The company will conduct 50,000 metres of drilling, consisting of 25,000 metres of infill drilling on the southeast margin of the existing Inferred resource (currently defined by 200,000 ounces at 12.2 grams per tonne gold) and includes about 10,000 metres to 12,000 metres (m) of exploration drilling, which will test a one-kilometre down plunge extension of the Eau Claire deposit with the goal of significantly expanding the deposit footprint.
Fury Gold Mines CEO Mike Timmins said in a statement, "This is an exciting time for Fury shareholders as we set out on a major drill program at Eau Claire - a project we feel has been largely underexplored. Our targeting efforts continue to reveal potential, both at the deposit and along the continuation of the Eau Claire structure to the east and at depth. Our technical team has done an incredible job positioning us for drilling within the first month of the company's formation.”
He added, "This milestone also marks the beginning of Fury's campaign of exploration and expansion drilling across our three gold projects over the next 18 months. A campaign we believe will demonstrate the growth potential of our portfolio of high-quality assets and create the opportunity for major catalysts to drive performance per share."
READ: Fury Gold Mines aiming to aggressively grow resources in three prolific mining regions of Canada
Exploration drilling is set to start in the third week of November with a second rig, while the infill drilling is designed to add ounces between defined resource blocks, as well as upgrade the resource category from Inferred to Indicated.
Fury Gold Mines began trading on the TSX on October 13, 2020, following the completion of a deal that saw junior Auryn Resources reorganize, spin out its Peruvian assets and acquire Eastmain Resources.
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