Fury Gold Mines Identifies 3 Drill Targets at High-Grade Camp in Nunavut, Canada

Fury intends to grow its multi-million-ounce gold platform into an acquisition target for the anticipated consolidation of the gold space in Canada.

Vancouver, BC, November 5, 2024 – TheNewsWire – Global Stocks News – Sponsored content disseminated on behalf of Fury Gold Mines. On October 24, 2024, Fury Gold Mines (TSX:FURY) (NYSE American:FURY) announced the completion of the 2024 exploration program at Committee Bay, located in the eastern Kitikmeot region of Nunavut, Canada.

Fury Gold Mines is focused in two regions in politically-stable Canada: Quebec (1.16 M&I ounces @ 5.64 g/t gold) [1.] and Nunavut (524,000 Indicated ounces @ 7.85 g/t gold) [2.] The company owns 51 million shares of Dolly Varden Silver valued at approximately C$65 million, giving Fury an enterprise value of C$33 million. Owned by institutions (12%) and Newmont (6%), 

The Committee Bay property in Nunavut covers a 300-kilometre-long prospective greenstone belt hosting the high-grade Three Bluffs Gold Resource as well as numerous drilled and undrilled prospects.

Three targets are now drill ready:

• Three Bluffs Shear, where drilling in 2021 intercepted 13.93 g/t Au over 10 metres (m)
• Raven Shear where 7 rock samples have averaged 16.12 g/t gold; and
• Burro West where a 300 by 300 m discrete >90th percentile gold in till anomaly has been defined with a peak value of 50 ppb gold.

“Coming from Boston, I was able to be in and out of Committee Bay within a day,” Tim Clark, CEO of Fury Gold told Guy Bennett, CEO of Global Stocks News (GSN). “The final leg of the trip is a quick one-hour flight north from Baker Lake, a truly beautiful area with stunning landscapes.”

“As we were flying over the tundra this summer, I overheard the pilot say, ‘I’m glad we’re going to Committee Bay, you have the best camp in the whole area. The location and crew are excellent, and the infrastructure is impressive.’”

“Investors need to understand the scale of the Committee Bay project and the infrastructure that is already in place on the property,” continued Clark. “There is a hanger full of major equipment, three Fury-owned drill rigs, a heated drill water system, a 100-person camp, and reserves of fuel on site. It appears that the previous operators were setting up a development company in Nunavut, not an exploration company.”

“Our goal is to continue to advance our targeting to show the considerable potential for new discoveries on the property,” stated Clark in the October 24, 2024 press release. “During my recent site visit, I was struck not only by the vast scale and geological potential of the property but also by the impressive infrastructure already in place, the result of over C$160 million in prior investment by previous operators.”

“We are looking at various opportunities to further advance the Committee Bay project as we believe it has the potential to host a major gold discovery in Nunavut with significant upside potential for investors.”

“We have a high-grade gold resource with Three Bluffs that remains open for expansion,” stated Bryan Atkinson, SVP Exploration for Fury. “There are a multitude of unsourced gold in till anomalies ripe for follow-up work. The scale and the overall potential of Committee Bay make it an explorer’s dream.”

Above: Plan view of the Three Bluffs gold deposit illustrating the newly identified mineralized shear zone in orange in relation to the mineralized banded iron formation in blue. 

Above: High-grade gold rock sampling results from the Raven Prospect. Mineralization has been defined along a 1.4 km footprint. Limited outcrop sampling along the undrilled southern boundary of the shear zone has averaged 16.12 g/t Au from 7 samples.

Above: Plan View map showing the results from the 2024 Infill Till Sampling program at Burro West. A large coherent gold in till anomaly associated with a sheared contact between mafic volcanic and ultramafic lithologies. The southwest portion of the grid remains open for additional follow-up.

“One could argue that Committee Bay is a substantial enough land package that it could stand alone as its own company,” Clark told GSN. “However, our multiple assets and strong financial position allow for greater efficiencies.”

“In a bull market, you want to take big swings on high-grade assets in good mining jurisdictions,” added Clark. “The project in Nunavut ticks all the boxes.”

Nunavut’s industrial gross domestic product (GDP) grew 3.4% in 2023, the best GDP growth in Canada. 

