Fury Intercepts 31.77 g/t gold and 8.07 g/t Tellurium over 3.5 metres at the Hinge Target
- None.
- None.
Insights
The drilling results from Fury Gold Mines Limited at the Hinge Target demonstrate significant gold mineralization, which is a key factor in assessing the viability and potential profitability of the Eau Claire project. The presence of multiple stacked zones of gold-mineralized quartz tourmaline veins indicates a robust mineralized system. The reported high-grade intersections, such as 31.77g/t gold over 3.50 meters, are noteworthy as they suggest the potential for high-yield ore bodies.
From a geological perspective, the continuity and extension of the mineralized footprint by over 400 meters is a positive indicator for the overall resource estimate. The sub-vertical orientation and vertical continuity of the veins over 300 meters could imply a complex geological setting that requires detailed modeling. The open nature of the veins both to the west and up and down dip suggests room for further exploration and possible resource expansion.
For investors, the drilling update from Fury Gold Mines is a critical piece of information. The reported high-grade gold intercepts can have a direct impact on the company's stock valuation, as they are indicative of the quality and quantity of the resource base. The market often reacts positively to such announcements, especially when there is potential for an increase in the estimated resources.
It is important to note that the company is still awaiting results from additional drill holes, which could further influence the resource estimate and investor sentiment. The market will also be looking at the cost implications of mining these high-grade zones and whether the company's infrastructure and processing capabilities are sufficient to handle the potentially increased output.
The financial implications of the drilling results for Fury Gold Mines and its stakeholders are multifaceted. The discovery of high-grade gold zones typically leads to a revaluation of the asset, which could attract further investment and partnerships. However, the cost of further exploration, potential mine development and the volatility of gold prices must be considered.
Investors will be keen on the upcoming mineral resource update, as it will provide a more concrete basis for evaluating the company's asset value and future cash flow projections. The timing of the resource update release, expected at the end of Q1 or early Q2, is also crucial as it may affect the company's stock performance in the short term.
VANCOUVER, BC / ACCESSWIRE / January 17, 2024 / Fury Gold Mines Limited (TSX:FURY)(NYSE American:FURY) ("Fury" or the "Company") is pleased to provide the fourth set of results from the 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 continues to produce multiple stacked zones of gold-mineralized quartz tourmaline veins. Highlights from the seven drill holes include 31.77g/t gold over 3.50 metres(m) from 23EC-077; 65.30g/t gold over 0.50m and 14.25 g/t gold over 1.00m from 23EC-074; 2.56g/t gold over 7.50m from 23EC-068; and 3.41g/t gold over 6.50m and 5.00g/t gold over 3.50m from 23EC-075 (Table 1; Figure 1). The 2023 Hinge Target drilling has increased confidence in the geological model and potential for expansion of the Eau Claire resource to the west. Results from an additional five drill holes are still pending for the Hinge Target.
"Recent results out of the Hinge Target continue to remain impactful to the overall resource at Eau Claire," commented Tim Clark, CEO of Fury. "Going forward, we're excited for results from the remaining five holes at the Hinge Target and five holes at the Percival Prospect. Once the final results have been received and processed, we will be able to include them in the Eau Claire mineral resource update which is expected to be released at the end of Q1 or early Q2."
