TORONTO, ONTARIO--(Marketwired - Oct. 20, 2016) - Signature Resources Ltd. (TSX VENTURE:SGU)(OTC PINK:SGGTF) ("Signature" or the "Company") is pleased to announce the completion of its field program of mapping, prospecting and outcrop sampling.
The results of the mapping/prospecting component of the program identified a new zone south of the most southerly (11650) known zone and geo-referenced the surface expression of the South, Central and North zones. During this process, the Company also located multiple other satellite showings. This information is important as it spatially establishes the location of the zones by hard co-ordinates relative to each other.
A number of rock samples (grab samples) collected during this program are pending analyses. "We are excited to have completed our first 'boots on the ground' program. We will now be able to construct a geo-referenced compilation map which is a critical component to the on-going exploration and development of the Lingam Lake deposit", commented Walter Hanych, President and CEO.
The Lingman Lake gold property consists of four free hold patented claims and the twelve staked claims, comprising 606.8 hectares. The property hosts an historic estimate of 234,684 oz of gold* 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.
*Cautionary Note. The quantity reported as 'historical' estimate is historic in nature: A qualified person has not done sufficient work to classify the historical estimate as a current resource estimate. The issuer is not treating the historical estimate as a current resource estimate
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although Management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such.