FURY:CC - Fury Gold drill program boosts Eau Claire M&I gold to 1.16 million ounces @ 5.64 g/t
(TheNewswire)
May 23, 2024 – TheNews w ire – Global Stocks News – On May14, 2024, Fury Gold Mines (TSX:FURY) (NYSE American:FURY) announced that its Eau Claire project in Quebechas increased Measured &Indicated gold ounces by 36%, and Inferred gold ounces by45% .
Eau Claire project now contains a combined mineralresource of 1.16Moz gold (Au)at a grade of 5.64 g/t gold in the Measured & Indicatedcategory as well as an additional 723koz gold at a grade of 4.13 g/tgold in the Inferred Category.
Highlights: 2024 Updated MineralResource Estimate
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Addition of 307koz Au in the Measured and Indicatedcategory (a 36.0% increase) and 223koz Au in the Inferred category (a44.6% increase).
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Eau Claire Resource remains open for further expansionthrough additional drilling.
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Eau Claire vein geometry steepened in areas with newdata and interpretation.
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Percival is one of 15+ anomalies along the Percival -Serendipity trend.
“We’ve worked on the Eau Claire property forthe last three years,” Tim Clark, CEO of Fury Gold told Guy Bennett,CEO of Global Stocks News (GSN). “Our objective was to create apathway to a significant gold resource that a mid cap producer wouldbe interested in.”
The May 14, 2024 news release stated that: “The Mineral ResourceEstimates were estimated by Maxime Dupéré, B.Sc., géo. of SGSGeological Services and is an independent Qualified Person as defined by NI 43-101 .”
“We did not require an ‘Independent Qualified Person’, to reviewthe drill results and geological data at Eau Claire, ” Bryan Atkinson, Fury’s SVP ofExploration told GSN. “But we wanted that extra layer of confidence,for ourselves and for the investment community.”
“The M&I open pit grade at Eau Claire is 4.66 g/t, while theunderground M&I grade is 6.25 g/t,” added Atkinson. “Thesegrades are exceptional when compared to many other resource stageprojects in Canada.”
The Maiden Mineral Resource Estimate at the Percival deposit , 14 kilometres to the east of the Eau Claire deposit,contains 211koz Au in the inferred category at a grade of 2.34 g/tAu.
“The predecessor company focused mostly on Eau Claire,” reportedAtkinson. “In 2020, when we made the acquisition, we decided to takea fresh look at the existing Percival data.”
“Two thirds of the property was covered in gold-only Geochem,”continued Atkinson. “Our predecessor wasn’t able to follow up onpathfinders or mobile elements that would typically travel away from amineralized system. It was binary exploration. Gold or no gold.”
“We flipped it around and drilled 7,000 meters in 2022 and 2023. We consistently hit broad zones of gold mineralization. With justover 200,000 ounces, there’s a nice open pit scenario at 1.81 g/tgold, and a few thousand ounces in an underground scenario. We believethat Percival is a valuable satellite deposit.”
"When Fury acquired the Eau Claire project inOctober 2020, we saw a clear pathway for the existing deposit to growsignificantly and the potential to define additional deposits withinthe project area through systematic disciplined exploration,” statedAtkinson. “Today's resource estimate is proof of thatconcept.”
“The series of targets that our team has developedcould lead to additional discoveries within the 55,000-hectare EauClaire project area.”
Fury also owns approximately 19% of Dolly VardenSilver, which has a market cap of CND $340 million.
On November 2, 2023, Dolly Varden Silver announced thatit had closed a deal where Hecla Canada invested$10 million in DV Silver , raising itsstake in DV Silver from 10.6% to 15.7%.
Hecla Mining has a market cap of USD $3.9 billion andtrades on the New York Stock Exchange (NYSE). It produced 14.2 million ounces ofsilver in 2023 .
“Fury’s stake in Dolly Varden Silver is currently worth $64million,” Clark told GSN. “That means our gold assets in Quebecand Nunavut, are valued at $25 million.”
“Typically, you incur $100/ounce in exploration costs to findgold,” continued Clark. “We're executing our programs for$40/ounce. Our current market cap and resources indicate that ourgold-in-the-ground is valued at about $8/ounce.”
Key milestones under Tim Clark’s tenure:
May 14, 2024: Mineral Resources at EauClaire, Increasing Measured and Indicated Gold Ounces By 36%, AndInferred Gold Ounces by 45%
March 20, 2024: Drills to begin turningin April at Éléonore South
March 14, 2024: Sale of 5.45 million DVSilver shares to institutions
March 1, 2024: Consolidation ofÉléonore South Gold Project
January 17, 2024: 31.77 g/t gold &8.07g/t Tellurium over 3.5 Metres at HingeTarget
November 6, 2023: Fury Intercepts up to279 g/t Gold over 1.5m at Percival Main
September 5, 2023: Appointment of IsabelleCadieux as Board Director
March 23, 2023: Closing of CND $8.75Million Financing
February 22, 2023: Appointment of BrianChristie as Board Director
December 21, 2022: Fury Drills 13.5 Metresof 8.05 g/t Gold at Percival
August 8, 2022: Fury and Newmont TakeControl of Éléonore South
August 3, 2022: Discovery of MultipleHigh-Grade Gold at Eau Claire
April 19, 2022: Completion of CND $11Million Private Placement
December 6, 2021: Sale of Homestake Ridgefor $50 million
"We have continued to identify significantpotential for new discovery across our broader property, whichincludes a thirty-kilometer section of the Cannard DeformationZone,” stated Clark in the May 14, 2024 press release.
“Fifty kilometers to the north, we have also acquired100% of the Éléonore South property, which is strategicallypositioned adjacent to Newmont's operating Éléonore Mine, one of thetop-producing gold mines in Canada.”
“In the coming weeks, we will be reporting resultsfrom our early 2024 spring program on our Éléonore South property,as well as an additional planned exploration program for 2024,”concluded Clark.
David Rivard, P.Geo, Exploration Managerat Fury, is a “qualified person” within the meaning of Canadianmineral projects disclosure standards instrument 43-101 and hasreviewed and approved the technical disclosures in thiscontent.
Contact: guy.bennett@globalstocksnews.com
Disclaimer: Fury Gold paid GSN $1,500 CND forthe research, writing and dissemination of this content.
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