I came across a small island just northwest of Broken Oar Grotto (left of Solitude lighthouse)

On that island is an old flag with a skeleton (not lootable) and 2 Gold Veins, which I can't find anywhere on the web.

What is the meaning of the flag? Anything I'm overlooking?

Thanks

MY guess is that the cave was named after that skeleton.

His oar broke, couldn't man the boat anymore, had to wait for help . Died in the process.

I found this earlier and looked it up in the strategy guide. It's just an explorer who died there of the cold. No quest or meaning to it.

looks to me that the skeleton was bound to the flag pole.
and left to die