Signal Gold Reports Q2 2022 Production Results From the Point Rousse Operation TORONTO, ON / ACCESSWIRE / July 19, 2022 / Signal Gold Inc. ("Signal Gold" or the "Company") (TSX:SGNL) (OTCQX:SGNLF) is pleased to announce the production results and certain financial information for the three and six months ended June 30, 2022 ("Q2 2022"). All dollar amounts are in Canadian Dollars. The Company expects to file its second quarter financial statements and management discussion and analysis by August 5, 2022. Second Quarter 2022 Highlights Point Rousse produced 5,433 ounces of gold in Q2 2022, a 70% increase compared to Q2 2021 and a 93% increase over Q1 2022, due to the strong grade profile at Argyle since mining operations recommenced in early May. The Company sold 4,098 ounces of gold in Q2 2022, a 30% increase over the comparative period, generating metal revenue of $9.7 million at an average realized gold price1 of $2,357 (US$1,846) per ounce sold. Mine operations moved 74,381 tonnes of ore during the second quarter from Argyle, including 40,074 tonnes in June as the site ramped back up from the impact of water management issues in Q1 which impeded the mine's ability to drill and blast in April. The Pine Cove Mill processed 99,559 tonnes during Q2 2022, which included 38,263 tonnes from low-grade Pine Cove stockpiles. The mill achieved a strong average recovery rate of 88.8% driven by the higher-grade Argyle ore which was the primary ore source in the second quarter. On May 5, 2022, the Company announced that it had entered into a US$8.0 million loan facility with Auramet International LLC, with the proceeds of the facility being used for the repayment of a gold prepayment facility with Auramet and for general working capital purposes. On June 9, 2022, the Company completed a $6.0 million private placement with gross proceeds from the financing to be used primarily to advance development and exploration activities at the Goldboro Gold Project. As of June 30, 2022, the Company had a cash balance of $10.9 million and an undrawn revolving credit facility of $3.0 million. 1 Refer to Non-IFRS Measures Section below. "After a challenging first half of 2022, we are pleased to announce Point Rousse has produced 5,433 ounces of gold during the second quarter, of which 44% was produced during the month of June. Since experiencing a water management issue at the beginning of the quarter which impacted mine production in March and April, Point Rousse has been able to ramp up mining operations and attain mine production of 74,381 tonnes of ore, including 40,074 tonnes in June, while also achieving a positive reconciliation with the mine plan. The Company is confident that it has addressed the previous water management issue and has the water storage capacity to ensure ongoing mining operations. With a continued strong grade profile from Argyle, we expect to generate robust cash flows from Point Rousse which positions us well to execute our growth plan in 2022 despite a challenging market for junior mining companies." Second Quarter Operating Statistics Operations Overview for the Three Months Ended June 30, 2022 Signal Gold sold 4,098 ounces of gold during the second quarter of 2022, generating gold revenue of $9.7 million at an average realized gold price1 of $2,357 (US$1,846) per ounce sold. Gold production of 5,433 ounces represented a 93% increase over the first quarter of 2022 and a 70% increase compared to Q2 2021, reflecting the higher-grade profile at Argyle since restarting mining operations in early May. During Q2 2022, the mine operations moved 74,381 tonnes of ore after experiencing operational challenges towards the end of the first quarter and into the beginning of the second quarter due to elevated ammonia levels in the water in the Argyle Pit. As announced in early May, Point Rousse was able to successfully treat all water and commence discharging from both the pit sump and the settlement pond, enabling a return to normal mining operations. A focus on waste mine development in Q1 2022 enabled access to higher grade portions of the Argyle Mineral Reserve, which resulted in a lower strip ratio in the second quarter of 2022 of 4.3 waste tonnes to ore tonnes. The Pine Cove Mill processed 99,559 tonnes during Q2 2022, which included 38,263 tonnes of low-grade Pine Cove stockpiles, a decrease of 15% compared to the second quarter of 2021 as the mill experienced unplanned maintenance to replace a thickener drive. The average grade milled in Q2 2022 was 1.91 g/t, reflecting the higher-grade Argyle ore mined in the quarter, which helped offset the impact of 38% of the mill throughput for the quarter being from lower grade stockpiles while the water quality matter at Argyle was addressed. The mill was able to achieve a strong average recovery rate of 88.8%, an increase over the first quarter of 2022 and the comparative period of 2021 due to the higher-grade throughput. 1 Refer to Non-IFRS Measures Section below. Qualified Person Kevin Bullock, P. Eng., President and CEO, 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. ABOUT SIGNAL GOLD Signal Gold is a TSX and OTCQX-listed gold mining, development, and exploration company, focused in the top-tier Canadian 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 at 2.26 g/t gold), Measured and Indicated Mineral Resources inclusive of Mineral Reserves of 2.58 million ounces (21.6 million tonnes at 3.72 g/t gold) and additional Inferred Mineral Resources of 0.48 million ounces (3.18 million tonnes at 4.73 g/t gold) (Please see the ‘NI43-101 Technical Report and Feasibility Study for the Goldboro Gold Project, Eastern Goldfields District, Nova Scotia' on January 11, 2022 for further details). Signal Gold also operates mining and milling operations in the prolific Baie Verte Mining District of Newfoundland which includes the fully permitted Pine Cove Mill, tailings facility and deep-water port, as well as ~15,000 hectares of highly prospective mineral property, including those adjacent to the past producing, high-grade Nugget Pond Mine at its Tilt Cove Gold Project. NON-IFRS MEASURES Signal Gold has included certain non-IFRS performance measures as detailed below. In the gold mining industry, these are common performance measures but may not be comparable to similar measures presented by other issuers. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's performance and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Average Realized Gold Price per Ounce Sold - In the gold mining industry, average realized gold price per ounce sold is a common performance measure that does not have any standardized meaning. The most directly comparable measure prepared in accordance with IFRS is gold revenue. The measure is intended to assist readers in evaluating the revenue received in a period from each ounce of gold sold. Average realized gold price per ounce sold is reconciled to the preliminary, unaudited condensed interim consolidated statement of comprehensive income as follows: FORWARD-LOOKING STATEMENTS This news release contains "forward-looking information" within the meaning of applicable Canadian and United States securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Signal Gold to be materially different from those expressed or implied by such forward-looking information, including risks associated with the exploration, development and mining such as economic factors as they effect exploration, future commodity prices, changes in foreign exchange and interest rates, actual results of current production, development and exploration activities, government regulation, political or economic developments, environmental risks, permitting timelines, capital expenditures, operating or technical difficulties in connection with development activities, employee relations, the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of resources, contests over title to properties, and changes in project parameters as plans continue to be refined as well as those risk factors discussed