70% (earn in): Extensive Sheared Iron Formation Hosted Gold
Savant Lake, Ontario
Highlights
- Six historic, high-grade iron formation-hosted surface gold occurrences identified to date within 60 km of cumulative strike length of under-explored iron formation.
- Two shear-hosted gold occurrences are known, and VMS targets also exist in the bimodal volcanic rock sequences exposed on the eastern and southwestern margins.
- Many of the priority gold and VMS targets have yet to be drill tested.
Key Terms
- Ethos can earn a 70% interest in Savant Lake by making the following cash payments, share payments, and work commitments:
| Cash | Shares | Work Commitment | |
|---|---|---|---|
| On Signing | $50,000 | 2,000,000 | - |
| Sep 20, 2021 | - | 1,000,000 | - |
| Nov 15, 2022 | $50,000 | 2,000,000 | $500,000 |
| Nov 15, 2023 | $50,000 | 2,000,000 | $1,000,000 |
| Nov 15, 2024 | $50,000 | 1,000,000 | $500,000 |
| Total | $200,000 | 8,000,000 | $2,000,000 |
- Additionally, if a mineral resource in excess of 1 million oz of gold is defined on the property Prospector will make payments to New Dimension of $50,000 and 2 million common shares of Prospector