05:31:26 EST Mon 25 Jan 2021
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Fury Gold Mines Ltd
Symbol FURY
Shares Issued 117,750,000
Close 2021-01-12 C$ 1.73
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Fury Gold drills 3,646 m at Eau Claire

2021-01-13 07:29 ET - News Release

Mr. Mike Timmins reports


Fury Gold Mines Ltd. has provided an update on the continuing 50,000-metre drill program at the 100-per-cent-owned Eau Claire project located in the Eeyou Istchee territory in the James Bay region, Quebec. The drill program is focused on the one-kilometre down-plunge extension at Eau Claire (targets A, B and C), as well as infill drilling the inferred portions of the resource for resource conversion. A total of 3,646 metres in six holes have been drilled to date, and results from the first set of infill drill holes and the first 600 m of the stepout hole, 20EC-006, are expected in the coming weeks.

"Two thousand twenty was an eventful year for the company as we launched and immediately began to redefine the Eau Claire project and reveal further potential in the James Bay gold camp," commented Mike Timmins, president and chief executive officer of Fury. "With drills turning and our first set of assays pending, we are anticipating a very active and exciting year as we continue drilling to add ounces and discover new areas of high-grade mineralization both at depth and at surface along the deposit trend.

"We will continue to apply our systematic exploration approach as we advance our entire project portfolio in 2021 and position our shareholders to also benefit from the large-scale exploration programs planned later in the year at Homestake Ridge and Committee Bay."

2021 exploration highlights:

  • Eau Claire, Quebec: expansion program of over 50,000 m well under way;
  • Homestake Ridge, British Columbia: approximately 20,000 m planned for summer 2021 in conversion and exploration drilling;
  • Committee Bay, Nunavut: a minimum of 10,000 m planned to expand the Three Bluffs deposit and drill test several exciting new targets for summer of 2021;
  • Eleonore South JV, Quebec: proposed surface exploration campaign followed by drill testing between 3,000 m and 5,000 m at two undrilled target areas in Q4 2021.

"Fury has come together in a compressed time period during COVID and has been able to execute on all fronts, which is a testament to the quality of the management and technical teams," stated Ivan Bebek, chair of Fury. "The company has a unique opportunity to grow high-grade gold deposits and make world-class discoveries. Shareholders can look forward to constant drill results and being well positioned for growth as we enter a robust bull market in gold."

Quebec exploration focused on rescaling Eau Claire and advancing the ESJV

The 50,000 m drill program at Eau Claire aims to significantly expand the current resource base and realize the potential of the Eau Claire deposit. The infill program is focused on upgrading the easternmost area of the resource at depth, while the exploration drill program will focus on testing a one-kilometre down-plunge extension of the Eau Claire deposit as well as drilling untested targets within the seven km deposit trend with the aim of identifying new discoveries.

At the ESJV, the company is proposing a summer exploration program that will concentrate on advancing large-scale gold-in-till anomalies to drill stage. Proposed exploration for the ESJV includes reprocessing and interpreting the existing airborne magnetic and electromagnetic data sets to advance the structural and geologic framework, geochemical till surveying across the southern third of the property to complete property-wide coverage, and acquiring additional IP (induced polarization) data over defined geochemical anomalies. A drill program will be proposed for Q4 2021 based upon the results of the summer exploration program.

Uniquely positioned in Nunavut -- one of Canada's premier mine development regions

Recent consolidation activity in the sector continues to demonstrate that Nunavut is a world-class mining and exploration jurisdiction and one of the few remaining areas in the world where exploration continues to discover and grow large, high-grade gold deposits. In 2020, the technical team refined the targeting for Committee Bay, outlining targets to expand the Three Bluffs resource in addition to several mature regional targets, each with the potential to be a new major discovery.

Further development on the Homestake trend

Homestake Ridge is a high-grade gold and silver resource located in the southern end of the Golden Triangle region in British Columbia, with excellent infrastructure and access to the property. Fury is planning a 20,000 m drill program in the summer of 2021, focusing on: extending the known mineralization at both the Homestake Main and Homestake Silver zones; completing an infill drill program at Homestake Silver; and testing high-priority geophysical and geochemical targets. In addition, surface exploration will be completed at several regional targets to advance to drill stage.

Fury well positioned for growth

The company's fundamentals, which continue to strengthen as the portfolio is advanced, include:

  • A growing multimillion-ounce high-grade gold resource base positioned across three assets;
  • Plans to drill 80,000 m over the next 18 months;
  • Aggressive exploration along the Eau Claire deposit trend and broader asset package to potentially support a long-term 150,000-to-200,000-ounce-per-year mining scenario in Quebec;
  • Renewed exploration on the Eleonore South joint venture to demonstrate the potential of the James Bay gold camp;
  • Aggressive exploration at the Homestake Ridge project to expand the resource and convert approximately 15 per cent of the Homestake silver resource from inferred to indicated category;
  • A discovery-focused drill program within the 300 km long Committee Bay gold belt to advance toward the goal of a plus-five-million-ounce resource base at Committee Bay;
  • A strong treasury to support 2021 activities.

These fundamentals along with the company's aggressive growth strategies will support Fury's vision to create a premier gold development company with the aim of pouring gold by 2025.

David Rivard, PGeo, exploration manager at Fury, is the qualified person who assumes responsibility for 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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