Ethos Gold (TSXV: ECC) announced on Thursday that it has entered into two earn-in agreements to earn a 100% interest in the 1475 hectare (14.75 km2) Deep Cove claim group and 1875 hectare (18.75 km2) Virgin Arm claim group located on New World Island, approximately 65 km north of Gander, Newfoundland.
The projects are contiguous and have access via paved and gravel roads and trails.
According to the company, limited historic work by Noranda in the 1980s to mid-1990s identified at least nine occurrences with visible gold in bedrock over a structural corridor of more than 5 km. Reported high-grade assays from grab samples included 346 g/t, 245 g/t, 127 g/t, and 99.7 g/t gold.
“We are currently compiling and interpreting all available historic data to look forward to kicking off a significant program on the ground in the spring of 2021, with the intention of developing drill targets,” said Dr. Rob Carpenter, Chief Technical Advisor to Ethos.
“Gold mineralization appears to occur at the high level within the orogenic regime and associated with Devonian magmatism emplaced during a continental collisional event. Significant gold mineralization occurs along this north-south collision margin extending through central Newfoundland,” said Dr. Quinton Hennigh, advisor to Ethos.
Midday Thursday, Ethos’ stock was up 13% on the TSXV. The company has a C$22 million market capitalization.