Etruscan makes gold discovery in Niger

Etruscan Enterprises (VSE) has made a significant gold discovery on its 67%-owned Koma Bangou project in Niger, West Africa.

The disseminated gold zone, known as V1 South, was found at the contact between an intrusive porphyry and a volcanic-sedimentary sequence of rocks. Previous gold discoveries at Koma Bangou have been structurally controlled and hosted by veins or shears.

Measuring between 50 and 80 metres in thickness, the new zone has been traced, with reverse-circulation drilling, over a strike length of 1 km. Geophysical and geochemical surveys suggest the contact zone has a strike length of 5 km. Results from seven holes are as follows: 98 metres grading 2.5 grams gold per tonne, 92 metres of 0.98 gram, 70 metres of 1.47 grams, 83 metres of 1.81 grams, 77 metres of 1.55 grams, 99 metres of 1.16 grams; and 65 metres of 1.5 grams.

The V1 South has an inferred tonnage approaching 12 million tonnes, with a grade of about 1.5 grams gold per tonne to a depth of 80 metres. A previously drilled vein discovery reportedly contains 800,000 oz. gold in a geological reserve of 10.27 million tonnes averaging 2.47 grams gold per tonne to a depth of 80 metres. Auger and reverse-circulation step-out holes will be drilled to test the continuity of mineralization along the contact. Step-out holes will be drilled at 100-metre centres.

In addition, Etruscan will use two diamond drill rigs to test for mineralization below 80 metres. With the first drill hole already complete, preliminary indications are that gold in the V1 South is associated with quartz stockworks and sulphide-bearing fracture fillings within a granodiorite intrusive.

The discovery of V1 South has motivated Etruscan to re-evaluate the entire Central zone, with an eye for looking for large-scale, bulk-minable targets along the porphyry-sediment contact.

Meanwhile, additional exploration is being conducted on two other anomalies on the Koma Bangou property.

Geochemical and geophysical surveys over the Anomaly VI gold occurrence have increased the length and width of the zone. A magnetic survey has increased the strike length by 8 km, while soil sampling indicates its width is 500 metres. Etruscan is re-establishing a grid on the anomaly in preparation for drilling.

Etruscan will also re-evaluate induced-polarization and magnetic data covering the Quartz-Tourmaline zone. Previous samples of a

quartz-tourmaline-bearing sandstone assayed as high as 50 grams.

Earlier this year, Denver-based Echo Bay Mines (TSE) signed a deal with Etruscan enabling the senior to acquire a 65.67% share of Etruscan’s interest. To earn the interest, Echo Bay must pay Etruscan US$20 per oz. of gold for the first million oz. produced, and US$25 per oz. for any additional production. Echo Bay also holds a 14.5% equity interest in Etruscan.