VIDEO: Signature Resources Founder Discovering the Cool Property Gold Mine
Signature Resources (CVE:SGU) (OTCMKTS:SGGTF) Founder John Leliever overviews the “Cool Property” project site they have been developing. Signature Resource’s intentions are to transform the Lingman Lake gold mine from a project that hosts a historic gold estimate to a reportable inferred resource. They are excited to be designing the next follow-on drill program on this property.
James West: Hey, welcome back to Midas Letter Live. My guest this segment is John Leliver. He’s the founder of Signature Resources, trading on the TSX Venture under the symbol SGU. John, thanks for joining me today.
John Leliver: Thanks, James.
James West: John, you’ve got a project up north in Ontario that is, by any measure, very interesting. You’ve got a 234,000 ounce historic resource, and you’ve got all kinds of geophysical anomalies. Tell me about the history of acquiring this project, and exactly how you come to be involved with the company.
John Leliver: Well, the project was introduced to me back in 2003 when I was working in the North, up in Timmins. And at that time –
James West: Working as?
John Leliver: I was working as a prospector and a field manager of another project, which ultimately became Trelawny’s big camp and a huge success for Greg Gibson and that company. And at that time, the family that owned the property referred to as the Cool property, the Lingman Lake property, I invited them down to our camp, took a look at the data that they had, showed it to Walter – Walter and I were working together at the time. Walter took a look at it, knew of the Lingman Lake asset, and at that time, Walter said “you know, you should do everything you can to acquire this deal.” It was too rich for me at the time; passed that project over to some other people, and they went forward with that project, but unfortunately, greed entered the picture and the deal just didn’t get done.
Years later, I’ve had a few successes myself in the mining sector, and I’ve parlayed those successes into having enough money to go back and see if I could not acquire the original property. And that’s what I did. I had enough money, and the wherewithal to put that package together, and subsequently started acquiring all the ground that was owned by some other companies in the vicinity, as well.
James West: Okay. So what is the sort of geological setting there in terms of, what other mines are in the area, what trend is it on, which exact area of Ontario?
John Leliver: So it is on a greenstone belt. We’re sitting approximately 300 kilometres north of the Red Lake camp on the Ontario side, right on the Ontario/Manitoba border, literally. And I guess the nearest property that’s being developed is the Mega Precious property, which was bought by Yamana I think probably about four years ago.
James West: How far is that away?
John Leliver: They’re by the crow flies, about 80 kilometres. They’re on the Manitoba side, and they’re about 30 km north of a First Nations community, Red Sucker Lake.
James West: Is that on the same geological trend as the Lingman Lake project that you’re involved with?
John Leliver: No, it is not. It is a complete different trend, and you know, they’ve got a great project. Ours is a different body, and I think our CEO and geologist Walter Hanych could probably better answer that type of question.
James West: Sure, okay. Great, so then, you acquired the land by staking, and you’ve held it in your sort of family hands for a long time?
John Leliver: So the original four patents were purchased by me personally and held within my personal holdings. The Crown land claims which were held by another company at the time, which was Anaconda, Anaconda Mining. I had discussions with Anaconda and they put a number on their package, and I acquired those personally. And the package then was, you know, not the package but, we needed to put the property into some kind of a vehicle where we could present it to the public and go out and raise money.
James West: Sure.
John Leliver: And that’s what we did. We put it into Signature Resources.
James West: How much money have you spent on exploration to date?
John Leliver: To date, we’ve probably spent about $1.6 million in total on exploration.
James West: Okay. So this is all in preparation for a drill program?
John Leliver: It is.
James West: Okay. When does drilling start?
John Leliver: Our goal is to go back to the market to raise a little bit more money for drilling, and we anticipate having a drill on the property, I would say, mid-summer to August time frame.
James West: Okay. What is the infrastructure situation like up there? It sounds like it’s a little bit remote.
John Leliver: It’s remote, and we get that all the time. The challenges of developing a project that is that remote; well, for us, it’s not really that much of a challenge. Both Walter and myself have got remote exploration experience developing properties for most of our lives, and we don’t see that as a challenge.
James West: So remote ultimately just means a little bit more expensive?
John Leliver: It’s a little bit more expensive, and that’s the key. A little bit more expensive.
James West: Okay, great. So over the next 12 months to 18 months you’re going to drill some holes; I’m assuming there’s going to be some success. You interpret the results, design the next follow-on drill program, and hopefully discover the next mine in Northern Ontario.
John Leliver: We think we’re onto that indeed. A lot of telltale things have been coming our way from our work programs, and it’s very exciting. Especially now.
James West: Okay, great, John. We’re going to leave it there for now; we’ll come back to you in a quarter’s time. Thanks so much for joining me today.
John Leliver: Thank you, James.
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