Signature Resources (TSX-V:SGU) is raising C$3 million ($3.29 million) through a private placement ahead of a diamond drilling program expected to be completed in the coming months at the Lingman Lake Gold Project in Ontario, Canada.
The company will issue flow-through units at C$0.06 per unit, while non-flow-through units will be issued at C$0.055 per unit, with each unit comprising one share and one-half purchase warrant.
Each whole warrant is exercisable at $0.10 per warrant share for 12 months from the date of issue.
Funds will be used to streamline upcoming drilling at Lingman Lake, proposed to extend 3,000m for six drillholes.
Signature has collated historical drilling results with recent geophysical work to define areas of interest that indicate mineralisation with high chargeability and low resistivity.
CEO Dan Denbow says the company is continuing to focus on expanding the resource of the Lingman Lake Project.
“The 3D induced polarisation survey identified anomalies which correlated to known mineralized zones,” Denbow says.
“To this end, part of the drill program will test the West Zone 590 metres west of DDH LM24-13 and 14 which were the most westerly holes drilled in 2024, and to a vertical depth of up to 475m.
“This work is another example of the thorough fundamental work that has been undertaken to prove the potential of the Lingman Lake Deposit which will also assist with vectoring regional targets.”
Signature Resources is a Canadian explorer focused on expanding its wholly owned Lingman Lake Gold deposit, located in the Red Lake district of Northwestern Ontario, Canada.
Write to Maddison Elliott at Mining.com.au
Images: Signature Resources