“Mining's share of Nunavut's GDP continues to expand,” reported the Northern News Service (NNSL) “reaching a record high 46.7% in 2023, up significantly from 28.5% in 2019. That represented $1.37 billion for the economy last year, a slight increase from $1.33 billion in 2022.”

There are numerous mines operating in Nunavut, including Agnico Eagle’s Meliadine Mine that has gold reserves of 3.46 million ounces. 2024 production guidance is 370,000 ounces at a projected cash cost of $960/ounce of gold.

On September 15, 2024 Tim Clark spoke with Crux Investor about the junior gold space and Fury’s portfolio of projects in mining-friendly Canadian jurisdictions, 

“I'm a capital markets guy,” Clark told Crux Investor. “We like raising flow-through money. If we raise money for C$1, we're getting about C$1.60, because of Canadian tax benefits. That leaves hard dollars to pay for other things, like exploring, drilling or buying assets. I am sensitive to diluting the company. Flow-through shares is one way to minimize that.”

“Typically, you incur about US$100/ounce in exploration costs to find gold,” continued Clark. “We're executing our programs for US$40/ounce. Our current market cap and resources indicate that our gold-in-the-ground is valued at about C$5.75/ounce.”

Key Fury milestones under Tim Clark’s tenure:

October 24, 2024: Fury Completes 2024 Exploration Program at Committee Bay; Defines 3 Drill Ready Shear Zone Hosted Targets
October 7, 2024: Fury Samples High-Grade Lithium from Outcrop at Éléonore South
September 9, 2024: Fury Intercepts 12.16 g/t Gold Over 3 Metres at Serendipity
June 28, 2024: NI 43-101 Technical Report for Increased Mineral Resource Estimate at Eau Claire
June 13, 2024: Fury Announces Closing of C$5 Million Financing
June 4, 2024: Fury Drills 137.5 Metres of 0.44 g/t Gold at Éléonore South
May 14, 2024: Mineral Resources at Eau Claire, Increasing Measured and Indicated Gold Ounces By 36%, And Inferred Gold Ounces by 45%
March 20, 2024: Drills to begin turning in April at Éléonore South
March 14, 2024: Sale of 5.45 million DV Silver shares to institutions
March 1, 2024: Consolidation of Éléonore South Gold Project
January 17, 2024: 31.77 g/t gold & 8.07g/t Tellurium over 3.5m at Hinge Target
November 6, 2023: Fury Intercepts up to 279 g/t Gold over 1.5m at Percival Main
September 5, 2023: Appointment of Isabelle Cadieux as Board Director
March 23, 2023: Closing of CND $8.75 Million Financing
February 22, 2023: Appointment of Brian Christie as Board Director
December 21, 2022: Fury Drills 13.5 Metres of 8.05 g/t Gold at Percival
August 8, 2022: Fury and Newmont Take Control of Éléonore South
August 3, 2022: Discovery of Multiple High-Grade Gold at Eau Claire
April 19, 2022: Completion of CND $11 Million Private Placement
December 6, 2021: Sale of Homestake Ridge for $50 million

“Committee Bay is an advanced project for a major mining company,” Clark told GSN. “The majors want big pieces of metal rich property in stable mining jurisdictions, and that’s what we have.”

Fury’s Eau Claire project in Quebec contains a combined mineral resource of 1.16Moz gold (Au) at a grade of 5.64 g/t gold in the Measured & Indicated category as well as an additional 723koz gold at a grade of 4.13 g/t gold in the Inferred Category.

The Maiden Mineral Resource Estimate at the Percival deposit, 14 kilometers to the east of the Eau Claire deposit, contains 211koz Au in the inferred category at a grade of 2.34 g/t Au.

Bryan Atkinson, P.Geol, Senior Vice President Exploration 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.

References:

1. See Eau Claire NI43-101 report “Mineral Resource Estimate Update for the Eau Claire Project, Eeyou Istchee James Bay Region of Quebec, Canada” dated June 25, 2024 filed under Fury’s profile on SEDAR+. Cut-off grade 0.50 g/t Au open pit and 2.50 g/t Au underground.
2. See Committee Bay NI43-101 report “Technical Report On The Committee Bay Project, Nunavut Territory, Canada” dated September 11, 2023 filed under Fury’s profile on SEDAR+. Cut-off grade 3.0 g/t Au open pit and 4.0 g/t Au underground.

Contact: guy.bennett@globalstocksnews.com

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