Signal Gold drills 0.49 g/t gold over 5.2 metres at Tilt Cove, Newfoundland

Signal Gold Inc. [SGNL-TSX; SGLNF-OTCQX] reported drill results and the identified additional exploration targets at its 100%-owned Tilt Cove gold project, located within the Baie Verte mining district, Newfoundland, approximately 45 km by road from the company’s Pine Cove mill and long-term tailings storage facility.

Signal Gold has consolidated more than 11,000 hectares of prospective mineral lands, including a significant property package covering 35 km of high-potential strike length, including the Nugget Pond Horizon (NPH), a geological unit that hosted the past-producing, high-grade Nugget Pond mine.

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-km ground induced polarization (IP) geophysical survey, and till sampling near West Pond.

Highlights of this winter 2022 exploration program include diamond drilling that intersected anomalous gold at the Long Pond target area in several holes, including 0.49 g/t gold over 5.2 metres among other anomalous intersections.

The identification of glacial till samples containing up to 684 pristine gold grains and assaying up to 30,000 parts per billion gold, indicating that the source for the gold in till at West Pond is proximal and likely within 50 to 100 metres of source.

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.

Kevin Bullock, president and CEO, said: “Signal Gold continues to advance the Tilt Cove gold project and we are pleased with the number of gold targets generated by the recently completed IP geophysical survey along a 6.5-km section of this larger 35-km 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.”

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. Specifically, four drill holes (LP-22-001 to -004) totalling 679 metres tested the Long Pond prospect, six drill holes (EP-22-013 to -018) totalling 1,281 metres were completed at the East Pond prospect and two drill holes (WP-22-012 to -013) totalling 238.3 metres were drilled on the ice testing the West Pond prospect.

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. Drill hole EP-22-014 intersected a zone of mineralization assaying 2.35 g/t gold over one metre in the footwall to the Nugget Pond Horizon in an area of no previously known drill indicated mineralization. Drill hole EP-22-016 intersected mineralization assaying 1.14 g/t gold over one 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 four metres.

Signal Gold is advancing the Goldboro gold project in Nova Scotia, a significant growth project subject to a positive feasibility study. 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 approximately 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.