Signet Minerals Inc.

Signet Minerals Inc.

October 24, 2005 08:30 ET

Signet Minerals Inc.: Exploration Update

COMOX, BRITISH COLUMBIA--(CCNMatthews - Oct. 24, 2005) - Signet Minerals Inc. (TSX VENTURE:SGN) updates activities on its projects. Signet closed a private placement for gross proceeds of $1,436,500 on October 11, 2005, and commenced trading on the TSX Venture Exchange on October 21, 2005. The Company has an excellent portfolio of mineral exploration projects and currently has active field programs on two of these. Signet is aggressively seeking high potential mineral projects for acquisition.

Golden Eagle Project - Gold & Silver

The Golden Eagle project (6,800 hectares) is located west of Atlin, British Columbia. Reconnaissance drilling has been completed on the Tannis, Camp and Skarn zones. This drilling utilized a light portable diamond drill and was helicopter supported. Further drilling is planned on the Carbonate, Plateau and Skarn zones. Only the drilling on the Carbonate zone will require helicopter support. Assays will be released once received, evaluated and checked.

The project offers excellent discovery potential for the discovery of large precious metal deposits including Pogo, Eskay Creek and Fort Knox-type deposits. For further information on the Golden Eagle Project, see the technical report dated February 28, 2005 filed on SEDAR on May 27, 2005 for Marksmen Resources Ltd., the predecessor of Signet.

Curie Project - Uranium

A reconnaissance prospecting and geophysical survey has been completed on the Curie project in the Yukon. As well, a program of claim staking is being undertaken. Results will be released once received, evaluated and checked.

This project is highly prospective for structural, unconformity and sediment hosted uranium mineralization. The property was last explored in the 1970's for sediment and unconformity hosted uranium mineralization. Uranium geochemical anomalies in soils were identified along with associated mineral occurrences containing brannerite, pitchblende and secondary uranium minerals. Assays ranged from 0.15% to 4.6% U308 (Yukon Minfile 106E31).

McClarty Lake Project - Copper, Zinc & Gold

A winter drill program is planned on the McClarty Lake project (596 hectares) which is located south-southwest of Snow Lake, Manitoba. Past drilling intersected chloritic and sericitic alteration, and semi massive pyrite similar to sulphide peripheral to volcanogenic massive sulphide deposits in the Snow Lake camp. The best intersection to date is 4.17 g/t gold and 8.48 g/t silver over 4.0 meters. A Time Domain EM (TEM) survey has indicated the presence of either two distinct massive sulphide horizons, or folding and faulting of a single sulphide horizon. For further information on the McClarty Lake Project, see the technical report dated June 26, 2002 filed on SEDAR on July 9, 2002 for Marksmen Resources Ltd., and the technical report dated July 4, 2002 filed on SEDAR on July 9, 2002 for Marksmen Resources Ltd. the predecessor of Signet.

Key Project - Copper, Zinc & Gold

The Key project (3,750 hectares) is located southwest of Vanderhoof, British Columbia. The project covers an area of anomalous lake sediment geochemistry centered on a sequence of basaltic to rhyolitic volcanics possibly preserved within a graben. The geological setting has strong parallels with Eskay Creek. A summer 2006 program of prospecting and lithogeochemical sampling is planned.

Wheatcroft Lake Project - Gold

Signet is seeking a partner on the Wheatcroft Lake project (1,373 hectares) which is located west of Leaf Rapids, Manitoba. The project hosts a large, folded, epigenetic, sulphide and gold mineralized system of approximately + 2 kilometers lineal extent. Diamond drilling on the fold nose intersected widespread shallow, low grade gold mineralization up to 0.26 g/t gold over 13.8 meters (Marksmen Resources Ltd. press release April 21, 1998). Large areas of the horizon remain to be drill tested.

This press release has been reviewed and approved by Dr. Kieran Downes, P.Geo, President of Signet Minerals Inc. and a Qualified Person as defined by National Instrument 43-101, under whose direction the exploration programs are being carried out.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Signet Minerals Inc.
    Kieran Downes
    (250) 729-0453
    Signet Minerals Inc.
    Brian Cebryk
    (250) 890-0607