Mixed results for Ethos Gold’s first pass at Betty

The first drill program on Ethos Gold’s (ECC-V) Betty project in the Yukon has yielded encouraging gold ­discoveries, and numerous blanks.

The first half of a phase-one drill program includes results for 22 reverse-circulation drill holes targeting several zones on the property.

Hole 22 was the highlight, returning 14 metres grading 7.1 grams gold per tonne and 209 grams silver per tonne from 26 metres downhole, within a longer 41-metre interval grading 2.6 grams gold and 107 grams silver at the Marshall target.

At the Bond target, hole 3 hit 17 metres grading 0.6 gram gold and 19 grams silver from 55 metres depth; at Mercedes hole 7 cut 21 metres averaging 1.5 grams gold from 56 metres downhole; at the Perrault target hole 12 hit 3 metres averaging 29.8 grams gold and 27 grams silver from 27 metres depth; and hole 14 cut 3 metres averaging 6 grams gold and 27 grams silver from 110 metres downhole.

But along with these encouraging hits, seven of the 22 drill holes hit no significant mineralization and several other holes hit less than 3 metres of mineralized core at low grades.

On news of the results the company’s stock price dropped as much as 13¢, or 20%, before ending down 6¢, or 9% at 61¢ with 475,000 shares traded.

But the results only represent a first pass over the 17-sq.-km Mascot Creek soil anomaly, in Ethos’ reconnaissance drill program. The drilling was designed to test below gold-bearing surface trench pits or anomalous gold soils, and the company stated that it was excited to make several gold discoveries during the first drill program on the property.

Ethos has completed 30 of the 44 planned holes in the program, with 4,000 metres of drilling completed along with 3,000 samples. The company started its $7.3-million drill program in late May, targeting 16,000 metres of drilling and 10,000 soil samples.

The company reports that most holes to date have intersected limonite, clay alteration and arsenopyrite mineralization, with or without quartz veining and silification. The company also reports several phases of progressive or overprinting alteration and mineralization that it finds very encouraging.

Ethos Gold’s full land position in the Yukon spans 1,020 sq. km in the White Gold district.

The company has roughly $13 million in working capital and 42.9 million shares outstanding.