Category: Uncategorized
- Published: 29 November -0001
Etruscan hits 44 meters of 11.6 grams per tonne gold at the Finkolo project in Mali
Etruscan Resources Inc. (EET.TSX) reported on partial results from drilling completed on the Tabakoroni Zone of the Finkolo Permit in Mali South. Highlights to date include 44 meters of 11.6 g/t (including 9 meters of 30.6 g/t) gold in hole TACD 272 and 16 meters of 16.2 g/t (including 4 meters of 56.3 g/t) gold in hole TAC 258. Six of the eight deeper exploration holes have intersected significant mineralization at vertical depths up to 300 meters - 14 meters of 3.4 g/t gold in hole TACD 270, and 14 meters of 3.1 g/t gold and 7 meters of 2.7 g/t gold in hole TACD 269. Results from two of the deeper exploration holes which targeted vertical depths to 300 meters are still pending. A listing of all significant results received from this last round of drilling are presented in Table 1. The accompanying drill plan provides locations of the drill holes along the 1.7 kilometer long Tabakoroni Zone, and a longitudinal section depicts the pierce points of the deeper holes and shows the location of the two pending deep holes. These deeper holes are drilled on wide-spaced 150 meter centers.
Reverse circulation drill results have also been received for 11 exploration holes drilled in the Porphyry Zone. The following significant RC intercepts were returned from the Porphyry Zone: 9 meters of 2.2 g/t gold, 4 meters of 2.0 g/t gold, 7 meters of 2.4 g/t gold, 7 meters of 1.1 g/t gold and 3 meters of 4.5 g/t gold.
Don Burton, Vice President Corporate Development and Chief Operating Officer stated: \"These results are demonstrating that the mineralization at Finkolo continues to at least 300 vertical meters. Our current resource of 382,000 ounces measured and indicated, and 364,000 ounces of inferred only goes to a vertical depth of 120 meters. We look forward to receiving the results from the remaining deep drill holes.
The outstanding intercept from in-fill hole TACD 272 (44 meters of 11.6 g/t), drilled to a depth of 165 vertical meters, demonstrates that additional high grade shoots can be expected with more closely spaced drilling throughout the deposit that will be completed as part of the upcoming feasibility study work.
Resolute has advised that they are committed to an additional 15,000 meters of in-fill drilling in support of a feasibility study that will determine the most effective means of exploiting the deposit. This would include a determination of the preferred treatment of the ore at either the existing Syama plant or whether sufficient reserves and potential exists to support a stand alone operation.\" As previously announced (company press release January 7, 2008) an updated resource estimation has been completed for the Tabakoroni deposit on the Finkolo Permit to a vertical depth of approximately 120 meters from surface. The resource estimation was undertaken by Etruscan\'s joint venture partner Resolute Mining Limited (\"Resolute\"). At a one gram per tonne cutoff, Resolute has reported 4.62 million tonnes of measured and indicated resource at 2.6 g/t (382,000 ounces) and a further 4.54 million tonnes of inferred resource at 2.5 g/t (364,000 ounces).
A detailed breakdown of the resource classification at varying cutoff grades is presented in Table 2. The resource has been reported to both JORC and 43-101 standards. A 43-101 compliant report on the Tabakoroni Resource Estimation is available on SEDAR.
TABLE 2 - Tabakaroni Resource Estimation as of January 7, 2008
-------------------------------------------------------------------------
Cut- Measured Indicated Measured Inferred
off & Indicated
--------------------------------------------------------------------
Ton- Ton- Ton- Ton-
nes g/t Oz nes g/t Oz nes g/t Oz nes g/t Oz
g/t (m) (k) (m) (k) (m) (k) (m) (k)
-------------------------------------------------------------------------
0.50 4.58 1.96 289 2.34 1.96 147 6.92 1.96 436 9.11 1.60 468
0.70 3.97 2.17 277 1.95 2.24 140 5.91 2.19 417 6.66 1.97 421
0.90 3.40 2.40 262 1.62 2.53 132 5.02 2.44 394 5.12 2.32 381
1.00 3.14 2.52 254 1.48 2.68 127 4.62 2.57 382 4.54 2.49 364
1.10 2.90 2.64 246 1.35 2.83 123 4.25 2.70 369 4.06 2.66 347
1.20 2.68 2.76 238 1.24 2.99 119 3.91 2.83 357 3.64 2.84 332
1.50 2.10 3.16 213 0.96 3.46 107 3.06 3.25 320 2.70 3.36 291
-------------------------------------------------------------------------
The Finkolo Permit is contiguous with Resolute\'s Syama Permit which hosts the Syama Gold Mine. Construction of the Syama Gold Mine is on track to be completed in the second half of 2008 at an estimated cost of US$151 million. Current open pit mineable reserves at Syama are estimated to be 1.725 million ounces at an average grade of 3.6 g/t (June 2007). An additional 2.4 million ounces of measured and indicated resources lie beneath the current open pit reserves and are currently being evaluated for potential underground mining.
