A $500,000 private placement by Etruscan Enterprises (VSE) will be used to explore its Hackett River property, 160 km northeast of Lac de Gras, N.W.T.
The placement consists of 320,513 shares at a price of $1.56 per share and 320,513 non-transferable share purchase warrants. Each warrant can be redeemed for one Etruscan share on or before March 24, 1995. The warrant can be exercised at $1.56 up to March 24, 1994, and $1.80 thereafter. Some of the proceeds will fund airborne electromagnetic and magnetic surveys to locate new massive sulphide targets and further delineate possible kimberlite targets. (The latter were identified in the 1960s by a Geological Survey of Canada magnetic survey.) Etruscan then plans to ground truth the anomalies and drill-test some of the better targets.
The property is 46%-owned by Etruscan and 54% by Cominco (TSE). Cominco has allowed Etruscan to operate the project provided it spends $400,000 annually on exploration.
Of several zones of sulphide mineralization, the largest is the Main zone which hosts four million tonnes of 12.76% zinc, 1.38% lead, 0.3% copper, 0.46 grams gold per tonne and 231 grams silver.
Regulators have yet to approve the placement.
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