TORONTO, ONTARIO–(Marketwired – Oct. 25, 2016) – Signature Resources Ltd. (TSX VENTURE:SGU)(OTC PINK:SGGTF) (“Signature” or the “Company“) is pleased to announce results of grab samples of up to 125.28 grams per tonne (3.65 opt) from outcroppings of gold zones at its Lingman Lake gold property in northwestern Ontario.
In the process of mapping/prospecting, 21-grab samples of mineralization were obtained to serve as points of reference for future sampling programs of the zones. Grab samples are spot samples and are typically, but not exclusively, constrained to mineralization. Grab samples are selective in nature and mineralization and grades are not necessarily reflective of the mineralization hosted by the property. They serve as points of reference for subsequent sampling programs.
Due to the samples being early stage exploration grab samples, standards were not inserted in the field. Chain of custody was maintained throughout as the samples were transported from the field by air then by ground courier to SGS’s Red Lake laboratory. Assays were performed by the independent laboratory, SGS Canada Inc. at their Red Lake facility, adhering to a Quality Management System that meets, as a minimum requirement, ISO 9001 and ISO/IEC 17025 standard. The following results were obtained:
| Zone/Occurrence | Sample | Au gpt | Au opt |
| 200 Occurence* | 160915BK7 | 2.62 | 0.076 |
| 160915BK6 | 2.44 | 0.071 | |
| 160915BK5 | 0.48 | 0.02 | |
| Base Lk Occurrence* | 160916BK2 | 0.02 | tr |
| 11650 | 160913BK3 | 3.89 | 0.11 |
| 160913BK4 | 0.64 | 0.018 | |
| South Zone A | 160921BK3 | 125.28 | 3.65 |
| 160921BK5 | 40.77 | 1.19 | |
| 160921BK4 | 23.73 | 0.69 | |
| 160921BK2 | 6.08 | 0.18 | |
| 160921BK6 | 1.23 | 0.02 | |
| South Zone A West* | 160916BK1 | 4.03 | 0.118 |
| South Zone B | 160921BK12 | 15.19 | 0.44 |
| 160921BK10 | 2.02 | 0.06 | |
| 160921BK11 | 0.84 | 0.03 | |
| North Zone A | 160929BK6 | 1.35 | 0.04 |
| 160929BK1 | 0.47 | 0.02 | |
| 160929BK3 | 0.16 | 0.005 | |
| 160929BK2F | 0.06 | 0.002 | |
| North Zone B | 160929BK4 | 4.79 | 0.14 |
| 160929BK5 | 0.03 | 0.001 |
| Note: gpt is grams per tonne and opt is ounce per ton. |
*New mineralized areas: The 200 occurrence is the new occurrence located 50-meters south of the 11650 zone. The Base Lk occurrence is along the east side of base lake. The South Zone A West is located on strike with the South Zone A, west of a major north-south striking diabase dike.
“We are excited by these, our first assay results obtained from outcrop. The Lingman Lake gold deposit has a history of producing high grade gold values, and these results re-enforce that. We now have points of reference from which to undertake subsequent programs of channel sampling to obtain representative widths to the surface expression of the gold zones”, commented Walter Hanych, President and CEO.
Bob Komarechka, P.Geo., is a Qualified Person as defined by NI43-101 and is responsible for the technical information in this release.
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. Additional information concerning the historical estimate is contained within the 43-101 filed on www.sedar.com.
To find out more about Signature Resources Limited, visit our website at www.signatureresources.ca.
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.
Walter Hanych
Chief Executive Officer
705.445.0184