in Signal Gold's annual information form for the year ended December 31, 2021, available on www.sedar.com. Although Signal Gold has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as 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 does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Signal Gold Q2 results, Point Rousse Project: Gold is in when the rest isn't https://feeds.issuerdirect.com/news-release.html?newsid=4969637177465779 Signal Gold Announces Drill Results And Identifies New Drill Targets At The Tilt Cove Gold Project, Newfoundland TORONTO, ON / ACCESSWIRE / July 21, 2022 / Signal Gold Inc. ("Signal Gold" or the "Company") is pleased to announce drill results and the identification of additional exploration targets at its 100% owned Tilt Cove Gold Project, located within the Baie Verte Mining District, Newfoundland, approximately 45 kilometres by road from the Company's Pine Cove Mill and long-term tailings storage facility (Exhibit A). Signal Gold has consolidated more than 11,000 hectares of prospective mineral lands including a significant property package covering 35 kilometres of high-potential strike length including the Nugget Pond Horizon ("NPH"), a geological unit that hosted the past producing, high-grade Nugget Pond Mine (Exhibit B). New drill targets have been identified following exploration programs conducted during the fall of 2021 and the winter of 2022 that included 2,198.3 metres of diamond drilling in 12 diamond drill holes, a 60.8-line kilometre ground Induced Polarization ("IP") geophysical survey, and till sampling near West Pond ("Winter 2022 Exploration Program"). Highlights of this Winter 2022 Exploration Program include: Diamond drilling intersected anomalous gold at the Long Pond Target area in several holes including 0.49 grams per tonne ("g/t") gold over 5.2 metres among other anomalous intersections (Exhibit C; see selected composited assays in Table 1 below); The identification of glacial till samples containing up to 684 pristine gold grains and assaying up to 30,000 ppb gold, indicating that the source for the gold in till at West Pond is proximal and likely within 50 to 100 metres of source (Exhibit E); and Development of 11 new drill targets with depth extents ranging from near surface down to depths of 250 metres and all associated with the prospective stratigraphy, including the Nugget Pond Horizon, and surface gold anomalies. One of the geophysical anomalies is coincident with the area immediately north of the till anomaly at West Pond (Exhibit D). "Signal Gold continues to advance the Tilt Gold Cove Project and we are pleased with the number of gold targets generated by the recently completed IP geophysical survey along a 6.5-kilometre section of this larger 35-kilometre prospective trend which surveyed to depths of up to 250 metres. Till sampling and identification of pristine gold grains at West Pond continues to indicate that there is a bedrock source for gold mineralization within 50 to 100 metres of the south shore of West Pond. Although the winter drilling program was challenged by warmer than normal winter conditions and limited ice access, we believe that the targets generated during the 2022 Winter Program continue to underscore the exploration potential of this area and provide significant opportunity for discovery of high-grade gold at Tilt Cove, similar to that at the nearby past-producing Nugget Pond Mine." ~ Kevin Bullock, President and CEO, Signal Gold Inc. Winter 2022 Exploration Program Details Diamond Drilling Program A total of 2,198.3 metres of diamond drilling in 12 drill holes tested geochemical and geophysical targets at the East Pond, West Pond and Long Pond Target Areas (Exhibit C). Specifically, four (4) drill holes (LP-22-001 to -004) totaling 679.0 metres tested the Long Pond Prospect, six (6) drill holes (EP-22-013 to -018) totaling 1,281.0 metres were completed at the East Pond Prospect, and two (2) drill holes (WP-22-012 to -013) totaling 238.3 metres were drilled on the ice testing the West Pond Prospect. Table 1: Selected composited assays from the drill program: Intervals are reported as core length only. True widths are estimated to be between 75% 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. Drill holes SA-21-001,003,004; AE-21-195 to -198; CS-22-006 to -008; BB-22-004, 006; GC-22-001; PE-21-001 to -005; and AP-21-007 to -009 did not contain significant gold mineralization. Exploration Program Details The Goldenville Trend - Corkscrew and Big Bear The Goldenville Trend comprises three separate mineralized zones known as Pumbly Point, Corkscrew and Big Bear, which form a zone with a 2.3-kilometre strike length with the potential to host gold mineralization (Exhibit B). Drilling in nine (9) drill holes totaling 1,955 metres tested IP geophysical targets, as well as follow-up of the encouraging drill results from 2021, at Corkscrew and Big Bear (see news release dated March 31, 2022). At the Corkscrew Prospect, gold is hosted within a minimum 400 metre long altered, quartz veined and pyrite bearing granodiorite that is between 40 and 100 metres thick. Historic drilling, between 1987 and 2009, was completed over a 325-metre strike extent, which is open in all directions, and intersected several zones of gold mineralization with highlight assays as follows: 1.87 g/t gold over 11.5 metres (209.3 to 220.8 metres), including 4.76 g/t gold over 3.0 metres in drill hole M-93-24; 8.46 g/t gold over 3.9 metres (228.4 to 232.3 metres) in drill hole M-87-15; 3.09 g/t gold over 6.0 metres (65.2 to 71.2 metres) including 19.14 g/t gold over 0.9 metres in drill hole M-87-03; and 4.38 g/t gold over 1.2 metres (49.2 to 50.4 metres) in drill hole M-93-21. Mineralization of 0.91 g/t gold over 17.0 metres encountered in hole CS-21-005 represents a 35-metre northeast extension of the Corkscrew zone, where it remains open along strike and down-dip, representing potential for further expansion (Exhibit B). Intervals are reported as core length only. True widths are estimated to be between 70% and 90% 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. Drill holes LP-22-002, -004; EP-22-013, -015, -017, -018; WP-22-012, -013 did not contain significant gold mineralization. At the Long Pond Prospect, drilling successfully intersected a gold-bearing zone assaying 0.49 g/t gold over 5.2 metres (LP-22-003) coincident with mineralization exposed at surface (up to 75.90 g/t gold from surface grab samples) and encountered in historic drill hole 77502 assaying 21.5 g/t gold over 1.19 metres. Other low-grade zones of gold mineralization were also encountered in drill holes LP-22-001 and 003. Drilling at East Pond targeted combined geochemical and geophysical targets along the Nugget Pond and Red Cliff horizons. Drilling intersected gold mineralization in two holes, EP-22-014 and EP-22-016 as shown in Table 1 above. Drill hole EP-22-014 intersected a zone of mineralization assaying 2.35 g/t gold over 1.0 metre in the footwall to the Nugget Pond Horizon in an area of no previously known drill indicated mineralization (Exhibit C). Drill hole EP-22-016 intersected mineralization assaying 1.14 g/t gold over 1.0 metre, hosted proximal to the Red Cliff Horizon, 120 metres along strike from previous drill hole EP-21-09 that intersected of 4.99 g/t gold over 4.0 metres. At West Pond, two drill holes, tested a section of the Nugget Pond Horizon from the ice to the west of drilling completed in winter 2020. One drill hole successfully interested the NPH while the second hole was abandoned, due to poor ice conditions, before reaching the targeted NPH. Poor ice conditions associated with mild winter weather precluded further testing of this target. IP Geophysical Survey The IP geophysical survey comprised 60.8-line kilometres of dipole-dipole surveying completed on 100 metre spaced lines at 25 metre dipole spacing completed by Abitibi Geophysics Limited. The survey was designed to locate signatures analogous to the Nugget Pond Deposit to depths down