Ethos Capital Corp. (the "Company" or "Ethos") (TSX VENTURE: ECC)
is pleased to provide an update on its Mexican silver-lead-zinc
properties.
CORRALES PROPERTY
Ethos has engaged Quantec Geosciencia de Mexico S.A. de C.V. to
conduct a ground magnetic survey of approximately 220 line
kilometres. The survey has been designed to prioritize drill
targets (magnetic anomalies) within a large overburden covered area
to the south and southwest of the Companies most recent drilling
which suggests an increase in both alteration and mineralization
under cover. This survey is slated to start on or about January 15,
2011 and is anticipated to be completed in approximately 3
weeks.
In September-October, 2010, the Company completed an initial
core drilling program comprising 1327 meters in six holes.
Anomalous lead, zinc and silver values were encountered in every
drill hole. Hole No. CC-10-02 returned the best intersection (15.5
meters averaging 9.7 g/t Ag, 1.2% Pb and 0.2% Zn) from 4.5 to 20.0
meters depth. However, the character of the mineralization
indicates that it is distal from the intrusive/skarn contact (prime
target area). The magnetic survey will be used to focus on
prospective targets similar to the intrusive/skarn/hornfels
occurrences found immediately south and northwest of the property
boundaries.
SANTA TERESA
At Santa Teresa, the company intends to test the La Florida zone
by X metres of core drilling. At this prospect, parallel vein/shear
zones containing lead-zinc mineralization within a permissive zone
roughly 75 meters wide are traceable for several hundred meters
along strike and have been explored by several sets of underground
workings over a vertical extent of about 150 meters. The old
workings targeted mineralization in steeply dipping, composite
vein/shear zones roughly 1.0 to 2.5 meters wide. In general, this
mineralization averages 2 - 4% combined lead-zinc with low silver
values (5 - 10 g/t Ag).
Reconnaissance mapping and characterization sampling conducted
by the Company indicate that these values are enhanced by the
presence of significant amounts of vanadium and gallium: Of 81
characterization samples taken from the old workings, 31 samples
returned values greater than 1000 ppm V (0.18% V2O5) and 5 samples
returned values greater than 10,000 ppm V (1.8% V2O5). Of the 81
samples taken from the workings, 19 samples reported values greater
than 20 g/t gallium, to a high of 161.5 g/t gallium. Additional
exploration is warranted in order to ascertain whether gallium is
present in sufficient quantities to justify a resource definition
programme - the Company cautions that there is no guarantee that
further exploration will result in the targets being delineated as
a mineral resource.
AMENDMENT TO OPTION AGREEMENT
Further to its news releases dated June 13, 2008, June 17, 2008
and October 29, 2008, it has entered into an agreement (the "2nd
Amending Agreement"), amending the terms outlined in the June 12,
2008 Letter of Intent, as amended on October 9, 2008 (the "Amended
Agreement") with Cardero Resource Corp. ("Cardero"). Pursuant to
the 2nd Amending Agreement, Ethos and Cardero have agreed to reduce
the shares issuable by Ethos to 1,000,300 from 1,334,000 shares,
and to reduce the total cash payments to CDN$300,000 from
CDN$500,000.
Option Terms
As a result of the 2nd Amending Agreement, Ethos will now have
an exclusive option to earn an undivided seventy (70%) percent
right, title and working interest in and to the Santa Teresa and
Corrales Properties by making the following remaining payments and
share issuances:
(a) cash payments to Cardero as follows:
i. SEVENTY-FIVE THOUSAND (CAD 75,000) DOLLARS on or before December 15,
2010 (paid), and
ii. an additional ONE HUNDRED AND TWENTY-FIVE THOUSAND (CAD 125,000) DOLLARS
by July 17, 2011;
(b) issuing to Cardero fully paid and non-assessable common shares in the
capital stock of ECC as follows:
i. ONE HUNDRED AND FIFTY THOUSAND (150,000) ECC Shares by December 15,
2010 (issued),
ii. an additional TWO HUNDRED AND FIFTY THOUSAND (250,000) ECC Shares by
July 17, 2011, and
iii. an additional SIX HUNDRED THOUSAND THREE HUNDRED (600,300) ECC Shares
by July 17, 2012.
The technical data in this news release has been reviewed and
approved by James M. Dawson, P. Eng., consultant to the company,
who supervised the work and who is a qualified person under the
definition of National Instrument 43-101.
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
exploration work at Corrales and Santa Teresa. 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. 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 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. 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.
The TSX Venture Exchange has not reviewed or accepted
responsibility for the adequacy or accuracy of this news
release.
Contacts: Ethos Capital Corp. Gary Freeman 604-682-4750 Ethos
Capital Corp. Andy Hay 604-682-4750
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