VANCOUVER, British Columbia, July 26, 2023 (GLOBE NEWSWIRE) -- Etruscus Resources Corp. (CSE:ETR) (FSE:ERR) (OTCPink:ETRUF) announced fire assay results from all eight holes completed during its initial drill program at its Lewis Property in Newfoundland, reporting a significant new gold zone near surface.
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The road accessible Lewis property, 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, consists of 103 claims in two claim blocks totaling 2568 hectares in the Exploits Sub-zone of Newfoundland.
Drill holes MP23-03 and MP23-04, collared within an 800 metre gap along the northeast striking Corsair Trend, intercepted better gold mineralization than any previous drill hole on the Lewis Property, leaving significant room for further expansion. Multi- element analysis of the drill core has also revealed a well mineralized stibnite vein/breccia that returned 4.56% antimony over a 1 metre interval in MP23-04.
The Canadian government has antimony on its list of critical metals and for reference the Beaver Brook antimony mine, located 27 km southwest of the Property, has a reported current resource of 0.5 Mt at 4.17% Sb.
MP23-03 drilled 1.3 g/t gold over 17.3 metres, including 3.0 g/t gold over 4.9 metres, demonstrating a broad zone of anomalous gold mineralization. MP23-04, located 120 metres northeast of hole MP23-03, intercepted 1.2 g/t gold over 11.4 metres including 3.4 g/t gold over 2.5 metres. This is interpreted to be the same zone as encountered in hole MP23-03 representing real potential for gold mineralization between the two holes. These are the best gold intercepts to date on the Property with room for expansion.
The northeast striking Hurricane Trend is a chargeability anomaly that measures 1.7 km in length and strikes across Etruscus' and neighbouring Exploits Discovery Corp.'s claims with well mineralized intervals drilled on both sides of the Property boundary. Drill hole MP23-07 was designed to target below the historic Noranda hole 9 providing geological and structural information enabling a better understanding of the mineralized Hurricane Trend. This northern most drill hole returned a broad 19.2 metre zone of 0.39 g/t gold containing multiple anomalous gold samples and demonstrates an open system with significant room for expansion.
Stephen Wetherup, VP of Exploration, stated: "With all drill holes hitting near surface gold mineralization, the assays from our first ever drilling program in Newfoundland are a fantastic start to the development of this project. These results highlight to the market the existence of an additional, mineralized fault system adjacent to the renowned Appleton Fault with three major mineralized trends identified on the Property. Results confirm that these trends contain high to moderate-grade gold within a wider envelope of lower grade disseminated mineralization, differentiating us from many of the neighbouring vein style deposits. These sparsely tested trends provide significant opportunity for higher-grade shoots and have already shown potential as near-surface bulk-tonnage gold targets. With Etruscus drilling less than 1,000 metres to date, we're excited for the Phase 2 program to continue advancing the project and building on the excellent work delivered so far."
The company also has the 100%-owned Rock & Roll property, which along with its 100%-owned Sugar property total 28,270 hectares near the past producing Snip mine in Northwest B.C.'s prolific Golden Triangle. This gives Etruscus exploration properties in two of Canada’s most active gold camps.
The shares are currently trading at $0.11, with 44,085,361 shares outstanding.
For more information, please visit the company’s website www.EtruscusResources.com, or contact Fiore Aliperti, President and CEO, at 604-336-9088 or by email at info@EtruscusResources.com.
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