Ethos Capital Identifies Gold Soil Anomaly at Wolf Property, Yukon
NEWS – ProspectingJournal.com – Vancouver, BC: Ethos Capital Corp. [ECC - TSX.V, ETHOF - OTCQX, 1ET - FSE] has discovered anomalous gold in soils covering a 7.5 square kilometer area at the Wolf Property, located west of Kaminak Gold Corporation‘s (“Kaminak”) Coffee discovery and the Company’s Mascot Creek gold discovery, western Yukon Territory, Canada.
The Wolf Property is comprised of 238 claims covering 50 square kilometers situated 40 km west of Kaminak’s flagship Coffee Property. Gold mineralization at the Coffee Property is associated with a regional scale structural corridor termed the “Coffee Fault”. The Coffee Fault is defined by an east-west trending topographic and magnetic lineament that is interpreted to pass along the northern boundary of Ethos’ Wolf Property with subordinate fault structures transecting these claims. The Coffee Fault and subordinate structures are the focus of Ethos’ exploration program at the Wolf Property.
Gary Freeman, CEO and President of Ethos states, “Exploration at the Wolf Property has yielded a gold soil anomaly of significant size which is extremely encouraging and provides Ethos with a second substantial exploration target to focus on in 2012. The gold soil anomaly at Wolf also substantiates our view that the Coffee Fault and adjacent fault structures are the plumbing network for regional district-scale gold endowment with considerable exploration potential.”
A total of 2,918 reconnaissance ridge-and-spur and grid soil samples representing 146 line kilometers of soil data at the Wolf Property have been collected to date by contractor Ground Truth Exploration Inc. of Dawson, Yukon. Results indicate a continuous gold soil anomaly that is 5 kilometers by 1.5 kilometers in area extending in a southwest direction and still open further to the southwest. Gold values in soils within the anomalous area range from 10 ppb to 358 ppb gold with 16 values greater than 75 ppb. Please CLICK HERE to view the Wolf Property soil anomalies.
These values are lower in magnitude compared with soil results from the Company’s Mascot Creek anomaly at the Betty Property, due to the dilutive effect in the soil at Wolf of significant amounts of windblown silt (loess) from the nearby White River delta, plus windblown volcanic ash (tephra), compounded by extensive areas of permafrost on the property which dilute the soil geochemical response.
The Wolf Property is unglaciated and, due to the dilutive effect of loess and tephra, a gold geochemical response in soil of 10 ppb Au or higher indicates gold is present. Other gold pathfinder elements such as arsenic and silver also have anomalous responses coincident with gold.
Results from airborne magnetics and radiometric surveying indicate the Wolf gold soil anomaly in the central part of the property is associated with two intersecting magnetic ‘break’ linears oriented northeast and east respectively. The linear breaks are interpreted to be subordinate fault structures related to the main Coffee fault. The gold soil anomaly lies along the contact of a radiometric ‘high’ representing a granodiorite intrusion which has intruded quartz-mica schist, similar to the geology underlying the Mascot Creek soil anomaly.
The Wolf gold soil anomaly warrants further testing. The Company has plans for a program of follow-up trenching and diamond drill testing of several targets within the Wolf gold soil anomaly. A detailed plan and budget for this work will be formalized in early 2012.
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 White Gold/Klondike gold district, as well as its Corrales silver-zinc-lead property in Mexico. Ethos currently has approximately 42 million shares issued and outstanding, and working capital of approximately $14.5 million.
For additional information please contact Gary Freeman or Fred Leigh at 604-682-4750 or visit the company website at www.ethoscapitalcorp.com.
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 identification of a gold soil anomaly at the Wolf Property, and the future exploration plans at the Wolf Property. 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, possible, 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 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.