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ETRUSCUS COMMENCES 2022 PROGRAM AT ROCK & ROLL

C.ETR

VANCOUVER, BC, Aug. 10, 2022 /CNW/ - Etruscus Resources Corp.(CSE: ETR) (OTC: ETRUF) (FSE: ERR) (the "Company" or "Etruscus") announces the commencement of the Company's 2022 field exploration program (the "Program") at its 100% owned Rock and Roll Property (or "Property") located in the prolific Golden Triangle, northwestern British Columbia, Canada. The Program will focus on two new targets identified from the 2021 field program.

Etruscus Resources Corp. Logo (CNW Group/Etruscus Resources Corp.)

Stephen Wetherup, Etruscus' VP of Exploration commented, "From the results of the 2021 exploration program we have managed to identify two hydrothermal alteration zones hosted in lower Hazelton stratigraphy which indicate shallow level alteration possibly above two separate porphyry Cu-Au systems. The geological setting and location within this region make these targets highly prospective and we are very excited to complete the first induced-polarization survey over them to define drill targets."

2022 Phase 1 Exploration Program Highlights
  • 11 line-km induced-polarization (or "IP") survey over the new Heather and Discovery targets;
  • Detailed exploration work including geochemical soil and rock sampling and geological mapping; and
  • Follow up on highly anomalous gold in silt samples concentrated in an unexplored valley.

The first phase of the Program includes an IP survey over the Heather and Discovery zones to delineate areas of chargeability and resistivity that are often related to copper-gold porphyry deposits (Click Here to View Map). Surface geological and alteration mapping along with geochemical soil and rock sampling will be used to identify the hottest portions of the systems and in turn the best areas to investigate to depth.

Heather Zone

The area around the Heather Zone had only seen a single reconnaissance sampling program by a previous operator. This program returned high-grade rock samples including quartz-sulphide veins of up to 15.5 g/t Au*. Etruscus' work confirmed the high-grade results for the historical program (up to 25.4 g/t Au along with 332 g/t Ag, 5.1% Pb and highly anomalous As and Sb) but also determined that these veins occur on the margin of a 350 x 200 m zone of intense pyrite-quartz vein stockwork and intense pyrite alteration, both features typically associated with porphyry systems. This discovery led to the completion of a 400 m x 400 m soil grid survey which indicated that this pyrite stockwork zone contains anomalous Cu-Mo-Au-As with a Zn halo which is coincident with a geophysical magnetic high.

The Heather Zone is located on a ridge that is capped by Lower Hazelton stratigraphy that overlies Stuhini stratigraphy. The contact between these two rock groups is a time horizon where many well-known examples of large porphyry Cu-Au-Mo systems have been discovered in the region and has been termed the "Red Line." The upcoming work program on the Heather Zone consisting of additional soil and rock sampling will further expand the geochemically anomalous zone, which so far is over 400 m and open in multiple directions. The upcoming IP Survey will be used to bolster the surface mapping and geochemistry and aid in identifying areas of high chargeability associated to sulphide content. A concurrent magnetic survey will also help identify other magnetic anomalies in the immediate area which may also be hydrothermal centres worthy of further exploration.

Discovery Zone

The Discovery Zone is a 100 m x 500 m mineral showing comprised of intensely sericite-pyrite-silica altered Hazelton rocks, contained within a visually spectacular gossan (Click Here to View Image). Historical rock sampling over the gossan identified strong anomalous Ag and Mo numbers, with the 2021 soil and silt sampling program further expanding this with anomalous Mo identified down slope from the showing. The geology and geochemistry suggest that the Discovery Zone represents high level alteration of a robust hydrothermal system that may have porphyry Cu-Mo mineralization at depth. This showing is less than 200 m above the Stuhini-Hazleton contact, and the alteration zone has yet to be drill tested. The upcoming IP survey will be critical in outlining the depth of the alteration already identified at surface.

Other News – Lewis Property, Newfoundland

The Company also announces the completion of its ~30 line-km IP Survey conducted by Abitibi Geophysics, on the Company's Lewis Property in central Newfoundland. The Property is located 5 km south of the Trans-Canada Highway in the Gander Gold Belt, approximately 10 km west of the Keats Zone discovery, currently being drilled by New Found Gold Corp.

Final results are pending and once received will be sent to company geophysicist Jules Lajoie for final analysis.

Following the positive results of the rock and soil sampling, which has greatly expanded the areas with gold-arsenic-antimony targets on the Lewis Property, Etruscus has decided to advance with the next milestone of the option agreement completing payment of $150,000 and the issuance of 625,000 shares to the vendors of the property.

* The foregoing historical assays are not National Instrument (NI) 43-101 compliant and the reliability of such historical assays is unknown. While historic information is based upon the sampling and analytical methods used at the relevant time, a Qualified Person has not completed sufficient work to classify historical results and assays as current.

About Etruscus

Etruscus Resources Corp. is a Vancouver-based exploration company focused on the acquisition and development of precious metal mineral properties. The Company's assets include the Lewis Property in central Newfoundland, which is under option to acquire a 100% interest, and 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 has expanded 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.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This Press Release may contain statements which constitute 'forward-looking' statements, including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities and operating performance of the Company. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities or performance and involve risks and uncertainties, and that the Company's future business activities may differ materially from those in the forward-looking statements as a result of various factors. Such risks, uncertainties and factors are described in the periodic filings with the Canadian securities regulatory authorities, including quarterly and annual Management's Discussion and Analysis, which may be viewed on SEDAR at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as intended, planned, anticipated, believed, estimated or expected. The Company does not intend, and does not assume any obligation, to update these forward-looking statements.

Neither the CSE Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Etruscus Resources Corp.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/August2022/10/c6184.html