to 250 metres, which have not been previously investigated at Tilt Cove. The survey covered a 6.5-kilometre long section of the Nugget Pond Horizon and adjacent prospective rocks from West Pond to Long Pond (Exhibit D). The IP geophysical survey has led to the identification of 11 priority gold targets ranging from 300 to 1,800 metres in length associated with high IP chargeability signatures, geochemical gold anomalies and favourable stratigraphy such as the Nugget Pond Horizon, Red Cliff Horizon, as well as the Betts Cove Ophiolite Complex and Cape St. John Group in proximity to their shared structurally modified contacts. Glacial Till Sampling A geochemical sampling program comprising collection of thirty 10 to 20 kilogram glacial till samples was completed over a 500 by 1,000 metre area south of the West Pond Prospect in order to better understand the nature of gold and distance to potential bedrock source (Exhibit E). The till samples were sent to Overburden Drilling Management Limited ("ODM") where they were processed for heavy mineral concentrates ("HMC") and analysed for gold at ActLabs Ltd. ("ActLabs")(See Technical Notes below). Till sampling returned between 1 and 834W total gold grains with between 0 and 684 gold grains considered pristine in nature. The HMC subsample assayed between 101 and 30,000 ppb gold. Samples with pristine gold grains are considered to have bedrock sources within 50 to 100 metres. These till samples were collected between 0 to 500 metres down-ice to the south of a large, 850-metre long drill target along the south side of West Pond. About the Tilt Cove Gold Project Large land position that has been consolidated for gold exploration for the first time in 20 years with 35 kilometres of prospective strike; Includes the Nugget Pond Horizon, which hosts the past-producing high-grade Nugget Pond Mine that produced 168,748 ounces and an average grade of 9.85 g/t gold; Significant high-grade historical and recent drill intercepts and the identification of 13 high-priority gold exploration targets including: 4.99 g/t gold over 4.0 metres, including 17.40 g/t gold over 1.0 metre in diamond drill hole EP-21-09 along the Red Cliff Horizon at East Pond; 8.82 g/t gold over 1.0 metre in historic diamond drill hole NBC-96-01 at East Pond; 1.74 g/t gold over 12.0 metres, including 11.43 g/t gold over 1.0 metre in diamond drill hole BC-21-05 at Betts Cove; 6.77 g/t gold over 5.0 metres in historic diamond drill hole BC-89-02 at Betts Cove; 11.20 g/t gold over 1.1 metres in historic diamond drill hole BC-89-01 at Betts Cove; and Recognition of several other favorable targets, including iron-rich sediments of the Red Cliff Horizon; Recognition of gold-rich environments in the hanging wall of past-producing copper mines, including the Tilt Cove and Betts Cove Mines; Intersection of high-grade copper mineralization at the Scarp Zone near the Tilt Cove mine. Qualified Person and Technical Notes This news release has been reviewed and approved by David A. Copeland, P.Geo., Chief Exploration Geologist with Signal Gold, a "Qualified Person", under National Instrument 43-101 Standard for Disclosure for Mineral Projects. All drill core samples collected by the Company and the resultant composites referred to in this release were collected using QA/QC protocols including the regular insertion of certified standards and blanks within each sample batch sent for analysis and completion of check assays of select samples. Diamond drill core samples were analyzed for Au at Eastern Analytical Ltd. in Springdale, NL ("Eastern"), using standard fire assay (30 g) pre-concentration and Atomic Absorption finish methods. Eastern is a fully accredited firm within the meaning of NI 43-101 for provision of this service. Till samples weighing between 10 and 20 kilograms were processed by ODM of Nepean, ON, and were panned for gold, PGM's, and fine-grained metallic indicator minerals. Shaking table concentrates were refined by heavy liquid separation at S.G. 3.0 and >3.3 to obtain HMC subsamples. Visible gold grains were counted from the non-magnetic HMC. HMC samples were sent to ActLabs of Ancaster, ON and sieved to -177um with remaining mass ranging between 1 and 62 grams. Gold and 33 elements were analyzed via Instrumental Neutron Activation Analysis (INAA), with gold lower detection limit of 5 ppb. A version of this press release will be available in French on Signal Gold's website (www.signalgold.com) in two to three business days. https://feeds.issuerdirect.com/news-release.html?newsid=4508865184566214 July 26, 2022 7:00 AM Signal Gold Intersects 0.94 g/t gold Over 17 metres and Identifies Exploration Targets Near Point Rousse in Newfoundland TORONTO, ON / ACCESSWIRE / July 26, 2022 / Signal Gold Inc., ("Signal Gold" or the "Company") is pleased to announce exploration drill results from the Company's Point Rousse operation ("Point Rousse") in the Baie Verte Mining District of Newfoundland (Exhibit A). The diamond drill program included 4,222.0 metres in 29 drill holes testing five main exploration targets (the "Exploration Program"). Drill holes at the Corkscrew and Big Bear targets continue to demonstrate the presence of a strong gold mineralized system within the Goldenville Trend, building on the results announced in March 2022 (Exhibit B). The Company also completed and received data for a total of 90.1-line kilometres of Induced Polarization ("IP") ground geophysical surveys on three (3) grid areas, Corkscrew-Big Bear, Animal Pond and Goldenville, outlining several new targets for follow-up drill testing. Selected composited highlights from the Exploration Program include: 0.91 grams per tonne ("g/t") gold over 17.0 metres (54.0 to 71.0 metres) including 5.18 g/t gold over 1.0 metres in drill hole CS-21-005; 1.49 g/t gold over 3.8 metres (134.2 to 138.0 metres) in drill hole BB-22-003; 0.81 g/t gold over 4.9 metres (42.4 to 47.3 metres) in drill hole AP-21-011; and 4.09 g/t gold over 1.0 metres (52.0 to 53.0 metres) in hole AP-21-010. "Our exploration programs at Point Rousse continue to identify new areas of exploration potential while also demonstrating the presence of large gold bearing systems, particularly in the Goldenville Trend where we see continued success along the Pumbly Point-Corkscrew-Big Bear corridor. Additionally, the discovery of gabbro-hosted mineralization at Animal Pond is significant in possibly identifying a new gold trend similar to Argyle and Stog'er Tight. The continued discovery of additional gold mineralization and identification of several high-priority targets from an extensive IP survey underscores the potential to delineate additional mineral resources proximal to the Company's operating mill and tailings facility at Point Rousse." ~Kevin Bullock, President and CEO, Signal Gold Inc. A review of the data generated during the Exploration Program including the recently completed 90.1 line-kilometre IP geophysical survey, as well as previous exploration data, has led to the identification of further high-priority exploration targets at Point Rousse, including the Pumbly Point, Corkscrew-Big Bear, Iron Formation, Animal Pond, Corkscrew Road and Goldenville targets (Exhibit E). Several of the targets (e.g., Iron Formation, Pumbly Point, Corkscrew Road) were previously identified but not fully tested in the winter of 2022 due to early onset of spring conditions. Other targets such as Goldenville and Animal Pond were further outlined from a review of the recently received data from the IP geophysical survey and drill results. Table 1: Selected composited assays from the Exploration Program Hole ID From (m) To (m) Length (m) Gold (g/t) CS-21-005 54.0 71.0 17.0 0.91 including 57.0 58.0 1.0 5.18 BB-22-003 134.2 138.0 3.8 1.49 BB-22-005 110.0 111.0 1.0 0.57 CS-22-006 228.9 229.7 0.8 1.60 CS-22-008 195.0 196.0 1.0 2.33 AE-21-193 60.5 61.0 0.5 0.53 AE-21-194 88.3 89.3 1.0 0.53 AP-21-010 52.0 53.0 1.0 4.09 AP-21-011 13.0 14.0 1.0 0.92 and 42.4 47.3 4.9 0.81 PE-21-005 12.7 13.3 0.6 0.55 SA-21-002 