Etruscus Resources Corp. Discovers Significant Ip Anomaly At Rock & Roll Property

VANCOUVER, Feb. 1, 2023 - Etruscus Resources Corp. (CSE: ETR) (OTC: ETRUF) (FSE: ERR) (the "Company" or "Etruscus") is pleased to announce initial results from it's 2022 exploration program (the "Program") at the Company's 100% owned Rock & Roll Property (or "Property") located in the prolific Golden Triangle in northwestern British Columbia, Canada. Results from an expanded 10.5 line-km induced-polarization survey ("IP" or "IP Survey") at the Discovery Showing have confirmed a significant chargeability anomaly ("Zappa") directly below and to the east of the newly mapped surface alteration.

Fiore Aliperti, Etruscus' President and CEO, commented, "2022 saw our technical team deliver amazing work in progressing both the Discovery and Heather targets in BC. We couldn't have hoped for better results from the IP survey at the Discovery Showing with this newly identified and significant chargeability anomaly. Known as the Zappa, this has the potential of a mineralized intrusion and provides the team with a promising target for drilling this coming season." He went on to add, "As CEO of Etruscus, I find myself in the enviable position of releasing back-to-back news announcing drill ready targets on both our Newfoundland and BC projects. We are all very excited to get boots on the ground as early as weather permits."

• The expanded IP Survey has discovered a 600 m wide, high chargeability anomaly suggestive of an intrusion and possible porphyry Cu-Au target. The target may be the source for the surface alteration and remains open in width and depth (See Figure 2 below or Click Here);
• Two additional, shallow, high chargeability anomalies located beneath the Discovery Showing potentially represent the upper levels of a porphyry system;
• Geological mapping has traced strong QSP alteration from the Discovery Showing for over 1 km to the east until it becomes covered by the retreating Twin Glacier (See Figure 1 below or Click Here); and
• The most easterly line of the expanded IP Survey delivered the strongest and widest chargeability anomaly and outlines a drill ready target. Additional geophysics work is planned to cover the remaining 500 m of alteration and confirm the size of this open system.

An initial four lines (6 line-km) of IP were planned over the Discovery Showing with the goal of characterizing the rocks to a depth of 500 m. Prior to the IP Survey an extensive geological mapping program was completed (See News Release Dated October 26, 2022), resulting in the technical team identifying widespread alteration that extends 800 m to the east of the original Discovery Showing. This required the IP Survey to be extended a further 300 m (4.5 line-km) down valley to an area partially obscured by glacial moraine. Additional survey lines, to cover the remaining 500 m, were planned but couldn't be completed due to time constraints. They will be a high priority for 2023.

Inversion and 3D modelling of the IP chargeability and resistivity data has identified three highly chargeable zones below the mapped QSP alteration. Two shallow (~75 m below surface) anomalies below the Discovery Showing and a third much larger body (Zappa) is open to depth (>400 m below surface) and is expanding eastward to the margins of the survey. The 600 m wide Zappa chargeability anomaly comes to surface directly below the recently mapped QSP alteration zone and represents a potential heat source for the surface alteration. The geological team has modelled Zappa and believes it demonstrates characteristics and shape of an intrusion that has caused the alteration above.

The Zappa anomaly provides large scale potential for a discovery in a jurisdiction with many major porphyry Cu-Au-Mo deposits nearby including Saddle North, Red-Chris and the KSM trend. It is also encouraging that the showing is located adjacent to the "Red Line" Triassic-Jurassic unconformity that would suggest the anomaly is of the favourable early Jurassic age intrusions that have driven most of the mineralization in the Golden Triangle. With a 3D model the team can target the strongest part of the system with the goal of encountering a mineralized potassic core.

The Discovery Showing was first worked in the 1980's by Kerr-Addison Mines Limited and focused on the upper-level alteration identified in a 400 m by 100 m quartz-sericite-clay-pyrite zone that is highly gossanous. The claims were worked for three consecutive summers with geological mapping, rock sampling and trenching carried out and, although recommended at the time, no drilling was ever completed. Geochemical results were anomalous in arsenic, antimony, and silver which are often seen in high level epithermal type systems. Minimal attention in the historic reports is given to the area underlain by the chargeability anomaly. This underexplored area has only recently been exposed due to glacial retreat and remains partly obscured by glacial moraine.

Identification of the Zappa anomaly has greatly increased the prospectivity of the Discovery zone and is now a high priority for drill targeting in 2023. Further IP lines to the east are planned to delineate the full extent of the Zappa anomaly. With minimal work at the start of the upcoming field program, the team will be able to drill test the significant chargeability anomaly with the goal of targeting a copper-gold rich potassic center.

The geological team is still in the process of interpreting the remaining survey at the Heather Target and will release the data in the coming weeks, along with geochemical results from property wide prospecting and sampling.

Technical aspects of this news release have been reviewed and approved by Stephen Wetherup, BSc., P.Geo., who is a Qualified Person as defined under National Instrument 43-101.

Etruscus Resources Corp. is a Vancouver-based exploration company focused on the acquisition and development of precious metal mineral properties. The Company's assets include the Lewis Property in central Newfoundland, which is under option to acquire a 100% interest, and the 100%-owned Rock & Roll and Sugar properties comprising 27,880 hectares near the past producing Snip mine in Northwest B.C.'s prolific Golden Triangle. Etruscus has exploration properties in two of Canada's most active gold camps.

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 38,011,622 common shares issued and outstanding.

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.

This Press Release may contain statements which constitute 'forward-looking' statements, including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities and operating performance of the Company. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities or performance and involve risks and uncertainties, and that the Company's future business activities may differ materially from those in the forward-looking statements as a result of various factors. Such risks, uncertainties and factors are described in the periodic filings with the Canadian securities regulatory authorities, including quarterly and annual Management's Discussion and Analysis, which may be viewed on SEDAR at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as intended, planned, anticipated, believed, estimated or expected. The Company does not intend, and does not assume any obligation, to update these forward-looking statements.

Neither the CSE Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Etruscus Resources Corp.



Contact
Company Contact: Fiore Aliperti, President & CEO, E: info@etruscusresources.com, T: 604-336-9088, W: www.etruscusresources.com