Fury Intercepts 17.62 g/t Gold over 3.5 Metres Shallow at the Hinge Target
- None.
- None.
Insights
The recent drilling results from Fury Gold Mines' Hinge Target are significant as they indicate the presence of high-grade gold mineralization near the surface. The reported intercepts, such as 17.62g/t gold over 3.50m, are substantially higher than the average world mine grade of approximately 5-6g/t, highlighting the potential economic viability of the Eau Claire project. The proximity of these intercepts to the surface suggests lower extraction costs and easier access, which could positively influence the project's net present value (NPV) and internal rate of return (IRR). Furthermore, the extension of the mineralized footprint by over 400m could suggest a larger resource base, potentially leading to an extended mine life and increased production forecasts.
The strategic implications of the drilling program for Fury Gold Mines and its investors are multifaceted. First, the high-grade intercepts near the surface may lead to a re-rating of the company's stock as the market reevaluates the asset's quality and the company's growth prospects. Additionally, the updated mineral resource estimate, once completed, will provide a more concrete basis for financial modeling and project evaluation. It's important to note that the continuity of mineralization and the structure of the vein system, with sub-vertical orientation and stacked veins, are favorable for mining operations, potentially reducing the technical risks and enhancing the appeal to investors and potential partners.
From a financial perspective, the results from Fury Gold Mines' drilling program could impact the company's future revenue streams and funding requirements. The high-grade intercepts can lead to a reassessment of the project's economics, potentially attracting joint venture partners or financing opportunities. Investors should monitor the upcoming mineral resource estimate as it will play a critical role in determining the project's value and the company's market capitalization. The open nature of the mineralization, both to surface and laterally, indicates room for further resource expansion, which could be a catalyst for future stock price movement if the exploration results continue to be positive.
VANCOUVER, BC / ACCESSWIRE / February 6, 2024 / Fury Gold Mines Limited (TSX:FURY)(NYSE American:FURY) ("Fury" or the "Company") is pleased to provide the final set of results from the 12,000 metre (m) 2023 drilling program at the Hinge Target, part of the high-grade Eau Claire gold project located in the Eeyou Istchee Territory, in the James Bay region of Quebec. The Hinge Target comprises a series of stacked gold-bearing quartz tourmaline veins concentrated within a 200m wide structurally controlled corridor. Highlights from these last five drill holes include 17.62g/t gold over 3.50m (including 29.80g/t gold over 2.00m), and 22.20g/t gold over 0.50m from 23EC-082; 3.35g/t gold over 8.50m (including 5.70g/t gold over 3.00m), and 2.24g/t gold over 7.50m from 23EC-079; and 5.49g/t gold over 3.50m from 23EC-078 (Table 1; Figure 1). The reported intercept from drill hole 23EC-082 of 17.62g/t gold over 3.50m is within 135m of surface and is completely open to surface and to the west, above the rest of the Hinge Target.
"We remain encouraged by the final set of results out of the Hinge Target from our 2023 exploration program, as they continue to demonstrate the growth potential at Eau Claire and will be incorporated in our upcoming updated mineral resource estimate," commented Tim Clark, CEO of Fury. "Notably, these results are near surface which easily opens the target for further expansion. With just five holes still pending from the Percival Prospect remaining, we look forward to reporting the final results from our 2023 drilling program in the coming weeks."
