- Ethos Gold (ECC) has increased its land holdings in Newfoundland to over 118 km2
- The company entered into an earn-in agreement under which it may earn a 100 per cent interest in the Fairbanks claim on New World Island
- Fairbanks’ numerous occurrences of visible gold have assayed 510.7 g/t, 346 g/t, 245 g/t, 127 g/t and 99.7 g/t Au
- Ethos Gold is focused on projects in British Columbia, Ontario, Quebec and Newfoundland with large-scale discovery potential
- Ethos Gold (ECC) is down by 1.59 per cent and is currently trading at $0.31 per share
Ethos Gold (ECC) has increased its land holdings in Newfoundland to over 118 km2.
The company entered into an earn-in agreement under which it may earn a 100 per cent interest in the 325-hectare Fairbanks claim on New World Island, Newfoundland.
The claim is contiguous to Ethos’ Deep Cove and Virgin Arm properties and increases its land position at the Toogood Project to over 118 km2.
Earn-in agreement
Ethos may earn a 100 per cent interest in the Fairbanks claim by making the following cash and share payments:
- Cash payment of C$50,000 paid upon signing the earn-in agreement and the issuance of 400,000 shares upon TSXV approval of the earn-in agreement
- Cash payment of $50,000 and issuance of 300,000 shares on or before June 15, 2022
- Cash payment of $50,000 and issuance of 400,000 shares on or before June 15, 2023
- Cash payment of $50,000 and issuance of 600,000 shares on or before June 15, 2023
Upon acquiring its 100 per cent interest in the Fairbanks claim, Ethos will grant Larry Quinlan a 2 per cent NSR royalty, of which Ethos can repurchase the first 1 per cent for $1,000,000.
Property highlights
The Toogood Project covers 28 km x 8 km of prospective geology hosting numerous gold occurrences on New World Island. Both coarse and fine gold mineralization are present in quartz and sulfide veining and stockwork fracturing of conglomerates and sandstones.
Historic work on the Fairbanks claim includes grab sampling which identified three outcrop occurrences of visible gold within quartz veins assaying 130.7 g/t, 33.1 g/t and 22.8 g/t Au.
There are at least nine occurrences with visible gold in bedrock over a 5 km structural corridor on the southwest section of the property with reported assays including 510.7 g/t, 346 g/t, 245 g/t, 127 g/t and 99.7 g/t Au.
Historic work on the northeast section of the Toogood Project includes grab and soil sampling primarily concentrated along the shorelines. Prospectors identified six gold occurrences across these claims from 2002-2012 with reported assays including 11.18 g/t and 10.35 g/t Au in outcrop.
Alex Heath, Ethos’ President and CEO, commented,
“The addition of the Fairbanks claim is strategic, as it not only increases our overall land position at our Toogood Project, but also provides Ethos with a contiguous land position near an area with numerous outcrops of visible gold within quartz veins. It also comes at an opportune time, as we finalize our exploration plans for our inaugural field season in Newfoundland.”
Ethos Gold is focused on projects in British Columbia, Ontario, Quebec and Newfoundland with large-scale discovery potential.
Ethos Gold (ECC) is down by 1.59 per cent and is currently trading at $0.31 per share as of 10:27 am ET.