Vancouver, British Columbia--(Newsfile Corp. - April 23, 2020) - April 23, 2020, Ethos Gold Corp. (TSXV: ECC) (OTCQX: ETHOF) ("Ethos" or the "Company") and Société d'exploration minière Vior Inc. (TSXV: VIO) ("Vior") are pleased to announce the results of their diamond drilling campaign completed between late October, 2019 and mid-February, 2020 at the Ligneris gold project in Quebec.
The program's primary objective, which included 14 holes totaling 8,318 meters, was to test to a depth of approximately 600 meters, the extent of the gold mineralization system on the Central and South zones, which coincide with well-defined chargeability geophysical anomalies. The program also tested certain chargeability anomalies generated during the recent IP survey which were located in the lateral extensions of some strongly altered structural zones. The mineralization encountered during this drilling program at Ligneris appears to be related to a gold-rich massive volcanogenic sulfides environment with local remobilization in deformation zones.
Best drill results of the program*:
- Drill hole LI-19-02, Between 620.5 and 639.5 meters cut 1.19 g/t Au over 19.0 meters, including 2.36 g/t Au over 8.0 meters;
- Drill hole LI-19-03, between 391.0 and 397.1 meters cut 0.45 g/t Au over 6.1 meters;
- Drill hole LI-19-04, between 566.0 and 575.5 meters cut 0.83 g/t Au over 9.5 meters, including 1.02 g/t Au over 5.5 meters;
- Drill hole LI-19-05, between 717.0 and 721.0 meters cut 1.19 g/t Au over 4.0 meters, including 1.95 g/t Au over 2.0 meters;
- Drill hole LI-19-06, between 488.0 and 500.1 meters cut 1.09 g/t Au over 12.1 meters, including 1.69 g/t Au over 7.0 meters, including 5.70 g/t Au over 1.0 meters;
- Drill hole LI-19-07, between 208.0 and 209.0 meters cut 23.5 g/t Au over 1.0 meters;
- Drill hole LI-19-08, between 646.0and 653.0 meters cut 0.78 g/t Au over 7.0 meters, including 2.94 g/t Au over 1.0 meters.
* The true thickness of reported drill intervals cannot be determined with the information currently available. Additional drilling would be required to determine the orientation and true thickness of the mineralized zones.
Saliant points from the program
- Visual examination of the drill core shows that the strongly altered zones extend at a depth of over more than 600 meters vertical in the Central and South zones.
- The Central zone is characterized by the presence of disseminated to semi-massive pyrite mineralization, with locally sphalerite and chalcopyrite, included within a 100+meter thick highly silicified, sericitized, ankeritized (with locally chloritoids) alteration zone.
- The South zone is characterized by extensive disseminated pyrite and stringer mineralization associated with a series of highly silicified and sericitized shear zones exceeding 10 meters in thickness.
- Significant grades of silver and base metals reaching up to 10.1 g/t Ag and 0.18% Cu over 9.0 meters (drilling LI-19-06) and 26.4 g/t Ag and 0.43% Zn over 5.0 meters (hole LI-19-07) were intersected in the Central zone;
- All of the tested chargeability anomalies were associated with pyrite mineralized zones ranging from disseminated to semi-massive.
- A TDEM geophysical survey carried out in 5 of the drill holes detected off-hole anomalies in 2 distinct drill holes in the South zone, indicating conductive bodies within a 100-meter radius.
To view an enhanced version of Figure 1, please visit:
The next planned work is to process the lithogeochemical results and gold assays using 3D modeling. This will help to establish mineralization and alteration vectors in order to generate new targets for a future drilling program. These new targets will be added to the 27 that were determined during the multifactorial 3D processing by InnovExplo, of which only 14 were tested during the fall 2019 - winter 2020 drilling program.
The drill core concerned in this release has been described, marked and cut under the supervision of qualified persons. The drilling samples were sent to the certified laboratory Techni-Lab in Val-d'Or, including standards and blanks for approximately each 20 samples analyzed. The samples were analyzed for gold by fire assay on 30-gram fractions with atomic absorption and/or gravimetric finish. As well, certain samples were analyzed for oxides and other elements by ICP-MS method at the Actlabs laboratories, of Ancaster, Ontario.
Ligneris Option Agreement
Ethos can earn a 51% interest in the Ligneris Project by issuing to Vior 1.0 million Ethos shares and incurring $3.0 million in expenditures over the first four years of the agreement. Following an initial earn-in to 51%, Ethos will have 60 days to elect to earn-in a further 19% interest (thereby increasing its total interest to 70%) by incurring an additional $4 million in expenditures over the subsequent three years.
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"). Marc L'Heureux, P.Geo., M.A.Sc., VP Exploration of Vior and a Qualified Person as defined under NI 43-101 has also reviewed and approved this release.
Ethos Gold Corp.
Per: "Craig Roberts"
Craig Roberts, P.Eng., President & CEO
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.
Forward-Looking Statement Cautions:
This press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, relating to, among other things, the Company's intention to acquire an interest in the Ligneris Project and planned exploration activities at the Ligneris Project. 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, possible, accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/54770