119.0 120.0 1.0 0.52 Intervals are reported as core length only. True widths are estimated to be between 75% 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. Drill holes SA-21-001,003,004; AE-21-195 to -198; CS-22-006 to -008; BB-22-004, 006; GC-22-001; PE-21-001 to -005; and AP-21-007 to -009 did not contain significant gold mineralization. Exploration Program Details The Goldenville Trend - Corkscrew and Big Bear The Goldenville Trend comprises three separate mineralized zones known as Pumbly Point, Corkscrew and Big Bear, which form a zone with a 2.3-kilometre strike length with the potential to host gold mineralization (Exhibit B). Drilling in nine (9) drill holes totaling 1,955 metres tested IP geophysical targets, as well as follow-up of the encouraging drill results from 2021, at Corkscrew and Big Bear (see news release dated March 31, 2022). At the Corkscrew Prospect, gold is hosted within a minimum 400 metre long altered, quartz veined and pyrite bearing granodiorite that is between 40 and 100 metres thick. Historic drilling, between 1987 and 2009, was completed over a 325-metre strike extent, which is open in all directions, and intersected several zones of gold mineralization with highlight assays as follows: 1.87 g/t gold over 11.5 metres (209.3 to 220.8 metres), including 4.76 g/t gold over 3.0 metres in drill hole M-93-24; 8.46 g/t gold over 3.9 metres (228.4 to 232.3 metres) in drill hole M-87-15; 3.09 g/t gold over 6.0 metres (65.2 to 71.2 metres) including 19.14 g/t gold over 0.9 metres in drill hole M-87-03; and 4.38 g/t gold over 1.2 metres (49.2 to 50.4 metres) in drill hole M-93-21. Mineralization of 0.91 g/t gold over 17.0 metres encountered in hole CS-21-005 represents a 35-metre northeast extension of the Corkscrew zone, where it remains open along strike and down-dip, representing potential for further expansion (Exhibit B). The Big Bear Prospect is located 500 metres northeast of Corkscrew and hosted within similarly altered and mineralized granodiorite characterized by quartz veins and disseminated pyrite. Historic chip samples from this zone returned 1.60 g/t gold over 4.0 metres and grabs samples assayed up to 8.23 g/t gold. Broad spaced drilling (40 to 125 metres) in four holes completed in 2009 returned anomalous gold intervals assaying up to 2.28 g/t gold over 1.3 metres (56.5 to 57.8 metres) in diamond drillhole M-09-31. Drill testing of IP chargeability targets further east and down-dip of the Big Bear Prospect has led to the identification of gold mineralization that continues to support the presence of a large gold bearing alteration system within the host granodiorite. Drill hole BB-22-003 intersected 1.49 g/t gold over 3.8 metres located 60 metres down-dip to the north of the gold zone encountered in previously announced drill hole BB-21-001, which intersected 1.03 g/t gold over 5.4 metres. Initial drilling in 2021 at Pumbly Point intersected a gold-mineralized structure along a 500-metre trend, which included an intersection of 1.89 g/t gold over 7.8 metres (57.2 to 65.0 metres), including 10.60 g/t gold over 0.8 metres and an intersection of 1.42 g/t gold over 4.0 metres (40.2 to 44.2 metres). The mineralized structure at Pumbly Point is a level of stratigraphy believed to be coincident with the Goldenville Horizon, a prospective geological sequence equivalent to the highly prospective Nugget Pond Horizon located at the Company's Tilt Cove Gold Project. A broader area of prospectivity could be open for further testing should this stratigraphy and structure continue. Drilling did not test the Pumbly Point Prospect in this stage of work and it remains a significant target for follow-up drill testing. Scrape Trend Drilling of four target areas was completed along the Scrape Trend, including the Animal Pond, Corkscrew Road, Pine Cove East and Argyle East targets. Drilling in each area tested a combination of IP chargeability and elevated gold geochemical signatures with five (5) drill holes (AP-21-007 to -010) totaling 581 metres at Animal Pond; four (4) drill holes (SA-21-001 to -004) totalling 481 metres at Corkscrew Road; five (5) drill holes (PE-21-01 to -05) totaling 542 metres at Pine Cove East; and Six (6) drill holes (AE-21-193 to -198) testing the Argyle East target (Exhibits C and D). Drilling at the Animal Pond target tested several IP chargeability anomalies coincident with and east-west trending gabbro unit, similar to the host at the nearby Stog'er Tight and Argyle mines. Drill hole AP-21-011 intersected gold mineralization assaying 0.81 g/t gold over 4.9 metres (42.4 to 47.3 metres) and drill hole AP-21-010, located 250 metres to the west, intersected 4.09 g/t gold over 1.0 metres (52.0 to 53.0 metres). This zone of mineralization is open along strike to the east, towards Stog'er Tight as well as up- and down-dip (Exhibit C). Drilling at the Corkscrew Road target tested a large soil geochemical target. While drilling in these four holes only intersected weak gold mineralization in hole SA-21-002, the recent IP geophysical survey shows that the holes did not test the IP chargeability anomaly northeast of the area drilled and follow-up drilling is required to fully assess this new target in light of the new geophysical data set. Drill testing of IP chargeability targets at the Pine Cove East target intersected near-surface gold mineralization in drill hole PE-21-005 that assayed 0.55 g/t gold over 0.6 metres (12.7 to 13.3 metres; Exhibit C). At the Argyle East target, drilling was designed to follow-up on high-grade mineralization encountered 1.0 kilometre northeast of the Argyle Mine in previous drill hole AE-18-83 that intersected gabbro-hosted visible gold-bearing quartz veining assaying 6.21 g/t gold over 2.0 metres (96.0 to 98.0 metres; see news release dated March 1, 2019). Follow-up drilling encountered weak zones of gold mineralization assaying 0.53 g/t gold over 0.5 metres (60.5 to 61.0 metres) in drill hole AE-21-193 and 0.53 g/t gold over 1.0 metres (88.3 to 89.3 metres) in drill hole AE-21-194 (Exhibit D). ABOUT SIGNAL GOLD Signal Gold is a TSX and OTCQX-listed gold mining, development, and exploration company, focused in the top-tier Canadian mining jurisdictions of Nova Scotia and Newfoundland. The Company is advancing the Goldboro Gold Project in Nova Scotia, a significant growth project subject to a positive Feasibility Study (Please see the ‘NI 43-101 Technical Report and Feasibility Study for the Goldboro Gold Project, Eastern Goldfields District, Nova Scotia' on January 11, 2022 for further details). Signal Gold also operates mining and milling operations in the prolific Baie Verte Mining District of Newfoundland which includes the fully permitted Pine Cove Mill, tailings facility and deep-water port, as well as ~15,000 hectares of highly prospective mineral property, including those adjacent to the past producing, high-grade Nugget Pond Mine at its Tilt Cove Gold Project. FOR ADDITIONAL INFORMATION CONTACT: Signal Gold Inc. Kevin Bullock President and CEO (647) 388-1842 [email protected] Reseau ProMarket Inc. Dany Cenac Robert Investor Relations (514) 722-2276 x456 [email protected] Exhibit A: A map showing the location of the Tilt Cove project relative to the Pine Cove Mill and Tailings infrastructure as well as other past producing mines in the region. Exhibit B: A map showing the extents of the Tilt Cove Gold Project and the 35 kilometres of strike. Exhibit C: Winter 2022 drill hole locations and highlight assays, Tilt Cove Project. Exhibit D: IP Chargeability (-75 metre level plan) Map with new drill targets derived from 2022 exploration, Tilt Cove Project. Exhibit E: Glacial Till sample location, gold grain counts (total and pristine) as well as HMC gold assays from the West Pond Target Area, Tilt Cove Project. SOURCE: Signal Gold Inc. View source version on accesswire.com: https://www.accesswire.com/709243/S...ts-At-The-Tilt-Cove-Gold-Project-Newfoundland The Big Bear Prospect is located 500 metres northeast of Corkscrew and hosted