- Initial MRE identifies substantial gold deposits at Lingman Lake with a total of 769,520 ounces.
- Resource comprises 2.15 million tonnes indicated and 18.4 million tonnes inferred, open to further exploration.
- Site located 45 km from newly completed power infrastructure, enhancing project feasibility.
Signature Resources Ltd. (SGGTF, Financial) has unveiled its first mineral resource estimate (MRE) for the Lingman Lake Gold Deposit in Ontario. The initial assessment reveals significant gold resources within a single open-pit configuration, marking a pivotal development for the company's exploration efforts.
The MRE, compiled by Watts, Griffis and McOuat, reports indicated resources at 2.15 million tonnes grading 1.38 grams per tonne (g/t) of gold, aggregating to 95,200 ounces. Inferred resources stand at 18.4 million tonnes with an average grade of 1.14 g/t, totaling 674,320 ounces of gold. Notably, the deposit remains open for expansion both laterally and at depth.
A total of 240 diamond drill holes, covering 43,222 meters with 33,309 assayed samples, form the basis of this resource estimate. The project gains infrastructural advantages from the recent completion of the Wataynikaneyap Power Project, placing the site merely 45 kilometers away from high-tension power lines and road access.
Signature Resources plans a 6,000-meter drilling program in 2025 to explore the resource further, focusing on lateral expansion, gap infill, and depth knowledge enhancement. Additionally, the company will conduct mineralogy analysis and early-stage metallurgical testing to refine resource characterization.
Importantly, the resource demonstrates resilience to varying cut-off grades, maintaining 531,000 ounces at 1.99 g/t gold using a 1.00 g/t cut-off.
Positioned strategically within a 24,821-hectare property, the Lingman Lake Gold Deposit offers multiple regional exploration targets, promising notable potential for future resource growth.