Table 1: Current Eau Claire Drill Results
| Hole ID | From | To | Length (m) | Au (g/t) | Te (g/t) | |
| 23EC-078 | 348 | 349 | 1.00 | 2.29 | 2.03 | |
| 354 | 355 | 1.00 | 4.26 | 3.60 | ||
| 371.5 | 375 | 3.50 | 5.49 | 7.01 | ||
| 399 | 400.5 | 1.50 | 1.57 | 1.79 | ||
| 457 | 459 | 2.00 | 2.47 | 4.51 | ||
| 580 | 582 | 2.00 | 3.09 | 4.14 | ||
| 650 | 651 | 1.00 | 3.78 | 34.18 | ||
| 697 | 706.5 | 9.50 | 1.88 | 3.01 | ||
| Incl. | 703.5 | 705 | 1.50 | 6.31 | 8.66 | |
| 23EC-079 | 271 | 279.5 | 8.50 | 3.35 | 5.71 | |
| Incl. | 275 | 278 | 3.00 | 5.70 | 10.70 | |
| 298 | 299.5 | 1.50 | 2.16 | 2.91 | ||
| 321 | 328.5 | 7.50 | 2.24 | 2.85 | ||
| 23EC-081 | 103.5 | 105 | 1.50 | 1.89 | 0.14 | |
| 142.5 | 143.5 | 1.00 | 2.83 | 4.39 | ||
| 166.5 | 169.5 | 3.00 | 1.34 | 2.06 | ||
| 219.5 | 221 | 1.50 | 1.41 | 5.00 | ||
| 23EC-082 | 172.5 | 174 | 1.50 | 4.56 | 5.02 | |
| 182.5 | 186 | 3.50 | 17.62 | 27.51 | ||
| Incl. | 182.5 | 184.5 | 2.00 | 29.80 | 46.53 | |
| 273 | 274.5 | 1.50 | 1.75 | 0.21 | ||
| 366.5 | 367 | 0.50 | 22.20 | 2.77 | ||
Main intervals - Au grade*thickness no less than 2 g/t*m with grade is no less than 1 g/t, maximum consecutive dilution 2m | ||||||
Western Hinge Target
Drilling in 2023 has confirmed that the Hinge Target is the direct westerly extension of the high-grade Eau Claire gold deposit extending the mineralized footprint by over 400m. Drilling to date has identified a series of discrete sub-vertical quartz tourmaline veins concentrated in two, 100m wide, structurally controlled corridors with vertical continuity now demonstrated over 400m. The Hinge Target remains open up dip, down dip and to the west (Figure 1). The 12,000m of drilling completed at the Hinge Target in 2023 were designed to tighten up the drill hole spacing to a nominal 60-80m for use in an updated independent mineral resource estimate, which is now underway.
"This latest round of drill results have clearly demonstrated that the Hinge Target connects with and will extend the defined Eau Claire gold resource. More importantly, we have intercepted high-grade gold over good widths near surface and the potential up dip continuation of the mineralization is a compelling target for Fury to pursue. Now that all of the 2023 results for the Hinge are finalized, the technical team is working hard on updating the mineral resource estimate," stated Bryan Atkinson, SVP of Exploration at Fury.
The Company is also pleased to announce that Fury will be participating in the upcoming BMO Global Metals & Mining Conference to be held in person from February 25th to February 28th, 2024. Tim Clark, CEO and Director, will be in attendance meeting with investors to discuss the Company's high-grade gold projects in Canada. The BMO Global Metals & Mining Conference connects mining companies with institutional funds, private equity groups, family offices and sector analysts. For more information on this conference visit https://capitalmarkets.bmo.com/en/industries/global-metals-mining/.
Figure 1: Eau Claire Resource Long Section Looking North showing the location of the reported drill intercepts and the overall scale potential of the Hinge Target.
Sampling and Assaying Disclosure
Analytical samples for the Drill Program were taken by sawing HQ diameter core into equal halves on site with one half sent to ALS Chemex in Val D'or, Quebec, Canada for preparation and analysis. All samples were assayed using a 50 g nominal weight fire assay with inductively coupled plasma - atomic emission spectrometry finish (Au-ICP22) and multi-element four acid digest ICP-AES/ICP-MS method (ME-MS61). Where Au-ICP22 results were greater than 0.5 ppm Au the assay was repeated with a 50 g nominal weight fire assay with atomic absorption finish (Au-AA24). Samples containing more than 10 ppm by Au-AA24 were re-assayed with 50 g nominal weight fire assay with gravimetric finish (Au-GRA22). 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 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 future work at the Hinge Target or Eau Claire areas will increase or upgrade the estimated 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 are the ticker symbols for Fury Gold Mines Limited?
Where is the Hinge Target located?
What were the highlights of the final results from the 2023 drilling program?
What upcoming event is Fury Gold Mines Limited participating in?
Who is the CEO of Fury Gold Mines Limited?
