The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
ECC: TSX/ETHOF: OTCQX/1ET: FRANKFURT
President and CEO: Gary Freeman
Chief Operating Officer: Peter Tallman, P.Geo.
Chief Financial Officer: Peter Wong, C.A.
Incorporated in British Columbia in 2007, Ethos Capital Corp. worked primarily on a couple of silver-zinc-lead projects in Mexico before coming to the Yukon.
In November 2010, the company obtained an option to acquire a 100 percent interest in the Betty and Wolf properties located 120 kilometers (75 miles) south of Dawson City, Yukon.
The two prospective gold properties are comprised of 802 claims (about 16,228 hectares) first identified by successful target generator Shawn Ryan, along with 16 contiguous claims staked in 2011.
In March, Vancouver, B.C.-based Ethos acquired exploration rights to more properties - Bridget, Hen and Hayes - through option agreements with Ryan and staked an additional 1,460 claims that are adjacent to the Betty and Bridget properties.
After raising a spectacular C$14.874 million in gross proceeds through private placements closed in May, Ethos reported field preparations for extensive 2011 exploration with spending budgeted at C$6 million.
The junior launched a systematic field program in June, including soil sampling, airborne and ground geophysics, trenching, geology and prospecting, with diamond drilling on already-defined gold anomalies. Located in the White Gold district, the Betty and Wolf claims are located respectively northeast and southwest of, and on trend with Kaminak Gold Corp.'s Coffee Property. The primary targets on the Wolf and Betty properties are near-surface, bulk tonnage gold settings analogous to gold deposits at Kinross Gold Corp.'s White Gold Project, discovered in 2008, and the 2010 Coffee discovery.
By August, Ethos had reported encouraging results on the 152-square-kilometer (59 square miles) Betty Property, which covers about 15 kilometers (10 miles) of the highly prospective Coffee Fault, including discovery of gold targets at the Buck Zone and Mascot Creek area on the Betty Property with ridge and spur soil sampling that revealed significant gold soil anomalies.
The soil sample site on the Buck Zone contains abundant quartz clasts which may be indicative of eroding quartz veins hosted in the bedrock below.
A grab sample (580604) of sub-crop consisting of a silicified, pyrite-arsenopyrite-bearing felsic intrusion cut by quartz veins was 10 meters north of the soil site and returned 2.1 grams per metric ton gold and 1,113-parts-per-million arsenic.
Additional rock samples of sub-crop were collected systematically from hand excavated pits spaced 10 meters apart within a 20-meter by 10-meter grid adjacent to the original 597 ppb gold soil anomaly.
All five rock samples are composed of oxidized, altered felsic intrusions with variable quantities of quartz veins.
All of the samples returned anomalous 324- to 1,113-ppm arsenic; 4- to 46-ppm antimony; 0.2- to 0.5-ppm mercury, and 212- to 674-ppm barium.
Ethos Aug. 29 reported gold analyses from soil samples up to 1,149 ppb gold at Mascot Creek, and said it staked a further 126 claims adjoining the Betty Property to the south and east.
This brought the company's total land package to 5,089 claims on five properties covering an area of 1,063 square kilometers (410 square miles) in the emerging White Gold District.
Ethos said results to date indicate potential for significant gold mineralization in the newly identified Mascot Creek area.
The company immediately conducted follow-up exploration to define targets and a 5,000-sample soil survey consisting of 100-meter spaced lines with soils collected every 50 meters.
About 1,500 meters of trenching and pitting also was completed on the ridge west of Mascot Creek and the backhoe was moved to begin work on the 1,149-ppb gold anomaly east of Mascot Creek.
Ethos said it planned to continue soil sampling, up to 32,000 samples in 2011, and conduct follow-up trenching into October.
As soil targets are confirmed by trenching, the drill pad construction continued through the end of September.
Cash and short-term deposits: C$17.0 million (August 2011)
Working capital: C$17.61 million (at June 30, 2011)
Market capitalization: C$484.4 million (Sept. 2, 2011)
Suite 680 - 789 West Pender St.
Vancouver, B.C., Canada V6C 1H2
Ph: 604 682-4750 Fax: 604 682-4809
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