Signet Minerals Inc.

Signet Minerals Inc.

January 05, 2007 08:30 ET

Signet Updates Results of 2006 Program at Curie Uranium Project

COMOX, BRITISH COLUMBIA--(CCNMatthews - Jan. 5, 2007) - Signet Minerals Inc. (TSX VENTURE:SGN) is pleased to update results from its 2006 field program at the Curie uranium-gold project located in the Wernecke Mountains, 190 kilometres north-northeast of Mayo, Yukon. Signet is one of the largest landholders in the region, with 1,185 claims encompassing 24,766 hectares. Signet holds a 100% interest in 1,156 claims (24,160 hectares) acquired by staking. The Company also holds options to acquire 100% ownership in 16 claims (334.4 hectares) from 37999 Yukon Inc., and 75% ownership in the Pike property (13 claims; 271.7 hectares) from Twenty-Seven Capital Corp. The Curie project offers the possibility of a significant uranium discovery, and work to date has demonstrated geochemical and structural setting similarities to both unconformity-related (Athabasca type) and IOCG (Iron Oxide Copper-Gold / Olympic Dam type) uranium deposits.

The comprehensive field program carried out from May to November included helicopter-borne magnetometer, electromagnetic and radiometric surveys, ground gravity surveys, mechanical trenching, and 5,020 hectares of new claim staking. The Olympic Structure, a prominent regional magnetic feature, has been identified and traced over a minimum of 20 kilometres. Nine of the 13 known uranium showings lie on or close to this structure, with the remaining uranium showings coincident with other prominent magnetic features. Preliminary results of the airborne radiometric survey are also highly intriguing with multiple anomalies to follow up in the 2007 field season. In addition, the field program included first-pass locating and limited sampling of a number of mineral occurrences on the property.

Deer Showing

The Deer showing is located along the Olympic Structure and is coincident with a 3.1 mGal gravity anomaly. It is thought to represent structurally controlled "leakage" mineralization above a primary target lower in the system. The primary target may be where the Olympic Structure cross cuts and juxtaposes graphitic schist and siliciclastic rocks, or it may be of IOCG-type. Previous studies have dated brannerite from the Deer showing at 730 Ma, which is substantially younger that the siliciclastic host rocks and proximal Wernecke breccia bodies. Drilling in the 1970's was essentially confined to the footwall and did not test the zone.

The showing was trenched over a distance of 15 metres, exposing a radioactive mineralized zone that strikes easterly, dips north and is strongly tectonized. The hangingwall and footwall were not fully exposed due to a combination of topography and thick talus cover, and the lateral extent of the zone where it continues under talus cover is unknown. The mineralized zone comprises a hangingwall sequence of pink potassic-altered siltstones, a central 1- to 2-metre wide chloritic shear zone, and a footwall sequence of bleached and sericitized siltstones with radioactive stringers and veins (1-10 cm). The strongest radioactivity is associated with the central chloritic zone, where previous sampling returned 54.3% U3O8 in a grab sample (Reference: October 26, 2005 News Release) and 0.84% U3O8 over 1.0 metre reported earlier this year (Reference: August 17, 2006 News Release). Three composite chip samples (4 metres apart) were since collected (see below). The location where 0.84% U3O8 was obtained over 1.0 metre was not re-sampled.

East sample: 0.22% U3O8 over 2.0 metres.
Central sample: 0.07% U3O8 over 6.6 metres incl. 0.22% U3O8
over 2.0 metres.
West sample: 0.03% U3O8 over 2.0 metres.

The Deer showing continues to be a very high priority target and will be tested by diamond drilling in 2007.

Ikona Showing

At the Ikona showing, three chip samples were collected including a 1.5-metre sample of potassic altered and mineralized siltstone that assayed 0.34% U3O8, and a 3.5-metre sample of variably chloritic and potassic altered siltstone that returned 0.05% U3O8. Assay results from 12 grab samples range from less than 2 ppm to 5540 ppm U (0.67% U3O8). Forty-two percent of the samples assayed greater than 0.12% U3O8.

Quartet Showing

Only one of the five Quartet showings (Minfile record 106E-003) was located and sampled. Assay results of one chip and eight grab samples range from less than 2 ppm to 661 ppm U (0.077% U3O8), with 44% of the samples returning greater than 0.04% U3O8. Four samples returned significant copper values ranging from 0.67% to 1.67%. Two of these samples were also elevated in uranium and gold (up to 155 ppb Au). The highest copper value (1.67%) was obtained from an in-situ grab of Wernecke breccia. This sample also contained 0.08% U3O8 and 61 ppb gold. The other samples were of variably altered siltstones that were frequently specularite rich.

Sphinx Showing

The Sphinx showing is a poorly exposed zone of altered siltstones with disseminated sulphides and local malachite and azurite staining. Two 1.0-metre chip samples assayed 1.21% copper (with 476 ppb gold) and 0.84% copper respectively. Three grab samples collected also returned anomalous values; including one sample that assayed 1.71% copper and 269 ppb gold.

Five Showing

The poorly exposed Five showing hosts rusty, limonitic quartz-veined siltstone with minor disseminated chalcopyrite, bornite and local malachite staining. Three of seven grab samples collected returned greater than 0.5% copper. The highest copper value obtained was 14.3% accompanied by 175 ppb gold.

Rapitan Showing

The Rapitan showing is a very poorly exposed zone of malachite stained siltstone. Two samples were collected including a 0.5-metre chip sample that assayed 0.9% copper and 374 ppb gold, and a grab sample that returned 4.1% copper and 91 ppb gold.

Helikian Showing

The Helikian showing is a very poorly exposed zone of variably altered siltstones and Wernecke breccia. Nine grab samples were collected in the general area of the historical Minfile record. Elevated copper (0.06 to 0.67%) and weakly anomalous gold values (33 to 145 ppb) were returned from samples containing minor pyrite, chalcopyrite and malachite staining.

As previously mentioned, the locating, prospecting and sampling of the multiple historical showings on the property was of a first-pass nature. Further work on all of the showings is planned in 2007.

The Company is very pleased with the results and progress to date. In a little over a year Signet has assembled a strategic land position covering numerous uranium showings, and rapidly advanced this greenfield project to a level where the major controls on mineralization have been identified and a drill program scheduled. The project is significantly under explored and the Company is looking forward to an exciting 2007 exploration season.

Tracy Hurley, PGeo, Vice President, Exploration and Qualified Person as defined by National Instrument 43-101 is responsible for the technical information provided in this release. Samples were analysed at the Saskatchewan Research Council Laboratory (SRC) in Saskatoon, Saskatchewan. All technical information for the Company's Curie project is obtained and reported under a formal quality assurance and quality control (QA/QC) program, details of which are presented on the Company's website at:

Statements in this press release may contain forward-looking statements. Except for statements of historical fact, all statements in this press release - including, without limitation, statements regarding future plans and objectives of the Company - are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

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

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