Ethos Gold Corp. (ECC:TSX.V; ETHOF:OTCQX) announced in a news release it entered an agreement to earn into Victory Metals Ltd.'s Iron Point vanadium project in Nevada in exchange for drilling there. Ethos also announced that Dr. Quinton Hennigh, an economic geologist with more than 25 years of exploration experience, will join the company as a technical adviser and oversee the drill program.
Per the agreement terms, Ethos can earn a 50% undivided interest in the gold and silver rights at Iron Point by spending CA$5 million on exploration there over three years, including at least CA$1 million in year one.
Following the earn-in, the two companies will form a 50/50 joint venture exclusive to the gold and silver rights at Iron Point. Regarding any gold or silver discovery, Ethos will have a contractual right to 50% of it. Victory will retain a 100% interest in the vanadium rights at the project.
In the 1990s, Hennigh identified, through drilling, a Carlin-style target at the 13,300-acre Iron Point property. Ethos plans to drill this target imminently. "I think Iron Point is one of the most prospective locations for undiscovered Carlin-style gold mineralization left in Nevada," Hennigh said in the release.
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