Fury Gold Mines Limited (TSE:FURY) (NYSEAMERICAN:FURY) (FRA:AUN1) is getting set to drill at its Eau Claire project in Quebec in a program designed to expand the deposit and test several new target areas.
The company is planning to drill up to 50,000 metres (m) on the property, with up to 12,000m earmarked for a one-kilometre down plunge extension that could significantly expand the deposit, the company said Thursday.
In addition, drilling will focus on several highly prospective, untested targets along the seven-kilometre deposit trend, where historical drilling revealed intercepts such as 1m at 12.6 grams per ton (g/t) gold, Fury told shareholders.
READ: Fury Gold Mines appoints former Goldcorp and Deloitte veteran Lynsey Sherry as chief financial officer
A drill rig is on schedule to start next week, according to Fury, and will focus on the existing deposit. A second rig will start two weeks later to start step-out exploration.
Fury CEO Mike Timmins told shareholders the Vancouver- and Toronto-based firm was excited to start the substantial program, adding that its “comprehensive geological approach” should demonstrate the considerable growth potential at Eau Claire.
"Our first look at targeting supports our thesis that the Eau Claire project presents a much better opportunity than previously identified,” Timmins said in a statement.
“The high-quality resource is open in all directions and benefits from increasing grade at depth. Our targeting continues to evolve and has already identified significant areas for resource expansion around the deposit and along the multi-kilometer, underexplored trend of gold-bearing structures, where we are identifying repeating target patterns.”
Fury added that the potential for high-grade gold mineralization to continue down plunge is “strongly supported” by induced polarization (IP) chargeability data that showed intersection of primary and secondary shear zones about 600 to 800 metres east of limits of drilling at the deposit.
Ongoing IP survey
The group’s senior vice president of exploration Michael Henrichsen told investors that the technical team is pleased with the results of the ongoing gradient array IP survey.
“The chargeability data is providing us with clear targets to significantly expand the deposit as we prepare to embark on an aggressive exploration drill program,” Henrichsen said.
“We are also excited to complete this IP program and continue to develop high-quality targets across the seven-kilometre deposit trend that have similar structural geometries as the Eau Claire deposit."
Fury owns a 100% interest in Eau Claire, which hosts one of five known deposits in the Eeyou-Istchee/James Bay region of Quebec.
Contact Angela at firstname.lastname@example.org
Follow her on Twitter @AHarmantas