Ethos Gold expands Newfoundland property to cover 28-km strike
Ethos Gold Corp. [ECC-TSXV; ETHOF-OTC; 1ET-FSE] signed two agreements to earn 100% interests in the 6,350-hectare (63.50 km2) Toogood claim group and the 1,800-hectare (18 km2) McGrath claim group located on New World Island, approximately 65 km north of Gander, Nfld. These projects are situated to the northeast of the company’s Deep Cove and Virgin Arm properties with good access by paved, gravel roads and trails. The Deep Cove, Virgin Arm, McGrath and Toogood claims will be collectively referred to as the Toogood Project.
The Toogood Project now covers 28 km by 8 km of prospective geology on New World Island with numerous gold occurrences identified, including soil and rock chip sampling. Both coarse and fine gold mineralization are present in quartz and sulfide veining and stockwork fracturing of conglomerates and sandstones.
Historic work on the Toogood and McGrath claim groups includes grab and soil sampling primarily concentrated along the shorelines. Six gold occurrences across these claims were identified by prospectors in 2002-2012 with reported assays including 11.18 g/t and 10.35 g/t gold from grab samples in outcrop. At least nine occurrences of visible gold in bedrock over a structural corridor of more than 5 km have been observed on the Deep Cove/Virgin Arm claim groups with assays from grab samples including 346 g/t, 245 g/t, 127 g/t and 99.7 g/t gold.
Dr. Rob Carpenter, Chief Technical Advisor, said, “These acquisitions increase our claim area substantially from 33.5 km2 to 115 km2 covering a large area of prospective lithology with multiple high-grade gold occurrences over 28 km of strike. Historic work has been limited and sporadic but has nonetheless delivered very encouraging results, and the project is wide open to a new effort to understand the controls of gold mineralization and to look for economic concentrations of near surface gold.”
Ethos will start field exploration in spring 2021 including prospecting, mapping, and sampling with the objective of defining drill targets for testing later in 2021.
Ethos can earn a 100% interest in the Toogood claim group by paying $25,000 on signing and 2,500,000 shares on TSXV approval, subject to a 2% NSR. There are no work commitments.
Ethos can earn a 100% interest in the McGrath claim group by issuing 800,000 shares on TSXV approval and 800,000 shares at 12 months following signing, subject to a 2% NSR royalty.