All
Press release.
DRILLING ADDS OUNCES TO THE SAMIRA GOLD DEPOSIT
January 10, 1997, Dartmouth, Nova Scotia
Etruscan Enterprises Ltd. reported today on results of the exploration program being carried out by its 56 percent owned subsidiary, African GeoMin Mining Development Company, on the Tiawa Concession in Niger, West Africa. These results cover only the 81 square kilometer area of the Samira Gold Deposit which has been optioned to Placer Dome. The Tiawa Concession comprises an area of 1240 square kilometers. Results of the program outside of the optioned area are presently being compiled and analyzed and should be available for release shortly.
Reverse Circulation Drilling Results
A reverse circulation drilling program was carried out in the Samira West and Samira East Zones. No drilling was carried out in the Main Zone. Two holes in the Samira East Zone ended in significant mineralization as noted in the following table. Significant intercepts from this drilling include:
ZONEHOLE #FROM
(m)TO
(m)WIDTH
(m)GRADE
(grams/tonne)WestTSD-631146352.85ÿincluding1130193.43
------------------------------------------------------------------------
WestTSD-67930211.76
------------------------------------------------------------------------
WestTSD-6853116631.51ÿincluding86113272.05
------------------------------------------------------------------------
EastTSD-712153323.21ÿincluding2647214.22
------------------------------------------------------------------------
EastTSD-734075350.84ÿincluding6475111.94ÿÿ103107*44.96
------------------------------------------------------------------------
EastTSD-742841131.97ÿincluding323644.89ÿÿ55112 (x)571.38ÿincluding83112 (x)292.37
------------------------------------------------------------------------
EastTSD-75152511.70ÿincluding2351282.44
------------------------------------------------------------------------
EastTSD-763672361.69ÿincluding5472182.83
------------------------------------------------------------------------
WestTSD-9474100260.86
------------------------------------------------------------------------
WestTSD-9584129451.45ÿincluding93113202.05
(x) Hole ended in mineralization
In addition, several reverse circulation drill holes were completed on another portion of the optioned area in the vicinity of the eastern boundary of the Tiawa Concession adjoining the Saoura Permit which is being explored by IAMGOLD and Ashanti Goldfields. IAMGOLD released encouraging results from their fall 1996 program. The geological setting of Saoura is similar to Samira and this mineralization may represent the eastern extension of the Samira Horizon. Six holes completed in this area all returned significant gold intercepts from 0.4 to 1.0 gram per tonne over widths up to 56 meters. Five of the six holes ended in mineralization: TSD-79 with 0.4 grams per tonne over 52 meters, TSD-80 with 0.7 grams per tonne over 43 meters, TSD-85 with 0.4 grams per tonne over 56 meters, TSD-82 with 0.8 grams per tonne over 38 meters and TSD-83 with 1.0 grams per tonne over 57 meters.
Independent consultants, D.R. Duncan and Associates, report that this reverse circulation drilling program has increased the in situ geological inventory announced November 8, 1996 from 1.51 million ounces to 1.81 million ounces (27.8 million tonnes averaging 2.02 grams per tonne gold).
Exploration Along the Samira Horizon
The Samira Horizon has now been traced for over 18 kilometers of strike length across the entire Placer Dome optioned area and is open to the east (IAMGOLD/Ashanti permit) and to the west, outside of the optioned area. The Samira Gold Deposit is hosted by a distinctive sedimentary sequence of argillaceous and graphitic schists, quartzite and greywackes with minor intercalations of volcanic rock. Detailed exploration to date has identified three major areas of anomalous gold and pathfinder element geochemistry with coincident geophysical anomalies analogous to the Samira Gold Deposit along this horizon.
Placer Dome is mobilizing a geological team and three diamond drills to Tiawa to explore the entire 18 kilometer strike length of the Samira Horizon within the optioned area. Two additional diamond drills are contemplated for definition drilling of the Samira Gold Deposit. As announced December 11, 1996, Etruscan has granted an option to Placer Dome to earn a 51 percent interest within the 81 square kilometer area by the payment of US$50 million. For the option, Placer made a cash payment of US$2 million and agreed to incur a minimum of US$4 million in expenditures on the option area. The exercise of the option is conditional on the acquisition by Etruscan of the remaining 44 percent of the shares of African GeoMin Mining Development Corporation. If the acquisition is not completed by April 30, 1997, the US$2 million is returned to Placer and Placer is released from its obligation to expend US$4 million.
Etruscan Enterprised Ltd. is involved in the acquisition, exploration and development of mineral properties in North America and West Africa. Etruscan is 9.4 percent beneficially owned by NovaGold Resources Inc. which is listed on the Toronto Stock Exchange under "NRI".
ON BEHALF OF THE BOARD OF DIRECTORS
Gerald J. McConnell, President
The Vancouver Stock Exchange
has neither approved nor disapproved of the contents of this news release.
Regards, Rick |
