Signature Resources (TSX-V:SGU) has announced a non-brokered private placement of flow-through and non-flow-through units for gross proceeds of up to C$600,000 ($607,072).
The company will issue flow-through units at C$0.045 each and non-flow-through units at C$0.04 each.
Each unit comprises one common share and half a warrant, with whole warrants exercisable at C$0.08 for 12 months. Insiders are expected to subscribe for at least 15% of the offering.
Net proceeds will fund field exploration programs, including mapping and sampling of regional prospects, metallurgical test work, and general working capital. No proceeds will be used for investor relations service providers.
Closing remains subject to necessary approvals, including TSX-V approval. All securities will be subject to a four-month hold period.
Signature’s wholly owned Lingman Lake Gold Project in Northwestern Ontario’s Red Lake district spans approximately 23,033ha, with the property including a historic underground mine with a 126.5m shaft and three levels at depths of 46m, 84m, and 122m.
Previous work totals more than 43,222m of drilling and four 500-pound bulk samples averaging 19 grams per tonne gold (Au).
The company’s initial mineral resource estimate, published in May 2025, contains 2.145 million tonnes (Mt) at 1.38g/t Au for 95,200oz in the indicated category and 18.398Mt at 1.14g/t Au for 674,320oz in the inferred category, using a 0.30g/t Au cut-off grade.
Signature Resources operates wholly owned diamond drilling rigs to expand the known mineralised envelope. Wataynikaneyap Power energised a new 115-kilovolt transmission line within 40km of the historic mine in November 2023.
Write to JC Villarba at Mining.com.au
Images: Signature Resources
