Initial Resource For Lingman Lake Gold Deposit Hosted Within A Single Open Pit

TORONTO – Signature Resources Ltd. reported on the initial mineral resource estimate (MRE) on its Lingman Lake Gold Deposit in the District of Kenora, Ontario . The MRE is a culmination of a total of 240 diamond drill holes including 33,309 assayed samples, for a combined length of 43,222 metres (m).

Single resource shell containing more than 20.6 million tonnes of mineralized material and remains open. The MRE consists of an Indicated resource of 2.15 million tonnes with an average grade of 1.38 grams-per-tonne gold (g/t Au) for an estimated 95,200 ounce of gold (oz Au), plus an inferred resource of 18.4 million tonnes with an average grade of 1.14 g/t Au totalling 674,320 oz Au. About 5% of the gold ounces are outside of the statistical gold-grade capping and estimation was relatively insensitive to cutoff and modeling methodology. The current resource pit shell extends 1.6 kilometres (“km”) (West to East) with a maximum width of ~400 m and a maximum depth of about 340 m below surface.

Resource growth potential remains robust. Structures hosting the mineralization remain open to further drilling both east, west and at depth. Modeling indicated the potential for a further mineralization outside the pit shell that could be brought in with additional drilling and an extension of the conceptual pit shell during a future mineral resource update. It is recommended that drilling test the potential for veins to converge at depth. Several surface channel samples have been taken near the modelled resource that have contiguous gold intervals that are above the resource cutoff. The Company plans to follow-up with drilling to potentially expand the resource envelope. It is important to highlight that the high-grade intercepts from 1945 drilling were excluded and is a target area for follow-up drilling. The Lingman Lake Gold Deposit is one of many exploration targets identified along the 24,821 hectare greenstone belt project held by Signature.

Moderate metrics used for the resource calculation. The resource cap used varied by zone, from a low of 4.5g/t in the 11650 zone to a high of 20 g/t Au in the North zone and a cut-off grade of 0.3 g/t Au was applied. The pit shell wall was constructed with a slope of 55 degrees on all pit wall assumptions and will be subject to future geotechnical review. The estimation of gold grades was performed with the Inverse Distance technique cube (ID³) on capped composites. The block model structure consists of an orthogonal model (no rotation). Ordinary Kriging (OK), Inverse Distance square (ID²) and nearest neighbourhood methods also performed for comparisons and validations. Grade interpolations were carried out in three passes with each successive pass using a larger search radius than the preceding pass and only estimating the blocks that had not been interpolated by the previous pass.

“We are very pleased to announce the results of our initial MRE This was a crucial step in confirming the potential of the Lingman Lake Gold Deposit. In addition, this report demonstrates the depth and quality of the work being done on this project to illustrate the possibilities for this greenstone belt that Signature controls. The work has identified a number of opportunities to expand this initial resource around the historical Lingman Lake mine. The studies we are conducting on the mineralogy characterizations and initial metallurgical work to further characterize the deposit should greatly enhance our knowledge and targeting as we test the extensions and look for satellite deposits. All these steps should provide great confidence that we are advancing this project in the highest quality methods possible,” said, J. Dan Denbow, CFA, President, CEO and Director