Mr. Craig Roberts of Ethos reports
ETHOS AND VIOR ANNOUNCE COMMENCEMENT OF DRILLING AT THEIR LIGNERIS GOLD PROJECT, ABITIBI, QUEBEC
Ethos Gold Corp. and Societe D'exploration Miniere Vior Inc. have begun their previously announced drill campaign on the Ligneris gold project, located 110 kilometres (km) north of Val d'Or, Que. (see press release of Sept. 18, 2019). Two diamond drills are now on site and running, each targeting two different areas, namely the Central and the South zones. Approximately 6,000 metres of drilling in the phase 1 program is scheduled to be completed by the end of December, 2019.
The objective of this drilling program is to test the depth extensions of historical gold-bearing drill intercepts to approximately 600 metres, which coincide with well-defined geophysical chargeability anomalies. The program will also test some shallow-depth chargeability anomalies generated from the recently completed gradient induced polarization survey (gradient IP) that are located along strike with known strongly altered structural corridors. Historical drill intercepts at Ligneris included 10.6 metres (m) at 13.5 grams per tonne (g/t) gold (Au) and 2.9 m at 62.0 g/t Au in the South zone and 1.45 m at 216 g/t silver (Ag) and 2.79 per cent zinc (Zn) and 5.43 m at 4.92 g/t Au in the Central zone. The mineralization at Ligneris is interpreted as an Archean-age, gold-rich volcanogenic massive sulphide system, geologically analogous to Agnico Eagle's flagship Bousquet/LaRonde complex located 80 km south.
Craig Roberts, professional engineer, president and chief executive officer of Ethos, stated: "We are excited to have commenced a significant drill program at Ligneris to test many of the high-priority targets developed by our independent consultant, InnovExplo. Previous drilling on Ligneris, almost 30 years ago, tested only the first 300 metres from the surface and intercepted multiple significant gold intervals. Many of the drill holes will now test the strong chargeability anomalies identified in the recent gradient IP survey below this gold mineralization. We look forward to the results from this program."
Ligneris option agreement
Ethos can earn a 51-per-cent interest in the Ligneris project by issuing to Vior one million Ethos shares and incurring $3-million in expenditures over the first four years of the agreement. Following an initial earn in to 51 per cent, Ethos will have 60 days to elect to earn in a further 19-per-cent interest (thereby increasing its total interest to 70 per cent) by incurring an additional $4-million in expenditures over the subsequent three years.
The technical content disclosed in this press release was reviewed and approved by Jo Price, professional geoscientist, master of science, vice-president of exploration for Ethos and a qualified person as defined under National Instrument NI 43-101. Marc L'Heureux, professional geoscientist, master of science, vice-president of exploration for Vior and a qualified person as defined under NI 43-101, has also reviewed and approved this release.
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