Mr. Mike Timmins reports
FURY DRILLS HIGH-GRADE MINERALIZATION FROM STEP-OUT EXPLORATION AT EAU CLAIRE; DEPOSIT FOOTPRINT EXTENDED 600 METRES EAST
Fury Gold Mines Ltd. has released results from three additional exploration drill holes targeting a 550-to-660-metre extension from the known resource at the Eau Claire deposit located in the Eeyou Istchee territory in the James Bay region of Quebec. Drill hole 21EC-007 intercepted 1.0 metre of 15.3 grams per tonne gold and drill hole 21EC-010 intercepted 1.5 m of 8.8 g/t gold. This mineralization is situated within the same structure that intercepted 3.0 m of 2.59 g/t gold from 21EC-006 (refer to news release dated Jan. 25, 2021) and collectively these holes have significantly expanded the deposit footprint at Eau Claire.
"Our initial drill program at Eau Claire was designed to survey and test areas of potential expansion at the deposit and on the immediate deposit trend," commented Mike Timmins, president and chief executive officer of Fury. "We are only a quarter of the way through the program and we have already determined that Eau Claire extends at least 600 metres down plunge. In addition, we intersected a second gold-bearing structure at depth, which we believe to be associated with the Snake Lake surface target. We expect to release more infill drill results in the coming weeks as well as introduce our drill plan for the West Gap area to potentially extend Eau Claire to the west."
TARGET B PANEL DRILL RESULTS
Hole ID From To Length Au
(m) (m) (m) (g/t)
20EC-006* 643.0 651.0 8.0 1.21
648.0 651.0 3.0 2.59
21EC-007 858.0 859.0 1.0 15.30
21EC-010 589.0 590.5 1.5 1.41
781.0 782.5 1.5 1.03
821.5 823.0 1.5 8.83
1,069.5 1,071.0 1.5 6.43
21EC-014 no significant intersections
Lengths are drill-indicated core length, as insufficient
drilling has been undertaken to determine true widths at this
time. Main intervals: no less than 2.0 m of greater than or
equal to 1.0 g/t Au, maximum consecutive dilution 2.0 m;
subintervals: no less than 1.0 m of greater than or equal to
1.0 g/t Au, maximum consecutive dilution 2.0 m.
* Previously released -- refer to news release dated Jan. 25,
Down-plunge deposit expansion exploration drilling
This portion of the drill program is specifically focused on testing a one-kilometre down-plunge extension to the Eau Claire deposit. The results from the first four holes within the target B panel are presented in the associated table and demonstrate the potential to expand the deposit down plunge along the main Eau Claire structure. Fury's technical team is highly encouraged by these widely spaced initial drill results into target B as the company has confirmed continuity of high-grade gold mineralization 550 m to 650 m away from the resource at Eau Claire.
"The presence of high-grade mineralization in two of four initial drill holes into the target B panel demonstrates the potential to significantly expand the deposit down plunge. We are looking forward to the results from the target A and target C panels so we can focus the second phase of drilling into the strongest mineralization and refine our targeting. The technical team is planning on drill testing a number of high-priority targets near the deposit to ensure that drill metres will be allocated to areas that offer the highest probability of expanding the resource base; we look forward to starting that process along the Snake Lake corridor in the coming weeks," stated Michael Henrichsen, senior vice-president, exploration, of Fury.
Fury expects to receive results from two holes drilled into target C and three holes drilled into target A in the next several weeks to put into context the initial phase of drilling into the one km down-plunge extension. Based on the results from the A, B and C panels, Fury will plan a second phase of exploration drilling with the intent on focusing on the most robust portion of the mineralized system.
Snake Lake target
The deepest significant gold intercept of 1.5 m of 6.43 g/t gold (hole 21EC-010) from the target B panel is located on the same structural and stratigraphic position as the Snake Lake mineralization along a volcanic-sediment contact. This intercept is located approximately 1,100 m down plunge from the nearest Snake Lake drilling and has significantly opened up the exploration potential along the Snake Lake structural corridor. The company plans to drill three holes that offset shallow historical intercepts of 2.65 m of 13.24 g/t gold, 1.5 m of 12.2 g/t gold and 2.0 m of 6.62 g/t gold with 150 m to 300 m offsets down plunge back toward the deep intercept in drill hole 21EC-010.
Analytical samples from the 2020 and 2021 program were taken by sawing NQ-diameter core into equal halves on site with one-half being sent to Actlabs in Val d'Or, Que., for preparation and then to Actlabs in Thunder Bay, Ont., for analysis. All samples are assayed using 50 g nominal weight fire assay with atomic absorption finish (1A2B-50) and multielement four-acid digest ICP-AES/ICP-MS (inductively coupled plasma atomic emission spectroscopy/inductively coupled plasma mass spectrometry) method (1F2). Where 1A2B-50 results were greater than five parts per million Au the assay were repeated with 50 g nominal weight fire assay with gravimetric finish (1A3-50). QA/QC programs using internal standard samples, field and lab duplicates, and blanks indicate good overall accuracy and precision.
Historical drill samples at Snake Lake were taken by sawing NQ-diameter core into equal halves on site with one-half being sent to ALS Chemex in Val d'Or, Que., for preparation and analysis. All samples were assayed using a 50 g nominal weight fire assay with atomic absorption finish (Au-AA24) and multielement four-acid digest ICP-AES/ICP-MS method (ME-MS61). Where Au-AA24 results were greater than five ppm Au the assay were repeated with 50 g nominal weight fire assay with gravimetric finish (Au-GRA22). QA/QC programs using internal standard samples, field and lab duplicates and blanks indicate good overall accuracy and precision.
David Rivard, PGeo, exploration manager at Fury, is a qualified person within the meaning of 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 Canada-focused exploration and development company positioned in three prolific mining regions across the country. Led by a management team and board of directors with proven success in financing and developing mining assets, Fury will aggressively grow and advance its multimillion-ounce gold platform through project development and potential new discoveries. Fury is committed to upholding the highest industry standards for corporate governance, environmental stewardship, community engagement and sustainable mining.
We seek Safe Harbor.
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