Ethos Gold Provides Schefferville Gold Project Update

VANCOUVER - Ethos Gold Corp. has completed Phase 1 of the regional exploration program at the Schefferville Gold Project. The Schefferville Gold Project comprises a total of 36,808 hectares (368.1 km2) centered 80 kilometers northwest of Schefferville, Quebec, west of the border with Labrador. In October 2020, Ethos completed a high-definition helicopter-borne magnetometer survey over the Schefferville project aimed at high resolution mapping of magnetite-bearing iron formation and the identification of structures influencing gold mineralization. In winter and spring of 2021, Ethos completed compilation and validation of existing historical data, and together with the new aeromagnetic data, defined 44 prospective targets on which ground truthing and prospecting were conducted during Phase 1 field work conducted by IOS Geoscientific Services from mid-June to early July 2021. Numerous mineralized meta-iron formations were identified, some associated with historic gold showings, and some representing new showings. In August 2021, Ethos completed a property-wide LiDAR survey to help delineate structures, lineaments and geological contacts across the property. Phase 2 exploration program is to begin immediately and focus on high priority targets identified during Phase 1.

Project wide, approximately 53 gold occurrences grading from 1 g/t Au up to 171.5 g/t Au in mineralized iron formations have been documented. Only six of these 53 prospect areas have been drill tested at all. A total of 35 short holes on these six prospects yielded results including 2.23 g/t Au over 19.55 m, 10.21 g/t over 2.03 m and 1.05 g/t Au over 12.55 m.

The Phase 1 work comprised property wide prospecting, regional structural analysis, and ground truthing of targets defined through compilation of existing historical data and prioritized a number of targets for more detailed Phase 2 field work. Ethos defined 44 prospective targets on which ground truthing and prospecting were conducted during Phase 1 field work, which extended for 21 days. Field observations determined that consistently magnetic lithology within the paragneiss sequence is quartz-pyroxene-(amphibole)-magnetite-(garnet)-pyrrhotite iron formation, which is the most prospective rock type for hosting gold mineralization. Magnetic signatures related to the iron formations present as moderate intensity, spotty to linear to complex curvilinear domains over distances of approximately 100m to several kilometers within the paragneiss sequence, with several orders of magnitude magnetic susceptibility contrast compared to the surrounding paragneiss and provide additional targets under thin cover. It was also noted that the most prospective gold mineralization, historically and from the 2021 Phase 1 field program, tended to occur in thickened iron formation, including near fold hinges, where the iron formations are up to 10s of meters thick and can be followed in sporadic outcrop (and in a few historical stripped areas) over distances commonly exceeding several 100 meters.