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TORONTO, ON / ACCESSVIRE / November 28, 2022 / Signal Gold Inc. (“Signal Gold” or the “Company”) (TSKS:SGNL) (OTCKKS:SGNLF) is pleased to announce that it has acquired a 100% interest in six (6) exploration licenses adjacent to Goldboro Mineral Resource at its Goldboro Gold Project in New Scotland, Canada (“Goldboro” or the “Project”). As a result, Signal Gold increased its exploration license area from 599 hectares to 3,756 hectares (Exhibit A). This represents a significant milestone in the development of the Project as these exploration permits cover the area that will be required for much of the Project’s key infrastructure. It also adds further exploration opportunity along Goldboro Mineral Resource’s deposit, as the additional permits include strike continuity on the Goldboro deposit’s host structure, bringing the total known and prospective strike length to 7.5 kilometers (Exhibit B).
“This acquisition of these exploration licenses represents an important milestone in the development and growth of the Goldboro Gold Project, following the approval of an environmental impact assessment received on August 2, 2022, and the recent commencement of exploratory drilling west of the existing Goldboro Mineral Resource.” These exploration permits represent a significant increase in the company’s mineral assets, which will be required for key infrastructure. Signal Gold now has a footprint that is over six times larger than it previously had, which includes an additional 3.2 kilometers of strike potential for a total of 7.5 kilometers of known and prospective strike length, providing a tremendous opportunity for further exploration and mineral resource growth.”
~Kevin Bullock, President and CEO, Signal Gold Inc.
The company acquired exploration licenses from Meguma Gold Inc. for an aggregate purchase price of $700,000, consisting of $400,000 in cash and $300,000 in Signal Gold common stock at an estimated value of $0.333 per common share, based on the 20-day volume weighted average price as of November 16 2022, which resulted in the issuance of 900,901 ordinary shares of the Company. The company also awarded Meguma Gold Inc. 1.0% royalty on acquired licenses, limited to $1,000,000 in aggregate payments, and assumed the existing 2% gross royalty related to the five (5) acquired exploration licenses.
ABOUT SIGNAL GOLD
Signal Gold is a TSKS- and OTCKKS-listed gold mining, development and exploration company focused on Canada’s premier mining jurisdictions of Newfoundland and Nova Scotia. The Company is advancing the Goldboro Gold Project in Nova Scotia, a significant growth project subject to a positive Feasibility Study with probable mineral reserves of 1.15 million ounces of gold (15.80 million tonnes grading 2.26 g/t gold), including Measured and Indicated Mineral Resources mineral reserves of 2.58 million ounces (21.6 million tonnes grading 3.72 g/t gold) and additional inferred mineral resources of 0.48 million ounces (3.18 million tonnes grading 4.73 g/t gold) ( see ‘NI43-101 Technical Feasibility Report Study for the Goldboro Gold Project, Eastern Goldfields District, Nova Scotia’ on 11 January 2022 for more details). Signal Gold also operates mining and milling operations in Newfoundland’s prolific Baie Verte Mining District, which includes the fully permitted Pine Cove Mill, tailings facility and deepwater port, as well as approximately 15,000 acres of highly prospective mineral properties, including those adjacent to the previously producing, high-grade Nugget Mine. Pond in its Tilt Cove Gold project.
Paul McNeill, P.Geo., vice president of exploration with Signal Gold Inc., is a “qualified person” as such term is defined in National Instrument 43-101 and has reviewed and approved the technical information and data included in this press release.
FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking information” within the meaning of applicable Canadian and United States securities laws, including the Company’s future plans with respect to exploration licenses, results of Feasibility Studies and estimates of mineral resources and reserves. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans,” “expects” or “does not expect,” “expected,” “budget,” “planned,” “estimates.” , “anticipates”, “intends”, “anticipates” or “does not anticipate”, or “believes” or variations of such words and phrases or states that certain actions, events or results “may”, “could”, “would”, “may” or “will be taken,” “occur” or “be achieved.” Forward-looking information is based on management’s opinions and estimates as of the date the information is made, and is based on numerous assumptions and is subject to known and unknown risks, uncertainties and other factors that could cause Signal Gold’s actual results, level of activity, performance or achievements to differ materially from those expressed or implied in such forward-looking information, including risks associated with exploration, development and mining, such as economic factors affecting exploration, future commodity prices, changes in foreign exchange and interest rates, actual results of current production, development and research activities, government regulation, political or economic developments, environmental risks, permitting deadlines, capital expenditures, operational or technical difficulties in connection with development activities, employee relations, the speculative nature of gold exploration and development, including resource-grading issues, property ownership disputes and changes in project parameters as plans continue to be refined, as well as the risk factors discussed in to Signal Gold’s annual information form for the year ended December 31, 2021, available at www.sedar.com. Although Signal Gold has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results to differ from those anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Signal Gold undertakes no obligation to update any forward-looking information, except in accordance with applicable securities laws.
FOR ADDITIONAL INFORMATION CONTACT:
SOURCE: Signal Gold Inc.
See the original version on accesswire.com:
https://vvv.accessvire.com/728821/Signal-Gold-Significantly-Ekpands-Its-Ekploration-License-Area-Adjacent-To-The-Goldboro-Gold-Project
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