Ethos Adds Key Claim Block at Schefferville Gold Project, Quebec, and Acquires Extensive Project Database
Suite 1430 – 800 West Pender Street, Vancouver, BC V6C 2V6
Ethos Adds Key Claim Block
at Schefferville Gold Project, Quebec, and
Acquires Extensive Project Database
Vancouver, BC – February 16, 2021, Ethos Gold Corp. (“ Ethos ” or the “ Company ”) (TSXV: ECC ;
OTCQB: ETHOF ; Frankfurt: 1ET ) is pleased to announce that it has entered into a n agreement to
purchase a 100% interest in 48 mineral claims cover ing 2,359 hectares (23.59 km 2) contiguous with
Ethos’ existing land position within the Scheffervi lle Gold District, approximately 85 km northwest of
Schefferville, Quebec. The purchase agreement (the “ Agreement ”) is subject to acceptance by the
TSX Venture Exchange (“ TSXV ”).
Highlights
• The newly acquired claims host at least seven know n historical iron formation hosted gold
occurrences with sampling ranging from 2.0 g/t Au to 171.5 g/t Au.
• An extensive database covering both the newly acqu ired claims and significant areas of ground
already held by Ethos has also been acquired. This dataset includes geologic mapping, surface
sampling, geophysical surveys, and drill results.
• The Schefferville Project now comprises a total of 36,808 hectares (368.1 km 2) centered on a
20 km wide structural corridor characterized by fau lted and sheared rocks extending for
approximately 60 km on the Sable block, and 10 km on the Hamard block (Figure 1).
• Project wide approximately 53 gold occurrences gra ding from 1 g/t Au up to 171.5 g/t Au in
mineralized iron formations have been documented (F igure 1,2,3) 1,2 . Only six of these 53
prospect areas have been drill tested at all. A to tal of 35 short holes on these six prospects
yielded results including 2.23 g/t Au over 19.55 m, 10.21 g/t over 2.03 m and 1.05 g/t Au over
12.55 m.
Stated Jo Price, P .Geo., M.Sc., VP Exploration of Ethos: “With this acquisition Ethos has consolidated
a district scale project with significant historic work that has identified at least 53 separate gold
occurrences over +20 km of strike. Minimal historic drilling yielded very encouraging intervals of gol d
mineralization. We are delighted to have been able to consolidate such a large scale area of auriferous
iron formation in Quebec with an extensive dataset to facilitate the next phase of exploration. The
Ethos technical team has considerable experience an d discovery success in exploring iron formation
hosted gold in Canada, and this will greatly facili tate our work. We will initiate field work as soon as
possible in the spring with the aim of completing an initial drill program later in 2021.”
Figure 1. Newly Acquired Claims, Schefferville Gol d Project.
Figure 2. Prospects on the Sable Block; Magnetics and Geology within the Schefferville Project
Figure 3. Prospects on the Hamard Block; Magnetics and Geology within the Schefferville Project
1 Historical assay values have not been independentl y 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 th e 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.
Schefferville Gold Project Overview
The Schefferville Gold Project is centered on a structural corridor characterized by faulted and sheared
iron formation stratigraphy extending for approxima tely 60 km on the Sable block, and 10 km on the
Hamard block. The project was acquired through staking (see Company’s news release dated August
20, 2020) and three subsequent acquisition transactions (see news releases dated September 4, 2020 ;
and October 15, 2020 ; and this release).
The Sable and Hamard claims cover extensive areas of the Lilois Complex, a 2.7 billion-year-old rock
unit characterized by the presence of numerous iron formations, many of which locally host gold
mineralization. Sable and Hamard occur within a 20 km wide (east-west) by 70 km long (north-south)
corridor along the Quebec – Labrador border. In 19 85, a Quebec Ministry field team discovered the
Lac du Canoe gold occurrence with sample results up to 18.9 g/t Au. Between 1986 and 1997, follow
up work by the Quebec Ministry and several companies resulted in the discovery of approximately 40
gold occurrences grading from 1 g/t Au to up to 40 g/t Au in mineralized iron formations with 3-20%
pyrrhotite and up to 10% arsenopyrite. Subsequent drilling yielded intervals including 18.1 g/t Au over
0.7m, 5.83 g/t Au over 3.1m, and 1.05 g/t over 12.5 5m (Quebec Assessment Reports GM45903 &
GM66613).
The primary exploration target is sulphidized iron formation, which occurs where the iron formations
are cut by late, steep fault and shear structures t hat were pathways for hydrothermal fluids during
deformation and metamorphism. This resulted in suph idization of the iron formations, with attendant
gold and arsenopyrite mineralization, along and adj acent to these structures. Additionally, significan t
mineralization may extend into the bounding paragne isses, and also may be controlled by structures
adjacent to contacts of paragneiss and iron formation with various intrusive bodies.
In October 2020, Ethos completed a high-definition helicopter-borne magnetometer survey over the
Schefferville project aimed at the high resolution mapping of magnetite-bearing iron formation and the
identification of property-scale structures influencing gold mineralization (Figures 2 and 3). Geo Dat a
Solutions Inc, of Laval, Quebec completed this surv ey between September 8 th to October 6 th , 2020,
utilizing a helicopter stinger-mounted magnetometer . In total, 8,513 line-kilometres of detailed total
magnetic field data were collected on 75 metre nort h-south spaced production lines, with 500 metre
spaced east-west control lines, and with a terrain-drape sensor height of 35 metres above ground level.
Ethos has untaken advanced data processing of the d ata inhouse and produced 3D magnetic
susceptibility models, and augmented grid and interpretation products.
