Results from Etruscan Resources‘ (EET-T) drill program at its Finkolo gold project in Mali sent the Halifax-based company’s shares climbing. Assays are from nine reverse circulation holes and were highlighted by:
- Hole TAC-137 From a depth of 39 metres intersecting 10 metres grading 201.1 grams gold, and from a depth of 60 metres intersecting 42 metres grading 4.3 grams gold
- Hole TAC-131 – From a depth of 7 metres intersecting 9 metres grading 4.3 grams gold
- Hole TAC-134 – From a depth of 37 metres intersecting 5 metres grading 11.2 grams gold
In Toronto on Jan. 17 Etruscan’s shares were up 14% or 49 to $3.96 on 172,000 shares.
The holes were drilled at the Tabakoroni zone a zone that remains open to the north to the south and at depth.
Etruscan says all holes intersected the mineralized horizon with Hole TAC-137 hitting the highest grade discovered to date with 2 metres grading 982.3 grams per tonne gold.
The lower intersection of the same hole ended in mineralization at a downhole depth of 102 meters.
The project is being managed by Australian-based Resolute Mining (RSG-A) who earned 50% of Etruscan’s 100% interest in the project by spending US$2 million by the beginning of last October.
Resolute will earn another 10% interest by contributing another US$1 million to expenditures or by completing a feasibility study within two years.
The arrangement leaves Resolute in charge of completing the drill program at Finkolo a program that will consist of 61 holes for 5,645 metres of reverse circulation drilling on the Tabakoroni zone.
A rotary air blast program of 6,050 metres is also planned. It will test for strike extensions of Tabakoroni and another zone known as the Porphyry zone.
A geophysical program will be carried out on both zones, Etruscan says.
The current drill program has been in-fill drilling to confirm the continuity of mineralization at Finkolo which has been traced over a strike length of 1.7 km.
The Finkolo permit is contiguous with Resolute’s Syama gold project — which has a resource of 6.4 million oz.
Resolute is also slated to be part of exploration work on the N’Gokoli permit, which was acquired by the two companies in 2006.
N’Gokoli lies immediately south of Finkolo and the companies believe the gold bearing Syama shear zone extends on to it.
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