VANCOUVER, BC, Nov. 2, 2021 /CNW/ – Etruscus Resources Corp. (CSE: ETR) (OTC: ETRUF) (FSE: ERR) (the “Company” or “Etruscus”), is pleased to announce that it has completed its property-wide soil and rock sampling program (the “Program”) on the Lewis Gold Property (the “Property”) in central Newfoundland. Under the oversight of Stephen Wetherup, Vice-President of Exploration, three contracted sampling teams collected 1,920 soil and 60 rock samples (Click here to View Map). The Program expands on the data derived from historic sampling programs completed in the early 1990’s on and around the central portion of the Property.
Although the Lewis Property is predominantly overlaid by glacial till, exploration teams located outcrop throughout the Property, where rock samples were collected. Showings referenced in historic reports were also located and verification samples were collected from outcrop to confirm grade values. Historically, two styles of mineralization were observed on the Property (1) sericite-pyrite alteration zones up to a meter wide containing minor quartz-arsenopyrite-stibnite-galena, and (2) 10 to 50 cm wide quartz-stibnite-arsenopyrite veins which typically host the highest Au grades. Both styles were sampled during the 2021 field season as well as sampling of arsenopyrite filled shear zones and disseminated stockwork pyrite veined zones. All of these occur within coarse grained monzosyenite and diorite phases of the Mt. Peyton Intrusive Suite.
Both rock and soil samples are being assayed at ALS Geochemistry Laboratory in Sudbury, Ontario. Upon receipt of sample results, the Company will conduct a geophysics program, primarily Induced Polarization (“IP”), as the next step in drill target definition. This methodology is similar to historic exploration programs that, although limited in scope, resulted in successfully intersecting gold mineralization through drilling.
President and CEO, Jason Leikam states, “We are pleased to have completed the first phase of exploration on the Lewis Property. The work was uninterrupted by weather or technical difficulties and our team experienced first-hand positive local support from contractors and stakeholders. Importantly, the team identified untested, near surface mineralization and remains optimistic for the exploration potential across the Property blocks. We have also initiated the permitting process for IP and drilling and are looking forward to fully testing the Lewis Project in the new year.”
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. The proximity to nearby gold discoveries and the location within the underexplored Mt. Peyton Intrusive Suite provide the Property with significant opportunity for new discoveries.
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. Most historical sampling data on the Lewis Property was collected by a major company and overseen by professional geoscientists and analyses preformed by reputable analytical laboratories during regional exploration and although not yet verified by Etruscus is considered relevant and reasonable, by the “QP”.
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.
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