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Toogood yields 'bonanza grade' samples in new trend

Ethos Gold has reported samples of up to 7,877g/t gold in a new surface trend at its Toogood project in Newfoundland.
Toogood yields 'bonanza grade' samples in new trend Toogood yields 'bonanza grade' samples in new trend Toogood yields 'bonanza grade' samples in new trend Toogood yields 'bonanza grade' samples in new trend Toogood yields 'bonanza grade' samples in new trend

Visible gold in samples grading 7,877 g/t and 1,276 g/t from Ethos Gold’s Toogood project in Newfoundland

Staff reporter

It said the grab samples were taken 420m from the initial sampling reported last month, with the July news of samples assaying up to 572.87g/t sending the explorer's shares to a then one-year high of C37c.

Eric Sprott then invested $2 million at 32c per unit, for Toogood exploration and working capital, with the raising increased to $2.26 million as Crescat Capital exercised its participation right.

Ethos said localised outcrop stripping, trenching and soil sampling would follow up the high-grade sampling, in addition to continued prospecting and mapping property-wide. 

"These additional bonanza high-grade gold results from our initial sampling programme continue to add significant discovery potential at Toogood and we are excited to continue exploring untested areas," president and CEO Alex Heath said.

Ethos can earn 100% of the 118sq.km Toogood property on New World Island.

The company also has exploration projects in British Columbia, Ontario and Quebec.

Crescat holds 11.7% and Sprott 4.8%.

Ethos has $10.9 million in working capital according to a presentation this week.

Its shares (TSXV: ECC) shot up to a fresh high of 48c intraday, before closing up 5.8% to 45.5c, valuing it at $60.7 million (US$48.2 million).