Exploration on the Finkolo Permit to date has focused on developing resources on the Tabakoroni deposit however several other targets are now being assessed for reconnaissance drilling elsewhere on the Finkolo Joint Venture tenure. A helicopter-borne electromagnetic survey using the VTEM system was recently completed by Geotech Airborne Limited over the entire joint venture tenure as well as certain areas held by Etruscan outside of the joint venture on the Syama Gold Belt. These results are being processed and interpreted but it is already evident that the survey has greatly enhanced the geological understanding of the Syama Gold Belt and where the favourable package crosses the N\'Gokoli Permit (part of the joint venture) and the Pitiangoma Permit (100% Etruscan) to the south of Finkolo. Additional targets are being assessed from this airborne survey.
Resolute holds a 60% interest in the Finkolo Joint Venture and acts as operator and manager of the Joint Venture. Under the terms of the joint venture agreement Resolute must fund all costs of the joint venture until production of a feasibility study and Etruscan will reimburse Resolute from 50% of its share of future project cash flow. In order to accelerate the exploration of the depth potential of the Tabakoroni deposit, Etruscan elected to contribute to the funding of the deep drilling costs, which contributions will be credited against amounts owing by Etruscan to Resolute.
All gold analyses were performed by Analabs Laboratories at Morila, Mali using standard screen metallics assay procedures. All assay numbers are reported as un-cut and all intercepts are reported as drill width and are not to be interpreted as true widths. K. Kirk Woodman P.Geo., Etruscan\'s Chief Project Geologist, is the Qualified Person overseeing Etruscan\'s exploration programs in West Africa and has reviewed this press release.
About Etruscan Resources Inc.
Etruscan Resources Inc. is a gold focused Canadian junior mining company with dominant land positions in district scale gold belts covering more than 13,000 square kilometers in West Africa. Its principal mine development projects include the Youga Gold Project in Burkina Faso (press release dated June 17, 2008), the Agbaou Gold Project in Côte d\'Ivoire (press release dated February 21, 2008), and the Finkolo Gold Project in Mali. Advanced and early stage exploration projects are on-going in Burkina Faso, Mali, Côte d\'Ivoire, Ghana (press release dated June 10, 2008) and Namibia (press release dated June 19, 2008). See press release dated May 6, 2008 for a comprehensive update of explorations projects. Etruscan also has a 53.7% interest in Etruscan Diamonds Limited which has a dominant land position in the Ventersdorp Diamond District located in South Africa. (press release dated June 13, 2008). The common shares of Etruscan are traded on The TSX Exchange under the symbol \"EET\". More extensive information on Etruscan can be found on its home page at http://www.etruscan.com
This press release may contain certain forward-looking statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements may include statements regarding exploration results and budgets, mineral reserve and resource estimates, work programs, capital expenditures, mine operating costs, production targets and timetables, future commercial production, strategic plans, market price of precious metals or other statements that are not statements of fact. Although the Company believes the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Various factors that may affect future results include, but are not limited to: fluctuations in market prices of precious metals; foreign currency exchange fluctuations; risks relating to mining exploration and development including reserve estimation and costs and timing of commercial production; requirements for additional financing; political and regulatory risks, and other risks and uncertainties described in the Company\'s annual information form filed with the Canadian Securities regulators on SEDAR (www.sedar.com). Accordingly, readers should not place undue reliance on forward-looking statements.
NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENT OF THIS RELEASE
ETRUSCAN RESOURCES INC.
