Etruscan - Significant Drill Results From The Youga Property
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Etruscan Resources Inc.: Significant Drill Results From The Youga Property
Thursday September 11, 11:22 am ET
WINDSOR, NOVA SCOTIA--Etruscan Resources Inc. (EET.TSX) announced today results of diamond drilling programs
carried out by Ashanti Goldfields Company Limited
("Ashanti") on the A2 Main of the Youga Gold Deposits in
Burkina Faso, West Africa. On September 9, 2003, Etruscan
announced it signed an agreement with Ashanti and Echo Bay
Mines Limited, now part of Kinross Gold, to purchase the
Youga Gold Deposits and the rights to three contiguous
exploration permits. There are five known gold deposits on
the Youga Property with the A2 Main being both the largest
and most advanced. A list of the significant drill hole
intersections from the A2 Main deposit is attached in Table
1.
Commenting on the Youga acquisition, Mr. Gerald McConnell,
President and CEO of Etruscan said:
"What attracted Etruscan to Youga was not only the size of
the resource, reported to be over 1 million ounces and it's
upside potential, but the simplicity of the orebody. This
project exceeds Etruscan's parameters for a low cost, open
pit producer.
The orebody outcrops at surface and is covered by a thin
layer of overburden of less than 1 meter. Based on the
descriptions in the drill logs, the boundaries between the
waste and ore sections are very visible and distinct easy
to identify. Metallurgical studies completed by Ashanti
indicate high gold recoveries of 93% are possible from all
areas of the deposit due to the absence of any preg-robbing
carbon.
Ashanti retained Metallurgical Design Management ("MDM") of
Johannesburg, South Africa to complete the design and
engineering for a recent internal Feasibility Study. Since
1998, Etruscan has worked with MDM on various projects in
West Africa and South Africa. MDM are a highly competent
and motivated team and we look forward to working with them
at Youga.
The Etruscan technical team is now being mobilized to Youga
and one of the first steps to be completed will be to strip
the overburden to expose the entire ore body at surface.
Because Youga is fully permitted by the Government of
Burkina Faso, we plan to move to construction and
production as quickly as possible.
This project is an outstanding opportunity for the shareholders of Etruscan".
Originally discovered by soil sampling, Ashanti evaluated
the zone of sub-cropping gold mineralization at the A2 Main
gold deposit with a series of shallow trenches and
prospecting pits. Encouraged by positive results Ashanti
completed 84 diamond drill holes totaling 15,360 metres of
NQ size core to test the deposit between 1996 and 2000.
The Youga property is underlain by arkose units equivalent
to the Tarkwaian sediments of Ghana. Gold mineralization at
the A2 Main deposit is related to a north-south trending,
near vertical, structural zone cutting the arkosic meta-
sediments. The mineralization is hosted by silicified
arkose with sections of quartz stockwork and pervasive
silicification. Very fine-grained visible gold was observed
in many of the drill holes and typically described as
clusters of very fine specks associated galena along the
margins of the quartz veins.
Boart Longyear Canada completed all of the diamond
drilling. Samples were collected over continuous sections
at one(1) metre intervals. The core was sawn in half using
diamond blades with one half used for assay purposes, the
other retained as a witness samples stored in core trays
onsite. Core samples from the 1996, 1997 and 1999 programs
were assayed by SGS in Ghana. In 1999, Ashanti assayed some
holes at the ITS Bondar Clegg laboratory in Burkina Faso.
The routine sample preparation and assay procedure
consisted of a FA/AA finish on a 50 gm sub-sample of the -
200 mesh fraction. Mineralized sections from 7 holes were
sent for screen metallic gold assays by SGS and ITS.
Etruscan's Qualified Person, David R. Duncan, P. Geo., has
visited the Youga Property, examined the drill core from
the A2 Main Deposit and has examined all of the Ashanti
drill logs and assay certificates.
Etruscan Resources Inc. is a diversified Canadian junior
mining company that is focused on the exploration and
development of gold properties in West Africa and diamond
properties in South Africa. 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 www.etruscan.com.
