Overview

The Hen property has seen limited exploration. The property covers ~100 square kilometres centred on Henderson Creek which is a current and long-lived area of placer gold mining made famous by the American author Jack London who had a cabin on Henderson Creek during the Klondike gold rush. The Hen property covers an airborne magnetic anomaly and adjoins claims owned by Kinross who have made a gold discovery at the "JP Ross" prospect east of the Hen property boundary.

The Hen property option agreement calls for Ethos to make cash payments aggregating $650,000, incur exploration expenditures aggregating $2.55 million and issue up to 1.75 million shares staged over the five-year term of the option. More specifically, to acquire and maintain the Hen option, Ethos will make an upfront payment of $125,000 cash and 350,000 common shares. To maintain the option, Ethos will be required to make additional option payments of $525,000 in cash and the issuance of 1.4 million shares, staged over four years. Upon Ethos completing $4.0 million in exploration expenditures Ethos will be required to issue an additional 350,000 shares, and upon completion of $7.5 million in exploration expenditures it will be required to issue an additional 350,000 shares.