Signature Resources (TSX-V:SGU) has closed a non-brokered private placement, raising C$3.41 million ($3.72 million), which will allow the company to begin a 3,000m diamond drilling program at the Lingman Lake Project in Canada.
The funds will be used for exploration work at Lingman Lake, including drilling, evaluating drill core, and additional studies including a metallurgical program. The funds will also be used for general working capital purposes.
As Mining.com.au reported, the flow-through units were set to be issued at C$0.06 per unit. Following the recent uplift, units will now be issued at C$0.077 per unit, which will consist of one share and one-half purchase warrant.
Each whole warrant is exercisable at C$0.10 per warrant share for 12 months from the date of issue.
CEO Dan Denbow says the program will be targeting a large 3D induced polarisation-magnetic anomaly that is down plunge from higher grade structures drilled to date.
“We believe it will demonstrate the ability to greatly expand the Lingman Lake deposit at depth and laterally to the west,” Denbow says.
“We believe our drill targeting for these expansion opportunities have been enhanced by improved modelling from our initial resource and the incorporation of our geophysics.”
Signature Resources is a Canada-based explorer focused on the Lingman Lake Project located within the prolific Red Lake district in Northwestern Ontario, Canada.
Write to Aaliyah Rogan at Mining.com.au
Images: Signature Resourcers
