 drill campaign relative to the zones west of the dike is presented below.
About Signature
The Lingman Lake gold property consists of 1,434 staked claims, four free hold full patented claims and 14 mineral rights patented claims totaling approximately 27,113 hectares. The property hosts an historical 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.
Source: https://www.signatureresources.ca/news-media/news-releases/2021/signature-resources-increases-its-land-position-to-90-percent-of-the-lingman-lake-greenstone-belt-and-provides-update-on-drilling-and-assaying-status-from-2021-lingman-lake-drill-program
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