Heaven Lake Ni-Cu-PGE Project Optioned

VANCOUVER - Ethos Gold Corp. has entered into an earn-in agreement under which Ethos may earn a 100% interest in the 4,400 hectare (44 km2) Heaven Lake claim block located 20 km north of Impala Canada's Lac des Iles platinum group elements (PGE) mine, Ontario.

Principal target is massive magmatic sulphide body (Ni-Cu-Co-PGE) hosted in small volume conduit-style intrusive (peridotite to gabbro) occurring in NE trending fault zones. Repeated magmatism from Archean (komatiite to gabbro) to Proterozoic ca. 1.1 Ga Mid-Continent (diabase sills and dykes) suggests multiple target types may be present. Major Ni-sulphide districts commonly exhibit mineralization in multiple ages of intrusions, of which one age and style tends to be more obviously dominant as exploration progresses.

High-MgO gabbroic, pyroxenitic and peridotitic rocks outcrop along a several km long NE trend extending from the Whitton Lake area suggesting a large-scale sill / dyke system intruding sulphide -rich iron formation and felsic volcanic rocks. Both the sulfidic iron formation or barren to base metal mineralized VMS could provide important local crustal sulphur sources for formation of Ni-sulphide deposits.

Diagnostic blebby magmatic sulphide textures of chalcopyrite, pyrrhotite and pentlandite have been reported from gabbroic rocks during a small back-hoe excavation program by Phoenix-Matachewan Mines in 2001. Historical assays from disseminated sulphide samples yielded anomalous Ni-Cu-PGE values up to 0.22% Ni, 0.49% Cu, 55 ppb Pt and 342 ppb Pd. These rocks were not assayed for cobalt. Locations of known anomalous samples don't coincide with magnetic or DIGHEM anomalies, so are just indicators, and are not the ultimate targets.

There is no recorded drilling of Ni-Cu-PGE targets despite the presence of historical DIGHEM anomalies along this intrusive trend, which remains only partially mapped through surficial over burden. Initial geological interpretation of historical EM data suggests presence of serpentinized ultramafic rocks and possible magmatic sulphide sources, since the gabbroic rocks are described as deuterically altered and therefore non-magnetic.

The variety of mafic-ultramafic rock types described includes vari-textured gabbros, suggestive of disequilibrium processes favorable for precipitation of magmatic sulphides. Mafic-ultramafic intrusive rocks range from gabbro to melagabbro to pyroxenite to peridotite, typical of favorable zoned feeder dykes or sills. MgO concentrations in some of the gabbros, which in many cases are up to 9% MgO, and in some cases are further differentiated up to 13% to 18% MgO, are favorable indications of a high-Mg mafic magma.

The presence of low-grade, yet significantly anomalous Ni-Cu-PGE values in rocks with less than 5% total sulphide (disseminated) suggests that rocks with massive sulphide concentrations should yield much higher metal values. Evaluating high-priority EM targets along this intrusive corridor will test these ideas.

Following data compilation and creation of a digital database, the Company plans to initiate a tightly spaced VTEM airborne program. Target follow up in the summer of 2021 including intensive prospecting of conductors, trenching/stripping to understand geologic setting, and possible till sampling. Key target areas to develop into drill targets for Q4 2021.