Vancouver, British Columbia–(Newsfile Corp. – September 18, 2019) – Ethos Gold Corp. (TSXV: ECC) (OTCQB: ETHOF) (“Ethos” or the “Company“) and Société d’exploration minière Vior Inc. (“Vior“) (TSXV: VIO), are pleased to announce that they have generated multiple new drill targets based on a recently completed comprehensive field program at their Ligneris Project, located 110 km north of Val-d’Or, Quebec. The project has easy access through paved and all-weather logging roads. Basic services are available from the village of Taschereau located 35 km to the south.
Ligneris lies within the prolific Abitibi Greenstone Belt and has a major hydrothermal footprint identified by two main zones of approximately 200 to 300 meters thick and more than 1.8 kilometers long, suggesting a large and deep seated mineralized system. The property is also transected by a 3-km wide fault zone comparable to other major faults in the Abitibi that host multimillion-ounce gold deposits. The mineralization at Ligneris is interpreted as an Archean-age, gold rich VMS system, geologically analogous Agnico Eagle’s flagship Bousquet-LaRonde complex located 80 km south (approximately 9 million oz production since 1988 plus current reserves, as reported on Agnico Eagle web site). Highlights include:
- Previous work by Vior (1985-1986), Placer Dome (1987-1990) and Barrick (1997) included 204 drill holes (approximately 40,000 meters) mostly clustered around identified mineralized zones (the North, Central and South Zones) on the project.
- 75 of these 204 holes crosscut significant gold and/or zinc intercepts. Historical drill intercepts included 10.6 m @ 13.5 g/t Au and 2.9 m @ 62.0 g/t Au in the South Zone, and 1.45 m @ 216 g/t Ag and 2.79% Zn in the Central Zone (see Ethos June 27, 2019 news release).
- Only 7 holes reached over 300 meters in depth. In comparison current exploration at LaRonde extends to approximately 3,500 meters depth.
- Previous Ligneris drilling was done without the benefit of modern, deeper penetrating geophysics. In early 2019 Vior completed a 717 line-km helicopter-borne VTEM geophysical survey (see Vior February 28, 2019 news release) and Ethos and Vior have now completed a 125 line-km gradient induced polarization (Gradient IP) geophysical survey.
- The Gradient IP survey was carried out by Abitibi Géophysique, and 3D inversion processing of the data by MB Géosolution has outlined significant new chargeability anomalies in the lateral and depth extensions of the existing mineralized zones.
- Specifically this 3D inversion processing of the Gradient IP data indicates a significant increase of the chargeability to a depth of 450 meters that appears correlated to some historic shallow gold intersections (see example in Figure 1 below). These new deep chargeability anomalies represent first priority drill targets.
- Some of the target areas generated by the Gradient-IP survey cover a strike of over one kilometer.
- A new structural study at Ligneris has also recently been completed by Ethos and Vior including a comprehensive field structural mapping program.
- InnovExplo a Val-d’Or based consulting firm were retained to incorporate all of the historic and current exploration work into a comprehensive GIS database.
- InnovExplo then utilized Leapfrog-3D software to model and correlate all historic and recent data into a three dimensional model to generate drill targets.
- Based on this analysis InnovExplo have recommended 27 core holes to test approximately 13 separate target zones, including 11 “Priority 1” (or “P1”) holes.
- The Gradient IP survey has also defined several new shallower depth chargeability targets spread over a 7-kilometer strike length in the rhyodacitic and andesitic volcanic rock package on the property, some of which are in the lateral extensions of known mineralization associated to strong alteration zones in ankerite and sericite. These new combined geological and geophysical targets have not previously been drill-tested.
- A survey totaling 27 glacial till samples, conducted in early summer 2019 by IOS Services Géoscientifiques, returned standardized counts on 10-kg samples ranging from 101 to 610 gold grains down-ice from the South and Central zones. This survey has defined a new drill target area located in the western extension of the Central Zone, which corresponds to a Gradient IP chargeability target and a 118-gold grain count in the down-ice direction.
