Signature Resources releases 2024 field program and updates drill program
Signature Resources Ltd. (TSXV: SGU) (OTCQB: SGGTF) FSE: 3S30) ("Signature" or the "Company") is pleased to announce that it has received the results from channel samples collected during the recently completed field program. During the field activities, 101 samples were collected and have been analyzed at SGS's Red Lake facilities. The results include 16 groups of channel samples from the East Base Lake, North Zone, Central Zone, West Zone and the South Zones. Each sample is one meter in length and the average results are provided in the tables below. In addition, there were also 28 grab samples from around the Lingman Lake property with grades ranging from 0.011g/t to 6.784g/t. The map below (Figure 1: Lingman Lake Compilation) provides an overview of where the majority of the samples were taken on the property and includes prior grab samples from a 2016 program (red dots) for reference.
"Our work continues to fill in the picture of the Lingman Lake Property and was an important foundational step in helping us evaluate this area. While often viewed as mundane by the market it is critical in filling the data gaps to better understand the gold endowment of the mine area and on the regional potential. Our near-term goals are focused on delivering our initial NI 43-101 next year, but all this work is setting us up to rapidly follow that achievement with further exploration work to continue proving the potential of the Lingman Lake property. This program was conducted on a very small portion of the 32km wide greenstone belt that Signature controls. We have multiple areas identified across the Greenstone Belt that we believe have similar potential to the historical Lingman Lake mine location."
- J. Dan Denbow, CFA - President, CEO and Director
These field programs are typically overshadowed by the drilling activity but play a very important role in developing the knowledge and understanding of the property leading to better planning for future exploration activities. The Signature geology team has been working diligently to digitize all the historical data on the property and this work continues to identify areas near the historic Lingman Lake mine workings that warrant follow-up surface evaluation and present additional drill targets. This work is necessary to properly assess the property and its potential.
An example of the benefits of this work can be seen in the figure below (Figure 2: North Zone Samples) which shows the channel samples along the North Zone have identified mineralization that has not been previously drilled and represents a target area that can prospectively expand the known mineralization. The results of the North Zone channel samples can be seen in the table below (Table 1: NZ Channel Samples), including sample number 5 with an average gold grade of 1.95g/t over nine meters that was particularly interesting in the Monzonite-Feldspar Porphyry-Volcanic rock package where very good grades were observed. This area is just northwest of the historical Lingman Lake mine workings and 19 meters east of the dike.
Figure 2: North Zone Samples
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