Table 1 - July 2, 2008
Recent Drill Results - Tabakoroni Deposit
Finkolo Joint Venture, Mali
-------------------------------------------------------------------------
Hole ID Zone Drill Intercept Au Grade
------------------------
From To Width
Type (m) (m) (m) (g/t)
-------------------------------------------------------------------------
TACD-201 Main RC/DDH 103 152 49 1.8
-------------------------------------------------------------------------
incl. 118 124 6 7.8
-------------------------------------------------------------------------
TACD-236(1) Main RC/DDH 133 148 15 2.6
-------------------------------------------------------------------------
incl.(1) 145 148 3 4.8
-------------------------------------------------------------------------
TACD-242 Main RC/DDH 189 195 6 3.0
-------------------------------------------------------------------------
incl. 189 190 1 8.2
-------------------------------------------------------------------------
TACD-243 Main RC/DDH 145 150 5 3.0
-------------------------------------------------------------------------
incl. 149 150 1 10.8
-------------------------------------------------------------------------
and 155 156 1 14.5
-------------------------------------------------------------------------
and 248 260 12 3.6
-------------------------------------------------------------------------
incl. 248 253 5 5.0
-------------------------------------------------------------------------
TACD-244 Main RC/DDH 256 264 8 3.4
-------------------------------------------------------------------------
incl. 260 261 1 16.0
-------------------------------------------------------------------------
TAC-247 Porphyry RC 17 24 7 2.4
-------------------------------------------------------------------------
incl. 23 24 1 5.2
-------------------------------------------------------------------------
TACD-248 Main RC/DDH 41 42 1 8.1
-------------------------------------------------------------------------
and 163 171 8 3.8
-------------------------------------------------------------------------
incl. 167 169 2 12.1
-------------------------------------------------------------------------
and 180 185 5 1.8
-------------------------------------------------------------------------
incl. 184 185 1 5.1
-------------------------------------------------------------------------
and 223 224 1 8.5
-------------------------------------------------------------------------
TAC-249 Porphyry RC 25 32 7 1.1
-------------------------------------------------------------------------
TAC-250(1) Porphyry RC 99 103 4 2.0
-------------------------------------------------------------------------
TAC-253 Porphyry RC 48 49 1 7.9
-------------------------------------------------------------------------
TAC-254(1) Porphyry RC 82 91 9 2.2
-------------------------------------------------------------------------
incl.(1) 87 89 2 5.2
-------------------------------------------------------------------------
TAC-255(1) Porphyry RC 104 107 3 4.5
-------------------------------------------------------------------------
incl.(1) 105 106 1 9.6
-------------------------------------------------------------------------
TAC-258(1) Main RC 61 77 16 16.2
-------------------------------------------------------------------------
incl.(1) 68 72 4 56.3
-------------------------------------------------------------------------
TAC-260 Main RC 55 56 1 15.3
-------------------------------------------------------------------------
TAC-262(1) Main RC 96 105 9 2.2
-------------------------------------------------------------------------
incl.(1) 100 101 1 10.2
-------------------------------------------------------------------------
TAC-266 Main RC 105 131 26 2.4
-------------------------------------------------------------------------
incl.(1) 112 117 5 7.6
-------------------------------------------------------------------------
TAC-267(1) Main RC 148 *150 2 2.1
-------------------------------------------------------------------------
TACD-268 Main RC/DDH 0 13 13 1.9
-------------------------------------------------------------------------
incl. 0 3 3 4.5
-------------------------------------------------------------------------
and(1) 81 82 1 6.7
-------------------------------------------------------------------------
and 317 322 5 0.7
-------------------------------------------------------------------------
TACD-269 Main RC/DDH 194 201 7 2.7
-------------------------------------------------------------------------
and 204 218 14 3.1
-------------------------------------------------------------------------
incl. 212 214 2 6.6
-------------------------------------------------------------------------
TACD-270(1) Main RC/DDH 73 87 14 2.4
-------------------------------------------------------------------------
incl. 77 78 1 6.4
-------------------------------------------------------------------------
and 187 201 14 3.4
-------------------------------------------------------------------------
incl. 196 199 3 6.2
-------------------------------------------------------------------------
TAD-271 Main Core 124 125 1 1.3
-------------------------------------------------------------------------
TACD-272(2) Main RC/DDH 130 132 2 9.7
-------------------------------------------------------------------------
and 141 185 44 11.6
-------------------------------------------------------------------------
incl. 173 182 9 30.6
-------------------------------------------------------------------------
*Denotes End of Hole; (1)Wet Samples, Confirmation Pending;
(2)Additional Assays Pending
-------------------------------------------------------------------------
All lengths are down hole lengths; additional information is required to
determine true widths.
SOURCE: Etruscan Resources Inc.
from Etruscan: Richard Gordon, Investor Relations, (877) 465-3674, Fax (902) 832-6702, This email address is being protected from spambots. You need JavaScript enabled to view it.; Don Burton, This email address is being protected from spambots. You need JavaScript enabled to view it.
