- Ethos Gold (ECC) has signed an option agreement to acquire up to a 100 per cent interest in the Bassano Project in northwest Quebec
- Under the terms of the deal, the company will issue to the vendors 3.5 million shares and C$200,000 in cash, and will assume $500,000 in exploration expenses
- The project consists of 21 mineral claims over 10.3 square kilometres, comprising prospective iron formations and at least three gold occurrences
- Previous drilling results at the project include 19.55 metres at 2.23 grams per tonne of gold, which includes 2.03 metres at 10.21 grams per tonne of gold
- Ethos Gold (ECC) is currently down 1.79 per cent and is trading at 28 cents per share
Ethos Gold (ECC) has signed an option agreement to acquire up to a 100 per cent interest in the Bassano Project in Quebec.
Located approximately 85 kilometres northwest of Schefferville, the project is contiguous to the Vancouver-based company’s recently staked Schefferville gold project and consists of 21 mineral claims over 10.3 square kilometres.
The project hosts prospective iron formations and at least three established gold occurrences: Baleine Rouge, Baluga and Arsene.
Previous work at Baleine Rouge returned rock samples up to 12.21 grams per tonne of gold, long with a drilling interval of 19.55 metres at 2.23 grams per tonne of gold, including 2.03 metres at 10.21 grams per tonne of gold.
Historic work at Arsene also returned significant grab samples of up to 31.13 grams per tonne of gold and drilling results of 12.55 metres at 1.05 grams per tonne of gold, while Baluga returned rock samples of up to 1.89 grams per tonne of gold.
Craig Roberts, President and CEO of Ethos Gold, said the historic drill intervals on the Bassano project demonstrate significant widths and grades of gold mineralisation.
“Ethos will soon start a large, high resolution magnetic survey over our district scale Schefferville property, covering approximately 60 kilometres of strike length.
“We will utilise results from this survey in combination with the significant amount of detailed historical geologic and geophysical data to establish correlations and to vector in on target areas for gold mineralisation, to be then followed by ground truthing and drill targeting,” he added.
Under the terms of the agreement, Ethos may acquire up to a 100 per cent interest in the project by issuing to the vendors a total of 3.5 million shares and C$200,000 in cash. The company will also be required to assume $500,000 in exploration expenses over a four-year period.
The vendors will also retain a two per cent net smelter return royalty on the Bassano Project, half of which may be acquired by Ethos for a one-time fee of $1 million.
Ethos Gold (ECC) is currently down 1.79 per cent and is trading at 28 cents per share at 12:45pm EDT.