Ethos Acquires Campbell Lake Gold-VMS Project, Ontario; Targets ~10 km Altered Structural Corridor
Vancouver, October 7, 2020 - Ethos Gold Corp. (TSXV: ECC) (OTCQB: ETHOF) ("Ethos" or the "Company") is pleased to announce that it has entered into an earn-in agreement under which Ethos may earn a 100% interest in the 3488 hectare (34.88 km2) Campbell Lake gold project located approximately 40 km north of the town of Armstrong, Ontario.
Highlights
- A ~10km long prospective alteration corridor was identified by Ontario Government bedrock mapping initiatives in the area from the late 1970's (Report 251). Extensive sulphide mineralization is described near a regionally significant mafic volcanic - metasedimentary contact zone with reports of significant alteration "sericite schist" along the trend. Coarse geophysical maps show km-scale magnetic anomalies associated with these sericite schists and reported sulphide zones.
- Research by Ethos geologists has confirmed that this sulphide trend has not been documented in mineral inventory databases and no prospecting or drilling was ever submitted for assessment.
- The property also hosts numerous other shear zone and iron formation hosted gold prospects associated with Pb and Ag minerals. The Bovin-Gilbert Occurrence yielded 8.57 g/t Au over 25.4 cm from a small drill campaign in 1949. Reports suggest the enveloping folded iron formation may exceed 90m thick (Assessment# 52I10 SW 0024). No modern exploration work has been reported in over 60 years despite prospective geology and relatively good access.
- Ethos is currently completing a high resolution airborne magnetic survey and acquiring detailed satellite imagery this Fall and follow up prospecting and sampling Is expected to begin in the spring of 2021.
Planned Work Program
- Ethos is completing a high resolution airborne magnetic survey and acquiring detailed satellite imagery. Follow up prospecting and sampling is expected to begin in the spring of 2021 designed to ground truth geophysical targets and reports of alteration and surface mineralization from previous government sources.
Figure 1. Campbell Lake property
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Earn-in Agreement
Ethos can earn a 100% interest in Campbell Lake by making the following cash and share payments at its option:
- Cash payment of $10k and 600k shares upon signing.
- 600k shares on completion and evaluation of airborne geophysical survey
- 600k shares at 12 months.
- 1.8 million shares at 24 months.
There are no work commitments.
Qualified Person
The technical content disclosed in this press release was reviewed and approved by Jo Price, P.Geo., M.Sc., VP Exploration of Ethos, and a Qualified Person as defined under National Instrument NI 43-101 ("NI 43-101").
Contact
For additional information please contact Tom Martin at E: tmartin@ethosgold.com P: 1-250-516-2455 or view the Company's website, www.ethosgold.com and the Company's SEDAR profile at www.sedar.com.
Ethos Gold Corp.
Per: "Craig Roberts"
Craig Roberts, P.Eng., President & CEO
Forward-Looking Statement Cautions:
This press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, including, but not limited to, statements regarding the Company's plans with respect to the Company's projects and the timing related thereto. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective," "prospective," and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include the risk of accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, or the possibility that the Company may not be able to secure permitting and other agency or governmental clearances, necessary to carry out the Company's exploration plans, risks and uncertainties related to the COVID-19 pandemic, and the risk of political uncertainties and regulatory or legal changes in the jurisdictions where the Company carries on its business that might interfere with the Company's business and prospects. The reader is urged to refer to the Company's reports, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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