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Fury Gold Mines eyeing drilling at large new gold targets on the Éléonore South joint venture next summer

The ESJV in Quebec was formed in 2008 and Fury is the operator on behalf of its partners. It holds a 36.72% stake, while Azimut Exploration holds 26.57%

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The land package spans 282 claims across 14,700 hectares. It lies 12km to the south of Newmont's Éléonore mine and to the west and south of Sirios Resources' Cheechoo gold deposit

Fury Gold Mines Limited (TSE:FURY) (NYSEAMERICAN:FURY) (FRA:AUN1) told investors it has identified two significant gold-in-till targets at the Éléonore South joint venture (ESJV), which it aims to advance towards drilling in the summer of next year. 

The ESJV in Quebec was formed in 2008 and Fury is the operator on behalf of its partners. It holds a 36.72% stake, while Azimut Exploration holds 26.57%. 

READ: Fury Gold Mines begins exploration phase of its Eau Claire drill program in Quebec 

Les Mines Opinaca Ltée, which is a wholly-owned subsidiary of Newmont, holds 36.71% of the venture.

Michael Henrichsen,  Fury's senior vice-president of exploration, highlighted in a statement the "high-quality historical data sets" that exist for the property, which the company will use to plan and to advance targets to drill stage.

"The known gold mineralization at the Moni and JT zones demonstrates bulk tonnage potential, which we feel underpins the value of the property; however, the opportunity to explore for undiscovered high-grade mineralization, similar to that found at the Éléonore mine, excites our technical group," he said.

The land package of the venture spans 282 claims across 14,700 hectares. It lies 12 kilometers (km) to the south of Newmont Corp's Éléonore mine and to the west and south of Sirios Resources Inc's Cheechoo gold deposit.

The majority of past exploration has focused on the extension of the Cheechoo deposit via around 27,000 metres (m) of drilling in 172 drill holes, covering only a small fraction of the property at the Moni and JT zones.  Notable intercepts have previously included 6m of 49.50 grams per ton (g/t) gold, which included 1m of 294 g/t of the yellow metal.

Fury is now working with partners to finalize a 2021 exploration program, with initial talks focused on advancing existing target areas as well as deriving new targets.

Chief executive Mike Timmins told investors: "We are looking forward to a very busy 2021 with drill results from Eau Claire expected to be released throughout the year, starting early in the first quarter.

"In addition to advancing these new targets on the ESJV, we will begin programs at Homestake Ridge in British Columbia and Committee Bay in Nunavut, which will offer more opportunities for resource growth and potential new discoveries."

Contact the author at giles@proactiveinvestors.com

Quick facts: Fury Gold Mines

Price: 1.55 CAD

TSX:FURY
Market: TSX
Market Cap: $182.51 m
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