Meat, Spice and Sizzle. Meat, Spice and Sizzle. Fury’s Cooking over the Next 18 Months
Pear Tree have written up a nice detailed report on Fury. Anyone still on the fence about whether or not to take the plunge would do well to spend some time reading this.... https://peartreecanada.com/perspective/mining/meat-spice-and-sizzle-furys-cooking-over-the-next-18-months/
There's too much to copy and paste all, but here are Highlights and Going Forward.... Company Asset Highlights
- Three Projects with sizeable Mineral Resource Estimates
- Eau Claire Mineral Resource Estimatea (effective February 4, 2018)
- Measured and Indicated 4.294mln tonnes (Mt) grading 6.18g/t gold for 853,000 contained ounces gold (oz Au)
- Inferred 2.383Mt grading 6.53g/t gold for 500,000 contained oz Au
- Homestake Ridge Mineral Resource Estimateb (effective December 31, 2019)
- Indicated 0.736Mt grading 7.02g/t gold, 74.8g/t silver and 0.18% copper for contained metal of:
- 165,993 oz Au,
- 1.8mln contained ounces silver (oz Ag)
- and 2.87mln pounds copper (lb Cu)
- Inferred 5.545Mt grading 4.58g/t gold, 100g/t silver for contained metal of:
- 816,719 oz Au,
- 17.8mln oz Ag
- and 15.87mln lb Cu.
- Committee Bay Mineral Resource Estimatec (effective May 31, 2017) – Comprised of the Three Bluffs Deposit
- Indicated 2.070Mt grading 7.85g/t gold for 524,000 contained oz Au
- Inferred 2.930Mt grading 7.64g/t gold for 720,000 contained oz Au
- Two Separate Positive Preliminary Economic Assessments
- Eau Claire PEA (effective Feb.4, 2018) estimated an After-tax Net Present Value of $260mln and After-tax IRR of 27% using a 5% discount rate and US$1,250/oz gold price
- Homestake Ridge PEA estimated an After-tax Net Present Value of US$108mln and After-tax IRR of 23.6% using a 5% discount rate, US$1,350/oz gold price, silver price of $12/oz and copper price of $3.00/lb
- Committee Bay Project Highlights
- Gives control of a 300km-long prospective strike with numerous gold-in-till anomalies and already-defined high-potential targets
- Fury is operator of the Eleonore South Joint Venture where Fury owns a 36.7% interest, Newmont (NGT-TSX) owns 36.7% and Azimut Exploration Ltd. (AZM-TSX.V) owns the remaining 26.6%.
- Well-financed – Fury received the net proceeds of C$23mln upon the formation of Fury Gold Mines Ltd.
Notes (More technical report details can be found on www.sedar.com):
a-Eau Claire MRE assumptions: Open pit cut-off grade of 0.5 g/t gold within a conceptual pit shell and underground Mineral Resources are reported at a cut-off grade of 2.5 g/t gold outside the conceptual pit shell. Cut-off grades are based on a gold price of US$1,250 per ounce, a foreign exchange rate of US$0.80, and a gold recovery of 95%.
b-Homestake Ridge MRE assumptions: 2.0g/t gold equivalent (AuEq) cut-off grade. AuEq values were calculated using a long-term gold price of US$1,300/oz, silver price at US$20/oz and copper price at US$2.50/lb and a USD/CAD exchange rate of 1.2.
c-Committee Bay MRE assumptions: open pit cut-off grade of 3.0 g/t gold and underground cut-off grade of 4.0 g/t gold. Mineral Resources are estimated using a long-term gold price of US$1,200/oz and a USD/CAD exchange rate of 1:25.
Going Forward
Fury has a lot to cook with in three flagship projects underpinned by a combined Resource base of over 3.5mln in-situ ounces of gold, entirely within the safe jurisdiction of Canada. Together the three projects give Fury a deep exploration pipeline with exploration opportunities and two development-level assets in Eau Claire and Homestake Ridge. Though Fury is transitioning to selective high-grade targeting at Committee Bay, sizeable exploration potential in the massive land package should not be ignored.
We look for Fury to develop momentum on Eau Claire and continue refining their ambitious 18-month exploration plan. As outlined in this report, Fury has developed a Canadian-asset base with growth potential and plenty of prospective exploration targets along known structural trends.
Additionally, the 18-month exploration plan is expected to nurture investor interest with steady news flow. The first infill assay result from Eau Claire could come as early as mid-to-late January 2021. In the coming months we expect to see further updates on targeting progress for Homestake Ridge and Committee Bay exploration programs.
For more on Fury, visit the website here.