Ethos Options Perk-Rocky Copper-Gold Porphyry Project
Vancouver, May 16, 2019 - Ethos Gold Corp. (TSXV: ECC) (OTCQB: ETHOF) ("Ethos" or the "Company") is pleased to announce that it has entered into an option agreement to acquire a 100% interest in the Perk-Rocky Project located 225km west of Williams Lake, British Columbia.
Terms of Option Agreement
Ethos can earn a 100% interest in the Perk-Rocky Project by completing the following (all amounts in $Canadian unless otherwise stated):
- Paying the vendors $10,000 within five business days of the execution date, $30,000 within five business days of the exchange acceptance, $75,000 on the first anniversary of the agreement, $175,000 on the second anniversary, $400,000 on the third anniversary.
- Issuing to the vendors 300,000 Ethos common shares within five business days after Exchange acceptance of the agreement, 450,000 shares on the first anniversary, 700,000 shares on the second anniversary, and 1,450,000 shares on the third anniversary.
- Incurring a minimum of $350,000 in exploration costs on or prior to the first anniversary of the execution date.
Following earn-in to 100% ownership in the property, milestone payments of US$3.85 million are payable, with the first of these being US$350,000 on delivery of a 43-101 compliant resource estimate, and the final one being US$2.0 million in the event a decision is made to proceed to commercial production. The vendors also retain a 3.0% NSR, which Ethos can buy down to 1.0%.
The agreement is subject to the acceptance of the TSX Venture Exchange (the "TSXV").
The Perk-Rocky Project
Perk-Rocky is a porphyry copper-gold exploration project located within a 6,700 Ha claim block, approximately 225 km west of Williams Lake, British Columbia. Access is excellent, with road and trail access on the property. The property is located in what is believed to be Stikine equivalent Terrane which hosts the prolific "Golden Triangle" copper and gold deposits. Near the margins of Tertiary Coast Range plutons, the property is covered by Triassic Stikine equivalent volcanics and related sediments that have been thrust onto a Lower Cretaceous sedimentary package which surface in the northern half of the claim block. Alteration and localised mineralisation can be traced along prominent major shear zones and related structures. The property has seen little exploration since the 1970's despite the four known mineral occurrences in the area, two of which are located on the property (Pin: Cu, Mountain Boss: Au, Bluebell:Au, and Briton: Fe). Subsequent follow-up work including; regional geochemistry and geophysics, local silt and soil sampling, rudimentary prospecting and mapping have identified a large-scale hydrothermal system with aluminous, and advanced argillic alteration, indicative of a hidden high-level copper-gold porphyry system. In addition, recent ASTER satellite imagery analysis of the property clearly defines areas of previously unrecognised gossans and alteration types that are consistent with large porphyry systems. As such, Perk-Rocky represents a compelling exploration target previously untested by modern exploration techniques within a highly favourable porphyry district.
The anticipated 2019 exploration program will include property-wide geophysics coupled with detailed geological and alteration analysis that will vector initial drill targets.
Stated Craig Roberts, P.Eng., President and CEO of Ethos: "We are excited to have executed a 100% earn in on this large and favourably located copper-gold porphyry target. In our 2019 program, our plan is to utilize at least C$350,000 of the flow through funds we have available for extensive airborne geophysics,ground mapping and sampling. This program will allow us to evaluate potential drill targets for the next phase of work."
Work on Perk Rocky is supervised by Jo Price, M.Sc., MBA, P. Geo, VP Exploration of the Company. She is a Qualified Person as defined under National Instrument 43-101 and has read and approved this release.
For additional information please contact Tom Martin at 250-516-2455 or view the Company's website, www.ethosgold.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: statements regarding the Perk-Rocky option agreement. 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 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/44852