Ethos shares advanced on the news, jumping 12.5% or $0.03 to 27 cents on volume of 489,100. The shares trade in a 52-week range of 37 cents and 10.5 cents.
Perk-Rocky is a large copper-gold-porphyry which is situated in a major geological trend that also hosts Teck Resources Ltd.‘s [TECK.B-TSX; TECK.A-TSX; TECK-NYSE] Highland Valley, and New Gold Inc.‘s [NGD-TSX, NYSE American] New Afton as well as Taseko Mines Ltd.‘s [TKO-TSX, LSE; TGB-NYSE American] New Prosperity project.
It is one of the few remaining road-accessible, metal endowed magmatic-hydrothermal systems in British Columbia that has never previously been drill tested.
The project exhibits extensive copper-gold mineralization over an 8.0 kilometre by 5.0-kilometre area with indications of multiple porphyry centres on the property.
“Perk-Rocky represents one of the best undrilled copper-gold porphyry targets in B.C.,” said Ethos President and CEO Alex Heath. “Our technical team has identified multiple potential centres, which will be the initial targets in this maiden drilling campaign,” he said. “We are excited to begin drilling and moving Perk-Rocky forward.”
The inaugural drill program will focus on three targets, with three to four holes, totalling 2,000 metres.
Technical Advisor Dr. Alan Wainwright said porphyry deposits often occur in clusters and we have evaluated the rocks with robust field and analytical campaigns in order to vector to the priority target areas.
Ethos is earning a 100% interest in Perk-Rocky. In 2020, the company completed a mapping and sampling program confirming a large, telescoped porphyry copper-gold mineralized system over an 8.0 by 5.0-km footprint.
Ethos recently said it planned to carry out a non-brokered private placement of national charity flow-through units, rising gross proceeds of $1.3 million. It said the offering would consist of 5.5 million flow-through units priced at 24 cents each.
Each unit consists of one flow-through, and one half of one non-flow through common share purchase warrant. Each warrant will be exercisable into one common share of the company at an exercise price of 30 cents for a period of two years after the closing date.
In connection with the offering, Crescat Portfolio Management LLC agreed to purchase all of the units on the back-end in accordance with participation rights granted to Crescat by the company under a subscription agreement dated August 24, 2020.