Signal Gold (TSX:SGNL) Reports Discoveries in Goldboro Project Extensive Drilling and New Gold Mineralization Zones

Exhibit A. A map showing the location of the West and East proposed pits of the Goldboro Project and the location of the past producing Dolliver Mountain Gold Mine one (1) kilometre to the west. Also shown is the trend of the host structure to the Goldboro Deposit and its anticipated westerly extension as shown by a recently completed IP geophysical survey. The existing data indicates there is potential for further mineralization over a minimum 2.0-kilometre strike based on current testing of the initial 1.4 kilometres guided by the IP Survey.

Signal Gold (TSX:SGNL) has released results from its diamond drilling program at the Goldboro Project in Nova Scotia. The project underwent a step-out drilling program involving 31 holes covering 6,026.5 metres. This program aimed to explore gold mineralization west of the Goldboro Deposit. Remarkably, gold mineralization has been discovered up to 450 metres west of the area previously drilled for resource definition. The findings are a part of a broader exploration project that has examined a 1.4-kilometre stretch of the Goldboro Trend west of the established Goldboro Mineral Resource.

The latest drilling results include 1,446.5 metres from seven diamond drill holes, labelled BR-23-399, 402, and 404 to 407. This drilling yielded 27 intersections of gold mineralization, including three instances where gold was visibly evident. Notable findings from these drill holes are as follows:

– 109.91 grams per tonne (g/t) of gold over 0.5 metres at a depth between 92.8 and 93.3 metres in hole BR-23-399.
– 2.44 g/t of gold over 1.7 metres at a depth between 167.6 and 169.3 metres in hole BR-23-405.
– 1.76 g/t of gold over 2.4 metres at the same depths in hole BR-23-399.

Earlier drilling in this area had uncovered high-grade gold mineralization. Some of the notable past results include:

– 26.09 g/t of gold over 8.9 metres at depths between 105.5 and 114.4 metres in hole BR-23-393, which includes segments of 79.18 g/t and 371.59 g/t gold over 0.5 metres each.
– 11.79 g/t of gold over 4.1 metres at depths between 49.9 and 54.0 metres in hole BR-23-386, including a segment with 47.23 g/t gold over 1.0 metre.
– Several other high-grade intersections in various drill holes.

The exploration in the area extending up to 450 metres west of the Goldboro Deposit continues to uncover gold mineralization. These findings suggest that the mineralization extends further west towards the previously operational Dolliver Mountain Gold Mine and remains open at depth.

During the drilling program, holes BR-23-402 and 406 were specifically designed to target IP (Induced Polarization) chargeability anomalies. These anomalies were located parallel to but on either side of the main host structure and chargeability trend. However, drill hole BR-23-402, positioned north of the Goldboro Trend, did not intersect significant gold mineralization. Similarly, drill hole BR-23-407, located south of the trend, did not find significant gold mineralization in the associated chargeability response area but did intersect gold deeper within the hinge of the anticline in the West Goldbrook System.

The company is awaiting assay results for an additional 32 drill holes, which encompass 6,195 metres of drilling from the overall program.

Exhibit B. A plan map showing the location of drill holes BR-23-399, 402, and 404 to 407, against the backdrop of IP chargeability data. Drill holes BR-23-399, 404, 405 and 407 holes, along with previously reported assays from September 12, 2023, indicate that the host structure, alteration, and gold mineralization persist westward for at least 450 metres. Source: Signal Gold
Exhibit C. A vertical longitudinal section through the west end of the Goldboro Deposit and including the area of recent the drill program. The drill program demonstrates that the structure that hosts the Goldboro Deposit and the same style of alteration and mineralization exist west of previous drill sections demonstrating that the Deposit has the potential to be expanded westward. Potential mineralized belts are shown as currently interpreted. Source: Signal Gold

Highlights from the results are as follows: 

A table of selected composited assay results from the drill program

Drill hole From (m) To (m) Interval (m) Gold (g/t) Visible Gold
BR-23-399 17.6 18.1 0.5 1.84
and 33.2 33.7 0.5 1.95
and 39.7 43.0 3.3 0.66
and 44.2 46.6 2.4 1.76
and 51.1 51.6 0.5 2.12
and 56.3 57.0 0.7 2.31
and 92.8 93.3 0.5 109.91
and 118.6 121.7 3.1 1.14
and 132.1 132.6 0.5 0.93
and 153.0 155.4 2.4 1.51
and 158.7 159.2 0.5 4.69
BR-23-404 54.8 55.3 0.5 4.13
and 120.5 121.5 1.0 1.70
and 180.7 181.2 0.5 1.64
BR-23-404A 37.4 39.5 2.1 1.01
BR-23-405 87.5 88.1 0.6 3.82
and 122.6 123.1 0.5 1.07
and 129.8 130.3 0.5 1.87
and 167.6 169.3 1.7 2.44
including 168.4 169.3 0.9 4.33 VG
and 193.9 195.0 1.1 0.53
BR-23-406 185.4 187.9 2.5 0.85 VG
and 234.5 235.0 0.5 0.50
and 288.2 288.7 0.5 0.84 VG
and 300.0 301.2 1.2 0.71
and 307.7 308.2 0.5 1.11
BR-23-407 69.2 70.7 1.5 1.13
and 217.1 217.6 0.5 3.73

Footnotes:

  • Intervals are reported as core length only. True widths are estimated to be between 70% and 100% of the core length.
  • All drill hole results are reported using fire assay only. See notes on QAQC procedures at the bottom of this press release.
  • All drill holes not reported in the table above did not encounter significant mineralization, with the exception of drill holes BR-23-402.
  • Drill holes were oriented along a north-south trend with holes on the north limb of the hosting anticlinal structure drilled southward and holes located south of the anticlinal structure drilled northward. The dip of holes is dependent upon the location relative to the anticline with the goal of intersecting mineralized zones orthogonally.

 

 

 

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.

By Matthew Evanoff

I specialize in the mining industry, focusing on top global mining stocks. My reporting covers the latest industry news, company/project developments, and profiles of key players. With a degree in finance and economics from the University of Toronto, I've contributed to a wide range of industry publications. Beyond my professional pursuits, I have a keen interest in global business and a love for travel.

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