TORONTO, June 11, 2018 (GLOBE NEWSWIRE) -- Signature Resources Ltd. (TSXV:SGU) (OTCQB:SGGTF) ("Signature" or the "Company") is pleased to announce that it has received additional interpretation of its airborne geophysical data. Inversion of a test block of data for the Terraquest Matrix VLF system has identified Resistivity Lows that are coincident with both the Northern and Southern Target Horizons, which contain multiple high priority targets.
The test of the VLF inversion method clearly shows distinct lows that are probably due to fracturing and alteration along interpreted ~East-West controlling structures. This response is clearly observed for the Lingman Lake gold mineralized zones within the Northern Horizon and the new Southern Horizon. As previously reported, the Northern Horizon contain 12 high priority targets and The Southern Horizon contains 6 high priority targets, with a combined ~22km of strike length.
Jeremy S. Brett of MPH Consulting Limited states: “A test block of Matrix VLF data was inverted by EMTOMO in Portugal, with excellent results. Known felsic intrusive rocks, lying to the north of the Lingman Lake gold mineralized zones, are clear resistivity highs. The Lingman Lake gold mineralized zones lie within a broad Resistivity Low with a width that correlates with the rough width of known alteration, silicified zones and mineralization. The contact between the felsic intrusives and the altered and mineralized greenstone rocks is very clearly defined - this is significant because this was not easily discerned from the Aeromagnetic data. The Southern Target Horizon is also detected as a clear zone defined by a Resistivity Low.
Inversion of the Matrix VLF data for the rest of the Signature property is now planned. The combination of this VLF Inversion method with the Aeromagnetic data has shown to be powerful over the test block. The VLF Inversion method holds great promise as a low cost Airborne Electromagnetic methods for mapping bedrock and structure in areas with shallow overburden, as exists on the Signature Resources property."
An image of the Reconstructed Total Field Magnetics with the Test Matrix VLF Inversion, from the Terraquest airborne survey, is presented below highlighting key areas identified:
http://www.globenewswire.com/NewsRoom/AttachmentNg/73558d36-512e-4f83-82b9-fedec08577c3
Target classification definition: Targets ranking is defined by correlation of Magnetic and VLF characteristics with the known gold zones at Lingman Lake. Hence, an ‘A’ target has the strongest correlation, followed by ‘B’ and ‘C’. We fully anticipate lower ranking targets to be identified as interpretation is on-going.
“This is cutting edge interpretation. The inversions provide another level of focusing and defining critical horizons with correlations to known mineralizing features associated with the Lingman Lake gold zones. The results clearly demonstrate that this is a powerful tool for gold exploration and we are very excited to be able apply it over the entire survey area. We anticipate high priority targets to emerge from the interpretations which will only enhance the district scale potential of the Lingman Lake greenstone belt,” commented Walter Hanych, President and CEO of Signature Resources.
Qualified Persons
The scientific and technical content of this press release has been prepared, reviewed and approved by Jeremy S. Brett, P.Geo., Senior Geophysical Consultant with MPH Consulting Limited, an established international exploration and mining consulting company with its head office in Toronto, Ontario, and Walter Hanych, P.Geo., President-CEO of Signature Resources. Both are Qualified Persons as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
About Signature
The Lingman Lake gold property consists of four free hold patented claims and 762 single cell staked claims. Total land package amounts to 15,372.3 hectares. 275.5 hectares of the property total include 14 mineral rights patents. The property hosts an historic estimate of 234,684 oz of gold* (1,063,904 tonnes grading 6.86 g/t with 2.73 gpt cut-off) 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.
*This historical resource estimate is based on prior data and reports obtained and prepared by previous operators, and information provided by governmental authorities. A Qualified Person has not done sufficient work to verify the classification of the mineral resource estimates in accordance with current CIM categories. The Company is not treating the historical estimate as a current NI 43-101-compliant mineral resource estimate. Establishing a current mineral resource estimate on the Lingman Lake deposit will require further evaluation, which the Company and its consultants intend to complete in due course. Additional information regarding historical resource estimates is available in the technical report entitled, “Technical Report on the Lingman Lake Property” dated December 20, 2013, prepared by Walter Hanych, P.Geo., and Frank Racicot, P.Geo., available on the Company’s SEDAR profile at www.sedar.com.
To find out more about Signature Resources Limited, visit our website at www.signatureresources.ca, or contact:
Walter Hanych
Chief Executive Officer
705.445.0184
Cautionary Notes
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This news release contains forward-looking statements which are not statements of historical fact. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.