Ethos acquires Campbell Lake Gold-VMS Project near Armstrong, ON

Ethos Gold Corp. has entered into an earn-in agreement under which Ethos may earn a 100% interest in the 3488 hectare (34.88 km2) Campbell Lake gold project located approximately 40 km north of the town of Armstrong, Ontario.

Highlights

• A ~10km long prospective alteration corridor was identified by Ontario Government bedrock mapping initiatives in the area from the late 1970's (Report 251). Extensive sulphide mineralization is described near a regionally significant mafic volcanic - metasedimentary contact zone with reports of significant alteration "sericite schist" along the trend. Coarse geophysical maps show km-scale magnetic anomalies associated with these sericite schists and reported sulphide zones.
• Research by Ethos geologists has confirmed that this sulphide trend has not been documented in mineral inventory databases and no prospecting or drilling was ever submitted for assessment.
• The property also hosts numerous other shear zone and iron formation hosted gold prospects associated with Pb and Ag minerals. The Bovin-Gilbert Occurrence yielded 8.57 g/t Au over 25.4 cm from a small drill campaign in 1949. Reports suggest the enveloping folded iron formation may exceed 90m thick (Assessment# 52I10 SW 0024). No modern exploration work has been reported in over 60 years despite prospective geology and relatively good access.
• Ethos is currently completing a high resolution airborne magnetic survey and acquiring detailed satellite imagery this Fall and follow up prospecting and sampling Is expected to begin in the spring of 2021. 

Planned Work Program

• Ethos is completing a high resolution airborne magnetic survey and acquiring detailed satellite imagery. Follow up prospecting and sampling is expected to begin in the spring of 2021 designed to ground truth geophysical targets and reports of alteration and surface mineralization from previous government sources.

 

Figure 1. Campbell Lake property

To view an enhanced version of Figure 1, please visit:
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Earn-in Agreement

Ethos can earn a 100% interest in Campbell Lake by making the following cash and share payments at its option:

• Cash payment of $10k and 600k shares upon signing.
• 600k shares on completion and evaluation of airborne geophysical survey
• 600k shares at 12 months.
• 1.8 million shares at 24 months.

There are no work commitments.

Tags: Northern Ontario / Deals & Financial / Gold / All Articles