Fury Announces Filing of NI 43-101 Technical Report for Increased Mineral Resource Estimate at Eau Claire

Rhea-AI Summary

Fury Gold Mines announced the filing of an NI 43-101 technical report for its Eau Claire project, located in Quebec's Eeyou Istchee Territory. The report, dated June 25, 2024, reveals significant increases in gold resources: a 36% increase in Measured and Indicated gold ounces (307koz) and a 44.6% rise in Inferred gold ounces (223koz). The Eau Claire resource remains open for further expansion through additional drilling, with notable changes in vein geometry and numerous anomalies along the Percival-Serendipity trend. The report is available on SEDAR+ and the company's website.

Positive

• 36% increase in Measured and Indicated gold ounces (307koz).
• 44.6% increase in Inferred gold ounces (223koz).
• Eau Claire resource remains open for further expansion through additional drilling.

Negative

• None.

Insights

Mining Analyst

The filing of the NI 43-101 Technical Report for Fury Gold Mines' Eau Claire project is a significant development, reflecting a considerable increase in the project's mineral resources. Addition of 307,000 ounces of gold in the Measured and Indicated category and 223,000 ounces in the Inferred category represents a substantial enhancement in the project's potential. This news suggests that the company has been successful in its recent exploration efforts and that the project has considerable upside potential for further resource expansion.

For investors, this update is particularly promising as it underscores the potential for increased production in the future, which could translate into higher revenues and profitability. However, it's important to consider the capital expenditure required to bring these resources into production. Moreover, the fact that the resource remains open for further drilling points to continued news flow and potential future resource increases, which can keep the stock price buoyant in the near term.

Additionally, understanding the NI 43-101 standards is crucial. This Canadian mineral resource classification system ensures that disclosures on mineral projects are accurate and comprehensive. The increase in resources thus meets stringent regulatory standards, adding credibility to the reported figures.

Financial Analyst

The updated mineral resource estimate is encouraging news for Fury Gold Mines from a financial perspective. Increasing the Measured and Indicated resources by 36% and the Inferred resources by 45% significantly enhances the economic potential of the Eau Claire project. This resource update will likely improve the company's net asset value (NAV), a key metric for evaluating mining stocks.

However, investors should also be aware of the costs associated with proving up these resources and eventually moving them into production. This involves not only drilling costs but also future capital and operational expenditures. On the positive side, if the gold market remains strong, the value of these additional ounces can have a compounding positive effect on Fury's bottom line.

In the short term, this news could act as a catalyst for a positive stock price movement. Investors should monitor subsequent updates, particularly regarding any plans for further drilling and development, to get a clearer picture of the company's future financial trajectory.

Market Research Analyst

This resource update for the Eau Claire project has broader market implications. Increased mineral resources can make Fury Gold Mines a more attractive acquisition target for larger mining companies looking to expand their reserve base. Investors should consider the strategic value of Eau Claire within the broader context of the gold mining industry, which is constantly seeking new, economically viable deposits.

The report also highlights notable geological features, such as the steepened vein geometry and the numerous anomalies along the Percival - Serendipity trend, which could lead to further exciting discoveries. For retail investors, the potential for further resource increases and exploration success makes this an intriguing stock to watch.

Additionally, the report’s alignment with NI 43-101 standards ensures credibility and transparency, which can bolster investor confidence. As the company continues to provide updates, the market will be keenly watching for signs of production timelines and feasibility studies to assess the project's long-term viability.

VANCOUVER, BC / ACCESSWIRE / June 28, 2024 / Fury Gold Mines Limited (TSX:FURY) and (NYSE American:FURY) ("Fury" or the "Company") is pleased to announce that, further to the Company's news release dated May 14, 2024, it has filed on SEDAR+ an independently prepared National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") resource update technical report (the "Report") on its 100% owned Eau Claire project located in the Eeyou Istchee Territory of the James Bay region of Quebec.

Highlights of the Report include:

• Addition of 307koz Au in the Measured and Indicated category (a 36.0% increase) and 223koz Au in the Inferred category (a 44.6% increase).
• Eau Claire Resource remains open for further expansion through additional drilling.
• Eau Claire vein geometry steepened in areas with new data and interpretation.
• Percival is one of 15+ anomalies along the Percival - Serendipity trend.

The Report titled "Mineral Resource Estimate Update for the Eau Claire Project, Eeyou Istchee James Bay Region of Quebec, Canada" is dated June 25, 2024, has an effective date of May 10, 2024 and supports the disclosure made by Fury in its news release titled "Fury Updates Mineral Resources at Eau Claire, Increasing Measured and Indicated Gold Ounces By 36%, And Inferred Gold Ounces by 45%" (see news release dated May 14, 2024). There are no material differences in the Report from the results disclosed in the Company's May 14, 2024 news release. The Report can be found under the Company's profile on SEDAR+ (www.sedarplus.ca) and on the Company's website (www.furygoldmines.com).

David Rivard, P.Geo, Exploration Manager at Fury, is a "qualified person" within the meaning NI 43-101 and has reviewed and approved the technical disclosures in this press release.

The May 2024 Mineral Resource Estimate has been prepared by Maxime Dupéré, P. Geo., Geologist with SGS Geological Services, a "qualified person" within the meaning of NI 43-101.

About Fury Gold Mines Limited
Fury Gold Mines Limited is a well-financed Canadian-focused exploration company positioned in two prolific mining regions across Canada and holds a 54 million common share position in Dolly Varden Silver Corp (approximately 18.99% of issued shares). Led by a management team and board of directors with proven success in financing and advancing exploration assets, Fury intends to grow its multi-million-ounce gold platform through rigorous project evaluation and exploration excellence. Fury is committed to upholding the highest industry standards for corporate governance, environmental stewardship, community engagement and sustainable mining. For more information on Fury Gold Mines, visit www.furygoldmines.com.

For further information on Fury Gold Mines Limited, please contact:
Margaux Villalpando, Manager Investor Relations
Tel: (844) 601-0841
Email: info@furygoldmines.com
Website: www.furygoldmines.com

No regulatory organization has approved the contents hereof.

SOURCE: Fury Gold Mines Limited

View the original press release on accesswire.com

FAQ

What is the date of the latest report filed by Fury for the Eau Claire project?

The report is dated June 25, 2024.

How much did the Measured and Indicated gold ounces increase in the latest Fury report?

The Measured and Indicated gold ounces increased by 36%, adding 307koz.

What is the percentage increase in the Inferred gold ounces for Fury's Eau Claire project?

The Inferred gold ounces increased by 44.6%, adding 223koz.

Where is Fury's Eau Claire project located?

The Eau Claire project is located in the Eeyou Istchee Territory of the James Bay region of Quebec.

Is the mineral resource at Fury's Eau Claire project still open for expansion?

Yes, the Eau Claire resource remains open for further expansion through additional drilling.

Where can the latest NI 43-101 technical report for Fury's Eau Claire project be found?

The report can be found under Fury Gold Mines' profile on SEDAR+ and on the company's website.

Who reviewed and approved the technical disclosures in the latest Fury press release?

David Rivard, P.Geo, Exploration Manager at Fury, reviewed and approved the technical disclosures.