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Fury Gold Mines sees a “very active and exciting” 2021 as it drills to add ounces at its three promising assets

The explorer said it plans to drill 80,000m over the next 18 months

Fury Gold Mines - Fury Gold Mines sees a “very active and exciting” 2021 as it continues to drill to add ounces at its three promising assets
Ivan Bebek, who is the chair of Fury, said shareholders can 'look forward to constant drill results and being well-positioned for growth as we enter a robust bull market in gold'

Fury Gold Mines Limited (TSE:FURY) (NYSEAMERICAN:FURY) (FRA:AUN1) said on Wednesday that its 50,000-metre drill program at Eau Claire in the James Bay region of Quebec aims to "significantly expand" the current resource base and realize the potential of the Eau Claire deposit. 

While outlining exploration plans for 2021, the explorer said the infill program is focused on upgrading the easternmost area of the resource at depth, while the exploration drill program will focus on testing a 1 kilometre (km) down plunge extension of the Eau Claire deposit as well as drilling untested targets within the 7km deposit trend with the aim of identifying new discoveries.

A total of 3,646m in six holes has been drilled to date and results from the first set of infill drill holes and the first 600m of the step-out hole, 20EC-006, are expected in the coming weeks, said the company.

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

"2020 was an eventful year for the company as we launched and immediately began to redefine the Eau Claire project and reveal further potential in the James Bay Gold Camp," Fury Gold CEO Mike Timmins said in a statement.

"With drills turning and our first set of assays pending, we are anticipating a very active and exciting year as we continue drilling to add ounces and discover new areas of high-grade mineralization both at depth and at surface along the deposit trend.

"We will continue to apply our systematic exploration approach as we advance our entire project portfolio in 2021 and position our shareholders to also benefit from the large-scale exploration programs planned later in the year at Homestake Ridge and Committee Bay."

The newly established explorer is strategically focused on three prolific mining regions in Canada — James Bay (Quebec), the Golden Triangle (British Columbia) and the Kitikmeot Region (Nunavut) — to advance its multi-million-ounce gold platform. Here is the firm’s 2021 exploration roadmap:

  • Expansion at the Eau Claire 50,000m drill program in Quebec is well underway;
  • At the Homestake Ridge, in British Columbia, the firm plans a 20,000m conversion and exploration drilling program for the summer of 2021;
  • At Committee Bay, Nunavut, a minimum 10,000m program is planned to expand the Three Bluffs deposit and drill test several exciting new targets for summer of 2021; and
  • At the Éléonore South JV (ESJV) in Quebec, there’s a proposed surface exploration campaign followed by drill testing between 3,000m and 5,000m at two undrilled target areas in Q4 2021.

"Fury has come together in a compressed time period during COVID and has been able to execute on all fronts, which is a testament to the quality of the management and technical teams," said Ivan Bebek, who is the chair of Fury.

"The company has a unique opportunity to grow high-grade gold deposits and make world-class discoveries. Shareholders can look forward to constant drill results and being well-positioned for growth as we enter a robust bull market in gold."

Fury Mines said it had a “growing million multi-ounce high-grade gold resource base positioned across three assets” and it plans to drill 80,000m over the next 18 months.

“Aggressive exploration along the Eau Claire deposit trend and broader asset package to potentially support a long-term 150koz-200koz per year mining scenario in Quebec,” said the company.

Similarly, renewed exploration on the Éléonore South Joint Venture to demonstrate the potential of the James Bay Gold Camp, while the firm said it planned “an aggressive exploration” at the Homestake Ridge project to expand the resource and convert 15% of the Homestake Silver resource from inferred to the indicated category.

Significantly, the company said it had a “strong treasury to support 2021 activities.”

Contact the author Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive

Quick facts: Fury Gold Mines

Price: 1.55 CAD

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