Vancouver, British Columbia--(Newsfile Corp. - September 3, 2019) - Ethos Gold Corp. (TSXV: ECC) (OTCQB: ETHOF) ("Ethos" or the "Company") reports completion of sixteen reverse circulation ("RC") drill holes from its La Purisima gold project, Chihuahua. Gold mineralization targeted epithermal banded quartz veining with associated silicified surface gold bearing zones near historic works. Drill holes were angled to cut across the main La Purisima Vein Zone where most of the historic workings are situated as well as a parallel Stockwork Zone, the North Zone situated in a covered valley, and the Southwest Zone where complex quartz-calcite-barite veining was observed. Assay results have now been received with significant intervals as follows:
|Hole||Target Zone|| |
|E-001||La Purisima Vein Zone||0.00||3.05||3.05||0.76||1.50|
|E-006||No Significant Intervals|
|E-008||North Zone||No Significant Intervals|
|E-012||No Significant Intervals|
|E-015||Southwest Zone||No Significant Intervals|
|E-016||No Significant Intervals|
At the La Purisima Vein Zone, the holes were drilled on fence lines spaced 100 meters apart along the northwest striking La Purisima structure, inclined at minus 45 degrees, targeting structural intersections at 60-80 m depth. In the Stockwork Zone, two holes were drilled on a NE orientation at minus 45 degrees also targeting intersections at 40-60 m depth. All of the zones tested intersected much diminished gold and silver values from the surface values indicated by both chip sampling and channel sampling seen in trenches. An historic shaft that followed the La Purisima vein to about 35 meters depth showed continuous mineralization to that depth of epithermal character. Drilling cut the structure about 70 meters depth.
The results of the drill holes suggest the mineralization sampled at surface (see Ethos press release dated May 22, 2019) may be epithermal basal termination of high-grade zone of 30-40 m thick surface gold and silver with possible surface enrichment from an eroded epithermal cap that extends to 30-40 m depth as seen in a historical shaft.
Stated Craig Roberts, P.Eng., President & CEO of Ethos: "Based on these results Ethos intends to terminate both of its La Purisima concession option agreements. The strategy Ethos is pursuing is to drill test its targets as quickly and inexpensively as possible, and to terminate further work if results do not indicate a clear path to building shareholder value. While there are some interesting intervals from the drilling we don't see justification to continue with this project. The La Purisima drilling costs came in significantly under budget at approximately US $154,000 of which approximately US $21,000 is IVA tax that is refundable, so the cost to Ethos of drill testing this target has been relatively modest.
We continue to advance other projects in our portfolio. At Iron Point, Nevada, we have now completed four deep holes and await drill results. At Carlin East, Nevada, Ridgeline has completed one RC hole to depth and drill results are also pending. At Perk Rocky, British Columbia, we have completed airborne geophysics, surface sampling and mapping, with results currently being reviewed by several recognized copper-gold porphyry experts. At Ligneris, Quebec, we have now completed ground based mag and IP surveys, further soil and rock sampling and mapping, and have advanced historic data compilation, with a drill program to test both nearer surface high grade vein targets and deeper La Ronde type mineralization planned for the fourth quarter of 2019 (see Ethos press release dated June 27, 2019). Ethos continues to review additional opportunities to add to its exploration portfolio, including several more advanced projects."
Drill samples were picked up by the ALS-Chemex sample preparation facility located in Chihuahua, Chihuahua. ALS-Chemex preparation labwork consisted of splitting and grinding each sample to fine pulp culminates followed by the shipment of 150 grams of this pulp to the ALS-Chemex Vancouver, British Columbia analytical laboratory where gold analysis by 30 gram fire assay with AA finish of dissolved final metal mixture was completed. In addition a second small sample fraction was dissolved in 4-acid mixture and processed for ICP determination of a standard 35-element package. Ethos relied upon ALS Chemex routinely inserted blanks and standards into the sample stream at the assay laboratory. All reported standard and blank assay values, as well as duplicates, were within an acceptable margin of error.
Mel Herdrick, a director of and consultant to the Company, is a Qualified Person as defined under National Instrument 43-101, is supervising the La Purisima drilling program and has read, reviewed, and approved this release. Jo Price, M.Sc., MBA, P.Geo, VP Exploration of the Company and a Qualified Person as defined under National Instrument 43-101 has also reviewed and approved this release.
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. 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.
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