General Precious Metals
Fury Gold (TSX: FURY)(NYSE: FURY) CEO Tim Clark and Senior VPE Bryan Atkinson on the Perfect Stock for Gold & Silver Exposure
Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me today is the CEO of Fury Gold Mines, Mr. Tim Clark, and the Senior Vice President of Exploration, also of Fury Gold Mines, Mr. Bryan Atkinson. Gentlemen, how are y'all today?
Bryan Atkinson: We're doing great.
Tim Clark: We're doing great. How are you doing?
Gerardo Del Real: I'm well. I'm well. I'm excited to have y'all on. Listen, as we speak, we have gold and silver looking to break out in a pretty substantial manner. Gold's at $2,050 an ounce, silver just reached the $25 level. The dollar index seems to be breaking down. It's below 103. It hasn't been that way in quite some time. And that coincides with Fury Gold hitting and finding, we talked a bit off-air, pretty much everything Fury's looking for right now. Can we talk about the recent results, gentlemen?
Tim Clark: Sure. I think Bryan is the guy to talk to right now.
Bryan Atkinson: Yeah, definitely. Yeah, thanks for that. We've been building out this Hinge target, which is immediately adjacent to our high-grade Eau Claire resource for the last two years, and we've defined this 400 meter by 300 meter zone of mineralization, and it's nice and consistent, it's predictable, it's helping us as we move into the resource modeling stage. We're going to be building a lot of ounces out that way, so it's good. Big zones, high grades, 20 plus grams, and over a meter or two, and some other zones in there. It's quite exciting moving forward. We made some big steps on what is essentially a historic resource that's been around for 10 plus years, and making some big strides and making it bigger.
Gerardo Del Real: Y'all have completed roughly 19,000 meters. You have, I believe, 16 more drill holes that you're waiting on assays from. Can you provide me just an overview, a recap of the success this year? Because it's one thing to drill 19,000 meters, and we know there were challenges with the fires this summer, but you also came in under budget. You don't see that too very often with miners or junior explorers anywhere in the space. It's typically the other way around, especially when you have logistical challenges like you did this summer.
Bryan Atkinson: Yeah, it was definitely a challenging year out there. Our Quebec team did a fantastic job getting through it and striving through it. We were talking just a month ago, we thought we'd be drilling into December to get to the meters and being close to the budget. And now to come in, we planned 15,000 meters, we accomplished 19,000, and we came in $1 million under budget on that plan, it's fantastic. And we've got a really dedicated team out there that delivered for us this year.
Tim Clark: I just wanted to jump in and say how unusual that is for a junior. And we looked back, we were going to take more of a raise last February, but we decided to take less and try and keep the dilution low for investors, and we ended up getting a lot more than we thought. So it's all worked out, and I got to give the crew a lot of credit. And on top of that, they're finding gold. And they're not just finding gold at Eau Claire, which we knew was there, but we've had some nice drill holes out at Percival, one of which we released just about two weeks ago, 279 grams at a meter and a half. It was four times better than what we had this time last year in Percival that sent the stock price up 100%.
And I don't want investors to miss that because this is the stuff that these geologists go crazy for internally. It's what we were hoping to get, and we got it. And we've been basically getting everything we've wanted, and we're really well positioned. We've got a little over $8 million in the treasury right now, not including what we have with Dolly Varden, and that's 59.5 million shares at... I don't know what their price is today, but that's over $50 million in equity approximately, and our market cap is still under $70 million.
Gerardo Del Real: Well, I think that's an important point to make, the Dolly Varden Holdings, because I think Dolly is a prime takeout target. It's trading at 90 cents today. You mentioned the amount of shares that you hold, and I think for people out there that are looking for a quality management team that clearly has the geology down, and they're looking for gold exposure with a pretty, pretty substantial leverage to the silver price as well, you get both with Fury. I think that's a unique proposition in the junior space. And again, I have to commend the team for coming in under budget because you just don't really see that very often in our space.
Tim, anything to add to that? Now, I'll touch base here in a second, Bryan, in case you have anything to add on your end of things.
Tim Clark: No, actually I think you got it all pretty quick. Not everybody can really hit those bullet points right on the money. But look, as an investor, when you're coming into the space, when you're looking at an undervalued space like this, what you want to do is buy the quality names coming out. That's where everybody's going to reach back to. That's the way we've tried to run this company. And we're not going bankrupt, even though we're priced like we are. We've got a ton of cash, we've got a lot of properties, we've got more drill holes than we can get to with new discovery, not just going back on the resource, and you're getting a play where we've got the leveraged upside. If gold goes, the second derivative is silver. And silver has a lot of torque here, and we could really have a big, successful company on the back of that if that goes.
So the hard part is to catch it. And if you wait, these things are so liquid, the momentum will just take off and you'll be wondering what happened. And my suggestion is to cede some position and get in and get involved before it takes off. Then you'll rationally be able to make better decisions later about whether you want to put more.
Gerardo Del Real: Well said. Bryan, what can we expect between now and the end of the year? Obviously, assays are pending. I know the team's excited for those. But you seem pretty well positioned to end the year on a very, very strong note.
Bryan Atkinson: Yep. As you mentioned, we've only put out a little bit under 50% of our holes this year, so 16 holes, 11 of which at the Hinge and another five out at Percival, and two of those are out trying to make new discovery out there, so pretty nice way to close out the year. And into the new year, we'll be looking to do a resource update at Eau Claire.
Gerardo Del Real: Excellent. Gentlemen, thank you for the time. Looking forward to having you back on. The timing couldn't be better. Thank you so much.
Tim Clark: Thank you.
Bryan Atkinson: Thanks very much.
Gerardo Del Real: Chat soon, y'all.Click here to see more from Fury Gold Mines