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Signature Resources Provides Update on 2024 Drilling Program and Assay Results for Lingman Lake Gold Deposit

Nov 4, 2024


Signature Resources Ltd. has announced an update on its 2024 drill program, releasing assay results for the first three diamond drill holes. Early results reveal a broader halo of near-surface mineralization than previously detected. Notably, drill hole LM 24-02 returned 1.84 grams per tonne gold (g/t Au) over 12 metres (m), while LM 24-03 yielded 1.23 g/t Au over 28 m. Signature has completed 12 of the planned 14 drill holes and anticipates wrapping up the program in early November. With drilling nearly complete, the company remains on target to deliver its maiden NI 43-101 resource estimate in early spring 2025. This independent assessment is being conducted by Watts, Griffis and McQuat Limited (WGM).

 

The 2024 drill program, comprising 14 diamond drill holes totaling approximately 4,650 metres, was meticulously crafted to enhance understanding of the Lingman Lake gold deposit. It aims to address data gaps and test new targets identified in an updated geologic model completed earlier this year. The program includes comprehensive core assaying along the entire length of each drill hole, capturing the full lithological gold distribution. This approach provides a more complete dataset on the mineralization both within and beyond the identified mineralized zones. All new drilling data and assay results will be integrated into the geological model, supporting the ongoing expansion and development of the Lingman Lake deposit.

 

“We are making substantial progress with our 2024 work program, and it’s exciting to see the new data as it continues to enrich our understanding of the Lingman Lake Project,” said J. Dan Denbow, CFA, President, CEO, and Director. “With drilling nearly completed and the assaying underway, we are well-positioned to deliver our maiden NI 43-101 resource in spring 2025. This milestone will mark a significant advancement in showcasing the potential of the Lingman Lake gold deposit. Recent results indicate a larger mineralized envelope around the North Zone than previous tests suggested, as historical drilling primarily focused on high-grade sections. We are eager to see how these new insights will shape our resource model in the coming months.”

 

Historically, the most concentrated drilling has occurred east of a diabase dyke, identifying four distinct mineralized zones: the 11650 Zone on the southern edge, moving northward through the South Zone, Central Zone, and North Zone. Of these, the North and South Zones have shown the most consistent mineralization, running close to the contact with a Quartz-Feldspar-Porphyry (QFP) intrusion. It remains uncertain whether the 11650 Zone operates independently or as a splay of the South Zone, as it appears to converge with the South Zone east of the dyke.

 

A surface view of the 2024 drill program, depicted in Figure 1, shows the new drill traces east of the diabase dike (marked in yellow) relative to historical drilling from 1987 to 2021. Signature’s interpretations of the gold zones (shaded in red) and the QFP body (shaded in yellow) are highlighted. Based on drill core observations and assay results, the gold zones are marked on the drill traces with colored rectangles, including the newly identified Leopard Zone, along with grade disks representing the assay results.

 

This strategic approach underscores Signature’s commitment to unlocking the full potential of the Lingman Lake gold deposit and providing stakeholders with a comprehensive understanding of its resources as the project advances toward its initial NI 43-101 resource milestone.



Tags: Northern Ontario / Exploration / Gold / All Articles