Signal Gold Inc. announced that through staking and third-party transactions, the Company has now consolidated the majority of the Goldboro Gold District in Nova Scotia, nearly quintupling its exploration licence area to approximately 19,450 hectares (195 km2). The significantly expanded prospective land position, adjacent to the Goldboro Project and the Company's existing exploration land package, encompasses a 28-kilometre strike length along the Upper Seal Harbour Anticline (the "Goldboro Trend") and a 23-kilometre strike length across the Lower Seal Harbour Anticline (the "Seal Harbour Trend") (Exhibit A). Signal Gold now has a significant exploration base at Goldboro in Nova Scotia which is becoming one of Canada's larger scale, prospective development-stage gold districts.
The Company is also providing an update on the various development initiatives being undertaken for the Goldboro Project and on certain delays that have been experienced. The Company will be submitting the Mineral Lease Application imminently and is targeting the submission of the Industrial Approval and Fisheries Act Authorization in August. As announced on June 6, 2023, the unprecedented forest fires in Nova Scotia delayed the Company's work relating to, among other things, fisheries offsetting, archeological field work and geotechnical programs. These matters, combined with ongoing crown land use discussions will result in a delay to the Project past the previously forecasted construction start in early 2024.
Given these delays and the challenging capital markets and inflationary environment for gold development companies, the Company intends to continue to demonstrate the potential scale of the Goldboro Deposit and greater Goldboro District and to optimize the operating parameters of the Project, and will re-evaluate a potential construction start date in due course. The Company staked nine (9) new exploration licences for a total of approximately 7,415 hectares, to add to the 4,047 hectares the Company already controlled adjacent to, and including, the Goldboro Project. A further 18 exploration licences were acquired from third parties, adding a further 7,981 hectares to the Company's exploration licence land position display:table-caption;caption-side:bottomExhibit A: Expanded exploration licence holdings in the Goldboro Gold District, including the trend of Upper Seal Harbour and Lower Seal Harbour anticlines and main gold deposits and prospects.