within similarly altered and mineralized granodiorite characterized by quartz veins and disseminated pyrite. Historic chip samples from this zone returned 1.60 g/t gold over 4.0 metres and grabs samples assayed up to 8.23 g/t gold. Broad spaced drilling (40 to 125 metres) in four holes completed in 2009 returned anomalous gold intervals assaying up to 2.28 g/t gold over 1.3 metres (56.5 to 57.8 metres) in diamond drillhole M-09-31. Drill testing of IP chargeability targets further east and down-dip of the Big Bear Prospect has led to the identification of gold mineralization that continues to support the presence of a large gold bearing alteration system within the host granodiorite. Drill hole BB-22-003 intersected 1.49 g/t gold over 3.8 metres located 60 metres down-dip to the north of the gold zone encountered in previously announced drill hole BB-21-001, which intersected 1.03 g/t gold over 5.4 metres. Initial drilling in 2021 at Pumbly Point intersected a gold-mineralized structure along a 500-metre trend, which included an intersection of 1.89 g/t gold over 7.8 metres (57.2 to 65.0 metres), including 10.60 g/t gold over 0.8 metres and an intersection of 1.42 g/t gold over 4.0 metres (40.2 to 44.2 metres). The mineralized structure at Pumbly Point is a level of stratigraphy believed to be coincident with the Goldenville Horizon, a prospective geological sequence equivalent to the highly prospective Nugget Pond Horizon located at the Company's Tilt Cove Gold Project. A broader area of prospectivity could be open for further testing should this stratigraphy and structure continue. Drilling did not test the Pumbly Point Prospect in this stage of work and it remains a significant target for follow-up drill testing. Scrape Trend Drilling of four target areas was completed along the Scrape Trend, including the Animal Pond, Corkscrew Road, Pine Cove East and Argyle East targets. Drilling in each area tested a combination of IP chargeability and elevated gold geochemical signatures with five (5) drill holes (AP-21-007 to -010) totaling 581 metres at Animal Pond; four (4) drill holes (SA-21-001 to -004) totalling 481 metres at Corkscrew Road; five (5) drill holes (PE-21-01 to -05) totaling 542 metres at Pine Cove East; and Six (6) drill holes (AE-21-193 to -198) testing the Argyle East target (Exhibits C and D). Drilling at the Animal Pond target tested several IP chargeability anomalies coincident with and east-west trending gabbro unit, similar to the host at the nearby Stog'er Tight and Argyle mines. Drill hole AP-21-011 intersected gold mineralization assaying 0.81 g/t gold over 4.9 metres (42.4 to 47.3 metres) and drill hole AP-21-010, located 250 metres to the west, intersected 4.09 g/t gold over 1.0 metres (52.0 to 53.0 metres). This zone of mineralization is open along strike to the east, towards Stog'er Tight as well as up- and down-dip (Exhibit C). Drilling at the Corkscrew Road target tested a large soil geochemical target. While drilling in these four holes only intersected weak gold mineralization in hole SA-21-002, the recent IP geophysical survey shows that the holes did not test the IP chargeability anomaly northeast of the area drilled and follow-up drilling is required to fully assess this new target in light of the new geophysical data set. Drill testing of IP chargeability targets at the Pine Cove East target intersected near-surface gold mineralization in drill hole PE-21-005 that assayed 0.55 g/t gold over 0.6 metres (12.7 to 13.3 metres; Exhibit C). At the Argyle East target, drilling was designed to follow-up on high-grade mineralization encountered 1.0 kilometre northeast of the Argyle Mine in previous drill hole AE-18-83 that intersected gabbro-hosted visible gold-bearing quartz veining assaying 6.21 g/t gold over 2.0 metres (96.0 to 98.0 metres; see news release dated March 1, 2019). Follow-up drilling encountered weak zones of gold mineralization assaying 0.53 g/t gold over 0.5 metres (60.5 to 61.0 metres) in drill hole AE-21-193 and 0.53 g/t gold over 1.0 metres (88.3 to 89.3 metres) in drill hole AE-21-194 (Exhibit D). Qualified Person and Technical Notes This news release has been reviewed and approved by David A. Copeland, P.Geo., Chief Exploration Geologist with Signal Gold, a "Qualified Person", under National Instrument 43-101 Standard for Disclosure for Mineral Projects. All samples collected by the Company and the resultant composites referred to in this release were collected using QA/QC protocols including the regular insertion of certified standards and blanks within each sample batch sent for analysis. Diamond drill core samples were analyzed for Au at Eastern Analytical Ltd. in Springdale, NL ("Eastern"), using standard fire assay (30 g) pre-concentration and Atomic Absorption finish methods. Eastern is a fully accredited firm within the meaning of NI 43-101 for provision of this service A version of this press release will be available in French on Signal Gold's website (www.signalgold.com) in two to three business days. ABOUT SIGNAL GOLD Signal Gold is a TSX and OTCQX-listed gold mining, development, and exploration company, focused in the top-tier Canadian mining jurisdictions of Nova Scotia and Newfoundland. The Company is advancing the Goldboro Gold Project in Nova Scotia, a significant growth project subject to a positive Feasibility Study (Please see the ‘NI 43-101 Technical Report and Feasibility Study for the Goldboro Gold Project, Eastern Goldfields District, Nova Scotia' on January 11, 2022 for further details). Signal Gold also operates mining and milling operations in the prolific Baie Verte Mining District of Newfoundland which includes the fully permitted Pine Cove Mill, tailings facility and deep-water port, as well as ~15,000 hectares of highly prospective mineral property, including those adjacent to the past producing, high-grade Nugget Pond Mine at its Tilt Cove Gold Project. FOR ADDITIONAL INFORMATION CONTACT: Signal Gold Inc. Kevin Bullock President and CEO (647) 388-1842 [email protected] Reseau ProMarket Inc. Dany Cenac Robert Investor Relations (514) 722-2276 x456 [email protected] Exhibit A: Property Geology map, major gold trends, deposits and prospects near the Point Rousse operation. Exhibit B: Drill hole and geology plan map with highlight assays from the Exploration Program at the Corkscrew-Big Bear area. Exhibit C: Drill hole and geology plan map with highlight assays from the Exploration Program at the Pine Cove East and Animal Pond targets. Exhibit D: Drill hole and geology plan map with highlight assays from the Exploration Program at the Argyle East target. Exhibit E: Property Geology map and newly identified exploration targets near the Point Rousse operation Signal Gold Receives Environmental Assessment Approval for its Goldboro Gold Project, Nova Scotia TORONTO, ON / ACCESSWIRE / August 3, 2022 / Signal Gold Inc., ("Signal Gold" or the "Company") (TSX:SGNL) is pleased to announce that it has been advised by the Nova Scotia Minister of Environment and Climate Change that the Goldboro Gold Project has been approved, in accordance with Section 40 of the Nova Scotia Environment Act, S.N.S., 1994-95 and subsection 13(1)(b) of the Environmental Assessment Regulations, N.S. Reg. 348/2008, made under the Act, subject to the terms and conditions outlined in the Environmental Assessment Approval. This marks a significant milestone in the regulatory approval process, allowing Signal Gold to commence site-specific permitting processes including the Industrial Approval and Crown Land Lease and Mining Lease applications. "Signal Gold is extremely pleased to have received the environmental approval for its Goldboro Gold Project, an important milestone that reflects the culmination of five years of environmental baseline monitoring and analysis. This approval marks an important milestone towards the development of Goldboro, which will have a significant socio-economic impact on the region and the province. We are grateful for the support this project has