Ethos Consolidates Schefferville Gold District with Acquisition of Bassano Claim Block
Suite 1430 – 800 0 West Pende er Street, Van ncouver, BC C V6C 2V6
Eth hos Con nsolidat tes Sche effervill le Gold District t with assano Claim B Ac cquisitio on of Ba Block
mber 4th, 20 V Vancouver, BC – Septem 020, Ethos G
Gold Corp. ( (“Ethos” or the “Compa any”) (TSXV V:ECC) (OTCQB: ETHOF) is plea ased to anno ounce that it t has entere ed an agreem ment to earn n a 100% int terest in the Bass sano Project t contiguous to Ethos’s s newly sta aked Scheffe erville Gold Project, 85 5 km northwest o of Scheffervi ille, Quebec. The earn n in agreeme ent is subject to accept tance by the e TSX V Venture Exchange.
Highlights
- The Bass ring 10.3km2 containing sano Project t comprises 21 mineral c claims cover g prospective e iron formatio on hosting a at least three known go old occurrences: Baleine e Rouge, Baluga, and Ar rsene (see Figu ure 1).
- Historic work at Bale eine Rouge*
- returned ro ock grab sam mples assaying up to 12 2.21 g/t Au a and a
drill inte erval of 2.23 g/t Au over
r 19.55 m, in ncluding 10.2 21 g/t over 2
2.03 m.
- Historic work at Ars sene* return ned rock gra ab samples assaying up
p to 31.13 g
g/t Au and a a drill interval of 1.05 g/t A
Au over 12.5 55 m.
- Historic work at Balu uga* returne ed rock grab b samples assaying up to
- 1.89 g/t Au
u.
T True widths for these re eported drill intervals are unknown.
S Stated Craig g Roberts, P.Eng., President and CEO O: “The histo oric drill inte ervals on the e Bassano pr roject demonstrate significant t widths and d grades of gold minera alization. E Ethos will so oon start a l large, high resolu ution magn netic survey y over our r district s scale Schef fferville Pro operty, cov vering approximate ely 60 km of f strike length. We will utilize results from this s survey in c combination with t the significa ant amount o of detailed h historical geo ologic and g geophysical d data to estab blish correla ations and to vector in on target areas fo or gold mine eralization, t to be then f followed by y ground truthing and drill targ geting.”
- Quebec M MRNF Report t MM95‐01 a and MM205 5‐01 provide e key compil lations of the numerous s gold
p prospects in n the Scheffe erville region n and adjace ent areas, a and are the best referen nces to the m many g gold prospe ects detailed d in numerou us assessme ent reports f focussed on various par rts of the re egion. These two reports document the or riginal Quebe ec Government Survey o or assessment report sources of the variou us rock samp ple and drill core intersection gold a assay results.
.
Figure 1: Bassano Claim Area
Project Overview
T The district scale Schefferville Gold Project is ce entered on a a key structu ural corridor characterize ed by f faulted and sheared roc cks extending g for approx ximately 60 k km on the Sa able block, a and 10 km on the Hamard block (see Figure 2). The in n‐house tech hnical team at Ethos has s identified several key areas along this fa ault zone tha at are highly y prospective e for gold m mineralization n due to the e presence o of key 342 km2 to co indicators. A As a result, the Company y subsequen ntly staked 3 over most of the prospe ective g ground (see e August 5, 2020 news s release). A Acquisition of the Bassano block allows Etho os to successfully consolidate e these key areas under r control of one group. Ethos can now explore the region on a true district scale enabli ing an efficie ent and effec ctive explora ation progra am.
Figure 2: Sch hefferville P Project
Along the 1.8 km trend between the Baleine Rouge and Arsene target areas there are numerous occurrences of metamorphosed iron formation, recognized as a very prospective host rock for gold mineralization in the region. Additionally, the Bassano claims cover key structural intersections related to the east‐southeast trending structures that trend parallel to the regional Sable River Deformation Zone, with shorter strike length north‐northeast trending structures orthogonal to this main structural trend.
The Baleine Rouge gold occurrences are hosted within two horizons of metamorphosed iron formation located approximately 100 m apart, with each iron formation trend being at least 300 m to 500 m long and up to 10 m thick, hosted within a metawacke sequence. Gold concentrations are hosted within metamorphosed iron formation, and at the margins of iron formation with the enclosing metawacke and are characterized by variable concentrations of quartz‐carbonate veining, arsenopyrite, pyrrhotite and pyrite mineralization. Significant Pb‐Zn mineralization (6.55% Pb and 1.47% Zn over 2 m) is associated with other portions of the Baleine Rouge prospect area. Historic drill core intersections from the Bassano property are provided in Table 1.
Table 1: Historic drill core intersection on the Bassano Project claims
| Hole | From (m) | To (m) | Length (m) | Au (g/t) |
|---|---|---|---|---|
| RL‐10‐13 | 146.5 | 151.3 | 4.8 | 1.03 |
| RL‐10‐17 | 11.45 | 19.7 | 8.25 | 1.24 |
| and | 49.7 | 62.25 | 12.55 | 1.05 |
| including | 57.3 | 58.4 | 1.1 | 9.92 |
| WT‐09‐04 | 40.39 | 59.94 | 19.55 | 2.23 |
| including | 53.85 | 55.88 | 2.03 | 10.21 |
Schefferville Project Update
The Bassano Project claims, and related data are being integrated into Ethos Gold Corp.’s exploration plans for its Schefferville Gold Project. Starting in mid‐September Ethos will conduct an extensive, property wide airborne magnetic survey over the Schefferville Gold Project and this will now include the newly acquired Bassano Project. Approximately 7,000 line km will be flown on 75m spacing at a height of approximately 35m. This survey will provide high resolution data over a very large tract of prospective target area. At the same time Ethos is gathering and analysing a significant amount of data from previous exploration activities in the region, in part aimed at establishing correlations between airborne magnetic response, structure, rock type, and known areas of gold mineralization. As noted the known areas of gold mineralization in rock samples and drill intervals on the Bassano property will help in establishing these correlations. This work will be followed by field mapping and sampling to ground truth target areas, followed by drilling.
Earn in Agreement Terms
Ethos can earn 100% of the Bassano Project by paying the optionor a total of 3,500,000 shares, $200,000 in cash, and completing $500,000 in exploration work to November 15, 2024 according to the following schedule.
| Cash | Work Commitment | Shares | |
|---|---|---|---|
| Upfront | $50,000 | 100,000 | |
| Nov 15, 2021 | $50,000 | $125,000 | 200,000 |
| Nov 15, 2022 | $50,000 | $125,000 | 400,000 |
| Nov 15, 2023 | $50,000 | $125,000 | 800,000 |
| Nov 15, 2024 | $125,000 | 2,000,000 | |
| TOTAL | $200,000 | $500,000 | 3,500,000 |
In addition, the optionor will retain a 2% NSR royalty of which Ethos may purchase 1% for $1,000,000.
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 43‐ 101 (“NI 43‐101”). Marc L’Heureux, P.Geo., M.A.Sc. technical advisor to the Company overseeing the Company’s activities in Quebec has also reviewed and approved this release.
Contact
For additional information please contact Tom Martin at E: [email protected] 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.