Source: Etruscus Resources.
  • Etruscus Resources (CSE:ETR) released assay results from eight drill holes completed during its initial Lewis Property drill program
  • All drill holes intercepted near surface anomalous gold with the highest grades encountered in the northeast striking 1.4 kilometre-long Corsair gold trend in Newfoundland
  • MP23-03 drilled 1.3 g/t Au over 17.3 metres including 3.0 g/t Au over 4.9 metres, demonstrating a broad zone of anomalous gold mineralization
  • Etruscus Resources Corp. opened trading at $0.10 per share

Etruscus Resources (CSE:ETR) released assay results from eight drill holes completed during its initial Lewis Property drill program.

All drill holes intercepted near surface anomalous gold with the highest grades encountered in the northeast striking 1.4 kilometre-long Corsair gold trend in Newfoundland. The property is 5 km south of the Trans Canada Highway in the Gander Gold Belt, 10 km west of the Keats Zone discovery under New Found Gold Corp. (TSXV:NFG).

2023 drill map in plan view. Source: Etruscus Resources Corp.

Highlights:

  • MP23-03 drilled 1.3 grams per tonne (g/t) Au over17.3 metres including 3.0 g/t Au over 4.9 metres, demonstrating a broad zone of anomalous gold mineralization
  • MP23-04  intercepted 1.2 g/t Au over 11.4 metres including 3.4 g/t Au over 2.5 metres
  • All significant intercepts are within 100 metres of the surface with all mineralization open to depth as well as along strike
  • Because of successful results from the company’s Phase 1 program, the company has now completed the second anniversary payment under the Lewis option agreement and looks forward to a Phase 2 drill program
  • Future drilling will seek to find higher grade shoots and expand the strike and depth of known mineralization

Management commentary:

The company’s VP of exploration, Stephen Wetherup, said in a news release that with all drill holes hitting near surface gold mineralization, the assays from the team’s first drilling program in Newfoundland represent 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,” Wetherup said in a statement.

He added that 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,” Wetherup said.

Next steps:

The use of induced-polarity (IP) inversions has allowed the team to successfully improve on the work of previous operators and validates the technology as an important targeting tool on this unique property. Identification of at least two parallel mineralized trends, each with more than 1 km of strike length, provides significant room for expansion.

With a shallow dip and mineralization coming to surface, the company anticipates the follow-up work program to build on the results.

Etruscus Resources Corp. is a Vancouver-based exploration company focused on the acquisition and development of precious metal mineral properties. 

Etruscus Resources Corp. opened trading at $0.10 per share.

Join the discussion: Find out what everybody’s saying about this stock on Etruscus Resources’ Bullboard, and check out the rest of Stockhouse’s stock forums and message boards.

The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.


More From The Market Online
Toronto Stock Exchange building

@ the Bell: Despite recent highs, struggles continue for TSX

The TSX continued downward after recent success. Materials weighed on the index as copper prices fell, offsetting a tech stock rebound.
A Ford F-Series Super Duty pickup truck with a trailer driving on a desert road.

Ford to expand F-Series Super Duty truck production into Canada

Ford (NYSE:F) plans to assemble its F-Series Super Duty pickup trucks at its Oakville Assembly Complex in Ontario beginning in 2026.
Victoria Gold CEO John McConnell

Buzz on the Bullboards: Stocks making news as markets hit new highs

This week has been eventful for North American stock markets, with the TSX and Dow Jones indices closing at fresh highs.
A toddler drinking a nutritional beverage.

Else Nutrition adds another major customer: Why to invest today

Else Nutrition (TSX:BABY) is now offering its products through the Navy Exchange, a retail chain owned by the United States Navy.