DRILL PROGRAM BEGINS AT LEWIS PROPERTY 10 KM WEST OF KEATS DISCOVERY, NEWFOUNDLAND
VANCOUVER, BC, May 11, 2023 /CNW/ - Etruscus Resources Corp. (CSE: ETR) (OTC: ETRUF) (FSE: ERR) (the "Company" or "Etruscus") is pleased to announce its 2023 drill program (the "Program") has commenced at the Company's Lewis Property (or "Property"). The Property is road accessible and is located 5 km south of the Trans Canada Highway in the Gander Gold Belt, approximately 10 km west of New Found Gold's Keats Zone discovery in Newfoundland. The geological team arrived last week and has quickly established core cutting and staging areas along with conducting ground truthing to confirm collar locations for the entire Program. Drilling is now underway.
- Previous geochemical and geophysical programs have identified two highly chargeable structures on the Property, one north and one northeast striking, these structures have provided high priority targets for the Company's inaugural drill Program (Click Here to View a Plan Map);
- Up to 2,000 m of drilling will be executed over 10 to 15 holes, with a focus on four high priority target areas in the center of the Property;
- Historically, only four short test holes were drilled over the 4.6 km strike length, none of which tested the areas of highest chargeability confirmed in a recent IP Survey (Click Here to View Cross Section); and
- The geological team arrived last week to establish core cutting and staging areas and confirm drill collar locations along with ground truthing the high priority target areas.
Stephen Wetherup, VP of Exploration, commented, "With all the successful reconnaissance work completed in the last 12 months, its great to finally drill test the high priority targets we've developed along the 4.6 km of highly chargeable structures." He went on to add, "During our first week here, we reviewed the historic Noranda drill core stored at the library in Buchans. We noted that mineralization is restricted to sulphide rich zones in the core and this reinforces our strategy of targeting the large chargeable anomalies highlighted from last year's IP Survey. We look forward to reporting assay results once received."
The current drill program is designed to test numerous chargeable zones, targeting where coincident anomalous Au-As-Sb soils occur and where high Au mineralization was indicated in rock surface samples. Due to the numerous trails on the Property, drill access is excellent. The Program will be able to test as many points along the chargeable structures as possible to overcome the lack of outcrop on the Property. All holes will be utilizing oriented core to allow the team to better interpret the geophysical data and to target structural intersections where wider and better mineralized portions of the structures are expected to be located.
Etruscus Resources Corp. is a Vancouver-based exploration company focused on the acquisition and development of precious metal mineral properties. The Company's assets include the Lewis Property in central Newfoundland, which is under option to acquire a 100% interest, and the 100%-owned Rock & Roll and Sugar properties comprising 27,270 hectares near the past producing Snip mine in Northwest B.C.'s prolific Golden Triangle. Etruscus has exploration properties in two of Canada's most active gold camps.
Etruscus is traded under the symbol "ETR" on the Canadian Securities Exchange, "ETRUF" on the OTC and "ERR" on the Frankfurt Stock Exchange. Etruscus has 41,450,922 common shares issued and outstanding.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
This Press Release may contain statements which constitute 'forward-looking' statements, including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities and operating performance of the Company. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities or performance and involve risks and uncertainties, and that the Company's future business activities may differ materially from those in the forward-looking statements as a result of various factors. Such risks, uncertainties and factors are described in the periodic filings with the Canadian securities regulatory authorities, including quarterly and annual Management's Discussion and Analysis, which may be viewed on SEDAR at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as intended, planned, anticipated, believed, estimated or expected. The Company does not intend, and does not assume any obligation, to update these forward-looking statements.
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SOURCE Etruscus Resources Corp.
Company Contact: Fiore Aliperti, President & CEO, E: [email protected], T: 604-336-9088, W: www.etruscusresources.com
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