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Signature Resources Ltd.
Summary
| Project: | Lingman Lake | |
|---|---|---|
| Deposit: | Lingman Lake | |
| Location: | Canada | |
| Commodities: | Gold | |
| Date: | 12/8/2016 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 8-12-2016: Signature Resources Ltd. announces an Exploration/Drilling Update report for its Lingman Lake deposit at the Lingman Lake project. Re-sampling of historic core gives 0.488m @ 140.14g/t Au. Toronto, Ontario, December 8, 2016 – Signature Resource | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Walter Hanych (Internal) | |
| ABSTRACT: | Toronto, Ontario, December 8, 2016 – Signature Resources Ltd. (TSXV: SGU, OTCQB: SGGTF) ("Signature" or the "Company") is pleased to announce results from 12 of 22-holes from its on-going historic core re-evaluation program. The results to date, have successfully demonstrated the validity of the historic data, and the high-grade nature of the Lingman Lake deposit. Hole 87-54 returned a current assay of 140.14 gpt (4.09 opt) along a core interval of 1.6-feet within a wider interval of 5.6-feet which includes 3.6-feet of 71.34 gpt (2.08 opt) resulting in a calculated weighted average of 92.51 gpt (2.69 opt). This assay of 140.14 gpt (4.09 opt) essentially matches the historic value for this 1.6-foot sample of 146.40 gpt (4.27 opt). The historic core re-evaluation program consists of a subset of 22-holes from 177-drilled between 1987-89 and are representative of the deposit along a strike of 1,000-meters and a width of 225-meters. Zone categorization is pending and detailed maps will be posted on the company website in the near future. Results for the remaining 10- holes are pending. Exclusive of standards, 566-samples were analyzed for gold and multi-element, of which 274-samples (48%) duplicated historic sample intervals. A correlation by regression analysis of gold values comparing historic assays to current assays, was completed by independent QA/QC consultant, and is reported to have an excellent correlation producing an R2 value of 0.965 (1.0 being perfect positive correlation). Only 2.6% of the samples are dissimilar which is due to the influence of nugget effect of gold on high grade values. | |
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