received from the Honourable Timothy Halman, NS Minister of Environment and Climate Change, as well as the many stakeholders, rightsholders, and community members who provided their comments through the environmental assessment review process. We recognize that a mining project is a temporary use of land, and we are committed to sustainably developing a project that mitigates environmental impact at every phase, including construction, operations, reclamation and closure. Importantly, we remain committed to working with Mi'kmaq, community members, regulators, and other stakeholders, as we progress towards the next steps to developing Nova Scotia's next gold mine, the largest private sector development project in the province." ~Kevin Bullock, President and CEO, Signal Gold Inc. The Minister stated that he was "satisfied that any adverse effects or significant environmental effects of the undertaking can be adequately mitigated" through the terms and conditions outlined in the Environmental Assessment Approval dated August 2, 2022, as well as "through compliance to the other licenses, certificates, permits and approvals that will be required for operation". The Company is currently reviewing the terms and conditions and is also reviewing all comments provided by rightsholders and community stakeholders through the environmental assessment process. The Company will provide an update at a future date on next steps as it progresses Goldboro towards development. https://feeds.issuerdirect.com/news-release.html?newsid=4969637177465779 Signal Gold Appoints Project Finance Advisor for the Advancement of the Goldboro Gold Project TORONTO, ON / ACCESSWIRE / September 12, 2022 / Signal Gold Inc., ("Signal Gold" or the "Company") is pleased to announce that it has engaged Auramet International, LLC ("Auramet") as Financial Advisor in conjunction with project financing for the Company's 100%-owned Goldboro Gold Project in Nova Scotia ("Goldboro" or the "Project"). Auramet will work closely with the Company to undertake a robust solicitation process for project financing and advise on the structuring, negotiating, and closing of a comprehensive financing package to advance Goldboro towards production. "Signal Gold is pleased to announce the appointment of Auramet as Financial Advisor for the Goldboro Gold Project, as we progress towards the next steps to developing one of the next gold mines in Eastern Canada. The Auramet team brings a depth of experience and success in mine project financing which will be of tremendous value to Signal Gold, in particular with precious metals projects in Canada. The appointment is another key milestone for Goldboro, which recently received its Environmental Assessment approval in August of 2022 and has commenced other site-specific permitting processes including the Industrial Approval and Crown Land Lease and Mining Lease applications." ~Kevin Bullock, President and CEO, Signal Gold Inc. Auramet is a relationship focused global precious metals merchant and advisory firm based in North America with a proven track record in closing project finance mandates and financing mining projects throughout the Americas, Africa, Europe and Australia. They have extensive and long-standing experience in the global junior mining market, mining finance and specifically the Canadian mining sector having worked with many of the mining companies currently operating in the country.
Signal Gold Identifies Potential Extensions of the Goldboro Deposit and Initiates a 4,000 Metre Diamond Drill Program, and Reports Q3 2022 Production Results From the Point Rousse Operation, with today's news https://feeds.issuerdirect.com/news-release.html?newsid=8186417550807066 TORONTO, ON / ACCESSWIRE / October 13, 2022 / Signal Gold Inc. or the "Company" (TSX:SGNL)(OTCQX:SGNLF) is pleased to announce it has received initial results of the Induced Polarization geophysical survey ("IP Survey") at its Goldboro Gold Project in Nova Scotia, Canada (Goldboro", or the "Project"). The initial results comprise 36-line kilometres of the IP Survey and include an orientation of the known Goldboro Deposit, which demonstrates a chargeability response coincident with the Goldboro Mineral Resource. Significantly, this chargeability response continues 400 metres to the west of the Goldboro Deposit to the western end of the IP Survey and down to depths of at least 250 metres, which may represent the along strike continuity of the Goldboro Deposit (Exhibits A and B). Historical data suggests the structure which hosts the Goldboro Deposit potentially continues a minimum 2.0 kilometres west of the Goldboro Mineral Resource, which the Company will further test in the near-term as it consolidates land access in this area. Based on the initial results, the Company is initiating a 4,000-metre diamond drill program in the coming weeks to test the possible extension of the Deposit. Exhibit A. A map showing the location of the West and East pits of the Goldboro Gold Project and the location of the past producing Dolliver Mountain mine one kilometer to the west. Also shown is the potential trend of the host structure to the Goldboro deposit and its anticipated westerly extension as shown by an existing VLF survey. The existing data indicates there is potential for further mineralization over a minimum 2.0-kilometre strike. "Based on a historical VLF survey which extended along strike of the known Goldboro deposit and ended at a past producing gold mine on the western edge of our property, we recognized there is a significant opportunity to expand the Mineral Resources at Goldboro along strike to the west of the current Mineral Resource. The initial IP Survey results strongly demonstrate that there is a geophysical response along strike and at depth associated with the Goldboro Deposit and that this same response continues westward for at least 400 metres, and potentially further, as the historic data suggests that the structure which hosts the Goldboro Deposit continues a minimum 2.0 kilometres west of the current Mineral Resource. We are excited to begin a 4,000-metre drill program based on these initial IP Survey results while we prepare for a further geophysical program as we consolidate land access in the area. The potential discovery of mineralization west of the existing Mineral Resource highlights the continued growth potential of what is already a long-life gold development project in Nova Scotia." ~ Kevin Bullock, President and CEO, Signal Gold Inc. The Company has identified a significant opportunity to expand the existing Mineral Resource west of the IP Survey where the host structure to the Goldboro Deposit continues for a further 2.0 kilometres. This is demonstrated by historic, near-surface, geophysical anomalies and previous drilling towards the past producing Dolliver Mountain gold mine*. Additional IP surveying will cover this area of strike potential and will be initiated following the completion of access agreements and permitting. Exhibit B. Vertical longitudinal section through the Goldboro-Dolliver Mountain area showing IP chargeability at depth including a 400 metres long strong IP chargeability anomaly west of the current Mineral Resource. The IP Survey was completed by Abitibi Geophysics using OreVision® and OreVision®3D. The upcoming drill program and additional geophysical surveys will be funded with existing Flow Through funds. *Operations began at the Dolliver Mountain Gold Mine in 1901 and the operation ceased in 1905. This news release has been reviewed and approved by Paul McNeill, P. Geo., VP Exploration with Signal Gold Inc., a "Qualified Person", under National Instrument 43-101 Standard for Disclosure for Mineral Projects. https://feeds.issuerdirect.com/news-release.html?newsid=8799190690504423 Signal Gold Reports Q3 2022 Production Results From the Point Rousse Operation TORONTO, ON / ACCESSWIRE / October 18, 2022 / Signal Gold Inc. ("Signal Gold" or the "Company")(TSX:SGNL)(OTCQX:SGNLF) is pleased to announce the production