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At the Epicenter of BC Gold and Newfoundland’s Gold Rush

Jocelyn Aspa Jocelyn Aspa, The Market Herald
3 Comments| November 19, 2021

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The province of British Columbia is well known for its now infamous Golden Triangle — considered the true epicenter of the most recent gold rush in the Canadian province — which has generated tons of interest from prospectors to major producers all around the world looking for the next world class gold discovery.

The phrase “Golden Triangle” stems from a 500-kilometre belt of mineralization that stretches south from Atlin in Northern BC all the way near to the Yukon border and to Kitsault, just southeast of Stewart, BC. This area is historically known for its molybdenum and silver production, while the southern region is known for gold production where it hosts past-producing mines and several more in various stages of coming online to production.

In 2020 the region generated roughly 44 percent of the C$422 million in mineral expenditures — $184 million in total — and boasts 26 projects alone out of BC’s total 259.

Within the Golden Triangle sits Etruscus Resources Corp. (ETR) (CSE.ETR, OTC: ETRUF, FSE: ERR, Forum), a company focused on developing its 100 percent-owned Rock & Roll and Sugar properties that span over 27,000 hectares located only 7kms from the past-producing Snip gold mine. The company boasts offering “a new perspective and a fresh approach” to exploring and developing the region.” What’s more, the company’s property is in an active area with new mines, major investments discoveries, infrastructural improvements and revitalized projects — putting it in a solid position to deliver strong results for years to come.

The Rock and Roll property

Historically, the Golden Triangle has been challenging to explore with activity in the region being cyclical due to the pricing of commodities. The company explained that is now changing thanks in part to recent capital investment in regional infrastructure, including power plants and roads being built, companies such as Newmont and Newcrest ramping up their presence in the region — notably after Newcrest’s $2.8 billion acquisition of Pretium in October, among others. While this certainly benefits these companies with larger presences, the company explained it also benefits the juniors who are also working in the space.

Jason Leikam, CEO of Etruscus Resources, elaborated by explaining that the easier access is and the more infrastructure support there is, the less costly it is for junior companies to explore the region.

Today, the Golden Triangle is one of the most prolific gold jurisdictions in Canada if not the world, which makes it easy for companies in the region to slip by under the radar thanks to the Golden Triangle’s vast popularity. However, Etruscus Resources is favorably situated close to infrastructure, near both Skeena Resources’ Snip Mine and Eskay Creek Project, which Leikam said has been a recent development highlight in BC’s exploration space. In line with this, it was announced in October 2021 that Hochschild Mining PLC has exercised an earn-in option for 60 percent joint venture on the Snip Gold Project for a valuation worth $100 million.

Overall, the region is one of the most mineralized areas in the world — with over 130 million ounces of gold, 800 million ounces of silver and 40 billion pounds of copper having been discovered, while some recent advancements and discoveries have been made by GT Gold, Seabridge, Tudor, Eskay Mining and Garibaldi. The company’s story with the Rock and Roll property begins in 2018 when Etruscus Resources purchased its 100 percent interest in the property, which was originally staked in 1988 by Prime Resources Group (the Company that discovered the Eskay Creek mine). Following Etruscus Resource’s purchase of the Rock and Roll property, the company completed an updated NI 43-101 on the property’s Black Dog Deposit which led to Etruscus proceeding to quadruple the land package to the north of the Iskut river and expand exploration beyond the initial resource.

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Leikam further explained that the company is also focused on targeting existing resources and using that as a baseline to expand its opportunities there. Case in point, he said that the property’s Black Dog deposit, which has a historical volcanogenic massive sulfide ore (VMS) deposit, has been explored by the company since it went public in addition to mineralization adjacent to the Black Dog deposit. As it currently stands, the Black Dog deposit is one of the company’s primary areas focus on the Rock and Roll Property.

The Black Dog deposit consists of a 1-10m thick horizon of BMS mineralization while the 150 by 650m shallow plunging deposit — which is located within 100 metres of surface — makes for easy drilling. The deposit contains mineralization of gold and silver as the dominant metals in addition to copper, lead and zinc. The first ever historical drill hole, hole RR90-001, at the Black Dog deposit demonstrated high grade 21.9 g/t gold equivalent over 9.7 metres. Additionally, last year the company drilled the highest copper grades ever at 5.2 percent copper over 0.6 metres.

The company is the first company in three decades to expand the deposit’s mineralized system, with a total strike length of 4km, which is over 6 times the original strike length.

Other highlights at the Rock and Roll property include the Lightning Strike Corridor, which has had two targets identified with different mineralization styles, such as the Hurricane (VMS) and Thunderstruck (epithermal). Both targets sit along the “Red Line” Stuhini-Hazelton unconformity, which is a key time horizon for most major deposits in the Golden Triangle.

