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Fury Gold Mines Ltd
Symbol FURY
Shares Issued 117,823,857
Close 2021-02-16 C$ 2.06
Recent Sedar Documents

Fury Gold to drill up to 10,000 m at Committee Bay

2021-02-17 07:43 ET - News Release

Mr. Mike Timmins reports

FURY ANNOUNCES 2021 EXPLORATION PLANS FOR COMMITTEE BAY

Fury Gold Mines Ltd. has outlined its 2021 exploration plans for the Committee Bay gold project located in the Kitikmeot region of Nunavut. The company plans to drill between 5,000 metres and 10,000 m this summer, subject to COVID-19 limitations, with the goal of: (1) drilling the underexplored Raven high-grade vein target, which sits along an eight-kilometre (km) shear zone that has the potential to turn into a significant discovery; (2) expanding the Three Bluffs deposit through the drilling of a major conductor downdip from a high-grade portion of the resource; and (3) advancing the previous geological work on targets along the Aiviq-Kalulik corridor to advance them to drill stage.

"Shareholders are uniquely positioned in Nunavut with the Committee Bay project, which is considered to be one of the largest unexplored greenstone belts remaining in North America. We will be initiating Fury's first drill program at the project with a robust initial resource, several mature high-grade exploration targets and an experienced team with the skill sets to deliver on our growth plans," commented Mike Timmins, president and chief executive officer of Fury.

Raven prospect overview

The Raven prospect is located in the southwest third of the Committee Bay gold belt, approximately 80 km west of the Three Bluffs deposit. The prospect is situated along an eight km long shear zone where defined gold mineralization occurs in quartz-arsenopyrite veins in highly sheared gabbros and mafic volcanic rocks over a strike length of approximately 1.2 km. There have been 207 rock samples historically taken over the defined area of mineralization, with 30 samples returning values greater than five g/t gold with a peak value of 143 g/t gold. Importantly, only 1.2 kilometres of the eight km shear zone have been systematically explored to date.

The prospect has a total of nine historical drill holes totalling 1,670 m with intercepts including 5.49 m of 12.6 grams per tonne gold, 2.84 m of 31.1 g/t gold and 5.38 m of 2.99 g/t gold over a drilled strike length of 400 m. Historical drilling at the prospect has defined a high-grade body of mineralization approximately 250 m in length, with a 30-degree plunge to the east that is open along strike and downdip. Fury plans to drill the Raven prospect through aggressive stepouts to demonstrate the scale of the system and to explore the entire length of the eight km shear zone to define new targets through systematic till sampling and geological mapping.

"Our technical team views the high-grade veins at the Raven prospect as the highest probability for a major discovery on the belt this year as the historical drilling positions us for the ability to rapidly expand the body through aggressive stepouts. In addition, we will continue to advance our high-priority geophysical targets through the critical step of mapping to define geometry as we advance these targets to drill stage," commented Michael Henrichsen, senior vice-president, exploration, of Fury.

Three Bluffs deposit expansion drilling

The Three Bluffs deposit contains a high-grade resource defined by 525,000 ounces at 7.85 g/t gold in the indicated category and 720,000 ounces at 7.64 g/t gold in the inferred category. The deposit is characterized by gold mineralization hosted within a folded, silicified and sulphidized banded iron formation. The anticline that defines the deposit has a strike length of approximately four km and has been drilled from 150 m to 650 m vertical depth and is open downdip. High-grade mineralization at the deposit is associated with high conductivity responses due to the intense sulphidation of the banded iron formation as evidenced in the hinge zone of the anticline.

Fury's primary target at the Three Bluffs deposit is a conductive body that measures 600 m by 200 m at a vertical depth of between 300 m and 500 m. The target is downdip from high-grade mineralization within the limbs of the anticline and is offsetting the following intersections: five m of 40.6 g/t gold, 5.3 m of 29.03 g/t gold, 11 m of 16.23 g/t gold, five m of 15.2 g/t gold, two m of 21.81 g/t gold and two m of 19.38 g/t gold. The company plans to drill across the entire conductivity body to demonstrate the potential for resource growth at the deposit.

Mr. Henrichsen is the qualified person within the meaning of National Instrument 43-101 -- Standards for Disclosure of Mineral Projects and has reviewed technical disclosures in this press release.

Committee Bay drilling quality assurance/quality control disclosure

RAB (rotary air blast) drilling

Analytical samples were taken using one-eighth of each five-foot (1.52 m) interval material (chips) and sent to ALS in Yellowknife, NWT, Thunder Bay, Ont., and Vancouver, B.C., for preparation and then to ALS in Vancouver, B.C., for analysis. All samples are assayed using 30 g nominal weight fire assay with atomic absorption finish (Au-AA25) in 2017 and part of 2018 or 50 g nominal weight fire assay with atomic absorption finish (Au-AA26) in 2015, 2016, part of 2018, and 2019 and multielement four-acid digest ICP-AES/ICP-MS (inductively coupled plasma atomic emission spectroscopy/inductively coupled plasma mass spectrometry) method (ME-MS61). QA/QC programs using internal standard samples, field and lab duplicates, and blanks indicate good accuracy and precision in a large majority of standards assayed.

Core (diamond) drilling

Analytical samples were taken by sawing NQ-diameter core into equal halves on site and sending one of the halves to ALS in Vancouver, B.C., for preparation and analysis. All samples are assayed using 50 g nominal weight fire assay with gravimetrical finish (Au-GRA22) in year 2016 and with atomic absorption finish (Au-AA26) in 2018 and multielement four-acid digest ICP-AES/ICP-MS method (ME-MS61). QA/QC programs using internal standard samples, field and lab duplicates, and blanks indicate good accuracy and precision in a large majority of standards assayed.

Based on the estimated geometry of the mineralized zones, the true widths of the intervals drilled at the Three Bluff deposit are believed to be at approximately 40 to 75 per cent of the drilled widths. True widths of mineralization outside of the Three Bluff deposit are unknown based on current geometric understanding of the mineralized intervals.

CB grabs

Approximately one to two kilograms of material were collected for analysis and sent to ALS in Vancouver, B.C., for preparation and analysis. All samples are assayed using 50 g nominal weight fire assay with atomic absorption finish (Au-AA26) and multielement four-acid digest ICP-AES/ICP-MS method (ME-MS61). QA/QC programs for rock grab samples using internal standard samples, lab duplicates, standards and blanks indicate good accuracy and precision in a large majority of standards assayed. Grab samples are selective in nature and cannot be consider as representative of the underlying mineralization.

2017 pXRF (portable X-ray fluorescence) tills

Samples (about 250 g) of unweathered till were collected from 20 to 30 centimetres of depth in frost boils at 100 m sample spacing. Pebbles (greater than one centimetre) were removed in the field. Samples were not collected in areas of glaciofluvial or fluvial reworking. Collected samples were returned to camp to be analyzed in the field. Samples were air dried then 50 grams of sediment were spread over a clean creased paper. Samples were gently shaken to separate and discard coarse sand/pebbles, leaving a fine sand/silt. About 10 to 20 grams of this material were transferred to a two-inch-by-three-inch plastic zip bag, labelled and analyzed with a benchtop-mounted pXRF in soil mode for 90 seconds. QA/QC included regular standard samples and field duplicates.

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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