Ethos Increases Newfoundland Project Holdings to 115 km2 Covering Multiple Gold Targets Over 28 km of Strike Length
Suite 1430 – 800 West Pender Street, Vancouver, BC V6C 2V6
Ethos Increases Newfoundland Project
Holdings to 115 km2 Covering Multiple Gold
Targets Over 28 km of Strike Length
Vancouver, BC – December 22, 2020, Ethos Gold Corp. (“ Ethos ” or the “ Company ”) (TSXV: ECC)
(OTCQB: ETHOF) is pleased to announce that it has entered into two earn -in agreements under
which Ethos may earn a 100% interest in the 6,350 hectare (63.50 km 2) Toogood claim group and the
1,800 hectare (18 km 2) McGrath claim group located on New World Island, approximately 65 km
north of Gander, Newfoundland. These projects are situated to the north -east of the Company’s
Deep Cove and Virgin Arm properties with good acces s by paved and gravel roads and trails (see
Figure 1). The Deep Cove, Virgin Arm, McGrath and Toogood claims will be collectively referred to
as the Toogood Project .
Highlights
• The Toogood Project now covers 28 km by 8 km of prospective geology on New World Island
with numerous gold occurrences identified in previo us work including soil and rock chip
sampling (see Ethos November 19, 2020 news release) . Both coarse and fine gold
mineralization are present in quartz and sulfide ve ining and stockwork fracturing of
conglomerates and sandstones.
• Historic work on the Toogood and McGrath claim grou ps includes grab and soil sampling
primarily concentrated along the shorelines. Six g old occurrences across these claims were
identified by prospectors in the period 2002-2012 with reported assays including 11.18 g/t and
10.35 g/t gold from grab samples in outcrop 1,2 .
• At least nine occurrences of visible gold in bedroc k over a structural corridor of more than 5
km have been observed on the Deep Cove/Virgin Arm c laim groups (Figure 1) with reported
assays from grab samples including 346 g/t, 245 g/t, 127 g/t and 99.7 g/t gold (see November
19 news release). The Toogood and McGrath claim groups have less historic work but cover
a continuation of the same lithologic trend and have demonstrated similar styles of high -grade
gold mineralization in prior sampling.
• Gold mineralization on the Toogood Project appears to occur at the high level within an
orogenic regime and to be associated with Devonian magmatism emplaced during a
continental collision event. Significant gold miner alization occurs along this north -south
collision margin extending through central Newfound land. The Toogood Project is on the
western side of this margin in a north -south trending sequence of rocks that geologically
appear to correlate to other significant gold occur rences including Marathon Gold’s Valentine
Lake project.
Stated Dr. Rob Carpenter, Chief Technical Advisor t o Ethos: “These acquisitions increase our claim
area substantially from 33.5 km 2 to 115 km 2 covering a large area of prospective lithology wit h
multiple high -grade gold occurrences over 28 km of strike. Histor ic work has been limited and
sporadic but has nonetheless delivered very encoura ging results, and the project is wide open to a
new effort to understand the controls of gold miner alization and to look for economic concentrations
of near surface gold. We are currently compiling a nd interpreting all available historic data and loo k
forward to kicking off a significant program on the ground in the spring of 2021, with the intention o f
developing drill targets.”
Figure 1. Toogood Gold 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.
Toogood Gold Property Geology Overview
Toogood Project lies at the northeast extent of the Exploits Subzone (Dunnage Zone) of Central
Newfoundland and is underlain mostly by the Ordovician Dunnage Melange and the Badger Belt. The
Exploits Subzone area trends 200km northeast / sout hwest across the island of Newfoundland and
hosts a significant number of the province’s gold d eposits, including Marathon Gold’s Valentine Lake
project. Gold mineralization on the Toogood Project is hosted by a suite of Devonian felsic dykes
which cross-cut the property, emplaced in the latte r stages of a polyphase tectonic history. Gold
mineralization is associated with arsenopyrite, pyr ite, trace chalcopyrite, and fine-grained native go ld
within pervasive sericite altered rocks, and is con centrated along intersections between late stage
conjugate brittle faults.