Table 1
"Significant Diamond Drill Hole Intersections, A2 Main Gold Deposit"
Hole # From To Width Au Visible
Grade Gold
(m) (m) (m) (g/t) (logged)
A2-96-01 37.4 61.8 24.4 2.61 No
A2-96-02 9.0 26.0 17.0 2.72 No
A2-96-06 40.0 62.3 22.3 2.01 No
A2-96-09 59.0 85.0 26.0 2.63 Yes
A2-96-10 83.0 120.3 37.3 11.28 Yes
A2-96-13 50.6 58.5 7.9 13.96 No
A2-96-15 66.0 96.2 30.2 3.95 Yes
A2-96-17 49.0 64.0 15.0 8.50 Yes
A2-96-18 27.0 37.0 10.0 4.82 Yes
A2-96-18 46.0 57.0 11.0 8.10 Yes
A2-97-21 82.0 117.5 35.5 5.71 Yes
A2-97-22 159.0 211.6 52.6 4.42 Yes
A2-97-23 92.0 106.0 14.0 4.16 Yes
A2-97-25 111.6 129.0 17.4 2.64 Yes
A2-97-26 148.0 192.5 44.5 3.36 Yes
A2-97-28 51.0 64.5 13.5 7.67 Yes
A2-97-31 35.0 58.0 23.0 4.04 Yes
A2-97-32 24.3 36.0 11.7 4.38 Yes
A2-97-35 34.0 49.0 15.0 6.08 Yes
A2-97-36 33.8 70.0 36.2 3.16 Yes
A2-97-37 69.2 109.0 39.8 5.44 Yes
A2-97-38 73.4 90.0 16.6 5.33 Yes
A2-97-40 246.0 257.9 11.9 2.00 No
A2-97-42 31.0 56.7 25.7 2.04 No
A2-97-44 42.6 56.2 13.6 2.15 No
A2-97-47 3.0 33.6 30.6 3.96 No
A2-97-50 72.3 107.4 35.1 2.85 Yes
A2-97-54 194.0 272.0 78.0 3.83 Yes
A2-97-55 137.2 147.2 10.0 2.71 Yes
A2-97-58 259.0 290.0 31.0 2.25 No
A2-99-60 188.0 247.0 59.0 2.33 Yes
A2-99-64 168.0 238.0 70.0 2.68 Yes
A2-99-67 38.5 62.0 23.5 4.04 Yes
A2-99-69 31.4 60.0 28.6 4.56 Yes
A2-99-70 123.1 166.0 42.9 4.75 Yes
A2-99-71 123.0 172.0 49.0 3.00 Yes
A2-99-72 98.0 131.0 33.0 2.55 Yes
A2-99-74 26.0 38.5 12.5 2.28 No
A2-99-75 90.0 113.8 23.8 4.77 Yes
A2-99-76 95.0 130.1 35.1 3.53 No
A2-99-77 88.0 114.5 26.5 3.59 Yes
A2-99-77 159.0 183.5 24.5 15.59 Yes
A2-99-79 206.0 231.5 25.5 3.74 Yes
A2-99-79 298.0 347.0 49.0 4.48 Yes
A2-99-80 108.4 158.9 50.5 4.96 Yes
A2-99-81 268.1 278.5 10.4 2.75 No
A2-99-82 163.1 175.5 12.4 3.25 Yes
A2-99-83 144.4 174.0 29.7 8.79 Yes
A2-99-83 184.0 221.0 37.0 4.15 Yes
A2-99-84 200.1 219.5 19.4 2.63 Yes
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Contact:
Etruscan Resources Inc.
Richard Gordon
Investor Relations
Phone: (902) 798-9701
Fax: (902) 798-9702
or
Etruscan Resources Inc.
Tony Hayes
Vice President
Phone: (416) 368-0882
Fax: (416) 367-3638
or
Park Green Communications, UK
Cathy Malins
Phone: +44 20 7287 5544
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