Fury Identifies Éléonore Style Target at Éléonore South Gold Project
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Insights
The discovery of a geochemical gold anomaly within the same sedimentary rock package that hosts Newmont's Éléonore Mine is a significant exploration milestone for Fury Gold Mines Limited. The anomaly being up to 200 times the background value in gold suggests a potentially large mineralized system. The geological and geophysical parallels drawn between the Éléonore South gold project and the nearby Éléonore Mine, which is known for high-grade mineralization, are promising indicators of the project's potential.
Biogeochemical sampling, particularly in challenging ground conditions, is an innovative approach that can provide valuable insights into subsurface mineralization. The methodology used here, involving the collection of black spruce twigs for analysis, is a less invasive and potentially more cost-effective alternative to traditional soil sampling. The successful identification of continuous robust gold and arsenic anomalies that correlate with geophysical data reinforces the prospectivity of the targeted area.
The strategic acquisition of 100% ownership of the Éléonore South project by Fury Gold Mines Limited could have a significant impact on the company's valuation, especially if the identified targets yield successful drilling results. Investors will be keenly monitoring the progress of the biogeochemical sampling program and the subsequent drilling campaign planned for later in 2024. The presence of gold in-till anomalies and the potential for higher-grade styles of intrusion-related gold mineralization further enhance the project's appeal.
Given the proximity to a major mining company, there may be synergies or partnership opportunities that could emerge, potentially reducing exploration costs or providing avenues for resource sharing. The historical drilling intercepts at the JT and Moni prospects, with notable gold grades, add to the project's credibility and could be a catalyst for stock price movement if these results are indicative of broader mineralization.
The gold mining sector is closely watched by investors for exploration updates such as these, which can drive market sentiment and investment decisions. The Éléonore South project's location in a prolific gold mineralization area, coupled with the identification of two distinct styles of gold mineralization, aligns with industry trends where companies are diversifying their exploration portfolios to mitigate risk. The potential for new discovery, as highlighted by Fury Gold Mines Limited, is an aspect that could position the company favorably in comparison to its peers, especially if subsequent exploration phases validate the initial findings.
Understanding the regional styles of mineralization, particularly the differences between the Éléonore and Cheechoo styles, is crucial for stakeholders to grasp the exploration strategy and potential of the project. The market will also be attuned to the implications of these findings on the regional mining landscape, which could see increased exploration activity and investment in the James Bay region of Quebec.
VANCOUVER, BC / ACCESSWIRE / March 5, 2024 / Fury Gold Mines Limited (TSX:FURY)(NYSE American:FURY) ("Fury" or the "Company") is pleased to announce that it has identified a robust geochemical gold anomaly within the same sedimentary rock package that hosts Newmont's Éléonore Mine at the Éléonore South gold project located in the Eeyou Istchee Territory in the James Bay region of Quebec.
The orientation level biogeochemical sampling survey was designed to target an interpreted fold nose within the Low Formation sediments in an area where conventional soil or till sampling was not possible due to the ground conditions. The targeted area exhibited similar geological, geophysical, and structural characteristics to those present at the nearby Éléonore Mine. The identified anomaly is up to 200x the background value in gold and outlines the folded sedimentary package (Figure 1). The Company intends to complete the biogeochemical sampling program in early summer 2024 with the goal of identifying drill targets for later in 2024.
"We recently acquired
Éléonore South Project
The Éléonore South project is strategically located in an area of prolific gold mineralization with Newmont's Éléonore Mine to the north and Sirios' Cheechoo deposit to the east (Figure 1 inset). Two distinct styles of mineralization have been identified to date; structurally controlled quartz veins hosted within sedimentary rocks similar to the high-grade mineralization observed at the Éléonore Mine; and intrusion-related disseminated gold mineralization similar to that seen at the low-grade bulk tonnage Cheechoo deposit with higher grade potential as seen at the JT and Moni prospects on the project (Table 1).
A total of 641 biogeochemical samples were collected at 25 metre (m) intervals along four north-south and two east-west oriented survey lines. The variable spacing of the lines, covering an area of 4.5 by 2.0 kilometers, was designed to better test the interpreted fold structure identified through geophysics. The survey lines targeted the limbs and the nose of an interpreted fold within a sedimentary rock package with coincident chargeability highs. The biogeochemical survey successfully identified continuous robust gold and arsenic anomalies which followed closely with the geology and geophysics (Figure 1).
