Ethos Commences Drilling at Its La Purisima Gold Project, Chihuahua, Mexico
Vancouver, British Columbia--(Newsfile Corp. - June 10, 2019) - Ethos Gold Corp. (TSXV: ECC) (OTCQB: ETHOF) ("Ethos" or the "Company") is pleased to announce the commencement of its maiden drill program at the La Purisima gold project in north-west Chihuahua State, Mexico. The initial program will comprise approximately 3,000 meters of reverse circulation ("RC") drilling in a planned 15 RC holes. The drilling will target near surface, bulk tonnage, oxide gold mineralization.
At La Purisima a northwest trending gold mineralized zone has been identified over a strike length of at least 2 km with a width of alteration and geochemically anomalous gold mineralization of approximately 600 metres. Within this footprint are two north-west striking zones that have the strongest gold anomalies, each approximately 200 metres wide. One of these zones (the "Purisima Vein Zone") strikes for at least 2 km, and the other (the "Stockwork Zone") strikes for at least 1 km. Both zones appear to extend under the alluvial valley cover consisting of gravel and soil deposits. Gold and silver mineralization is mainly contained in epithermal quartz veins and veinlets forming stockworks and sheets in both volcanic flow rocks and older discordant sedimentary rocks. As announced in Ethos' May 22 news release, results from recent trenching include:
- T1 - 0.49 g/t Au over 118m, including 1.13 g/t Au over 20m, and 0.76g/t Au over 24m (Purisima Vein Zone), and separately 4.17g/t Au over 5.4m (Stockwork Zone)
- T2 - 0.47 g/t Au over 127m including 1.11 g/t Au over 40m (Purisima Vein Zone)
- T3 - 0.84 g/t Au over 10m and 6.51 g/t Au over 2m (both Stockwork Zone)
Ethos is earning into 100% ownership of the La Purisima project under two separate earn-in agreements (see our December 1, 2017 and August 27, 2018 news releases). The project is located in an area of low, non-mountainous, relief with excellent road access and infrastructure. The concessions are located on private ranch land near active agricultural centers. A long-term annual fee based property access agreement has been signed with the main ranch land owner.
Commented Craig Roberts, P.Eng., President and CEO of Ethos: "We are excited to have initiated our maiden drill program at La Purisima. We are encouraged by the recent trench results that show disseminated gold mineralization over significant intervals outside of the primary veins in the Purisima Vein Zone, and also by the new high-grade intervals identified in the Stockwork Zone. We look forward drill testing this target and reporting initial drill results in the near future."
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.
About Ethos Gold
Ethos Gold is exploring the La Purisima gold project (earning 100%) in Chihuahua Mexico, the Iron Point Carlin gold project (earning 50% from Victory Metals Inc: TSX-V: VMX) 22 miles east of Winnemucca, Nevada, and the Perk-Rocky copper-gold porphyry project (earning 100%), 220 km west of Williams Lake, British Columbia. La Purisima is a near surface, bulk tonnage, oxide gold target, and a maiden drill program has now commenced. Iron Point is a Lower Plate hosted Carlin-style gold target, and a planned program of three vertical holes to test this target will commence shortly under the supervision of Dr. Quinton Hennigh. Perk-Rocky is a copper-gold porphyry target, and an exploration program including detailed airborne geophysics and ground mapping and sampling will commence shortly. Ethos also owns approximately 8% of the equity of Carlin Type Holdings Ltd., a private company earning into 100% ownership of three Nevada exploration projects, including two deep Carlin-type targets (Carlin East and Swift), at least one of which will be drill tested in 2019.
Ethos is also earning into the Pine Pass and Ursula vanadium projects (100% earn-in) in north-central British Columbia. In March 2019 Ethos received notice from the Province of British Columbia that the mineral tenures making up its Pine Pass vanadium project are included in an area under consideration for an immediate moratorium on development proposals and possible inclusion in an expanded environmental protected area, and Ethos is now waiting on the resolution of this issue before proceeding with further work.
Ethos currently has cash of approximately C$6.5 million and 54.8 million shares issued.
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 Company's planned exploration programs at its La Purisima, Iron Point, and Perk-Rocky projects. 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/45439