Ethos Budgets $6 Million for Yukon White Gold District in 2011
May 10 2011 - 12:42PM
Marketwired
Ethos Capital Corp. (the "Company" or "Ethos") (TSX VENTURE:
ECC)(OTCQX: ETHOF)(FRANKFURT: 1ET) is pleased to report that field
preparations are well underway for its aggressive 2011 exploration
programs in the White Gold District of the Yukon, anticipated to
begin on or about June 1st, 2011. The White Gold District covers
the historic Klondike goldfields where recent gold discoveries by
Shawn Ryan for Underworld Resources Inc./Kinross Gold Corporation
and Kaminak Gold Corporation have re-ignited exploration interest.
The Company is one of the leading land-holders in this exciting
emergent gold district with in excess of 568 square kilometers
under option from Shawn Ryan. The Company is focusing its
exploration efforts in the White Gold District looking for
epithermal-mesothermal gold and porphyry copper-molybdenum-gold
systems; both styles of mineralization are historically documented
by Shawn Ryan and others within the 568 square kilometer claim
package.
To view the location of our claims please click the following
link
http://www.ethoscapitalcorp.com/i/maps/yukon/white-gold-claims.jpg
The Company's Board of Directors have approved $6 million to
initiate the 2011 exploration work on Ethos' White Gold District
properties. A comprehensive and systematic exploration field
program is planned. The program is comprised of soil sampling,
airborne and ground geophysics, trenching, geology and prospecting,
with diamond drilling on the already defined gold anomalies. A
detailed description of the multi-disciplinary program is outlined
below.
Soil Surveys
The field soil survey program will consist of the collection and
analysis of approximately 33,000 soil samples; anecdotally one of
the largest single-season soil surveys ever undertaken in the White
Gold District. A first-phase "ridge and spur" soil sampling survey
is designed to rapidly and cost effectively screen all areas of
Ethos properties. Simultaneous detailed follow-up soils will
provide greater definition and extensions of gold-in-soil anomalies
at Wolf and copper-molybdenum soil anomalies at Bridget. The soil
sampling program will begin in early June.
Airborne Geophysics (Magnetics and Radiometrics)
Detailed airborne magnetic and radiometric surveying is planned
for all of Ethos' properties. The magnetic signature of the rocks
is useful in helping to outline the distribution of lithologies and
for locating structural features which may be gold-bearing.
Radiometric surveying is also useful for determining the
distribution of lithologies and for locating larger porphyry
copper-molybdenum-gold targets. The airborne surveying is expected
to begin in July. Preliminary results are expected daily while the
survey is in progress; post-processing and final product delivery
will be completed later in the season.
Trenching, Ground Magnetics Surveying, Prospecting, and
Geology
A systematic program evaluating anomalous areas of gold, copper
and molybdenum will include trenching, detailed ground geophysics
surveys, prospecting, and geological mapping. Initially, the focus
of this work will be at the Bridget copper-molybdenum porphyry area
and the Wolf gold-in-soil anomaly. Trenching, prospecting, and
geological mapping of various target areas is scheduled to begin in
early June and continue for several months.
Diamond Drilling
A 2,000 meter diamond drill program is planned to test the Wolf
property and its extensive gold-in-soil anomalies. The drill is
scheduled to be mobilized in mid-August. A series of drill holes
are planned to test gold-in-soil anomalies that collectively extend
over 2,800 meters in length and remain open-ended. A detailed soil
survey in July is expected to refine and further define this drill
target.
About Ethos Capital Corp.
Ethos is a junior mining company focused on the exploration and
development of its mineral property prospects located in recognized
mineralized belts and in areas that are politically stable and
mining-friendly to exploration and development. The Company's
principal assets are its substantial mineral land positions in the
heart of the emerging White Gold / Klondike gold district, as well
as its Santa Teresa and Corrales silver-zinc-lead properties in
Mexico.
Ethos currently has 39.8 million shares issued and outstanding
and working capital of approximately $20 million.
Ethos Capital Corp.
Gary Freeman, President & CEO
Forward-Looking Statement Cautions:
This press release contains certain "forward-looking statements"
within the meaning of Canadian securities legislation, relating to,
among other things, the 2011 Yukon exploration program. Although
the Company believes that such statements are reasonable, it can
give no assurance that such expectations will prove to be correct.
Forward-looking statements are statements that are not historical
facts; they are generally, but not always, identified by the words
"expects", "plans", "anticipates", "believes", "intends",
"estimates", "projects", "aims", "potential", "goal", "objective",
"prospective", and similar expressions, or that events or
conditions "will", "would", "may", "can", "could" or "should"
occur, or are those statements, which, by their nature, refer to
future events. The Company cautions that Forward-looking statements
are based on the beliefs, estimates and opinions of the Company's
management on the date the statements are made and they involve a
number of risks and uncertainties. Consequently, there can be no
assurances that such statements will prove to be accurate and
actual results and future events could differ materially from those
anticipated in such statements. Except to the extent required by
applicable securities laws and the policies of the TSX Venture
Exchange, the Company undertakes no obligation to update these
forward-looking statements if management's beliefs, estimates or
opinions, or other factors, should change. Factors that could cause
future results to differ materially from those anticipated in these
forward-looking statements include, the Company's inability to
secure the acceptance by the TSX Venture Exchange for the
above-described option agreements, the Company's inability to
secure sufficient subscriptions to complete all or any part of the
Offering, accidents and other risks associated with mineral
exploration operations, the risk that the Company will encounter
unanticipated geological factors, the possibility that the Company
may not be able to secure permitting and other governmental
clearances necessary to carry out the Company's exploration plans,
and the risk of political uncertainties and regulatory or legal
changes in Mexico that might interfere with the Company's business
and prospects. The reader is urged to refer to the Company's
reports, publicly available through the Canadian Securities
Administrators' System for Electronic Document Analysis and
Retrieval (SEDAR) at www.sedar.com for a more complete discussion
of such risk factors and their potential effects.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Ethos Capital Corp. Gary Freeman 604-682-4750 Ethos
Capital Corp. Andy Hay 604-682-4750 www.ethoscapitalcorp.com
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