Vancouver, BC – August 29, 2011 – Ethos Capital Corp. (the “Company” or “Ethos”) (TSX-V: ECC) (OTCQX: ETHOF) (FRANKFURT: 1ET) is pleased to report further gold analyses from soil samples up to 1149 ppb Au in the area of Mascot Creek, and to provide an update on the ongoing exploration at the Betty Property, just one of the 5 properties Ethos has an option to acquire a 100% interest in in the area, located southeast along-strike of Kaminak Gold Corporation’s (“Kaminak”) Coffee discovery in the White Gold District, west-central Yukon Territory, Canada.
In addition, Ethos has staked a further 126 claims adjoining the Betty Property to the south and east. Ethos now has 5,089 claims covering an area of 1,063 square kilometers in the emerging White Gold District. Ethos’ Betty Property, now comprised of 856 claims covering 179 square kilometers, is situated immediately east of Kaminak’s Coffee Property. These newly staked claims are deemed to be Tie-In Claims under the terms of the Company’s property option agreements with Shawn Ryan and Wildwood Exploration Inc. (collectively the “optionors”) and thus become subject to the terms of those agreements, including among others the 2% NSR and buyback provisions as disclosed previously. Gold mineralization at Kaminak’s flagship Coffee Property is associated with a regional scale structural corridor termed the “Coffee Fault”. The Coffee Fault is defined by a pronounced east-west trending topographic and magnetic lineament that transects Ethos’ Betty Property. The Coffee Fault and subordinate structures are the focus of Ethos’ Betty Property exploration program.
A total of 3,875 reconnaissance ridge-and-spur soil samples representing 194 line kilometers of soil data were collected in the first pass at the Betty Property. Results have now been received for 3,100 or 80% of these first-pass ridge-and-spur samples.
New results have increased the potential of the Mascot Creek Soil Anomaly (see August 9, 2011 News Release). One line of soils, spaced 50 meters apart and located on the ridge east of Mascot Creek has returned the highest gold-in-soil results to date. One soil located near the ridge crest contains 1,149 ppb Au. A second soil sample taken 3 meters away as a field duplicate for quality control contains 844 ppb Au. These samples are strongly anomalous in arsenic, at 3,028 ppm and 2,203 ppm As respectively. The next 3 samples are also anomalous over a total distance along the soil line of 150 meters with gold values of 23, 100, and 24 ppb Au with arsenic values of 413, 636, and 252 ppm As. These Au and As values are consistent with results reported by Kaminak from soils in proximity to gold-mineralized zones.
These anomalous gold-arsenic soils are situated above a magnetic break interpreted to be a northeast trending fault which is a splay off a much larger structure located in Mascot Creek. Ethos previously reported highly anomalous gold-arsenic soils in Mascot Creek, and also on the ridge top to the west of Mascot Creek over a total area of approximately 5 km by 3 km. More soil results from a large area to the northwest of Mascot Creek are among the 20% of results still pending from the lab.
The results to date indicate the potential at Mascot Creek for a gold-mineralized area. Follow-up to define targets has begun. A follow-up 5,000 sample soil survey consisting of 100 meter spaced lines with soils collected every 50 meters conducted over the past 10 days has been completed and samples submitted to the lab. Approximately 1,500 meters of trenching and pitting has been completed on the ridge west of Mascot Creek and the backhoe has now been moved to begin work on the 1,149 ppb Au anomaly east of Mascot Creek.
Gary Freeman, CEO and President of Ethos states “We are extremely encouraged to have identified a gold anomaly of similar size and scope when compared with initial results from the White and Coffee area gold discoveries. Our crews are working hard to identify the best targets in this area.”
Ethos is planning for a continuing soil sampling program and a follow-up trenching program to last into October. As soil targets are confirmed by trenching, drill pad construction is currently planned to continue to the end of September.
To view the location of our claims including the Betty Property please click here.
The Coffee Fault and Betty Property can be viewed using Google Earth through a link on the homepage of the Company’s website, www.ethoscapitalcorp.com.
A comprehensive QA/QC program is in place to monitor precision and accuracy of the assay results. All soil samples are submitted with certified reference materials. Soil sample duplicates are routinely collected, and pulp duplicates are obtained for all soil samples. Ridge-and-spur soil samples are analyzed by Acme Analytical Laboratories Ltd. (“Acme”). A 15 g sub-sample of soil material is ignited, acid digested, and gold determined by ICP-MS; a 0.5 g sub-sample undergoes aqua regia digestion with ICP-MS analysis for 36 reporting elements including arsenic. Analytical QA/QC programs monitoring the precision and accuracy of results includes the routine use of assaying sample duplicates, certified reference standard(s), and both assay and prep wash blanks. Acme is ISO 9001 certified.
The technical information contained within this News Release has been reviewed and approved by Peter Tallman, P.Geo, Chief Operating Officer of Ethos Capital Corp. and Qualified Person as defined by National Instrument 43-101 policy.
About Ethos Capital Corp.
Ethos’ 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 approximately 40.8 million shares issued and outstanding, and working capital of approximately $17 million.
For additional information please contact Gary Freeman or Andy Hay at 604-682-4750 or visit the company website at www.ethoscapitalcorp.com.
Gary Freeman, President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
Forward-Looking Statement Cautions:
This press release may contain certain "forward-looking statements" within the meaning of Canadian securities legislation, including statements regarding the Company’s planned 2019 exploration program for its Pine Pass project. 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 risk of accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, or 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 the jurisdictions where the Company carries on its business 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