TORONTO, ON / ACCESSWIRE / February 2, 2021 / Fury Gold Mines Limited (TSX:FURY)(NYSE:FURY) ("Fury" or the "Company") is pleased to provide an update on exploration plans for the high-grade Homestake Ridge gold-silver project located in the Nisga'a Nation Territory within British Columbia's Golden Triangle. The Company plans to drill 25,000 metres (m) at the project in the summer of 2021 with the primary goal of expanding the resource and testing high quality gold-silver targets along the deposit trend. In addition, an infill drill program will be conducted with the goal of converting a large portion of the resource at the Homestake Silver deposit from inferred to indicated category.
"The Company has refined the geological model at Homestake Ridge and outlined the largest and most intensive drill campaign at the project to date," commented Mike Timmins, President and CEO of Fury. "We have identified multiple high priority opportunities to expand the resource and discover additional high-grade gold and silver mineralization at the project. Increasing the ounce profile at Homestake is a key component of our growth strategy and supports the continuous growth we offer to our shareholders."
Homestake Ridge Deposit Overview
The Homestake Ridge project is comprised of numerous precious metal epithermal occurrences and has a significant resource (Tables 1 and 2). The 7,500-hectare property is located in the Iskut-Stewart-Kitsault belt, approximately 30 kilometres (km) north of the town of Kitsault, with good infrastructure and proximity to high-tension power lines and the deep-water port of Alice Arm (Figure 1). In addition, a serviceable forestry road is located within 6km of the deposit.
Table 1 - Homestake Ridge Deposit Mineral Resource (At a 2.0 g/t Au Eq - cut-off grade)
| | | Average Grade | Metal Content |
| Classification | Tonnage
Mt | Gold
g/t | Silver
g/t | Copper
% | Lead
% | Gold
oz | Silver
Moz | Copper
Mlb | Lead
Mlb |
| Total Indicated | 0.7368 | 7.02 | 74.8 | 0.18 | 0.077 | 165,993 | 1.8 | 2.87 | 1.25 |
| Total Inferred | 5.445 | 4.58 | 100.0 | 0.13 | 0.142 | 816,719 | 17.8 | 15.87 | 17.34 |
Notes:
- Based on the technical report with an effective date of May 29, 2020, as amended and restated June 24, 2020 and titled, "Technical Report, Updated Mineral Resource Estimate and Preliminary Economic Assessment on the Homestake Ridge Gold Project, Skeena Mining Division, British Columbia," which was filed and is available on the Company's SEDAR profile at www.sedar.com.
- Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves dated May 10, 2014 (CIM (2014) definitions), as incorporated by reference in NI 43-101, were followed for Mineral Resource estimation.
- AuEq values were calculated using a long-term gold price of US$1,300 per ounce, silver price at US$20 per ounce and copper price at US$2.50 per pound and an exchange rate of US$1.00=C$1.20. The AuEq calculation included provisions for metallurgical recoveries, treatment charges, refining costs and transportation.
- Bulk density ranges from 2.69 t/m3 to 3.03 t/m3, depending on the domain.
Table 2 - Homestake Ridge Deposit Mineral Resource (At a 3.0 g/t Au Eq - cut-off grade)
| | | Average Grade | Metal Content |
| Classification | Tonnage
Mt | Gold
g/t | Silver
g/t | Copper
% | Lead
% | Gold
oz | Silver
Moz | Copper
Mlb | Lead
Mlb |
| Total Indicated | 0.592 | 8.18 | 90.5 | 0.19 | 0.090 | 155,730 | 1.7 | 2.5 | 1.18 |
| Total Inferred | 4.136 | 5.52 | 118.6 | 0.15 | 0.163 | 734,275 | 15.8 | 14.0 | 14.84 |
Notes:
- Based on the technical report with an effective date of May 29, 2020, as amended and restated June 24, 2020 and titled, "Technical Report, Updated Mineral Resource Estimate and Preliminary Economic Assessment on the Homestake Ridge Gold Project, Skeena Mining Division, British Columbia," which was filed and is available on the Company's SEDAR profile at www.sedar.com.
- Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves dated May 10, 2014 (CIM (2014) definitions), as incorporated by reference in NI 43-101, were followed for Mineral Resource estimation.
- AuEq values were calculated using a long-term gold price of US$1,300 per ounce, silver price at US$20 per ounce and copper price at US$2.50 per pound and an exchange rate of US$1.00=C$1.20. The AuEq calculation included provisions for metallurgical recoveries, treatment charges, refining costs and transportation.
- Bulk density ranges from 2.69 t/m3 to 3.03 t/m3, depending on the domain.
Figure 1 - Illustrates the location of the Homestake Ridge project within the southern region of British Columbia's Golden Triangle as well as the infrastructure and project access associated with the deposit.
2021 Drill Program
Fury plans to conduct approximately 15,000m of exploration drilling to extend the deposit to depth and along strike. Drilling is expected to begin in the summer of 2021. The deposit extension targets are based upon expanding zones of high-grade mineralization, which are defined by intense silicification, continuous breccia bodies and vein sets that are based on a relog and the recently completed geological model of the deposit (Figure 2). Planned step-outs from these high-grade breccia bodies and vein sets range from 100m to 350m and have the potential to significantly expand the resource (Figures 3 and 4).
"The technical team sees a great deal of potential to expand the resource at Homestake Ridge based on the revised geological model of the deposit," commented Michael Henrichsen, SVP, Exploration of Fury. "The technical team strongly believes in the discovery potential of new mineralized bodies along the deposit trend, that if successful, could considerably change the size of the project."
The Company also plans to conduct approximately 10,000m of infill drilling at Homestake Silver. The goal of this program is to upgrade a portion of the resource from inferred to indicated category and to demonstrate the geologic continuity of mineralization based on all recently completed geological data sets and models to-date (Figure 5).
Figure 2 - Breccias and veining of Homestake Main and Homestake Silver deposits.
Figure 3 - Illustrates the resource expansion and exploration drill plan for the Homestake Ridge high-grade gold-silver project. Step-out drill holes are planned to offset the resource between 100m and 350m.
Figure 4 - Illustrates cross sections of the Homestake Silver and Homestake Main deposits and the planned offsets of high-grade mineralization.
Figure 5 - Illustrates the planned infill drill program at Homestake Silver and representative sample of high-grade intercepts within the Homestake Silver deposit.
Michael Henrichsen, P.Geo, SVP of Exploration at Fury, is the Qualified Person who assumes responsibility for the technical disclosures in this press release.