Ethos Acquires Savant Lake Gold Project, Ontario; Targets Extensive Sheared Iron Formation Hosted Gold
Suite 1430 – 800 West Pender Street, Vancouver, BC V6C 2V6
Ethos Acquires Savant Lake Gold Project, Ontario;
Targets Extensive Sheared Iron Formation Hosted Gold
Vancouver, BC – September 21, 2020, Ethos Gold Corp. (“ Ethos ” or the “ Company ”)
(TSXV:ECC) (OTCQB: ETHOF) is pleased to announce that it has executed an earn -in
agreement with New Dimension Resources Ltd. (“New D imension”) (TSXV:NDR) under which
Ethos may earn a 70% interest in the 22,900 hectare (229 km 2) Savant Lake gold property
located in the Savant Lake Greenstone Belt 240 km n orthwest of Thunder Bay, Ontario. The
property is accessible via an all -weather road and is located within 25 km of the CNR main rail
line.
Highlights
• The property contains gold bearing iron formation with an estimated 60 km of prospective
strike length on the property
• High grade gold mineralization at surface and in historical diamond drilling occurs over 10
x 10 Km area and is summarized in the table below and in Figure 1:
Showing Lithology Best Surface Sample
Assay (g/t Au)
Best Historical
Drillhole Intercept
Horseshoe Iron Formation 138.87 Never drilled
Wiggle Creek Iron Formation 77.50 1,2 15.55 g/t Au over 0.4m 1
Shoal Iron Formation 46.65 1,2 1.87 g/t Au over 0.6m 1
One Pine Iron Formation 40.87 23.6 g/t Au over 0.5m 1
Snowbird Iron Formation 38.8 Never drilled
L28 Iron Formation 32.35 Never drilled
Stillar Bay Sheared Iron Formation 4.01 1,2 3.26 g/t Au over 1.22m 1
Big Sandy Sheared Volcanics 3.64 Never drilled
1 Historical assay values have not been independently verified by the Company and a potential investor should not place undue
reliance on historical results when making an investment decision, nor should they be used as the sole criterion for making
investment decisions. There is no assurance that the Company can reproduce such results or that the historical results described
therein will be realized. 2 “Best surface samples” are grab / select samples an d not necessarily representative of mineralization
hosted on the property.
• Geologic mapping and magnetic data suggest there are multiple untested gold favourable
sites (fold hinges) in iron formation; important st ructural controls at the past producing
Lupin and Homestake mines.
• The Savant Lake gold occurrences are geologically s imilar to iron formation hosted gold
mines including Goldcorp's Musselwhite Mine, Agnico Eagle's Meadowbank and Amaruq
mines, where gold is hosted in altered iron formati on and also along contacts with other
rock types and structures.
Stated Dr. Rob Carpenter, P.Geo., Chief Technical A dvisor to Ethos: “Savant Lake is a district
scale target that has demonstrated both iron formation and shear zone hosted gold mineralization
over tens of kilometers of prospective strike lengt h. Our review of the results of the significant
historic work indicates excellent potential to define new target areas that have not been the focus
of past work. In addition to advancing some of the established target areas, we will start with a
property wide review of data and ground truthing wi th the intention of vectoring in on additional
target areas. The geologic setting and scale of the project provide significant potential for
discovery. Our exploration team is excited to take on Savant Lake.”
Figure 1. Savant Lake target areas and known prospects 1,2 .
Project Overview
The 229 km 2 Savant Lake gold project is within the Archean -age Savant Lake -Sturgeon Lake
Greenstone Belt, 240 km northwest of Thunder Bay, Ontario (see Figure 2). The project has the
potential for the discovery of both high -grade iron formation and shear -hosted gold deposits, as
well as base metal-rich massive sulfide (VMS) deposits (Figure 1).
Six historic, high -grade iron formation -hosted surface gold occurrences have been identifie d to
date within 60 km of cumulative strike length of un der-explored iron formation. Furthermore, two
shear-hosted gold occurrences are known, and VMS targets also exist in the bimodal volcanic
rock sequences exposed on the eastern and southwest ern margins of the property. Many of the
priority gold and VMS targets have yet to be drill tested.
Figure 2. Savant Lake Project location.
Planned Work Program
Ethos plans to conduct a high-resolution helicopter -based aeromagnetic survey in October, 2020,
which will not only significantly improve the quality of available aeromagnetic data over the central
portion of the property, but also extend aeromagnetic coverage to cover the entire claim package.
Results of the survey will be integrated with existing geological geochemical and geophysical data
to select follow-up targets for field vetting in Sp ring 2021, and subsequent drill testing later in
2021.
Ethos also plans to conduct a basal till sampling p rogram in Spring 2021 over a select 10 km x 2
km area encompassing a highly prospective shear zon e along the northern margin of the iron
formation basin, as well as over the southeastern p ortion of the project area which contains
numerous high-grade gold prospects, a number of which have never been drill tested. Gold grains
will be recovered from the till samples and charact erized to estimate intensity of prospective
mineralization and distance and direction to bedroc k source. Additionally, other indicator minerals
recovered from the till samples and fine-fraction geochemical analysis for pathfinder elements will
assist in defining the broader alteration zones.
Earn-in Agreement
Ethos can earn a 70% interest in Savant Lake by making the following cash payments, share
payments, and work commitments:
Cash Shares Work
Commitment
On signing $50,000 2,000,000
On September 20, 2021 $50,000 2,000,000 $500,000
On September 20, 2022 $50,000 2,000,000 $1,000,000
On September 20, 2023 $50,000 2,000,000 $500,000
Total $200,000 8,000,000 $2,000,000
Additionally, if a mineral resource in excess of 1 million oz of gold is defined on the property Ethos
will make payments to New Dimension of $50,000 and 2 million common shares of Ethos.
Qualified Person
The technical content disclosed in this press relea se was reviewed and approved by Jo Price,
P .Geo., M.Sc., VP Exploration of Ethos, and a Quali fied Person as defined under National
Instrument NI 43-101 (“NI 43-101”).
Contact
For additional information please contact Tom Martin at E: [email protected] P: 1-250-516-
2455 or view the Company’s website, www.ethosgold.com .and the Company’s SEDAR profile at
www.sedar.com .
Ethos Gold Corp.
Per: " Craig Roberts "
Craig Roberts, P .Eng., President & CEO
Forward-Looking Statement Cautions:
This press release contains certain "forward-lookin g statements" within the meaning of Canadian
securities legislation, including, but not limited to, statements regarding the Company’s plans with respect
to the Company’s projects and the timing related th ereto. 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," "antici pates," "believes," "intends," "estimates," "projec ts,"
"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 nat ure,
refer to future events. The Company cautions that F orward-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. Conseq uently, there can be no assurances that such
statements will prove to be accurate and actual res ults 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 u ndertakes no obligation to update these forward-
looking statements if management's beliefs, estimat es 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 operation s,
the risk that the Company will encounter unanticipa ted geological factors, or the possibility that the
Company may not be able to secure permitting and ot her agency or governmental clearances, necessary
to carry out the Company's exploration plans, risks and uncertainties related to the COVID-19 pandemic ,
and the risk of political uncertainties and regulat ory or legal changes in the jurisdictions where the
Company carries on its business that might interfer e 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 Anal ysis 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.