No gold was extracted, however, from these cargoes, and much discouragement ensued.
SIR HUMPHREY GILBERT, one of the brilliant figures of Elizabeth's reign--scholar, poet, courageous adventurer, and man of chivalry--stimulated by the discoveries of Frobisher, obtained a patent or charter in 1578, and, after several unsuccessful attempts, led an expedition of small sailing ships to Newfoundland, where he entered St.John's Bay, and in the presence of the Basque, Portuguese, and Breton fishermen took formal possession of the country for Queen Elizabeth, raising a pillar on which the arms of England were engraved as a token.

He then proceeded to grant lands to the fishermen to reassure them, and loaded his ships with rocks brought from the interior mountains and supposed to contain minerals.

But in his further explorations of the southern coast of Newfoundland one of the ships was lost and nearly a hundred men intended as colonists were drowned.
Gilbert then determined to return to England in his small frigate of 10 tons named the _Squirrel_.

He was accompanied by a larger vessel, the _Golden Hinde_, but refused to leave the men on the _Squirrel_ to their fate.

Consequently, between the Azores and the north coast of Spain, when the _Squirrel_ was overwhelmed by the heavy seas, Sir Humphrey Gilbert perished together with all on board.
In spite, however, of the disappointing results of Gilbert's attempt to found a colony in Newfoundland, the importance of the cod fishery and the ivory tusks and oil of the walruses drew ever more and more ships from Bristol and Devonshire to the coasts of that great island and to the Gulf of St.Lawrence beyond.