Additionally, the company recently announced it had completed its 2021 exploration program which included mapping, rock and soil sampling and prospecting.

Entering the scope of Newfoundland

While the Rock and Roll property and the Black Dog deposit remain one of Etruscus Resources’ key focus, in late 2020 the company realised it became restricted by weather conditions and sought out opportunities that would allow it to work year-round.

In July, Etruscus Resources announced it had acquired an option to earn a 100 percent interest in the Lewis Gold Property in central Newfoundland. Leikam explained the property is “very well situated” with great neighbours to the east, south and the west which includes New Found Gold.

Leikam told Stockhouse Editorial the company identified the Lewis Property due to historic work that had already been completed on it, which he explained gave the company the opportunity to build its confidence level. The property, which spans 25 square kms, is situated along the Peyton Linear structural trend and resides along the edge of the Mount Peyton Intrusive Suite where it truncates the Dog Bay Line, a major northeast striking deformation zone.

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Following the recent completion of the program at Rock and Roll the company has switched focus to Newfoundland. On the north end of the property, Leikam said this area is still underexplored, which means the Lewis Property will undergo multistage programs, including soil sampling programs along with geophysics, which will help identify drilling targets. The company announced in November that it had completed soil sampling at the Lewis property, putting it on track to initiate the permitting process for IP and drilling and fully testing the Lewis project in early 2022.

The management team

Jason Leikam, CEO

Jason Leikam has acted as an independent director of Etruscus Resources since its inception and is currently CEO of the company. Leikam has over 20 years of experience in junior capital markets with a focus on company formation, marketing and finance and administration. Since 2019, he has also served as vice president of corporate development with EnviroMetal Technologies.

Between March 2018 and May 2020, Leikam also served as executive VP and director of Letho Resources Corp. Additionally, since 2012 he has been active in privately held natural resource and technology projects.

Fiore Aliperti, executive chairman and director

Fiore Aliperti is a marketing professional with over 25 years of experience in the private sector. In 2010, Aliperti joined Metallis Resources and was involved in corporate development. In 2011, he managed the company’s Italian subsidiary and was the corporate contact in Italy. Between 2012 and 2013, he joined the board of directors and was appointed CEO of the company where he was pivotal in the company’s business reorganization and creating new strategic plans such as the acquisition of the Kirkham and Mt. Dunn properties.

Jon Lever, CFO

Since 1991, Jon Lever has been a Certified Management Accountant with extensive experience in a range of senior financial roles with private and public companies in Canada. Lever also has more than 20 years of experience after beginning his career with chartered accountant firm Touche & Ross Co. Additionally, Lever has also been involved with several resource companies acting in roles such as CFO of Tournigan Gold Corp., Wealth Minerals Ltd. and Finavera Wind Energy.

Stephen Wetherup, VP of exploration

With over 25 years of experience, Stephen Wetherup is a structural and economic geologist working primarily within Canada, the US, Mexico, Chile, Peru, China, Kyrgyzstan and Hungary.

Wetherup has also worked for Fox Geological Consultants, Phelps Doge Corporation of Canada and was a partner and vice president of geology for Caracle Creek International Consulting. Additionally, he has served as an independent consulting geologist for a range of exploration companies such as Freeport-McMoran. In addition to his role with Etruscus, Wetherup also serves as vice president of exploration for Commander Resources.

The investment opportunity

At present, Etruscus Resources has a share price of C$0.16 and a market capitalization of $5.62 million, making it vastly undervalued when compared to its peers in both the Golden Triangle and Newfoundland. The company currently has 36.89 million shares issued and outstanding and 51.1 million fully diluted.

With its footprint in the Golden Triangle and in Newfoundland — where Etruscus Resources can operate year-round — the company presents itself as a unique opportunity for investors looking to get into the space. Leikam said that when it comes to the Golden Triangle, a wide range of significant developments over the last five years has made it an abundant region for exploration while still attracting investment capital.

“Being positioned there puts [Etruscus Resources] in very good company,” he said, adding that it makes the company an attractive opportunity for Canadian investors as they continue focusing on the Golden Triangle, but also has the opportunity to generate interest from international investors. “We’re in a good space and good location with fantastic activity going on.”

Further, with a management and advisory team with more than 200 years of experience in discovery and development, the company certainly has what it takes to execute its short and long-term goals — making it an investment opportunity that investors won’t want to miss out on.

For more information, please visit

FULL DISCLOSURE: This is a paid article produced by Stockhouse Publishing.

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