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A P R I L / M A Y 2 0 1 7
MINING
IMAGINE DISCOVERING a property known for decades to
be a potential gold mine, which had never been mined due to
changing economic circumstances. Located in the gold mining
Kenora District of northwestern Ontario, Signature Resources
Ltd.'s [SGU-TSXV, SGGTF-OTCQB] Lingman Lake Project is "a
mine waiting to be developed" according to a recent interview
with President and CEO, Walter Hanych, PGeo. For an explora-
tion company, a "high-grade brownfield" property in an area of
"nearby mines and exploration infrastructure," safe jurisdiction,
secure land tenure, and supportive First Nations is a real treasure.
Brought to the verge of building mills on the order of 250 to
750 tpd three times in the 20th century, but never to commercial
production, the Lingman Lake property (formerly known as the
Anaconda property Lingman Lake gold mine) was estimated his-
torically to contain some 234,648 troy ounces (1,063,904 tonnes) of
gold averaging 6.86 g/t gold (estimate calculated by McPhee 1989,
2.73 g/t gold cut-off grade). These campaigns to turn the Lingman
Lake property into a producing mine occurred in the 1940s, 1970s,
and 1980s-1990s, but were shuttered due to economic difficulties
such as the rescinding of flow-through share opportunities.
Since 2013, Signature Resources has consolidated their 100%
controlled mineral tenure to a total of 616.8 hectares consisting of
four patented claims (78.5 ha) and 12 surrounding staked claims
(538.3 ha), sharing with partners a 3% NSR.
Bonus assets include historical workings such as the 127-metre
shaft with three explored levels (1,498 metres of underground
workings); some 20,000 feet of BQ drill core (well preserved on
the property) surviving from the more than 42,000 metres of
previous exploratory drilling; and much data on previous explo-
Some 20,000 feet of BQ drill core is available for study on Signature's
Lingman Lake property in the Kenora District of northwest Ontario.
Photo courtesy Signature Resources Ltd.
Signature's Lingman Lake Project
gets another chance
by Jennifer S. Getsinger, PhD, PGeo