results and certain financial information for the three and nine months ended September 30, 2022 ("Q3 2022"). All dollar amounts are in Canadian Dollars. The Company expects to file its third quarter financial statements and management discussion and analysis by November 3, 2022. Third Quarter 2022 Highlights Signal Gold sold 5,615 ounces of gold in the third quarter of 2022, a 118% increase from the third quarter of 2021, generating metal revenue of $12.7 million at an average realized gold price1 of $2,258 (US$1,729) per ounce sold. Point Rousse produced 4,990 ounces of gold in the third quarter of 2022, an increase of 2,772 ounces or 125% from the third quarter of 2021 due to the higher-grade profile of Argyle mill feed. Production decreased 8% from Q2 2022 due to scheduled mill maintenance in September for a mill liner change. Mine operations moved 92,729 tonnes of ore during the third quarter from Argyle, a 25% increase from the second quarter of 2022 when the mine's ability to drill and blast was impeded in April from the impact of water management issues in the first half of the year. Point Rousse maintained an ore stockpile of approximately 19,600 tonnes as of September 30, 2022. The Pine Cove Mill processed 92,617 tonnes during the third quarter of 2022. The mill achieved a strong average recovery rate of 88.7% driven by the higher-grade Argyle mill feed in the third quarter, with mill availability reflecting the scheduled maintenance downtime. As of September 30, 2022, the Company had a cash balance of $12.2 million and an undrawn revolving credit facility of $3.0 million. As a result of geotechnical challenges experienced in the quarter which necessitated a redesign of the ramp and walls, the Company is revising its guidance from the lower end of our guidance range of 21,500 to 23,000 ounces of gold to between 20,000 and 21,000 ounces of gold to reflect impacted ore access. 1 Refer to Non-IFRS Measures Section below. "Overall, Point Rousse achieved another strong quarter of production after a challenging first half of 2022, when water management issues impacted mining activity in March and April. The Company sold 5,615 ounces of gold in the third quarter to generate $12.7 million in metal revenue, a 37% increase from the second quarter as mill throughput during the quarter was exclusively from Argyle. With water management and capacity back to normal operations, Point Rousse mined 92,617 tonnes of ore in Q3 2022, an increase of 25% over the second quarter of 2022, and the operation was able to build up a stockpile at the end of the quarter. However, the operation did experience geotechnical challenges during the third quarter which required a redesign of the ramp and walls which unfortunately will impact the access to some areas of ore. The Company is accordingly revising its annual guidance to between 20,000 and 21,000 ounces of gold." ~Kevin Bullock, President and CEO, Signal Gold Inc. Second Quarter Operating Statistics https://feeds.issuerdirect.com/news-release.html?newsid=8622710525895541 Signal Gold Provides an Update on the Point Rousse Project TORONTO, ON / ACCESSWIRE / October 25, 2022 / Signal Gold Inc. ("Signal Gold" or the "Company") (TSX:SGNL)(OTCQX:SGNLF) is today announcing an update on the future activities at its Point Rousse Project in Newfoundland and Labrador, Canada ("Point Rousse", or the "Project"). As a result of the Company's primary focus on the development of its Goldboro Gold Project in Nova Scotia, the Company has decided it will not proceed at this time with the development of the Stog'er Tight Project as the development plan entails operational and execution risk over a limited mine life. Accordingly, the Company will begin winding down current operations as it approaches the completion of mining at the Argyle Mine, following which Point Rousse will be placed under a care and maintenance program. While the Company is announcing a maiden Mineral Reserve Estimate for the Stog'er Tight Deposit as outlined further below, the current development plan entails operating risks relating to increased cost pressures and labour challenges that require further consideration. The Company will take the opportunity to review and optimize the Stog'er Tight mine plan to assess any future mining opportunities and will also review the exploration potential identified by a geophysical IP survey undertaken in early 2022. The Company is reaffirming its revised 2022 annual production guidance of 20,000 to 21,000 ounces of gold and expects the processing of Argyle ore to continue into early 2023 before transitioning to care and maintenance. Based on the remaining forecast at Argyle, the Company has a financial plan which will ensure a proper severance and retention plan for impacted employees and will allow for the discharge of all trade payables and operating expenses and equipment leases. The Company will also continue ongoing progressive rehabilitation of the site, including the reclamation of tailings storage #1 and Argyle upon the completion of mining. Signal Gold is also considering other strategic alternatives to maximize the value of its Newfoundland assets. Those assets include valuable infrastructure at the Point Rousse operation, including the Pine Cove Mill, the only permitted gold processing facility in Newfoundland; a permitted in-pit tailings facility with long-term capacity; and a deep-water port immediately adjacent to the processing complex. The Company also maintains ~15,000 hectares of highly prospective mineral property, including those adjacent to the past producing, high-grade Nugget Pond Mine at its Tilt Cove Gold Project. "We have been mining gold at Point Rousse since 2010 and through the hard work and dedication of our employees, we have been able to extend the operation well beyond the original life of mine. While we have put in much effort advancing the potential development of the Stog'er Tight Project, in this fiscal environment the project's operating and execution risk must be thoroughly assessed given the Company's primary focus on the Goldboro Gold Project. Consequently, the Company has decided to hold off proceeding with development of Stog'er Tight at this time and will implement a plan to wind down its operations at Argyle in a safe and professional manner." ~Kevin Bullock, President and CEO, Signal Gold Inc. Mineral Reserve Update for Stog'er Tight Deposit The Company is also announcing a Mineral Reserve Estimate for the Stog'er Tight Deposit, prepared in accordance with National Instrument 43-101 ("NI 43-101"). The Mineral Reserve Estimate, with an effective date of September 30, 2022, is based on the NI 43-101 Mineral Resource Estimate for the Point Rousse Project with effective date of September 1, 2021 and covered in the technical report entitled "2021 NI 43-101 Technical Report, Mineral Resources and Mineral Reserve Update on the Point Rousse Project, Baie Verte, Newfoundland and Labrador, Canada." All currency is presented in Canadian dollars (C$) and referenced as "C$" or ""$", unless otherwise stated. The Mineral Reserve Estimate for the Stog'er Tight Deposit, which includes the Gabbro and 278 Zones, was prepared by Independent Qualified Person, Joanne Robinson, P.Eng., of BBA E&C Inc. ("BBA"). The Probable Mineral Reserve at the Stog'er Tight Deposit is 726,600 tonnes at an average diluted gold grade of 1.97 g/t and contains 46,100 ounces of gold at a strip ratio of 7.9 to 1 waste tonnes to ore tonnes, based on a cut-off grade of 0.62 g/t gold and gold price of CAD$2,000/oz (US$1,550/oz). The Mineral Reserve estimate is based on the Mineral Resource estimate for the Stog'er Tight Deposit with an Effective Date of September 1, 2021. Under a conceptual 22-month life of mine, Stog'er Tight would produce approximately 40,100 ounces of gold based on an estimated average recovery rate of 87.0%. Stog'er Tight demonstrates positive cash-flow from operations with undiscounted pre-tax cash flows of $9.45M, a pre-tax discounted NPV (5%) of $7.92M with an