(TheNewswire)
March 27, 2024 – TheNewsWire – Global Stocks News– On March 20, 2024 Fury Gold Mines (TSX:FURY) (NYSE American:FURY) announced that starting early April 2024, itwill begin a 2,000 meter diamond coredrilling program at its 100% owned Éléonore South goldproject located in the Eeyou IstcheeTerritory in the James Bay region of Quebec.
Following the March 1, 2024 acquisition ofNewmont’s 49.9% interest in the project for CND $3 million, Fury now has complete control of ÉléonoreSouth.
“The proximal Éléonore Mine has about 5 or 6-years of mine liferemaining,” Tim Clark, CEO of Fury Gold told Guy Bennett, CEO ofGlobal Stocks News (GSN). “They need to extend the mine life. Inearly April 2024 we are going to be drilling Éléonore South. If weget good grades on our property, there's a potential furtherconsolidation opportunity.”
“Historically, three companies owned Éléonore South,” Clark toldGSN. “It was difficult to get anything done. The Fury geologicalteam believe this is a prolific area for new discovery. Recentgeochemical surveys confirm that we have interesting targets . And now, for thefirst time, we are free to drill the project, on our own timeline.”
Tim Clark is a capital markets’ veteran (Deutsche Bank, MerrillLynch, BMO) who has a track record of making savvy acquisitions andraising institutional funds.
“Beyond access to capital, and the quality of our gold assets inCanada, our other differentiator is the experience of our managementteam,” stated Clark. “Fury has extremely disciplined spendinghabits. We allocate capital carefully and do deals that we believewill strengthen our position.”
Select Fury Gold milestones under Tim Clark’s tenure:
December 6, 2021: Sale of Homestake Ridge for $50 million
April 19, 2022: Completion of CND $11 Million Private Placement
August 3, 2022: Discovery of Multiple High-Grade Gold at EauClaire
August 8, 2022: Fury and Newmont Take Control of ÉléonoreSouth
December 21, 2022: Fury Drills 13.5 Metres of 8.05 g/t Gold atPercival
February 22, 2023: Appointment of Brian Christie as BoardDirector
March 23, 2023: Closing of CND $8.75 Million Financing
September 5, 2023: Appointment of Isabelle Cadieux as BoardDirector
November 6, 2023: Fury Intercepts up to 279 g/t Gold over 1.5m atPercival Main
January 17, 2024: 31.77 g/t gold & 8.07g/t Tellurium over 3.5 Metresat Hinge Target
March 1, 2024: Consolidation of Éléonore South Gold Project
March 14, 2024: Sale of 5.45 million DV Silver shares toinstitutions
March 20, 2024: Drills to begin turning in April at ÉléonoreSouth
“In the course of my career, I developed close personalrelationships with many CEOs in the gold and precious metals space,”Clark told GSN. “I also have long standing relationships with hedgefund managers and institutional resource investors,” Clarkcontinued. “Through these relationships Fury Gold has access tocapital and deal flow.”
The fully funded drill program announced on March 20, 2024, will focuson the Moni trend where previous drilling intercepted up to; 53.25 m of 4.22 g/t gold (Au) ; 6.0 m of 49.50 g/t Au including 1.0m of 294 g/t Au and 23.8 m of 3.08 g/t Au including 1.5 m of 27.80 g/tAu, several of which remain open.
“This area, given its strategic significance near theborder to Sirios’ Cheechoodeposit , proximity to the operating Éléonore Mine , and historical high-grade gold drill intercepts, representsa tremendous amount of potential upside to investors,” stated TimClark, CEO of Fury. “Going forward, we will also be exploring otherpriority targets across the whole 100% owned Éléonore South propertywhich will include a follow-upbiogeochemical survey of the Éléonore Mine style goldanomaly that we recently identified at theproject.”
Previous drilling at Éléonore South, 38,037 m in 164drill holes, was largely focussed in the Moni area and successfullydefined a 2,000 m x 750 m zone of lower-grade intrusion related goldmineralization similar to that of the Cheechoo gold deposit.
Within the lower-grade gold halo, there are a series ofstructurally controlled quartz vein stockworks which hostsignificantly higher grades of gold. Fury’s Spring 2024 drillingcampaign will focus on these structural corridors following up onprevious drill intercepts of 53.25 m of 4.22 g/t Au; 6.0 m of 49.50g/t Au and 23.8 m of 3.08 g/t Au.”
In late spring Fury will complete the biogeochemicalgrid where a robust geochemical gold anomaly within the same sedimentary rock package that hostsNewmont’s Éléonore Mine has been identified( see news release dated March 5,2024 ).
Figure 1: Drilling around theCheechoo Tonalite showing previous drill intercept highlights(2017-2019).
“We’ve been given an excellent opportunity to getdrilling at Éléonore South several months ahead of what we hadinitially envisioned. This will allow us the ability to confirm ourrecent targeting within the Cheechoo tonalite and test our ideas onthe controls of the high-grade quartz vein hosted gold mineralization.Our teams will be mobilizing within the week,” stated BryanAtkinson, P.Geol., SVP Exploration of Fury.
Fury also owns 54 million shares of Dolly VardenSilver, which has a market cap of CND $216 million.
DV Silver is developing its 100% held Kitsault ValleyProject located in the Golden Triangle of British Columbia, Canada, 25kilometers by road to tide water. It also has a new consolidatedcopper-gold porphyry project in the Golden Triangle, similar to otherdeposits in the region (Red Mountain, KSM, Red Chris).
On November 2, 2023 Dolly Varden Silver announced thatit has closed a deal where Hecla Canada invested $10 million in DVSilver , raising its stake in DV Silver from10.6% to 15.7%.
Hecla Mining has a market cap of USD $2.64 billion andtrades on the New York Stock Exchange (NYSE). It produced 14.2 million ounces of silver in2023 .
“Hecla has demonstrated it is a stickyshareholder,” DV Silver CEO Shawn Khunkhun told GSN, “They'relooking to expand their North American silver portfolio.”
“Fury Gold Mines is a best-in-class junior gold exploration company,focused on Canada, which has a favorable geopolitical climate,”Clark concluded. “Because of our Dolly Varden position, andrelationships with institutional investors, we are in a strongposition to finance current and future exploration and developmentprograms.”
Contact: guy.bennett@globalstocksnews.com
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