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VANCOUVER, British Columbia, June 15, 2018 (GLOBE NEWSWIRE) -- Ethos Gold Corp. (“Ethos” or the “Company”) (TSXV:ECC) (OTCQB:ETHOF) (Frankfurt:1ET) is pleased to announce that it has submitted a draft 43-101 technical report for its La Purisima project (the “Project”) to the TSX Venture Exchange (the “Exchange”). The report was prepared by P. Craig Gibson, Ph.D., CPG. The technical report will be posted on SEDAR following its acceptance by the Exchange.
The Project is located in the north central part of Chihuahua State, approximately 250 km northwest of the City of Chihuahua, and 50 km northeast of Nuevo Casas Grandes. Access is by 15 km of paved road from Nuevo Casas Grandes and then 60 km of gravel road. The primary target is an epithermal low sulfidation vein system which has been mapped over a north-south strike length of over 1.5 km, open in both directions. Surface mapping, underground workings, and historic drilling indicate that gold mineralization is present over a broad structural width of up to 200 meters, with dissemination of gold mineralization outside of the primary veining, including in stockwork and other lithological units receptive to the gold mineralizing fluids. Based on this exploration concept, Ethos is pursuing at La Purisima as a potential open pit, heap leachable resource targeting both the primary veining and the disseminated mineralization. No resource has been defined to date at the Project, and any resource definition will depend on future exploration success which is uncertain.
Ethos has now commenced sampling and mapping work on La Purisima with 189 rock samples taken to date and sent for assay to ALS Chemex in Hermosillo, with an additional 200 en route to the same lab. Initial work has uncovered several veins not previously identified, including one vein set that ranges from 10 to 50 meters in width. Work is ongoing and exploration results, including surface sampling assays, will be released as they are received. The objective of this work program is to define target areas for drilling. Concurrently, permit preparation for an initial drill program has commenced, with drilling anticipated to commence prior to year-end. A budget for this program is also being prepared with the cost anticipated to be modest, in part based on good access and flat topography.
The Company is also pleased to announce that it has signed a property access agreement for La Purisima with the cattle ranch land owners, providing the Company with that access rights necessary for the anticipated exploration work, including drilling. The agreement also provides access through the construction and operation of a mine, should the exploration program successfully define an economic deposit.
Mel Herdrick, a director of and consultant to the Company, is a Qualified Person as defined under National Instrument 43-101, has read and approves this release.
For additional information please contact Craig Roberts at 604-682-4750. The Company’s website, www.ethosgold.com, will be revised once the NI 43-101 technical report has been accepted by the Exchange to include information on the La Purisima project as well as other corporate updates.
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 Exchange acceptance and subsequent SEDAR filing of an NI 43-101 technical report on the Project, the future release of assay results from current exploration work, the development and execution of a drill program, including permit applications, and the costs of a future exploration and drilling program forecast to be nominal. 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 Company's inability to secure the acceptance by the TSX Venture Exchange for the Company’s option agreement to acquire the La Purisima Project or the above-described technical report, other delays faced by the Company in addressing the Exchange’s requirements for the technical report, 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 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.