Mr. Tim Clark reports

FURY IDENTIFIES ELEONORE STYLE TARGET AT ELEONORE SOUTH GOLD PROJECT

Fury Gold Mines Ltd. has identified a robust geochemical gold anomaly within the same sedimentary rock package that hosts Newmont's Eleonore mine at the Eleonore South gold project located in the Eeyou Istchee territory in the James Bay region of Quebec.

The orientation-level biogeochemical sampling survey was designed to target an interpreted fold nose within the low formation sediments in an area where conventional soil or till sampling was not possible due to the ground conditions. The targeted area exhibited similar geological, geophysical and structural characteristics to those present at the nearby Eleonore mine. The identified anomaly is up to 200 times the background value in gold and outlines the folded sedimentary package. The company intends to complete the biogeochemical sampling program in early summer, 2024, with the goal of identifying drill targets for later in 2024.

"We recently acquired 100-per-cent ownership of Eleonore South because of the tremendous amount of potential for new discovery at the project, as well as its strategic location close to a major mining company," commented Tim Clark, chief executive officer of Fury. "These geochemical results out of Eleonore South could be meaningful given the similar style of mineralization to Newmont's Eleonore mine, as such, we are excited to follow up this coming year."

Eleonore South project

The Eleonore South project is strategically located in an area of prolific gold mineralization, with Newmont's Eleonore mine to the north and Sirios's Cheechoo deposit to the east. Two distinct styles of mineralization have been identified to date: structurally controlled quartz veins hosted within sedimentary rocks similar to the high-grade mineralization observed at the Eleonore mine; and intrusion-related disseminated gold mineralization similar to that seen at the low-grade bulk-tonnage Cheechoo deposit with higher grade potential, as seen at the JT and Moni prospects on the project (see the table entitled "Regional styles of gold mineralization").

A total of 641 biogeochemical samples were collected at 25-metre intervals along four north-south- and two east-west-oriented survey lines. The variable spacing of the lines, covering an area of 4.5 kilometres by two km, was designed to better test the interpreted fold structure identified through geophysics. The survey lines targeted the limbs and the nose of an interpreted fold within a sedimentary rock package with coincident chargeability highs. The biogeochemical survey successfully identified continuous robust gold and arsenic anomalies, which followed closely with the geology and geophysics.

In addition to the newly identified Eleonore-style biogeochemical targets, several gold-in-till anomalies remain undrilled throughout the project. These gold-in-till anomalies have similar geological and geochemical characteristics to the Cheechoo-style of mineralization. Furthermore, the JT and Moni prospects represent a potential higher-grade-style of intrusion-related gold mineralization, with historical drilling intercepting 53.25 metres of 4.22 grams per tonne (g/t) gold (Au), six m of 49.50 g/t Au and 23.8 m of 3.08 g/t Au.

"With samples returning results over 200 times the background value in gold and nearly 20 times background in arsenic, the results from this orientation biogeochemical survey indicate that there may be a large, mineralized body nearby. Our technical team benefits from direct experience working at the Eleonore mine and we plan to leverage that experience as we develop this target to the drilling stage through 2024," stated Bryan Atkinson, PGeol, senior vice-president of exploration for Fury.

Biogeochemical sampling

Biogeochemical samples were taken by collecting approximately 200 grams of black spruce twigs and sent to ALS Lab in Vancouver, B.C. (ISO/IEC 17025:2017 and ISO 9001:2015 accredited facility), for preparation and analysis. Preparation included drying, separation of needles from twigs and ashing of needles only at 475 degrees C for 24 hours (VEG-ASH01). Ashed samples are analyzed for 65 elements using nitric/hydrochloric acid digestion with ICP-MS (inductively coupled plasma mass spectrometry) finish (ME-VEG41a). Quality assurance/quality control (QA/QC) programs using lab duplicates, standards and blanks indicate good accuracy.

David Rivard, PGeo, exploration manager at Fury, is a qualified person within the meaning of Canadian National Instrument 43-101, and has reviewed and approved the technical disclosures in this press release.

About Fury Gold Mines Ltd.

Fury Gold Mines is a well-financed, Canadian-focused exploration company positioned in two prolific mining regions across Canada and holds a 59.5-million-common-share position in Dolly Varden Silver Corp. (22 per cent of issued shares). Led by a management team and board of directors with proven success in financing and advancing exploration assets, Fury intends to grow its multimillion-ounce gold platform through rigorous project evaluation and exploration excellence. Fury is committed to upholding the highest industry standards for corporate governance, environmental stewardship, community engagement and sustainable mining.

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