Both prospects exhibit silver-rich Carbonate Replacement Deposit (“CRD”) style mineralization that is typical throughout this region of the Sierra Madre Oriental. No systematic modern exploration or drilling has been carried out on either property although Santa Teresa has over 40 artisanal workings over a strike length of ten kilometers that attests to the prospectivity of the area. Polymetallic lead-zinc-silver+/-copper sulphide mineralization occurs in replacements of favorable horizons in calcareous sediments as well as in multiple parallel shear zones. At Santa Teresa, additional potential exists for shale hosted (Kupfersciefer-type) sedimentary copper mineralization. Six mineral characterization rock samples taken at Santa Teresa returned results ranging between 18.2g/t to 213g/t silver, 0.37% to 49.1% copper, 0.37% to 6.69% lead, and 0.33% to 11.45% zinc.
At Corrales, 7 rock samples of in-situ mineralization returned a mean grade of 5.77% zinc, 2.44% lead and 104 g/t (3.4 oz/t) silver within a mapped manganese alteration and carbonate-quartz-sulphide mineralization zone that measures 100-300 metres wide by 1,100 metres in length. The Company intends to complete an initial program of mapping, sampling and geophysics on both properties to define targets for drilling.
The Company is also pleased to announce that Mr. Henk Van Alphen has agreed to join to the Board of Directors of Ethos. Mr. Van Alphen, President and CEO of Cardero has over 23 years experience in the industry and will be a valuable resource to the Company moving forward. The company board now consists of 5 people all with considerable industry experience;
Gary Freeman, President, CEO & Director
Peter Wong, CFO & Director
Chris Theodoropoulos, Director
Godfrey Walton, Director
Henk Van Alphen, Director
The Company also would like to announce that James M. Dawson, P.Eng. will be acting as consulting geologist and will be responsible for the activities in Mexico as well as continuing the search for additional projects. Company president Gary Freeman states that “we are very excited to move forward with Ethos as it focuses on the exploration of it existing projects”.
The agreement to acquire a 70% interest in the Santa Teresa and Corrales properties by the Company from Cardero Resource Corp. (“Cardero”) requires the Company to pay Cardero $500,000 and issue 1,434,000 shares of the Company on the following schedule:
– 100,000 Shares and $100,000 cash on the Acceptance Date ( statisfied).
– 266,800 Shares and $150,000 cash one year after the Acceptance Date.
– 466,900 Shares and $250,000 cash two years after the Acceptance Date.
– 600,300 Shares three years after the Acceptance Date.
James M. Dawson, P.Eng and a qualified person has reviewed the contents of this press release in accordance with NI 43-101.
For additional information please contact Gary Freeman at 604-682-4750.
On Behalf of the board
President and CEO
Not for distribution in the United States or through United States wire services.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
Forward-Looking Statement Cautions:
This press release may contain certain "forward-looking statements" within the meaning of Canadian securities legislation, including statements regarding the Company’s planned 2019 exploration program for its Pine Pass project. 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 risk of 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