In addition to the newly identified Éléonore style biogeochemical targets several gold in-till anomalies remain undrilled throughout the project (Figure 1). These gold in-till anomalies have similar geological and geochemical characteristics to the Cheechoo style of mineralization. Furthermore, the JT and Moni prospects represent a potential higher-grade style of intrusion-related gold mineralization with historical drilling intercepting 53.25m of 4.22 g/t gold (Au); 6.0m of 49.50 g/t Au and 23.8m of 3.08 g/t Au.
Table 1: Regional styles of gold mineralization
Category | Éléonore Style | Cheechoo Style |
Mineralization | Quartz-diopside-tourmaline-sx veins and stockwork. Silica-carbonate-diopside-actinolite-phlogopite alteration. | Quartz-feldspar-amphibole-sx veins and stockworks. Strong strain zones. Feldspar-sericite-carbonate alteration. |
Geometry | 5-6m, up to 20m wide | 40-50m wide vein networks |
Geology | Massive to thinly bedded wacke, pelite, conglomerate. Pegmatites. | Contacts of tonalite intrusions into sediments, pegmatites |
Structure | Folded stratigraphy, strong strain zones | Strong strain zones, rigid intrusive contacts |
Geochem | Au-As | Au-As-W-Bi |
Geophysics | Chargeability highs associated with mineralization | Magnetic lows/highs associated with intrusion margins |
Analogues | Éléonore (32.6Mt @ 7.8g/t Au) | Cheechoo (67.0Mt @ 0.87g/t Au) |
"With samples returning results over 200x the background value in gold and nearly 20x background in arsenic the results from this orientation biogeochemical survey indicate that there may be a large, mineralized body nearby. Our technical team benefits from direct experience working at the Éléonore mine and we plan to leverage that experience as we develop this target to the drilling stage through 2024," stated Bryan Atkinson, P.Geol., SVP Exploration of Fury.
Biogeochemical Sampling
Biogeochemical samples were taken by collecting approximately 200 grams of black spruce twigs and sent to ALS Lab in Vancouver, BC (ISO/IEC 17025:2017 and ISO 9001:2015 accredited facility) for preparation and analysis. Preparation included drying, separation of needles from twigs and ashing of needles only at 475°C for 24 hours (VEG-ASH01). Ashed samples are analyzed for 65 elements using nitric/hydrochloric acid digestion with ICP-MS finish (ME-VEG41a). QA/QC programs using lab duplicates, standards, and blanks indicate good accuracy.
David Rivard, P.Geo, Exploration Manager at Fury, is a "qualified person" within the meaning of Canadian mineral projects disclosure standards instrument 43-101 and has reviewed and approved the technical disclosures in this press release.
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 59.5 million common share position in Dolly Varden Silver Corp (
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
Forward-Looking Statements and Additional Cautionary Language
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of applicable securities laws, which statements relate to the future exploration operations of the Company and may include other statements that are not historical facts. Forward-looking statements contained in this release primarily relate to statements that suggest that the future work at Éléonore South will potentially increase or upgrade the gold resources.
Although the Company believes that the assumptions and expectations reflected in those forward-looking statements were reasonable at the time such statements were made, there can be no certainty that such assumptions and expectations will prove to be materially correct. Mineral exploration is a high-risk enterprise.
Readers should refer to the risks discussed in the Company's Annual Information Form and MD&A for the year ended December 31, 2022 and subsequent continuous disclosure filings with the Canadian Securities Administrators available at www.sedarplus.ca and the Company's Annual Report available at www.sec.gov. Readers should not place heavy reliance on forward-looking information, which is inherently uncertain.
SOURCE: Fury Gold Mines Limited
View the original press release on accesswire.com
FAQ
What is the significance of the geochemical gold anomaly identified by Fury Gold Mines Limited at the Éléonore South gold project?
What are the two distinct styles of mineralization identified at the Éléonore South project?
How many biogeochemical samples were collected at the Éléonore South project, and what did they reveal?
Who is the qualified person overseeing the technical disclosures in the press release?
What is the goal of Fury Gold Mines Limited after identifying the geochemical anomaly at Éléonore South?
