| |
News Release
High grade intersections at Samira; exploration programs
Etruscan Enterprises Ltd EET
Shares issued 17,048,273 Mar 7 close $7.90
Mon 10 Mar 97 News Release
Mr Gerald McConnell reports
High grade gold mineralization has been intersected at depth at the Samira
gold deposit in Niger, West Africa, including 19.42 gm/t over 15.3 metres
and 12.24 gm/t over 17 metres. The results received from the first eight
diamond drill holes completed by Placer Dome are confirming continuity of
mineralization within the Samira deposit. Etruscan believes the results
indicate the probability of a significant increase in contained ounces. The
results are summarized as follows:
From To Length Au
Hole (m) (m) (m) g/t
---- ---- --- ------ ---
97SA-001 81.5 143.8 62.3 5.97
97SA-002 163.0 197.8 34.8 3.09
97SA-003 42.7 85.2 42.5 2.87
97SA-004 60.3 92.8 32.5 1.72
including 72.0 92.8 20.8 2.22
97SA-005 168.1 201.4 33.3 3.19
97SA-006 20.0 70.0 50.0 1.92
including 31.0 68.0 37.0 2.34
97SA-007 172.0 237.0 65.0 6.17
including 217.7 233.0 15.3 19.42 *
97SA-010 224.0 283.0 59.0 4.60
including 265.0 282.0 17.0 12.24
* uncut
The deposit remains open at depth. Assays from an additional seven diamond
drill holes in the Main zone are pending. Drilling is now focusing on the
East zone of the Samira deposit.
Placer Dome has optioned an 81 sq km area within the 1,240 sq km concession
and has begun a 15,000 metre drilling program to explore the entire 18km
strike length of the Samira Horizon within the option area. At the same
time Etruscan continues to develop new targets on the remaining 1,160 sq km
of the Tiawa concession.
Mr McConnell also reports
Additional results from the continuing gold exploration program on the
Tiawa concession in Niger, West Africa have outlined significant target
areas outside of the Placer Dome option area with similar potential to the
Samira Horizon. Exploration programs have begun on the Koma Bangou and
Kossa concessions.
TIAWA CONCESSION
Tonde Boubangou
A major gold target has been identified at Tonde Boubangou coincident with
a regional arsenic anomaly which covers an area of 30 sq km. Auger drilling
on widely spaced sample lines spread 400 metres apart has delineated a gold
trend in saprolite with a strike length of 8km and up to 200 metres in
width with values up to 1.74 gm/t gold. The gold trend is coincident with
the entire arsenic anomaly and with a regional geophysical trend identified
from a recently completed airborne survey. Geologic teams report extensive
quartz veining in outcrops along the trend. The geochemical and geophysical
response of this anomaly is similar to the Samira Horizon which is 16km to
the south. More detailed auger drill sampling is continuing and a 2,000
metre trenching program will explore the zone along its 8km strike length.
Reverse circulation drilling will follow the trenching program.
Tonde Boubangou North
The alluvial gold anomaly previously reported at Tonde Boubangou North has
now been confirmed by auger drilling in saprolite and the strike length has
increased from 800 metres to 3km with gold values up to 1.88 gm/t. Much of
the anomaly lies under a north-south trending laterite plateau. More
detailed auger drilling has been completed and results are pending.
Boulon Djounga West
More detailed auger drilling has confirmed the Boulon Djounga West target
where coincident gold anomalies in saprolite coincide with geophysical
trends over a strike length of 2.5km. This trend is the probable strike
extension of the Samira Horizon outside of the Placer Dome option area. An
excavator has been mobilized to the area to begin trenching prior to a
2,500 metre reverse circulation drilling program.
KOMA BANGOU CONCESSION
Etruscan is making application to proceed with a 50,000 tonne test leach
pad at Koma Bangou where a geologic resource of 308,000 ounces has been
drilled off. Following the significant developments on the Tiawa
concession, the company has completed a re-evaluation of the existing data
on Koma Bangou and identified four major gold targets for immediate follow
up. These targets are similar to the Samira gold deposit with coincident
gold and arsenic geochemical anomalies in sedimentary rocks along airborne
geophysical conductors over strike lengths up to 4km. Previous diamond
drilling in the Central zone area had intersected 17.59 gm/t gold over 10.5
metres in quartz veins in argillaceous and graphitic sediments. Field crews
are being mobilized to carry out ground geophysical surveys and auger
drilling programs.
KOSSA CONCESSION
As previously announced in Stockwatch February 3 1997, Etruscan recently
completed an airborne geophysical survey over the 1,875 sq km Kossa
concession which identified major regional structures coincident with areas
of active gold diggings. During a recent property visit Etruscan geologists
reported that new gold digging fields have been started by local
orpailleurs over one of these trends with a potential strike length of
10km. Large quartz veins were found in a felsic intrusion known to cover an
area of 200 sq km with reported copper showings. Geologists report the
occurrence of Tarkawaian conglomerates on the permit. A US$850,000
exploration program including geochemical prospecting and drilling over the
primary areas of interest will be completed before the rainy season starts
in June.
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com |
|