IRR of 59%, and an after-tax NPV (5%) of $5.63M with an IRR of 48%. Stog'er Tight Mineral Resource^ The Stog'er Tight Mineral Resource was prepared by Independent Qualified Person, Glen Kuntz, P.Geo. of Nordmin. The Stog'er Tight Mineral Resource is based on validated results of 690 surface drill holes (506 diamond drill holes and 184 percussive drill holes), for a total of 37,584 metres of diamond drilling that was completed between 1988 and 2021 and the effective date of September 1, 2021. From these drill holes a total of 16,319 samples were analyzed for gold content. The Stog'er Tight Mineral Resource is defined at a 0.59 g/t gold cut-off and is based upon 1 metre assay composites using a variable gold grade cap. Mineral Resources at Stog'er Tight are constrained within two open pits at the Gabbro and 278 Zones using the pit shell parameters presented in Exhibit A below. (at end of statement) ^The Point Rousse Mineral Resource Estimate with Effective Date September 1, 2021 is presented in the NI43-101 Technical Report entitled "2021 NI 43-101 Technical Report, Mineral Resource And Mineral Reserve Update On The Point Rousse Project, Baie Verte, Newfoundland And Labrador, Canada" Prepared by Independent Qualified Persons Glen Kuntz, P.Geo. and Joanne Robinson, P.Eng.; and Qualified Persons, Paul McNeill, P.Geo., Kevin Bullock, P.Eng., and Chris Budgell, P.Eng. Effective Date: September 1, 2021, Published: November 27, 2021. The Mineral Reserve Estimate for the Stog'er Tight Deposit was prepared by Independent Qualified Person, Joanne Robinson, P.Eng., of BBA. Qualified Person Paul McNeill, P.Geo., VP 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 news release.
Signal Gold Reports Q3 2022 Production Results From the Point Rousse Operation https://irdirect.net/prviewer/release_only/id/5018086 TORONTO, ON / ACCESSWIRE / October 18, 2022 / Signal Gold Inc. ("Signal Gold" or the "Company")(TSX:SGNL)(OTCQX:SGNLF) is pleased to announce the production results and certain financial information for the three and nine months ended September 30, 2022 ("Q3 2022"). All dollar amounts are in Canadian Dollars. The Company expects to file its third quarter financial statements and management discussion and analysis by November 3, 2022. Third Quarter 2022 Highlights Signal Gold sold 5,615 ounces of gold in the third quarter of 2022, a 118% increase from the third quarter of 2021, generating metal revenue of $12.7 million at an average realized gold price1 of $2,258 (US$1,729) per ounce sold. Point Rousse produced 4,990 ounces of gold in the third quarter of 2022, an increase of 2,772 ounces or 125% from the third quarter of 2021 due to the higher-grade profile of Argyle mill feed. Production decreased 8% from Q2 2022 due to scheduled mill maintenance in September for a mill liner change. Mine operations moved 92,729 tonnes of ore during the third quarter from Argyle, a 25% increase from the second quarter of 2022 when the mine's ability to drill and blast was impeded in April from the impact of water management issues in the first half of the year. Point Rousse maintained an ore stockpile of approximately 19,600 tonnes as of September 30, 2022. The Pine Cove Mill processed 92,617 tonnes during the third quarter of 2022. The mill achieved a strong average recovery rate of 88.7% driven by the higher-grade Argyle mill feed in the third quarter, with mill availability reflecting the scheduled maintenance downtime. As of September 30, 2022, the Company had a cash balance of $12.2 million and an undrawn revolving credit facility of $3.0 million. As a result of geotechnical challenges experienced in the quarter which necessitated a redesign of the ramp and walls, the Company is revising its guidance from the lower end of our guidance range of 21,500 to 23,000 ounces of gold to between 20,000 and 21,000 ounces of gold to reflect impacted ore access. *see the entire article on the company's website* Signal Gold Provides an Update on the Point Rousse Project https://feeds.issuerdirect.com/news-release.html?newsid=8799190690504423 TORONTO, ON / ACCESSWIRE / October 25, 2022 / Signal Gold Inc. ("Signal Gold" or the "Company") (TSX:SGNL)(OTCQX:SGNLF) is today announcing an update on the future activities at its Point Rousse Project in Newfoundland and Labrador, Canada ("Point Rousse", or the "Project"). As a result of the Company's primary focus on the development of its Goldboro Gold Project in Nova Scotia, the Company has decided it will not proceed at this time with the development of the Stog'er Tight Project as the development plan entails operational and execution risk over a limited mine life. Accordingly, the Company will begin winding down current operations as it approaches the completion of mining at the Argyle Mine, following which Point Rousse will be placed under a care and maintenance program. While the Company is announcing a maiden Mineral Reserve Estimate for the Stog'er Tight Deposit as outlined further below, the current development plan entails operating risks relating to increased cost pressures and labour challenges that require further consideration. The Company will take the opportunity to review and optimize the Stog'er Tight mine plan to assess any future mining opportunities and will also review the exploration potential identified by a geophysical IP survey undertaken in early 2022. The Company is reaffirming its revised 2022 annual production guidance of 20,000 to 21,000 ounces of gold and expects the processing of Argyle ore to continue into early 2023 before transitioning to care and maintenance. Based on the remaining forecast at Argyle, the Company has a financial plan which will ensure a proper severance and retention plan for impacted employees and will allow for the discharge of all trade payables and operating expenses and equipment leases. The Company will also continue ongoing progressive rehabilitation of the site, including the reclamation of tailings storage #1 and Argyle upon the completion of mining. Signal Gold is also considering other strategic alternatives to maximize the value of its Newfoundland assets. Those assets include valuable infrastructure at the Point Rousse operation, including the Pine Cove Mill, the only permitted gold processing facility in Newfoundland; a permitted in-pit tailings facility with long-term capacity; and a deep-water port immediately adjacent to the processing complex. The Company also maintains ~15,000 hectares of highly prospective mineral property, including those adjacent to the past producing, high-grade Nugget Pond Mine at its Tilt Cove Gold Project. "We have been mining gold at Point Rousse since 2010 and through the hard work and dedication of our employees, we have been able to extend the operation well beyond the original life of mine. While we have put in much effort advancing the potential development of the Stog'er Tight Project, in this fiscal environment the project's operating and execution risk must be thoroughly assessed given the Company's primary focus on the Goldboro Gold Project. Consequently, the Company has decided to hold off proceeding with development of Stog'er Tight at this time and will implement a plan to wind down its operations at Argyle in a safe and professional manner." ~Kevin Bullock, President and CEO, Signal Gold Inc. Mineral Reserve Update for Stog'er Tight Deposit The Company is also announcing a Mineral Reserve Estimate for the Stog'er Tight Deposit, prepared in accordance with National Instrument 43-101 ("NI 43-101"). The Mineral Reserve Estimate, with an effective date of September 30, 2022, is based on the NI 43-101 Mineral Resource Estimate for the Point Rousse Project with effective date of September 1, 2021 and covered in the technical report entitled "2021 NI 43-101 Technical Report, Mineral Resources and Mineral Reserve Update on the Point Rousse Project, Baie Verte, Newfoundland and Labrador, Canada." All currency is presented in Canadian dollars (C$) and referenced as "C$" or ""$", unless otherwise stated.
