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Ethos Options Perk-Rocky Copper-Gold Porphyry Project
Vancouver, British Columbia--(Newsfile Corp. - May 16, 2019) - Ethos Gold Corp. (TSXV: ECC) (O...
About this update from Prospector Metals Corp
[{"type":"text","content":"Ethos Options Perk-Rocky Copper-Gold Porphyry ProjectVancouver, British Columbia--(Newsfile Corp. - May 16, 2019) - Ethos Gold Corp. (TSXV: ECC) (OTCQB: ETHOF) (\"Ethos\" or the \"Company\") is pleased to announce that it has entered into an option agreement to acquire a 100% interest in the Perk-Rocky Project located 225km west of Williams Lake, British Columbia.Terms of Option AgreementEthos can earn a 100% interest in the Perk-Rocky Project by completing the following (all amounts in $Canadian unless otherwise stated):Paying the vendors $10,000 within five business days of the execution date, $30,000 within five business days of the exchange acceptance, $75,000 on the first anniversary of the agreement, $175,000 on the second anniversary, $400,000 on the third anniversary. Issuing to the vendors 300,000 Ethos common shares within five business days after Exchange acceptance of the agreement, 450,000 shares on the first anniversary, 700,000 shares on the second anniversary, and 1,450,000 shares on the third anniversary.Incurring a minimum of $350,000 in exploration costs on or prior to the first anniversary of the execution date.Following earn-in to 100% ownership in the property, milestone payments of US$3.85 million are payable, with the first of these being US$350,000 on delivery of a 43-101 compliant resource estimate, and the final one being US$2.0 million in the event a decision is made to proceed to commercial production. The vendors also retain a 3.0% NSR, which Ethos can buy down to 1.0%.The agreement is subject to the acceptance of the TSX Venture Exchange (the \"TSXV\").The Perk-Rocky ProjectPerk-Rocky is a porphyry copper-gold exploration project located within a 6,700 Ha claim block, approximately 225 km west of Williams Lake, British Columbia. Access is excellent, with road and trail access on the property. The property is located in what is believed to be Stikine equivalent Terrane which hosts the prolific \"Golden Triangle\" copper and gold deposits. Near the margins of Tertiary Coast Range plutons, the property is covered by Triassic Stikine equivalent volcanics and related sediments that have been thrust onto a Lower Cretaceous sedimentary package which surface in the northern half of the claim block. Alteration and localised mineralisation can be traced along prominent major shear zones and related structure...