HALIFAX, May 29 /CNW/ - Etruscan Resources Inc. reported that initial reverse circulation drill results and exploration progress on the Bitou permits, which cover the northeastern extension of the Youga Gold Belt in southern Burkina Faso, have identified significant mineralization with a resource potential extending over a strike length of two kilometers. The Bitou area is located 35 kilometers northeast of Etruscan's Youga Gold Mine. The objective of this drill program is to determine the resource potential of a previously known zone at Ouaré ("Wa-ray") with reverse circulation ("RC") drilling, and to test three new gold targets with auger drilling. Results from the first 1,500 meters of a planned 5,000 meter RC drill program are highlighted to date by:
<<
- 22 meters at 2.8 g/t (including 6 meters at 6.5 g/t)
- 14 meters at 2.6 g/t (including 4 meters at 9.2 g/t)
- 12 meters at 2.6 g/t (including 4 meters at 6.2 g/t)
- 2 meters at 41.6 g/t
- 2 meters at 25.6 g/t
Three holes have ended in significant mineralization and will be deepened:
- 30 meters at 1.7 g/t in hole BITRC-08-020 (including 3.0 g/t over the
last 4 meters from 50-54 meters)
- 16 meters at 0.9 g/t in hole BITRC-08-019 (including 1.2 g/t over the
last 6 meters from 36-42 meters)
- 5.0 g/t in hole BITRC-08-022 over the last 2 meters from 98-100 meters
>>
Previous work at Ouaré including trenching and reverse circulation drilling had identified significant mineralization with resource potential over a strike length of 575 meters. Additional exploration work by Etruscan has expanded this potential strike length to over two kilometers. A complete listing of the most significant RC drill results from both historic drilling by Ashanti (BORC-001 to BORC018) and by Etruscan (BITRC-019 to BITRC-036) is presented in Table 1. All lengths are reported as downhole lengths and additional information is required to determine true widths.
A parallel gold trend with a strike length of 850 meters has been identified 500 meters south of Ouaré, and two new soil anomalies have been identified five kilometers to the northeast that have been traced for 3.0 and 2.8 kilometers respectively. Auger drilling has been completed on two of the three soil anomalies outside of the Ouaré zone and has intersected up to 9.6 g/t gold. These areas will be tested with the RC drill.
Don Burton, Vice President Corporate Development and COO stated:
"Limited historic work by Ashanti Goldfields suggested a modest resource
potential associated with a contact between felsic and mafic volcanic
rocks at Ouaré. Etruscan's more detailed exploration results indicate a
much larger potential both at Ouaré and the surrounding area where we
have kilometer scale anomalies developing. Our first step-out holes to
the east of where Ashanti had stopped (BITRC-08-019 and 020) have
demonstrated that the zone is open to the east and both holes stopped in
significant mineralization so the zone may be thickening. Furthermore, at
least two holes (BITRC-08-022 and 036) suggest that blind deposits may
exist in the hangingwall to the north. We are stepping out with 200 meter
sections and will aggressively determine the limits of the zone. A
resource at Bitou has the potential to provide substantial additional
mill feed for our existing plant at Youga."
Exploration efforts in the Bitou area commenced in November 2007, and in particular on the Ouaré Zone where Ashanti had reported a number of significant drill intercepts including the following intersections: 3.4 g/t over 7 meters (including 8.8 g/t over 2 meters), 2.3 g/t over 12 meters (including 16.7 g/t over 1 meter), 14.9 g/t over 8 meters (including 28.9 g/t over 4 meters), 1.5 g/t over 33 meters (including 7.5 g/t 1 meter), 2.5 g/t over 6 meters, and 1.3 g/t over 16 meters (including 11.4 g/t over 1 meter).
Since November 2007, Etruscan has undertaken more detailed soil geochemical coverage and auger drilling over the Bitou area (1,150 soil samples and 775 auger holes) to test for extensions of the Ouaré Zone and for new targets. This work has extended the potential strike length of the Ouaré Zone for an additional 600 meters to the east and 880 meters to the west for a total strike length of over two kilometers (Figure 2).
The current reserves at the Youga Gold Mine are 6,600,000 tonnes at an average grade of 2.7 g/t gold which will support a seven year mine life. A number of potential satellite deposits have already been identified on the Youga mining permit within a three kilometer radius of the existing plant. Etruscan's mining group has begun evaluating these areas to convert to reportable resources and reserves. The exploration program at Bitou is designed to find additional reserves and new deposits that will further extend the mine life at Youga.
