VANCOUVER, June 7, 2019 /CNW/ - Etruscus Resources Corp. (CSE: ETR) (the "Company" or "Etruscus"), a Vancouver-based junior exploration company, is pleased to announce the results from its 2019 Phase 1 exploration program and the launch of Phase 2. A biogeochemical orientation survey (or "Survey") was completed at its 100%-owned Rock & Roll Property (the "Property"), near the past producing Snip mine situated in the Eskay region of Northwest B.C.'s prolific Golden Triangle.
- The Survey was undertaken to test the effectiveness of biogeochemical (bark) sampling to identify elevated pathfinder elements (Au, Ag, Ba, Cu, Fe, Hg, Pb, Se, Zn) in areas with thick overburden where traditional soil sampling is ineffective;
- Trees are abundant, easy to sample, and provide reproduceable results;
- Results were successful in identifying areas of anomalous elements; and
- The biogeochemical survey provided valuable results to prioritize historical geophysical targets for Phase 3 drill testing planned for later in the season.
Biogeochemical survey use has grown in B.C. in recent years and has proven to be able to identify overburden-covered mineralization that have led to material discoveries in Canada, Australia, and elsewhere around the globe.
A total of 58 bark samples were collected, including duplicates. The distribution of sampling was designed to test over known mineralized and barren areas surrounding the Black Dog deposit. The sampling was broken down to 17 samples across the exposed massive sulphide deposit, 19 samples across a projection of the favorable stratigraphy (1.2 km south of the exposed massive sulphide), and 22 samples in a remote area 1.7 km northwest of the exposed massive sulphide.
Selected pathfinder elements show a wide range with maximum values 12 to >2000 times detection limits and up to 19 times the average values. This shows a clear and robust difference between anomalous and background values in the sampling. All duplicates yielded results within 0.2 standard deviations of the original value, except for gold, which yielded more erratic duplicates. Very elevated single elements and combined standardized elements clearly identify both the exposed massive sulphide deposit as well as the favorable stratigraphy to the south.
An initial structural analysis was also performed over the sampling area during the recently completed field visit to assess the existing geological setting and confirm trends that may define extensions or fold repetitions of the Black Dog horizon. Combined with a review of the historic information by the geological team and technical advisors, a more complex structural history exists than previously thought, leading to potential offsets and fold repetitions of the exposed Black Dog Zone.
Phase 2 Exploration Program
A 12-day follow-up biogeochemical sampling program is currently underway. The 5-person exploration team will collect a total of ~750 samples across a 27 km2 area, covering all projections of favorable stratigraphy. Concurrently, a focused structural mapping program is being run. Both programs will help assist the Etruscus team in prioritizing the geophysical anomalies for drill testing that have been identified from detailed historic data analysis work.
A first pass site visit will also be made, weather permitting, on certain prioritized areas of the recently staked new claims. These areas include previously recorded mineral occurrences to the northwest of Hoodoo Mountain and west of Crystal Lake Resources' Newmont Lake Project.
Dr. Dave Webb, VP of Exploration for Etruscus, stated, "The success of the initial bark sampling program is an important milestone for the Etruscus team this year. The Property has seen mixed success utilizing geochemistry over the years due to overburden," Dr. Webb concluded. "Now that we know the use of biogeochemistry is relevant over the Rock & Roll Property, the results of this Phase 2 program will provide us with a dataset of geochemistry covering a much larger area to compliment the current geophysics re-interpretation being carried out by Dr. Jules Lavoie. This will provide us with follow up targets for Phase 3 drilling later in the season."
Change of Auditors
The Company also announces that it has changed auditors from Davidson & Company LLP (the "Former Auditor") to Manning Elliott LLP (the "Successor Auditor"). There were no reservations in the Former Auditor's audit report for the relevant period, being the financial year ended March 31st, 2018. In accordance with National Instrument 51-102 – Continuous Disclosure Obligations ("NI 51-102"), the Company filed a Change of Auditor Notice (the "Notice") on SEDAR together with letters from both the Former Auditor and Successor Auditor, with each letter confirming agreement with the statements contained in the Notice, as applicable. There were no reportable events as defined in NI 51-102 between the Former Auditor and the Company. The board of directors had decided to change auditors and removed the Former Auditor, and appointed the Successor Auditor as the Company's auditor, until the next Annual General Meeting of the Company.
QA/QC and Analytical Procedures
Etruscus employed a rigorous QA/QC program to ensure best practices in the execution of the Survey. A combination of 58 samples were taken and shipped to ALS Laboratories in Terrace for preparation and processing at their facility in North Vancouver, an ISO 17025 accredited laboratory which is independent from the Company. The biogeochemical analyses were performed by ALS Global in North Vancouver using VEG-MILL01 preparation and ME-VEG41 analysis. In addition to ALS's internal QA/QC program, Etruscus inserted 10% duplicates into the overall sampling stream.
Technical aspects of this news release have been reviewed and approved by Dr. Dave R. Webb, Ph.D., P.Geol., P. Eng. designated as a qualified person under National Instrument 43-101.
About the Rock & Roll Property
Etruscus Resources Corp. is a Vancouver-based exploration company focused on the development of its 100%-owned Rock & Roll Property situated in the heart of Northwest B.C.'s prolific Eskay region. The Property was originally staked in 1988 on behalf of the Prime Resources Group, one of Murray Pezim's companies.
In 1990, exploration (line cutting, geochemical soil sampling, mapping, prospecting, ground geophysical surveys and trenching) led to the discovery of polymetallic, silver-gold-zinc-lead-copper massive sulphide mineralization that became known as the Black Dog Zone. Notably, the broad surface expression of the Black Dog Zone is readily apparent in geochemical soil samples and ground geophysical data.
In the period immediately following the discovery of the Black Dog showing, Prime drilled 94 holes totalling 11,063.2 meters, testing the Black Dog and SRV zones. Subsequently, 20 holes totalling 3,321.6 meters were drilled by several junior companies, mainly to expand the known mineralized zones. No work was done on the Property from 2012 to 2018.
Etruscus acquired the Property in early 2018. At the time of acquisition, it consisted of 14 contiguous minerals claims totalling 4,723 hectares. In June 2018, 3 additional contiguous claims were staked. On August 3, 2018, Etruscus reported a current NI-43-101 compliant Inferred Mineral Resource Estimate for the Rock & Roll deposit which can be accessed on www.sedar.com. From March to May 2019, an additional 21 contiguous claims were staked, for a total contiguous area of 38 mineral claims covering of 21,336 hectares.
Etruscus Resources Corp. is a well-funded Vancouver-based exploration company focused on the development of its 100%-owned Rock & Roll Property comprising 21,336 hectares situated near the past producing Snip mine in Northwest B.C.'s prolific Eskay region. Total company holdings are 25,844 hectares which includes 4,508 hectares located approximately 15 km west of the Property. Etruscus trades under the symbol ETR on the Canadian Securities Exchange and currently has 19,394,001 shares issued and outstanding.
On behalf of the Board of Directors:
/s/ "Gordon Lam"
Chief Executive Officer, President and Director
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SOURCE Etruscus Resources Corp.
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