Etruscus Commences Initial Exploration Program at Lewis Gold Project, Newfoundland
VANCOUVER, BC, Sept. 29, 2021 /CNW/ - Etruscus Resources Corp. (CSE: ETR) (OTC: ETRUF) (FSE: ERR) (the "Company" or "Etruscus"), is pleased to announce that the Company has commenced its first exploration program (the "Program") on the recently acquired Lewis Property (the "Property") in central Newfoundland. The Property is centrally located amongst a number of highly active exploration companies with multi-million dollar programs currently underway, including New Found Gold with an approximate 200,000 m drill campaign 10 kms to the east of the Lewis Property border. The Program followed a recently completed analysis of available historic information, including regional geophysics, sampling, and drilling data from work on and adjacent to the Property claims. The Property saw successful but limited historic exploration in the early 1990's by companies such as Noranda, which targeted the southern extent of the Company's current claims.
Exploration Plan Details
The first phase of the program currently underway involves rock and soil sampling, including the systematic collection of over 2,000 samples across the Property. Historic work in the area focused on easily accessible outcrop and was highly successful at identifying showings such as the Corsair and Sabre where historic samples up to 1,347 g/t Ag and 3.2 g/t Au were reported. Additional clusters of compelling historic gold assays further demonstrate the exploration potential of the Property (See Map 1 Below). Of the 72 historic rock samples taken across the Property, 32 of them graded above 1 g/t gold with 8 rock samples grading above 5 g/t gold. The program will also include work in areas of the Property which are underexplored and have never been systematically sampled.
Following the analysis of the results of this sampling program, an IP survey will be planned for areas of particular interest. High levels of arsenopyrite and stibnite that are associated with gold mineralization are expected to generate strong geophysical anomalies for drill target identification. We are confident that using exploration techniques that have proven successful in the past will generate compelling drill targets across the largely underexplored areas of the Property, including the Mount Peyton Linear Trend that runs north-northwest along significant portions of the Property.
Stephen Wetherup, Etruscus VP of Exploration, comments: "The historic exploration on the Lewis Property utilized established exploration techniques and successfully demonstrated gold mineralization in nearly all previous drill holes. Etruscus is now expanding these techniques to underexplored and highly prospective areas on the Property with poor outcrop exposure. The proximity to nearby gold discoveries, numerous gold showings on the property, and the location within the underexplored Mount Peyton Intrusive Suite provides Etruscus with significant opportunity to make new discoveries."
About the Lewis Gold Property
The Lewis Gold Property consists of 103 claims in two claim blocks totaling 2,568 hectares, located approximately 32 km from Gander, Newfoundland (Click Here to View Map). It can be accessed by highway and a network of unsealed forestry roads and trails. Rail access is within 8 km of the claims and a powerline traverses the Property. The Property lies within the tectonostratigraphic Dunnage Zone and the Exploits Sub-zone which is host to numerous orogenic gold showings and deposits, such as those on New Found Gold's Queensway Project. Gold mineralization in the region is mainly hosted in ENE and NNW striking orogenic shear zones with much of the exploration focused on shears in sedimentary sequences and not in intrusive hosted shear zones. The Property is underlain by the Mt. Peyton Batholith which is also cut by these ENE and NNW structures, including the NNW oriented "Mt. Peyton Trend" and remains an underexplored area within the Exploits Sub-Zone.
Drilling programs, on and adjacent to the Property, have confirmed gold mineralization and drill intercepts have included 8.83 g/t Au over 0.7 meters and 5.3 meters of 3.25 g/t Au. Prospecting on property has also returned numerous boulders containing high grade gold including 25.8 g/t Au and up to 1,347 g/t Ag. Just off the Property, down ice direction, 164 g/t Au has also been assayed.
The Property has seen limited but successful historical exploration along recognized regional structures. The Lewis Gold Property is a largely unexplored land package located within an area that has recently seen robust financing and exploration activity from neighbouring companies to the east, west and south of the Property.
Qualified Person
Technical aspects of this news release have been reviewed and approved by Stephen Wetherup, BSc., P.Geo., who is a Qualified Person as defined under National Instrument 43-101.
The foregoing historical assays are not National Instrument (NI) 43-101 compliant and the reliability of such historical assays is unknown. While historic information is based upon the sampling and analytical methods used at the relevant time, a Qualified Person has not completed sufficient work to classify historical results and assays as current.
About Etruscus
Etruscus Resources Corp. is a Vancouver-based exploration company focused on the acquisition and development of precious metal mineral properties. The Company's assets also include the 100%-owned Rock & Roll and Sugar properties comprising 27,880 hectares near the past producing Snip mine in Northwest B.C.'s prolific Golden Triangle. As a new entrant in the very active Newfoundland exploration play, Etruscus is expanding its focus to include exploration activity 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 37,386,622 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.
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SOURCE Etruscus Resources Corp.
Company Contact: Jason Leikam, President & CEO, E: [email protected], T: 604-336-9088, W: www.etruscusresources.com; Investor Relations Contact: Derek Wood, E: [email protected], T: 403-668-7855
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