All sample preparations and standard 50-gram gold fire assays were performed by ALS Laboratories, Ouagadougou, Burkina Faso. Etruscan consistently employs a rigorous quality control and assurance program comprising regular insertion of certified reference standards, blanks and duplicates. K. Kirk Woodman, P.Geo., and Senior Project Geologist is the Qualified Person overseeing Etruscan's exploration gold projects 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 gold mine development projects include the Youga Gold Project in Burkina Faso (latest press release April 7, 2008), the Agbaou Gold Project in Côte d'Ivoire (latest press release dated February 21, 2008), and the Finkolo Gold Project in Mali (latest press release dated January 7, 2008). Advanced and early stage exploration projects are on-going in Burkina Faso, Mali, Côte d'Ivoire; Ghana and Namibia (see press release dated May 6, 2008). 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 where it is developing the Blue Gum Diamond Project (press release dated March 12, 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 - May 29, 2008
Significant RC Drill Results from Ouaré Zone, Youga Gold Belt
(Ashanti Goldfields 2000 and Etruscan Resources 2008)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Addi- Len- Au
Section Drilled By Hole ID tional From To gth Grade Comments
-------------------------------------------------------------------------
(m) (m) (m) (g/t)
-------------------------------------------------------------------------
8125 E Ashanti 2000 BORC003 2 15 13 1,7
-------------------------------------------------------------------------
incl. 3 6 3 4,6
-------------------------------------------------------------------------
and 39 46 7 1,6
-------------------------------------------------------------------------
incl. 40 41 1 4,4
-------------------------------------------------------------------------
8125 E Ashanti 2000 BORC004 105 123 18 1,6
-------------------------------------------------------------------------
incl. 108 110 2 5,9
-------------------------------------------------------------------------
8200 E Ashanti 2000 BORC005 10 34 24 1,1
-------------------------------------------------------------------------
incl. 28 30 2 3,3
-------------------------------------------------------------------------
and 62 76 14 1,8
-------------------------------------------------------------------------
incl. 69 72 3 4,2
-------------------------------------------------------------------------
and 94 101 7 3,4
-------------------------------------------------------------------------
incl. 95 97 2 8,8
-------------------------------------------------------------------------
8200 E Ashanti 2000 BORC006 17 35 18 1,5
-------------------------------------------------------------------------
and 26 28 2 4,8
-------------------------------------------------------------------------
and 53 64 11 2,2
-------------------------------------------------------------------------
incl. 61 64 3 5,7
-------------------------------------------------------------------------
8200 E Ashanti 2000 BORC007 62 74 12 2,3
-------------------------------------------------------------------------
incl. 72 73 1 16,7
-------------------------------------------------------------------------
and 92 100 8 1,2
-------------------------------------------------------------------------
8275 E Ashanti 2000 BORC008 7 15 8 14,9
-------------------------------------------------------------------------
incl. 8 12 4 28,9
-------------------------------------------------------------------------
8275 E Ashanti 2000 BORC009 71 73 2 8,7
-------------------------------------------------------------------------
8350 E Ashanti 2000 BORC010 0 4 4 2,6
-------------------------------------------------------------------------
incl. 3 4 1 9,5
-------------------------------------------------------------------------
8450 E Ashanti 2000 BORC012 103 136 33 1,5
-------------------------------------------------------------------------
incl. 104 106 2 6,2
-------------------------------------------------------------------------
8500 E Etruscan 2008 BITRC- 0 22 22 2,8 Hanging-
08-036 wall
Lens?
-------------------------------------------------------------------------
incl. 12 18 6 6,5
8550 E Ashanti 2000 BORC013 33 39 6 2,5
incl. 36 39 3 4,0
and 92 99 7 1,1
8600 E Etruscan 2008 BITRC- 46 48 2 25,6
08-031
-------------------------------------------------------------------------
and 72 76 4 2,5
-------------------------------------------------------------------------
8600 E Etruscan 2008 BITRC- 48 54 6 1,4
08-032
-------------------------------------------------------------------------
8650 E Ashanti 2000 BORC015 0 1 1 19,8
-------------------------------------------------------------------------
and 88 92 4 2,2
-------------------------------------------------------------------------
8650 E Ashanti 2000 BORC016 39 43 4 3,7
-------------------------------------------------------------------------
incl. 40 41 1 7,1
-------------------------------------------------------------------------
8650 E Ashanti 2000 BORC018 27 43 16 1,3
-------------------------------------------------------------------------
Ashanti 2000 BORC018 incl. 27 28 1 11,4
-------------------------------------------------------------------------
8650 E Etruscan 2008 BITRC- 16 30 14 2,6
08-029
-------------------------------------------------------------------------
incl. 22 24 2 6,9
-------------------------------------------------------------------------
and 50 54 4 9,2
-------------------------------------------------------------------------
incl. 50 52 2 14,6
-------------------------------------------------------------------------
8700 E Etruscan 2008 BITRC- 18 30 12 2,6
08-025
-------------------------------------------------------------------------
incl. 18 22 4 6,2
-------------------------------------------------------------------------
and 52 54 2 41,6
8700 E Etruscan 2008 BITRC- 76 82 6 2,0
08-026
-------------------------------------------------------------------------
8700 E Etruscan 2008 BITRC- 66 74 8 1,3
08-028
-------------------------------------------------------------------------
8750 E Ashanti 2000 BORC017 0 3 3 2,5
-------------------------------------------------------------------------
8750 E Etruscan 2008 BITRC- 46 54 8 2,0 Hanging-
08-022 wall
Lens?
-------------------------------------------------------------------------
and 98 *100 2 5,0 EOH
@
100 m
-------------------------------------------------------------------------
8800 E Etruscan 2008 BITRC- 26 *42 16 0,9
08-019
-------------------------------------------------------------------------
incl. 36 *42 6 1,2 EOH
@
42 m
8800 E Etruscan 2008 BITRC- 24 *54 30 1,7
08-020
-------------------------------------------------------------------------
incl. 38 42 4 5,8
-------------------------------------------------------------------------
incl. 50 *54 4 3,0 EOH
@
54 m
-------------------------------------------------------------------------
8800 E Etruscan 2008 BITRC- and 20 24 4 2,2
08-021
-------------------------------------------------------------------------
* Hole ended in mineralization
-------------------------------------------------------------------------
All lengths are down hole lengths; additional information is required to
determine true widths.
-------------------------------------------------------------------------
-------------------------------------------------------------------------
>>
For further information: Richard Gordon, Investor Relations, (877) 465-3674, Fax (902) 832-6702, rgordon@etruscan.com
