Gold Mineralization Expands With Ongoing Initial Resource Estimation Development Work

TORONTO - Signature Resources Ltd. on the progress on its NI 43-101 initial resource estimation effort for the Lingman Lake Gold Project in northern Ontario, Canada. Further to the previously issued update, over the course of working with Wood Canada Limited, and Watts, Griffis, and McQuat Limited (WGM), the Company had identified a low-cost opportunity to capture additional data to increase the quantity and quality of the geologic knowledge of the deposit underpinning the development of an initial resource estimate via an enhanced sampling and assay program.

As a result, the Company embarked on a campaign of the additional sampling and assaying of a limited number of drill holes between the existing high-grade gold shear zones ("Intra-Zone"). Out of 30 holes sampled, 7 holes have newly identified low-grade mineralization and a number of higher-grade shoots. Intercept widths ranged from 1.0 to 2.0 meters. Sampling was over 1.0 meter intervals.

These newly sampled intervals collectively aimed to: 1) Identify gold mineralization between the previously identified zones where no assaying had been conducted historically. 2) Collect and add new data to the geology database to aid and expand the geologic understanding and resource model. 3) Demonstrate the potential for an expanded initial resource estimate by identifying the presence of a broader mineralized, near-surface, gold system beyond the extents of the existing high-grade zones. 4) Improve the continuity of existing gold zones by filling gaps in the geologic database and resource model.

Robert Vallis, President, CEO, and Director, said, “The work from Wood, WGM, and our team continues to significantly advance the understanding of the Lingman Lake project and the contained gold system. Initial intra-zone sampling results identifying a broader mineralized gold system from additional sampling between the previously identified zones is directionally positive for the mineralized volume, scale of potentially contained ounces, and quality of the developing initial resource estimate targeted for H2/2022. We are very pleased with these results as this new information underpins the ongoing development of a more robust gold system than previously understood."