- Etruscus Resources (ETR) has acquired an option to earn a 100 per cent interest in the Lewis Gold Property
- Option agreements were completed for $870,000 and 3,100,000 common shares over a four year period
- Jason Leikam has been appointed as President and CEO
- Stephen Wetherup has been appointed as Vice-President of Exploration
- Etruscus Resources is a Canadian exploration company focused on the acquisition and development of precious metal mineral properties
- Etruscus Resources Corp. (ETR) opened trading at C$0.34 per share
Etruscus Resources (ETR) has acquired an option to earn a 100 per cent interest in the Lewis Gold Property in central Newfoundland.
The property consists of two claim blocks in the heart of the Peyton Linear gold trend: the Peyton South claims and the Linear claims. Together, the Property totals 25.67 square kilometres (2,567 Hectares) and establishes Etruscus in a key location within central Newfoundland’s highly active exploration region.
The property has seen successful historical exploration along recognized regional structures and presents the company with an attractive exploration opportunity. With recently improved infrastructure and ease of access, the company believes this acquisition is the right property, a largely unexplored package, in the right place and at the right time.
Incoming President and CEO, Jason Leikam commented on the acquisition.
“This is a watershed moment for the company. Our first property acquisition in the Newfoundland Gold Belt positions Etruscus with high impact exploration opportunities in two of Canada’s most prospective and exciting exploration regions, the other being in BC’s Golden Triangle where an exploration program is ongoing at the Rock & Roll Property. We are also now initializing activity in Newfoundland and seeking to expand our presence within this highly active region. Our technical team is currently compiling historic exploration records, including geochemical, geophysics and drilling data to determine the initial steps of an aggressive exploration program. We are excited to get to work and we want to thank our property vendors for the confidence to partner with us on these highly compelling opportunities.”
Option terms
A total of three separate option agreements were completed to acquire 100 per cent in the property claims for aggregate, staged consideration of $870,000 and 3,100,000 common shares over a four year period, according to the schedule in the table below:
| Date | Cash | Shares |
| Acceptance Date | $110,000 | 500,000 |
| First Anniversary | $150,000 | 625,000 |
| Second Anniversary | $150,000 | 650,000 |
| Third Anniversary | $195,000 | 650,000 |
| Fourth Anniversary | $265,000 | 675,000 |
| Total | $870,000 | 3,100,000 |
Each claim block carries a two percent (2 per cent) Net Smelter Returns royalty, subject to the purchase of one percent (1 per cent) for $2,000,000 on or before commercial production.
New Rock Mining CEO, Jeff Zajac, welcomed Etruscus to the province of Newfoundland by stating,
“We were very impressed with both the management and geological expertise Etruscus brought to the project, two elements that we felt were critical in selecting a new partner. Ultimately, what won us over was their enthusiasm and vision to properly allocate resources to advance what we hope to be one of the next big gold success stories, in Newfoundland.”
Property overview
The Lewis Gold Property consists of 103 claims in two claim blocks totalling 2,567.56 hectares, located approximately 32 km from Gander, Newfoundland. It can be accessed by highway and a network of unsealed forestry roads and trails. Rail access is within 8 km of the claims and a powerline traverses the property. The town of Gander offers all the conveniences of a major center including daily flights to St. John’s and Toronto.
Property geology
The Property lies within the tectonostratigraphic Dunnage Zone and the Exploits Sub-zone which is host to numerous orogenic gold showings and deposits, such as those on New Found Gold’s Queensway Project.
Gold mineralization in the area is mainly hosted in ENE and NNW striking orogenic shear zones with much of the exploration focused on shears in sedimentary sequences and not of intrusive hosted shear zones. The Property is underlain by the Mt. Peyton Batholith which is also cut by these ENE and NNW structures, including the NNW oriented “Mt. Peyton Trend” and remains an underexplored area within the Exploits Sub-Zone.
Historical context
Recorded historic work on the property began in the late 1980’s with Noranda and later by Rubicon, Paragon Minerals as well as Gary Lewis and associated companies. This work consisted of soil and IP surveys that partially overlap with the southern claims. Drilling programs, on and adjacent to the property, have confirmed gold mineralization and drill intercepts have included 8.83 g/t Au over 0.7 meters and 5.3 meters of 3.25 g/t Au. Prospecting has also returned numerous boulders containing high grade gold including 25.8 g/t Au on the property and 164 g/t Au just off the property, down ice direction. In addition to this exploration, portions of the Property were sampled, notably at the Corsair and Sabre showings. Historic grab sample assays were reported (although unverified by the company) up to 1,347 g/t Ag and 2.1 g/t Au.
Historical geochemical soil and IP surveys were successful in identifying multiple gold targets which remain untested by drilling.
Exploration plan
Etruscus is taking an immediate, targeted approach to the exploration of the Property. Initial plans include complete property-wide geochemical soil sampling. Follow-up work will include more targeted and detailed soil sampling, mapping, and IP survey work later this field season.
The initial work is expected to delineate high-priority drill targets. Etruscus is confident it will discover more gold zones on the property by applying systematic and modern exploration methods.
Management appointments
The Board of Directors announces the appointment of Jason Leikam as President and CEO.
Mr. Leikam has served as an independent director of Etruscus Resources since its founding. He has over twenty years of experience in the junior capital markets, focusing on company formation, marketing and finance and administration.
Mr. Leikam wishes to thank outgoing CEO Gordon Lam for his contribution in the formation and establishment of the company.
Mr. Leikam noted,
“Since founding Etruscus four years ago, Gordon has led the company’s growth, built an impressive technical team, attracted dedicated management and maintained a healthy financial position and capital structure.”
He went on to add, “Mr. Lam will continue to support Etruscus as a director, shareholder, and consultant, continuing his focus on building shareholder value. The board of directors wishes to thank him for his notable dedication and diligence.”
The Board of Directors also announces the appointment of Stephen Wetherup as Vice-President of Exploration.
Mr. Wetherup is a structural and economic geologist with over 20 years of global exploration experience. He has worked for Fox Geological Consultants, Phelps Dodge Corporation of Canada and as a consulting geologist for numerous exploration companies including Freeport-McMoran. He is currently the Vice-President Geology with Caracle Creek International Consulting and the Vice-President of Exploration for Commander Resources Ltd.
The company thanks past Vice-President of Exploration Dr. David Webb for his methodical and resourceful approaches to exploration that he brought to the company since its inception, and for his diligence and professionalism. The Board of Directors wishes him success in his future endeavours.
Etruscus Resources is a Vancouver-based exploration company focused on the acquisition and development of precious metal mineral properties.
Etruscus Resources Corp. (ETR) opened trading at C$0.34 per share.
