NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: ETRUSCAN ENTERPRISES LTD
VSE SYMBOL: EET
JANUARY 24, 1997
Etruscan Identifies Major Gold Targets On Tiawa
Concession
DARTMOUTH, NOVA SCOTIA--Etruscan Enterprises Ltd. reported today
that further exploration results on the Tiawa concession in Niger,
West Africa have identified 5 new major gold targets with
coincident geophysical and geochemical anomalies similar to the
Tiawa Gold Deposit. These results are outside the 81 square
kilometer area which Placer Dome has under option to acquire a 51
percent undivided interest and represent the first results outside
the optioned area. The Tiawa Concession hosts the Tiawa Gold
Deposit where a geological resource of 1.81 million ounces was
recently reported. A summary of the results from those new targets
follows with an area map attached.
Boulon Djounga West - This target represents a probable strike
extension of the Samira Horizon which has already been traced over
18 kilometers. The new extension has been identified with
co-incident gold-arsenic anomalies in an area measuring 3
kilometers by 2 kilometers. It is open to the west towards the
border with Burkina Faso which is 2 kilometers away. Geophysical
responses over this target are very similar to the Samira Gold
Deposit.
Tiawa East - A significant multi-element geochemical anomaly has
been identified along a major fold structure identified by
airborne geophysical surveys. Anomalous gold, arsenic, molybdenum,
barium, cobalt, and antimony values extend over a strike length of
4 kilometers along the contact between sedimentary and volcanic
sequences. High chargeability and low resistivity IP anomalies are
co-incident with the geochemical anomalies and are similar to the
IP response over the Samira Gold Deposit.
Tiawa Amonte - Geophysical surveys on this target indicate a major
sedimentary basin covering an area of 7 kilometers by 3 kilometers
which hosts a well-developed gold-arsenic trend with a strike
length of 2 kilometers and is open to the northeast.
Tonde Boubangou - Regional geological prospecting and soil
geochemical surveys carried out in 1990 identified a 10 kilometer
long, NNE-SSW trending, arsenic anomaly in the Tonde Boubangou
basin. Results received to date from the fall auger drilling
program have confirmed the arsenic anomaly with results up to 2500
parts per million. Orientation geophysical surveys indicate the
area is underlain by sedimentary and volcanic sequences similar to
those found near the Samira Gold Deposit.
Tonde Boubangou North - Alluvial prospecting on this target has
detected a number of gold anomalies with between 20 and 150 sites
of gold per sample along the east slope of a laterite hill over a
distance of 800 meters. A geophysical survey line over this hill
obtained a response similar to the Samira Gold Deposit.
Etruscan's exploration on the Tiawa Concession has focused on the
discovery of additional sedimentary-hosted gold deposits like
Samira. Samira-type gold deposits respond well to geophysical
methods and are associated with a number of pathfinder elements
including arsenic, antimony, molybdenum, barium and cobalt. The
Tiawa Gold Deposit occurs in a distinctive sedimentary unit termed
the Samira Horizon which now has 18 kilometers of strike length.
The exploration results in these additional target areas strongly
support discovering new gold deposits.
A new airborne geophysical survey was recently completed over the
Tiawa Concession and preliminary maps indicate the existence of a
major sedimentary basin covering 525 square kilometers over the
northern part of the concession. This entire area has never been
explored. Etruscan will now initiate reconnaissance surveys over
this northern basin.
Placer Dome is scheduled to begin a 15,000 meter diamond drilling
program before the end of January 1997. At the same time,
Etruscan will continue exploring outside of the Placer Dome option
area over the remaining 1,159 square kilometers of the Tiawa
Concession and carry out detailed follow-up on the new targets.
Gerald J. McConnell, President of Etruscan Enterprises Ltd. said
"These new targets are very encouraging. Tiawa is a large
concession which clearly has the indications of hosting a number
of multi-million ounce gold deposits. We have barely started to
uncover the potential to this concession."
Etruscan Enterprises 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. More extensive information
on Etruscan, can be found on our home page at
etruscan.com. |
