May 11, 2021
FURY PROVIDES EXPLORATION AND CORPORATE UPDATE
TORONTO, ON / ACCESSWIRE / May 11, 2021 / Fury Gold Mines Limited (TSX:FURY) (NYSE American:FURY) ("Fury" or the "Company") is pleased to provide an exploration, sustainability and corporate update.
Since the formation of Fury seven months ago, the Company has successfully met key project milestones across the platform. Highlights include:
- Initiated an ongoing 50,000-metre (m) drill program at Eau Claire, Quebec, while mitigating the impacts and constraints of the global COVID-19 pandemic to date;
- Completed approximately 40% of the Eau Claire drill program, with 13 holes released, and results for 12 holes pending;
- Demonstrated resource expansion potential through step-out drilling east of Eau Claire;
- Advanced the technical understanding of Eau Claire resulting in the identification of two new target horizons that could meaningfully re-shape the project's development scope - the Snake Lake structure and the 850 Zone (i.e. western extension targets);
- Outlined drill programs for Homestake Ridge, B.C., and Committee Bay, Nunavut, with high-grade extension targets at a drill-ready stage;
- Filed a C$200mm base shelf prospectus, which provides the Company with additional flexibility and efficiency for future fundraisings;
- Partnered with Digbee, an ESG disclosure platform, to help communicate the Company's sustainability activities to stakeholders and community members; and
- Switched assay labs to improve turn-around times on results from 6-8 weeks to approximately 3-4 weeks.
"Over the past seven months, we have been busy at Fury putting the Company in a strong position to leverage its growing, high-grade Canadian gold projects. We are excited about two new Eau Claire targets, the Snake Lake structure and the 850 Zone, which could add an entirely new dimension to the project," commented Mike Timmins, President and CEO of Fury. "We believe the opportunity at Eau Claire is much bigger than simply expanding the deposit trend, as we are now seeing several regional and highly prospective discovery opportunities within the 54,000-hectare land package that we will be exploring this summer."
Exploration Update
Fury has drilled a total of 19,750m and 25 holes at Eau Claire to date. Of this total, approximately 8,772m have been drilled within the Eau Claire deposit area. The remaining meterage has been focused on exploration drilling along the 7-kilometre (km) deposit trend to test targets and identify additional areas of potential scale to support an increased development scenario. The Company is awaiting assay results from Panel A, Panel C and from the first three holes into the Snake Lake structure, with results expected to be released over the next two to four weeks.
Deposit drilling has focused on the highest-grade and under explored area of the resource at the lower eastern margin of the deposit, intersecting new areas of mineralization outside of the defined resource blocks, demonstrating a strong potential to expand the resource east.
Fury has also made good progress with exploration drilling, stepping out east of Eau Claire across a 1km down plunge extension (target Panel A, B and C); nine exploration holes have been drilled to date of which four holes have been released (see news releases dated January 25, 2021 and March 30, 2021). Exploration of the target Panel B included an intersection of 6.5 g/t gold over 1.5m at the contact between a mafic volcanic unit and a sedimentary unit located along a distinct sub-parallel structure, north of the Eau Claire structure. This intercept is located approximately 1,100m down plunge from the Snake Lake surface expression, which hosts limited historical drilling. Fury has completed three step-out drill holes at 150m and 300m intervals to test the depth extensions down plunge of the known Snake Lake mineralization.
Two new targets were identified on the western limit of the resource below the 850 Zone, the Fold Hinge and Limb targets. These targets have the potential to significantly expand the deposit (see news release dated April 12, 2021). Drilling of the Limb target is currently underway.
Homestake Ridge and Committee Bay
The Company has completed targeting work necessary for drilling and field programs at Homestake Ridge and Committee Bay, which are optional at this time and subject to market conditions. The primary objective at Homestake Ridge is to expand the resource and test high-quality gold and silver targets outside of the current resource area. At Committee Bay the main goals are to expand the Three Bluffs high-grade gold deposit and to drill the underexplored Raven regional target.
Environmental, Social and Governance - ESG
Fury is pleased to announce that it has partnered with UK-based data, research & ESG platform provider Digbee, who has developed a robust and tailored ESG disclosure platform for the mining sector. This tool focuses on the information that investors need to understand ESG risks in the mining sector, and the delineation of those risks associated with each stage of a mining company, from exploration through to production stage. The Company will use this disclosure tool to communicate its many ESG activities, ensuring the alignment of our initiatives with our corporate values and objectives and provide the transparency that investors seek in evaluating mining and mineral exploration investment opportunities.
Other key ESG initiatives that are currently underway or recently completed include:
- Ongoing site health and safety training;
- The establishment of a Board-level Indigenous and Community Relations committee;
- Government approved on-site pilot COVID rapid testing program at Eau Claire;
- Various sponsorships to support education, diversity and Indigenous communities;
- Establishment of a disclosure committee and charter providing supportive internal governance mechanisms; and
- Creation of an independent Lead Director role.
Observing COVID protocols across all Fury workplace environments (at site and in office settings) remains a top priority. The Company is supporting all employees, with participation in the various vaccination programs underway in each province; to date, all site crew have received the first vaccination, with second vaccinations scheduled for May.
Technical Disclosure
Analytical samples from exploration drill holes completed by Fury were taken by sawing NQ diameter core into equal halves on site with one half being sent to Actlabs in Val d'Or, QC for preparation and then to Actlabs in Thunder Bay, ON for analysis. All samples are assayed using 50 g nominal weight fire assay with atomic absorption finish (1A2B-50) and multi-element four acid digest ICP-AES/ICP-MS method (1F2). Where 1A2B-50 results were greater than 5 ppm Au the assay were repeated with 50 g nominal weight fire assay with gravimetric finish (1A3-50). QA/QC programs using internal standard samples, field and lab duplicates and blanks indicate good overall accuracy and precision.
David Rivard, P.Geo, Exploration Manager at Fury, is a "qualified person" within the meaning of National Instrument 43-101 and has reviewed and approved the technical disclosures in this press release.