Etruscus Commences Exploration Program at ROCK & Roll Property in Golden Triangle
ETRUSCUS COMMENCES EXPLORATION
PROGRAM AT ROCK & ROLL PROPERTY IN
GOLDEN TRIANGLE
Vancouver, BC – September 11, 2024 – Etruscus Resources Corp. (CSE: ETR)
(OTC: ETRUF) (FSE: ERR) (the “Company” or “Etruscus”) announces the
commencement of its 2024 exploration program (the “Program”) at the Company’s Rock
& Roll Property located in the prolific Golden Triangle in Northwestern British Columbia,
Canada. The Company also announces it has closed the first tranche (the “First Tranche”)
of its previously announced non-brokered private placement (the “Financing”, see News
Release July 25, 2024), subject to final CSE Exchange approval.
Etruscus' CEO, Fiore Aliperti, commented, "Despite having a robust project in one of the
world's most promising and exciting jurisdictions, the market continues to remind us of
the importance of being diligent with our funds and exploration budgets. We mus t also
remain responsible with the timing of our financings to protect our shareholders and
mitigate excess dilution. Against the challenge of raising capital , we are encouraged by
the unwavering support of our existing shareholders, who, as always, share our goal of
discovery in the Golden Triangle."
He went on to add, "Our primary focus for this program will be on the Discovery target
with a goal of significantly expanding its size with an extended geophysical survey to the
east of the open anomaly. This will help delineate a location for future drill programs with
the best chance of success. We are also excited about our initial exploration for rare earth
elements on the Pheno claims. These underexplored claims not only provide opportunity
for critical metals but also provide potential for new alkalic porphyries, like the Galore
Creek deposit located 25 km to the northwest owned by Teck and Newmont.
Program Details
The 2024 field program will focus on the Discovery Target with an Induced Polarization
survey planned to the east of the previous survey completed in 2022. (See map below)
This survey will expand on the existing 600 m chargeability anomaly with 4 more lines
that will bring the total surveyed area to 1.1 km (16.5-line km) and fill in the gap between
the strong anomalism and the receding glacier. The Discovery target represent a sizeable
copper gold porphyry target with 1.1 km of KSP alteration mapped at surface and a
discrete, open-ended chargeability anomaly residing below. This target has never been
drilled and will be a continued focus for the team in outlining a drill site with the best
chance of success.
Map of Discovery Showing and Chargeability Anomaly with planned IP lines
Further field work wil l be completed on the Heather and the Kashmir showing as the
pipeline of targets continues to be progressed. At the Heather target where high -grade
gold samples and a 300 m Au-Cu-Ag soil anomaly have previously been discovered, the
team will look to identify the source of the mineralization as well as the source of the very
strong IP anomalies that exist in the area. At Kashmir, follow up on the 51.4 g/t Au float
rock sample as well as prospecting of the creek and surrounding area will take place as
a considerable number of mineralized boulders have been identified. Multiple float
samples with highly anomalous copper, molybdenum, and gold have been sampled in the
small basin suggesting there is a high chance of further mineralized intrusions being
discovered.
The inaugural exploration program on the adjoining Pheno Claims will also take place
during this program as the Company looks to capitalize on a unique critical metal
opportunity in Golden Triangle. Rare earth elements (REE’s) were inadvertently identified
across the claims during government mapping in 2012, but no follow up work has been
completed since then. The team will be taking a significant number of rock samples across
the Pheno claims while completing geological mapping of this underexplored area. Focus
on pera-alkaline rhyolite host rocks will help delineate the size potential as anomalous
rocks appear to be spread over a large area of multiple kilometres. Exploration for alkalic
porphyry will also be important due to the proximity of Galore Creek . This has been
highlighted by Skeena Resources (See below map) who staked all around the Pheno
claims this past year in search of Galore Creek style mineralization.
Map of Etruscus’ Rock & Roll Property with Surrounding Companies
Financing
The closing of the First Tranche has resulted in the issuance of 2, 440,000 flow-through
units at $0.125 per unit for gross proceeds of $ 305,000 and 870,000 non-flow-through
units at $0.10 per unit for gross proceeds of $87,000, for a First Tranche total of $392,000.
Each non-flow-through unit consists of one common share and one -half (1/2) of a non -
transferable share purchase warrant with each whole warrant exercisable into one
additional common share at a price of $0.15 per share for a 2-year period.
Each flow-through unit consists of one flow-through common share and one-half (1/2) of
one non-flow-through, non-transferable share purchase warrant with each whole warrant
exercisable into one additional common share at a price of $0. 18 per share for a 2-year
period.
All shares issued under the private placement will be subject to a hold period of four
months and one day from the date of issuance. Finders’ fees may be paid in accordance
with securities regulations. With respect to the First Tranche, total finders fees of $ 800
were paid and 8,000 finders warrants were issued, exercisable at $0.15 per share for a
period of two years.
The flow -through shares will qualify as “flow -through shares” for the purposes of the
Income Tax Act (Canada) (the “Act”). The proceeds of the flow-through private placement
will be used to incur “Canadian exploration expense” (within the meaning of the Act). The
Company will renounce these expenses to the purchasers with an effective date of no
later than December 31, 2024, and as required under the Act , and, if applicable, as
required under Provisional legislation.
About Etruscus
Etruscus Resources Corp. is a Vancouver -based exploration company focused on the
acquisition and development of precious metal mineral properties. The Company’s flagship
asset is the 100% -owned Rock & Roll Property comprising 29,344 ha near the past
producing Snip mine in Northwest B.C.’s prolific Golden Triangle.
Etruscus is traded under the symbol “ETR” on the Canadian Securities Exchange, “ETRUF”
on the OTC and “ERR” on the Frankfurt Stock Exchange. Etruscus has 53,270,361
common shares issued and outstanding, including the First Tranche.
Company Contact
Fiore Aliperti, President & CEO
T: 604-336-9088
W: www.etruscusresources.com
This news release does not constitute an offer to sell or a solicitation of an offer to buy
any of the securities in the United States. The securities have not been and will not be
registered under the United States Securities Act of 1933, as amended (the “U.S.
Securities Act”) or any state securities laws and may not be offered or sold within the
United States or to U.S. Persons unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such registration is available.
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