Ethos has now completed a compilation and validation of existing historical data and together with the
new aeromagnetic data, numerous prospective targets for further ground truthing and prospecting have
been identified. Numerous meta-iron formations, cross-cutting brittle and ductile shear structures have
been identified on and/or near historic gold showings. This work has generated a significant number of
new, untested target areas for follow up this year.
Newly Acquired Claim Block and Dataset
Much of the newly acquired claim block occupies a s tructurally favorable dilatant domain along the
generally southeasterly trending Sable River Deformation Zone, where the stratigraphy is deflected to
a more nearly east-west orientation along the southern margin of a large tonalite batholith. Many of the
historic gold prospects, and much of the greenfields gold target areas, are located within this domain.
Targets include potential gold mineralization at co ntacts with adjacent rocks or along related major
structures and splays.
The extensive dataset acquired along with the new c laim block includes gold assays and 50-element
ICP-AES Aqua Regia analyses, for approximately 370 rock grab samples. Also included are a detailed
aeromagnetic survey and geological mapping. Historical drill results from the Arsene and Baleine gold
prospects, along with IP survey data from the Baleine Gold Prospect to the west of the new claim block,
were also acquired as part of the data package.
Targeting and Planned Work Program
Using the new database and the airborne magnetic data, numerous meta-iron formations, cross-cutting
brittle and ductile shear structures have been identified on and/or near historic gold showings leading
to a number of new, largely untested target areas. A Lidar survey is planned for spring to aid in further
target definition. The initial field program will c onsist of ground truthing of priority targets as we ll as
comprehensive prospecting along the length of the S able River Shear Zone with the intention of
generating trench and drill targets for the second half of 2021.
Purchase Terms
Ethos has purchased the claims, as well as the inte llectual property to certain data related to the
project, from IC Capitalight Corp., for C$100,000 cash (C$50,000 of which is payable upon execution
of the Agreement and C$50,000 of which is payable o n the date that is five business days after the
satisfaction or waiver of all conditions precedent under the Agreement) and 2 million shares of Ethos
(payable on TSXV approval of the Agreement). Additionally, Ethos has granted to the vendor a 2.0%
NSR of which Ethos may purchase 1.0% for a cash pay ment of C$1.0 million. The NSR becomes
effective on the date that is five business days after the satisfaction or waiver of all conditions precedent
under the Agreement. Ethos has committed to spendin g C$500,000 over three years on the claims
with any shortfall resulting in a cash payment to t he vendor in an amount equal to a prorated cash
payment of C$100,000. If the commitment is satisfied, no such payment is required.
Qualified Person
The technical content disclosed in this press release was reviewed and approved by Jo Price, P.Geo.,
M.Sc., VP Exploration of Ethos, and a Qualified Person as defined under National Instrument (“NI 43-
101”).
About Ethos Gold Corp.
Ethos Gold, a Discovery Group company, has accumulated a portfolio of district scale projects in British
Columbia, Ontario, Quebec, Newfoundland, and Nevada that we believe have large scale discovery
potential. The Company has a strong technical team led by Dr. Rob Carpenter, formerly the CEO of
Kaminak Gold Corporation. Rob led the Kaminak team from initial listing in 2005 through acquisition
and discovery of the multiple-million ounce Coffee Gold Project. In Ethos he has assembled a senior
geologic team with a strong record of discovery success including Dr. Robert Brozdowski, P.Geo., Dan
MacNeil, M.Sc., P. Geo, and Dr. Alan Wainwright, P.Geo. Dr. Quinton Hennigh, an economic geologist
with 25 years of exploration experience formerly wi th Homestake Mining Company, Newcrest Mining
and Newmont Mining Corp oversees the Company’s work at the Iron Point project in Nevada. With
working capital of approximately C$4.5 million, the Company is well funded to advance its projects.
Ethos Gold Corp.
Per: “Alex Heath ”
Alex Heath, CFA, President
For further information about Ethos Gold Corp. or t his news release, please visit our website at
ethosgold.com or contact Alex Heath at 604-354-2491 or by email at [email protected] .
Ethos Gold Corp. is a proud member of Discovery Gro up. For more information please visit:
discoverygroup.ca
Forward-Looking Statement Cautions:
This press release contains certain "forward-lookin g statements" within the meaning of Canadian securi ties
legislation, including, but not limited to, statements regarding the Company’s plans with respect to the Company’s
projects and the timing related thereto (including the Company’s planned activities for 2021 on the Sc hefferville
Project and its development of drill targets on the Schefferville Project), TSXV approval of the Agree ment and
the Company’s exploration commitment under the Agre ement. Although the Company believes that such
statements are reasonable, it can give no assurance that such expectations will prove to be correct. F orward-
looking statements are statements that are not hist orical facts; they are generally, but not always, i dentified by
the words "expects," "plans," "anticipates," "belie ves," "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. Th e Company
cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Compa ny's
management on the date the statements are made, including that the Company will carry out its planned activities
on the Schefferville Project in the manner and on t he timelines currently anticipated and that the TSX V will
approve the Agreement, and they involve a number of risks and uncertainties. Consequently, there can b e no
assurances that such statements will prove to be ac curate and actual results and future events could d iffer
materially from those anticipated in such statement s. Except to the extent required by applicable secu rities laws
and the policies of the TSXV, 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 ca use 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 encount er
unanticipated geological factors, or the possibilit y that the Company may not be able to secure permit ting and
other 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 regulatory or legal
changes in the jurisdictions where the Company carr ies on its business that might interfere with the C ompany's
business and prospects and the risk that the TSXV may not approve the Agreement in a timely manner, or at all.
The reader is urged to refer to the Company's repor ts, publicly available through the Canadian Securit ies
Administrators' System for Electronic Document Anal ysis and Retrieval (SEDAR) at www.sedar.com for a m ore
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 respo nsibility for the adequacy or accuracy of this
release.