Table 1: Current Eau Claire Drill Results
Hole ID | From | To | Length (m) | Au (g/t) | Te (g/t) | |
23EC-068 | 9 | 10 | 1.00 | 2.17 | 0.03 | |
327.5 | 329.5 | 2.00 | 2.56 | 6.09 | ||
381 | 382.5 | 1.50 | 3.95 | 1.45 | ||
387 | 392 | 5.00 | 2.62 | 3.21 | ||
Incl. | 389.5 | 391 | 1.50 | 4.83 | 4.97 | |
401.5 | 405 | 3.50 | 1.12 | 1.76 | ||
408 | 415.5 | 7.50 | 1.32 | 2.33 | ||
435 | 442.5 | 7.50 | 2.56 | 3.58 | ||
Incl. | 441 | 442.5 | 1.50 | 4.83 | 6.20 | |
445.5 | 451.5 | 6.00 | 1.20 | 1.30 | ||
23EC-072 | 111 | 112.5 | 1.50 | 1.55 | 0.30 | |
231.5 | 233 | 1.50 | 3.79 | 0.39 | ||
279 | 280.5 | 1.50 | 3.80 | 3.19 | ||
495 | 497 | 2.00 | 4.13 | 6.82 | ||
23EC-073 | 196.5 | 199 | 2.50 | 2.26 | 4.02 | |
214.5 | 218.5 | 4.00 | 3.83 | 5.48 | ||
Incl. | 217.5 | 218.5 | 1.00 | 11.60 | 18.85 | |
248.5 | 250 | 1.50 | 8.30 | 12.95 | ||
23EC-074 | 381 | 382 | 1.00 | 2.65 | 3.44 | |
425 | 426.5 | 1.50 | 1.55 | 2.23 | ||
439.5 | 440.5 | 1.00 | 2.53 | 9.09 | ||
474.5 | 475.5 | 1.00 | 5.88 | 11.05 | ||
482 | 483.5 | 1.50 | 1.34 | 2.46 | ||
486 | 486.5 | 0.50 | 65.30 | 106.50 | ||
522 | 523 | 1.00 | 14.25 | 28.80 | ||
23EC-075 | 346 | 346.5 | 0.50 | 9.29 | 15.60 | |
352.5 | 354 | 1.50 | 6.49 | 0.34 | ||
379 | 380 | 1.00 | 2.48 | 3.72 | ||
392 | 393 | 1.00 | 2.77 | 0.63 | ||
419 | 422 | 3.00 | 3.83 | 4.80 | ||
Incl. | 421 | 422 | 1.00 | 8.94 | 11.40 | |
444 | 446 | 2.00 | 3.59 | 4.48 | ||
454.5 | 457.5 | 3.00 | 1.88 | 1.71 | ||
468 | 469.5 | 1.50 | 2.60 | 3.76 | ||
478 | 483 | 5.00 | 2.37 | 4.06 | ||
487.5 | 494 | 6.50 | 3.41 | 10.34 | ||
588.5 | 589.5 | 1.00 | 7.73 | 13.50 | ||
592.5 | 596 | 3.50 | 5.00 | 8.90 | ||
Incl. | 592.5 | 593.5 | 1.00 | 15.15 | 25.80 | |
643 | 646 | 3.00 | 2.04 | 2.52 | ||
655 | 659 | 4.00 | 1.81 | 3.22 | ||
664 | 667 | 3.00 | 1.17 | 2.59 | ||
23EC-076 | 225 | 226.5 | 1.50 | 1.45 | 0.34 | |
260 | 263.5 | 3.50 | 1.64 | 3.23 | ||
290 | 292.5 | 2.50 | 3.45 | 5.16 | ||
295.5 | 300 | 4.50 | 2.84 | 5.45 | ||
23EC-077 | 271.5 | 273 | 1.50 | 1.53 | 2.05 | |
290 | 293.5 | 3.50 | 31.77 | 8.07 | ||
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 Sub-intervals - Au grade*thickness no less than 7 g/t*m with grade is no less than 3.5 g/t, maximum consecutive dilution 2m Downhole thickness was used due to the unknown zone orientations | ||||||
Western Hinge Target
The Hinge Target is immediately adjacent and contiguous to the western edge of the high-grade Eau Claire gold deposit extending the mineralized footprint by over 400m. Drilling to date has identified nineteen discrete sub-vertical quartz tourmaline veins concentrated in two 100m wide corridors. Vertical continuity of the veining within the Hinge Target has been demonstrated over 300m through drilling. The Hinge veins remain open both to the west and up and down dip (Figure 1). These drill holes are part of a series of infill drill holes designed to tighten up the drill hole spacing within the Hinge Target to a nominal 60-80m. The continued interceptions of stacked mineralized veins through these new holes exhibit the overall continuity and robustness of the mineralized system within the Hinge Target.
"The consistent and predictable nature of the gold mineralization within the Hinge Target is extremely encouraging as we move towards the inclusion of the Hinge Target in an overall resource update for the Eau Claire project. Fury's technical team is looking forward to receiving the final results from the 2023 Hinge drilling program in the coming weeks," stated Bryan Atkinson, SVP of Exploration at Fury.
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 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 highlights of the 2023 drilling program at the Hinge Target for Fury Gold Mines Limited?
What is the CEO's outlook on the potential for expansion of the Eau Claire resource?
When are the results expected to be included in the Eau Claire mineral resource update?
