The company said the current phase of the drill program, which involves approximately 12,000 metres of drilling, is designed to test a one-kilometre (km) down plunge extension of the Eau Claire deposit with the goal of significantly expanding the existing resource.
READ: Fury Gold Mines aiming to aggressively grow resources in three prolific mining regions of Canada
Fury Gold Mines CEO Mike Timmins said in a statement: "We are continually identifying additional targets at the Eau Claire project, revealing increased potential along the deposit trend as our technical team refines these opportunities. The infill drill program has progressed to hole three, following encouraging performance and observations made on the first two holes.
"We look forward to receiving assay results, which are expected in the New Year. The next few quarters will be very exciting for shareholders as we anticipate steady exploration results, demonstrate the potential of the Eau Claire asset package and convert on our initial growth strategies for Fury."
He added: "Further updates on our Homestake Ridge targeting and Committee Bay exploration programs will follow in the coming months as we plan for a considerable year of large-scale exploration and development."
Fury Gold Mines noted that its “ major advancement” in the targeting effort shows magnetic gradients imaging major structural breaks where there are numerous occurrences of surface gold mineralization.
The company pointed out that one significant target it is advancing to drill stage is at the intersection of the mineralized Eau Claire deposit and the South Tonalite structures, which occurs between approximately 300 and 500 metres in depth and has not yet been drilled. Grab samples collected from the South Tonalite structures included assays as rich as 7.8 grams per tonne gold.
Fury said its technical team is advancing toward defining the potential plunge directions and high-grade target areas of the observed structural intersections.
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.
Contact Sean at firstname.lastname@example.org