Fury Mobilizes Drill to the Serendipity Prospect at Eau Claire
Fury Gold Mines has mobilized a drill to its Serendipity Prospect located in the Eau Claire project in Quebec. The Serendipity Prospect, which is geologically similar to Fury's Percival deposit, features 10 robust geochemical targets with gold values up to 150 times above background levels. Historical drilling in the vicinity showed promising gold values, including 7.9 meters at 1.23 g/t gold and 12.1 meters at 1.38 g/t gold. However, these historical drills are over 800 meters from Fury's current targets, where anomalies are twice as strong.
The company plans to conduct 3,500 meters of diamond drilling on three targets at Serendipity. Additionally, a biogeochemical survey will be launched to identify new targets at the Éléonore South property. According to Bryan Atkinson, SVP Exploration, the anomalies they are targeting are twice as strong as those discovered in historical drilling.
Fury's technical team has refined their targeting strategy based on pathfinder elements like Arsenic, Bismuth, and Tungsten, which are key indicators of gold mineralization in the region. The team aims to test geochemical anomalies across 2 km of the strike length along the Hashimoto Deformation Zone.
- Mobilization of a drill to the Serendipity Prospect.
- Identification of 10 robust geochemical targets with gold values up to 150 times above background levels.
- 3,500 meters of planned diamond drilling to test three high-priority targets.
- A follow-up biogeochemical survey to identify new targets at the Éléonore South property.
- Historical drilling in the wider area showed promising gold values, suggesting high potential at Serendipity.
- Historical drilling results are over 800 meters away from current targets, indicating a degree of geological uncertainty.
Insights
Fury Gold Mines Limited's mobilization of a drill to the Serendipity Prospect is a significant step in their exploration activities. The prospect lies within a highly prospective geological setting, enhancing its potential for high-yield results. This mobilization is particularly noteworthy because the geochemical targets show up to 150 times background gold values. If the drilling results meet or exceed historical data, this could significantly increase the company's gold reserves and, subsequently, its valuation.
In the short-term, the news might not immediately affect Fury's stock price as investors generally wait for concrete drilling results. However, in the long-term, this could prove beneficial if the drilling confirms high-grade gold deposits. This exploration might act as a catalyst for future growth, possibly leading to a higher stock price once positive results are confirmed.
Investors should also consider the potential risks such as the volatility of gold prices and the inherent uncertainties in exploration activities. While preliminary data looks promising, actual outcomes can vary.
This move to drill at the Serendipity Prospect is particularly exciting from a geological perspective. The prospect is situated within the Hashimoto Deformation Zone, which is known to be a control on gold mineralization. The presence of pathfinder elements like Arsenic, Bismuth and Tungsten further supports the potential for significant gold deposits.
The historical data, which includes intercepts of 7.9 meters at 1.23 g/t gold and 12.1 meters at 1.38 g/t gold, indicates that the area has notable mineralization. The fact that the geochemical anomalies targeted by Fury are twice as strong as those in historical drilling areas adds an extra layer of optimism.
However, it’s essential to remain cautious. Drilling results can sometimes be unpredictable and the true potential of the area will only be confirmed after extensive drilling and analysis.
VANCOUVER, BC / ACCESSWIRE / June 19, 2024 / Fury Gold Mines Limited (TSX:FURY)(NYSE American:FURY) ("Fury" or the "Company") announces that a drill has been mobilized to the greenfield Serendipity Prospect on its wholly owned Eau Claire project in the Eeyou Istchee Territory in the James Bay region of Quebec. The Serendipity Prospect lies within the same prospective geological setting as the Company's Percival deposit. The Serendipity Prospect is defined by 10 robust geochemical targets with up to 150 times background gold values proximal to the regional scale Hashimoto Deformation Zone (Figure 1). Limited historical drilling near Serendipity intercepted 7.9 metres (m) of 1.23 g/t gold; 12.1 m of 1.38 g/t gold and 1.5 m of 4.27 g/t gold, however, this historical drilling is over 800 m from the targets defined by Fury in an area where the geochemical anomalies are half of the values being targeted (Figure 2). The Company intends to drill test three targets at Serendipity with approximately 3,500 m of diamond drilling.
"We are thrilled to announce this summer's drilling program which will focus on new discovery at our greenfields Serendipity Prospect as well as a follow up biogeochemical survey to bring new targets forward at the Éléonore Mine style anomaly on our Éléonore South property," commented Tim Clark, CEO of Fury. "Neither of these targets has ever been drilled, but both areas have been identified as highly prospective and could be significant catalysts for Fury."
Serendipity Prospect
The Serendipity Prospect is situated 16 kilometres (km) northeast of the Eau Claire Deposit and 6.5 km north northeast of the Percival Deposit along the Hashimoto Deformation Zone which is related to the Cannard Deformation Zone, one of the primary controls on gold mineralization within the region. The planned 2024 drilling will test geochemical anomalies associated with prospective folded stratigraphy across approximately 2 km of strike length.
Fury's technical team has gained a better understanding of the combination of pathfinder elements and structural controls on the gold mineralization along the Percival to Serendipity trend. Broad low-grade gold mineralization occurs along well-defined structural splays sub-parallel to the regional Cannard and Hashimoto Deformation Zones. Certain elemental associations, most notably Arsenic, Bismuth, and Tungsten, are proving to be important pathfinders for the gold mineralization. Higher-grade gold within the broader corridor is controlled by secondary shearing and is identified by the high degree of silicification. With this knowledge, the team has refined their targeting along the Percival to Serendipity Horizon identifying ten priority targets for 2024. These identified targets lie within the same stratigraphic package as Percival Main and have undergone varying degrees of deformation. The proximity of the main Cannard and Hashimoto Deformation Zones varies from one target to the other and could have a significant impact on the gold mineralization. Fury believes the varying degrees of deformation are an important control on both gold mineralization and the potential preservation of a sizeable mineralized body.
"We are excited to get drills turning on our first internally developed greenfields prospect as we strive to continue to build upon the gold inventory through new discoveries at Eau Claire. Historical drilling in the area intercepted some interesting gold values over width, what really intrigues us is the fact that the anomalies we are targeting are 2x stronger than those over the historical drilling," stated Bryan Atkinson, SVP Exploration of Fury.
Sampling and Assaying Disclosure
Historical Serendipity Diamond Drilling
Analytical samples were taken by sawing NQ diameter core into equal halves on site with one half being sent to ALS Chemex in Val D'or, QC for preparation and analysis. All samples were assayed using a 50g nominal weight fire assay with atomic absorption finish (Au-AA24) and multi-element four acid digest ICP-AES/ICP-MS method (ME-MS61). Where Au-AA24 results were greater than 5 ppm Au the assay was repeated with 50g 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.
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 Canadian-focused exploration company positioned in two prolific mining regions across the country and holds a 54 million common share position in Dolly Varden Silver Corp. (
Neither the TSX nor its Regulations Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this news release.
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 Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities laws. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as "believes", "anticipates", "expects", "is expected", "scheduled", "estimates", "pending", "intends", "plans", "forecasts", "targets", or "hopes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "will", "should" "might", "will be taken", or "occur" and similar expressions) are not statements of historical fact and may be forward-looking statements.
Specific forward-looking information contained in this release primarily relates to statements that suggest that future work at Eau Claire will potentially increase or upgrade the estimated gold resources. Although Fury has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information including the speculative nature of mineral exploration and development, fluctuating commodity prices, the future tax treatment of the FT Shares, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedarplus.ca.
There may also be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Fury does not undertake to update any forward-looking information except in accordance with applicable securities laws.
SOURCE: Fury Gold Mines Limited
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FAQ
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