Work Program
Ethos is planning to start field exploration in the spring of 2021 including property-wide prospecting ,
mapping, and sampling with the objective of defining drill targets for testing later in 2021.
Toogood Claim Group Earn-in Agreement
Ethos can earn a 100% interest in the Toogood claim group by making the following cash and share
payments:
• Cash payment of $25,000 on signing
• 2,500,000 shares on TSXV approval of the entrance into the earn-in agreement.
• 2,500,000 shares 12 months following signing.
The vendor retains a 2% NSR royalty, of which the f irst 1% can be purchased by Ethos for
$1,000,000. There are no work commitments.
Subject to acceptance by the TSXV, a finder’s fee o f 100,000 shares is payable to Kevin Keats in
respect of the Toogood claim group transaction. The shares issuable to Kevin Keats will be subject to
a four-month hold period from the date of issuance of such shares pursuant to applicable securities
laws.
McGrath Claim Group Earn-in Agreement
Ethos can earn a 100% interest in the McGrath claim group by making the following share payments:
• 800,000 shares on TSXV approval of the entrance in to the earn-in agreement.
• 800,000 shares at 12 months following signing.
The vendor retains a 2% NSR royalty, of which the f irst 1% can be purchased for $1,000,000. There
are no work commitments.
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 Qualified Person as defined under National Instrument
NI 43-101 (“NI 43-101”).
About Ethos Gold Corp.
Ethos Gold is a discovery driven exploration compan y pursuing gold and copper discoveries with
district scale projects in world class mining camps in Nevada, Newfoundland, Ontario, Quebec, and
British Columbia. The Company has a strong technic al team led by Dr. Rob Carpenter, formerly the
CEO of Kaminak Gold Corporation, who led the Kamina k team from initial listing in 2005 through
acquisition and discovery of the multiple-million o unce Coffee Gold Project. With working capital of
approximately C$5.5 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 Tom Martin at 1-250-516-2455 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
securities legislation, including, but not limited to, statements regarding the Company’s plans with
respect to the Company’s projects and the timing re lated thereto, including with respect to the
Company’s planned activities in 2021 on the Toogood Project and its development of drill targets on
the Toogood Project, with respect to TSXV approval for the earn-in agreements related to the
Toogood and McGrath claims and the finder’s fee ag reement with Kevin Keats and with respect to
potential share issuances by the Company pursuant t o these earn-in agreements. Although the
Company believes that such statements are reasonabl e, it can give no assurance that such
expectations will prove to be correct. Forward-look ing statements are statements that are not
historical facts; they are generally, but not alway s, identified by the words "expects," "plans,"
"anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective ,"
"prospective," and similar expressions, or that eve nts 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, assumptions
and opinions of the Company's management on the date the statements are made, including that the
Company will carry out its planned activities on th e Toogood Project in the manner currently
anticipated and upon the timelines currently antici pated and that the TSXV will approve the earn-in
agreements related to the Toogood and McGrath claim s and the finder’s fee agreement with Kevin
Keats and that the Company will complete the share issuances required under the earn-in
agreements related to the Toogood and McGrath claim s as currently anticipated, and they involve a
number of risks and uncertainties. Consequently, th ere can be no assurances that such statements
will prove to be accurate and actual results and fu ture events could differ materially from those
anticipated in such statements. Except to the exten t 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, 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 acci dents and other risks associated with mineral
exploration operations, the risk that the Company w ill encounter unanticipated geological factors, the
possibility that the Company may not be able to sec ure permitting and other agency or governmental
clearances, necessary to carry out the Company's ex ploration plans, risks and uncertainties related
to the COVID-19 pandemic, the risk of political unc ertainties and regulatory or legal changes in the
jurisdictions where the Company carries on its busi ness that might interfere with the Company's
business and prospects and the risk that the TSXV m ay not approve the earn-in agreements related
to the Toogood and McGrath claims or the finder’s f ee agreement with Kevin Keats in a timely
manner, or at all. The reader is urged to refer to the Company's reports, publicly available through the
Canadian Securities Administrators' System for Elec tronic Document Analysis and Retrieval
(SEDAR) at www.sedar.com for a more complete discus sion 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.