Etruscan's discovery at Diba continues to build
WINDSOR, NS, Jul 11, 2006 (Canada NewsWire via COMTEX News Network) --
Etruscan Resources Inc. (EET.TSX) reported that additional multi-sample auger and rotary air blast (RAB) drilling results from the ongoing drilling program on the recently announced gold discovery on the Diba property in Mali, West Africa continue to confirm the potential of the discovery.
To date, two fences of auger drill holes (Sections A-A' and B-B') and one fence of RAB drill holes (Section A-A') have been completed. Location maps and cross sections for the two fences of auger holes and the RAB drill fence are outlined in figures 2 and 3 attached and are also available on Etruscan's website at www.etruscan.com.
Additional Auger Drill Holes - Section B-B' (See figure 3 attached)
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Additional auger highlights from drilling 62.5 meters north of the previously announced results from Section A-A' (press release dated July 4, 2006) include:
<< - 18 meters of 3.7 g/t gold including 9 meters of 6.3 g/t gold (hole ended in mineralization) - 18 meters of 6.7 g/t gold including 4.5 meters of 17.3 g/t gold (hole ended in mineralization) - 13.5 meters of 8.8 g/t gold including 4.5 meters of 20.0 g/t gold (hole ended in mineralization) The latest auger drilling has intersected the strike extension of thepreviously reported high-grade mineralization to the north over a wider widththan was encountered with the auger drilling on Section A-A'. The auger holesare limited to a maximum depth of 30 meters. Additional RAB Drill Holes- Section A-A' (See figure 3 attached) ----------------------------------------------------------------- Highlights from six additional RAB holes drilled on Section A-A' include: - 52.5 meters of 1.2 g/t gold including 13.5 meters of 2.3 g/t gold (hole ended in mineralization) - 45 meters of 2.2 g/t gold including 3 meters of 15.4 g/t gold - 42 meters of 1.0 g/t gold (hole ended in mineralization) >>
The RAB drilling is focused on determining the width of the mineralized zone and RAB results to date have come only from Section A-A'. Highlights of the previously reported two RAB drill hole results on Section A-A' are 48 meters of 5.2 g/t gold including 6 meters of 23.8 g/t gold and 51 meters of 11.8 g/t gold including 4.5 meters of 112.8 g/t gold. Depth penetration of the RAB holes is limited by the water table which is typically encountered at a vertical depth of 60-65 meters.
These results provide further confirmation of the significance of the discovery at Diba and will assist in the geological interpretation of the deposit. The intersection of high-grade mineralization in RAB hole MIRA06-005 suggests that mineralization may in part be stratabound. The Keniebandi Formation which hosts the mineralization at Diba is known to be relatively shallow dipping to sub-horizontal as opposed to the steeply dipping structures and stratigraphy on the east side of the Mali West Shear Zone. The Sadiola Gold Mine located 15 kilometers due north of Diba, is hosted by the Kofi Formation on the east side of the Mali West Shear Zone.
Don Burton, Etruscan's Vice President Exploration and Chief Operating Officer stated,
"These are early days for us at Diba and our understanding of the geology
and mineralization will benefit from each round of drilling. Drill
results to date have come from only the first 62.5 meters of the southern
extremity of the anomaly and we have 2.5 kilometers of strike length to
explore. We continue to be excited about the potential of this new
discovery. With such exceptional grades there is always a concern that we
may be drilling high-grade quartz veins, but the auger and RAB cuttings
clearly tell us we are dealing with disseminated gold in a sedimentary
sequence. Etruscan has employed the same high standards of quality
assurance and quality control to these auger and RAB samples that we
apply to our reverse circulation and diamond drill programs."
Auger and RAB drilling will continue to focus on determining the dimensions of the deposit along strike to the north. The Company is also targeting to have a diamond drill on site by early August subject to weather and ground conditions.
Gold mineralization at Diba has been confirmed in saprolite by auger drilling over an area measuring 2.5 kilometers in length and 300-500 meters in width. The mineralized zone is defined by single sample auger values in saprolite exceeding 0.1 grams per tonne with the highest sample returning 49.6 grams per tonne gold.
The discovery is a result of a systematic regional exploration program that has been carried out over the past two years on Etruscan's principal land package in Mali West. In 2005 Etruscan completed regional geochemical surveys which confirmed the presence of several low level (25-100 ppb gold) but extensive, kilometer-scale gold-in-soil anomalies at Diba, Kobokotosou and Keneibandi (see Figure 2). Four of these anomalies have now been confirmed with single sample augering. Only the Diba target has been tested by deeper multi-sample augering. Prior to deep augering, the target at Diba measured 2.2 kilometers by 500 meters with a maximum value 3.2 g/t. Dimensions of the second target at Kobokotosou are 0.8 kilometers by 400 meters with a maximum value 1.1 g/t gold, and the third and fourth targets at Keneibandi measure 1.4 kilometers by 300 meters with a maximum value 1.1 g/t gold and 1.2 kilometers by 300 meters with a maximum value 1.5 g/t gold. Etruscan controls the entire 30-kilometer strike length over which these anomalies occur.
All gold analyses were performed by Abilabs Laboratories at Bamako, Mali using standard 50-gram fire assay procedures. K. Kirk Woodman P.Geo., Etruscan's Chief Project Geologist, is the Qualified Person overseeing Etruscan's exploration programs in West Africa.
Etruscan Resources Inc. is a diversified Canadian junior mining company focused on acquiring dominant land positions in district scale gold and diamond belts within Africa. Etruscan has an aggressive exploration strategy and now holds strategic land positions in a number of gold belts covering over 8,400 km2 in five countries in West Africa. The Company also holds a dominant land position in the Ventersdorp alluvial diamond district 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 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
SOURCE: ETRUSCAN RESOURCES INC.
from Etruscan contact: Richard Gordon, Investor Relations, (877) 465-3674, Fax (902) 798-9702, rgordon@etruscan.com; Tony Hayes, (866) 638-3338, Fax (905) 468-8407, thayes@etruscan.com
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