Ethos and Vior are currently refining the drill hole targeting in preparation for a minimum 6,000 meter drill program planned to begin at the end of October 2019.
The section below illustrates a deeper chargeability target correlated to nearer surface gold mineralization:
Figure 1: Proposed DDH017
To view an enhanced version of Figure 1, please visit:
Expansion of the Ligneris Property
Based the Ligneris work program to date, Ethos and Vior have been granted or have applied for an additional 57 claims (27.7 km2) covering additional areas now considered prospective for further target development. If all these additional claims are granted the Ligneris project area will have increased from 94 claims covering 36.2 km2to 151 claims covering 63.9 km2.
Work at Ligneris is being supervised by Marc L’Heureux, P.Geo., Vior’s VP Exploration whose experience includes approximately five years working in the Bousquet-LaRonde complex. Stated Mr. L’Heureux: “the new Gradient IP survey processed in combination with historical geochemical, geological and geophysical data represents a valuable tool for detecting massive and disseminated gold-rich mineralization of the volcanogenic type as found in the Bousquet-LaRonde camp. We are looking forward to commencing drilling at the end of October to test the multiple targets that have been defined by this work”.
Stated Craig Roberts, P.Eng., President and CEO of Ethos: “We are excited to be working towards to commencing a significant drill program to test these high priority targets. We have benefited greatly from the substantial historic work including over 200 drill holes, from extensive modern geophysical surveys, from the expertise of InnovExplo in consolidating and analysing all the data, and from the experience of the Vior team in exploring this target type and in operating in the Abitibi region of Quebec. Ligneris has excellent access and we are working in a prolific gold mining region with highly experienced exploration and mine development personnel and excellent support infrastructure. We will report when drilling has commenced and the drill results as soon as they are available.”
Ligneris Option Agreement
Ethos can earn a 51% interest in the Ligneris Project by paying Vior 1.0 million Ethos common shares and by incurring $3.0 million in expenditures over the first four years of the agreement. Following an earn-in to 51%, Ethos will have 60 days to elect to earn a further 19% interest (to a total 70% interest) by spending an additional $4 million over the subsequent three years.
Jo Price, M.Sc., MBA, P.Geo., VP Exploration of the Company and a Qualified Person as defined under National Instrument 43-101 has reviewed and approved this news release. The technical content disclosed in this release was also reviewed and approved by Mr. Marc L’Heureux, P.Geo., who is Vior’s Qualified Person as per NI 43-101.
About Ethos Gold
Ethos’ strategy is to earn into potentially large, drill ready gold projects that can be drill tested over a shorter time frame with a relatively modest budget. Ethos’ current projects include:
Iron Point (earning 50% from Victory Metals Inc.) is a Lower Plate hosted Carlin-style gold target, located 22 miles east of Winnemucca, Nevada. Drilling supervised by Dr. Quinton Hennigh has now been completed and results are anticipated shortly.
Carlin East and Swift. Ethos also owns approximately 8% of the equity of Carlin Type Holdings Ltd., a private British Columbia company whose wholly owned US subsidiary, Ridgeline Minerals Corporation, is earning into 100% ownership of three Nevada gold exploration projects, including two deep Carlin-type targets. Ridgeline has now completed its initial drill program and results are anticipated shortly.
Ligneris (earning up to 70% from Vior Inc: TSXV: VIO) is located 110 km north of Val-d’Or, Quebec. The project has a large mineralized surface expression, and approximately 200 holes drilled to approximately 300 m depth, with some significant gold drill intercepts. The project rocks and mineralization bear many similarities to Agnico’s LaRonde complex. Ethos plans to drill test these targets commencing in late October 2019.
Perk-Rocky (earning 100%) is a large copper-gold porphyry target located 220 miles east of Williams Lake, British Columbia. A significant airborne geophysics survey along with ground sampling and mapping has now been completed, with interpretation of the geophysics anticipated by the end of September.
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 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 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, 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/47871