Ethos Gold (TSXV: ECC) entered into two earn-in agreements under which it may earn a 100% interest in the 63.5-square-kilometer Toogood claim group and the 18-square-kilometer McGrath claim group on New World Island in Newfoundland, Canada.
In a press release, Ethos said that these projects are situated to the north-east of its Deep Cove and Virgin Arm properties which, together with the McGrath and Toogood claims, will be collectively referred to as the Toogood project.
With the additional land, Toogood will cover 28 kilometres by 8 kilometres of prospective geology. According to Ethos, the area hosts numerous gold occurrences identified in previous work including soil and rock chip sampling. Both coarse and fine gold mineralization were detected in quartz and sulphide veining and stockwork fracturing of conglomerates and sandstones.
“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,” Rob Carpenter, Ethos chief technical advisor, said in the media brief.
“We are currently compiling and interpreting all available historic data and look forward to kicking off a significant program on the ground in the spring of 2021, with the intention of developing drill targets.”
According to Carpenter, gold mineralization on the project appears to occur within an orogenic regime and to be associated with Devonian magmatism emplaced during a continental collision event.
“Significant gold mineralization occurs along this north-south collision margin extending through central Newfoundland,” Carpenter said. “The Toogood project is on the western side of this margin in a north-south trending sequence of rocks that geologically appear to correlate to other significant gold occurrences including Marathon Gold’s Valentine Lake project.”