Categories: Precious Metals
Topics: Gold Stocks

Unlocking Canada’s Vast Gold Endowment

Fury Gold Mines Ltd. (TSX: FURY)(NYSE: FURY) — currently trading around US$0.70 per share — has commenced drilling at its 100%-owned Eau Claire gold project, which is situated on over 24,000 hectares (240 sq km) in the mining friendly Eeyou-Istchee/James Bay region of Quebec, Canada. 

The 2023 drill program is slated for 10,000 to 15,000 meters and will focus on the Western Hinge, Gap zone, and North Limb targets to build on the success of the company’s drill results over the last two years. 

Drilling at the resource-stage project (1.3Moz Au Indicated plus Inferred) will initially focus on the Western Hinge target as the company looks to continue to expand the high-grade Eau Claire deposit. Drilling at the project’s satellite Percival prospect will commence later in the quarter.

Additionally, a recently completed soil sampling program at the project’s Lac Clarkie target has identified 8 new gold targets; the Fury team is working to prioritize these newly defined targets for follow-up in 2023 with the aim of advancing a number of the targets to the drill-ready stage. 

Fury Gold Mines CEO Tim Clark — whom you’re about to hear from directly via our exclusive interview — commented by press release:

“Following a highly successful drill program in 2022, we are excited to be returning to the Eau Claire resource and Percival Prospect. Our goal is to continue to expand the Eau Claire resource, which we know is open in all directions, while also looking for new discoveries elsewhere on the Eau Claire land package which we believe are possible at the Percival Prospect and to the East at our new targets discovered along the Cannard Deformation Zone. Additionally, we are thrilled that Fury will start the year with C$16.2 million in the treasury and about C$60 million in current value in shares in Dolly Varden Silver, which arguably makes Fury one of the best-financed juniors in the sector.”

In addition to Eau Claire, Fury Gold is advancing two other gold exploration projects in eastern Canada, having sold its Homestake Ridge project in British Columbia to Dolly Varden Silver for C$5 million plus 76.5 million common shares of Dolly Varden in 2022. 

Those two exploration projects are the 100%-owned Committee Bay gold project in Nunavut and the Éléonore South joint venture gold project with industry leader Newmont Corp. (NYSE: NEM)(TSX: NGT) in James Bay, Quebec.

• Committee Bay (100%-owned): Large resource-stage exploration property (1.2Moz Au Indicated plus Inferred) covering 270,000 hectares (2,700 sq km) situated along the Committee Bay Greenstone Belt. 2019 drilling intersected 30 meters of 0.67 grams per tonne (g/t) gold, including 1.5 meters of 5.03 g/t gold. 
• Éléonore South (50/50 JV with Newmont Corp.): A total of 9 gold targets defined in 2022 through the completion of an infill till sampling program within a 5.5-km-long undrilled historical gold-in-till anomaly. Fury and Newmont are currently following up on the targets to advance them to the drill-ready stage while exploring additional targets.

In other words, plenty of shots-on-goal for the company and its shareholders in 2023 and beyond through multiple gold exploration projects, including a JV with industry leader Newmont, in mining-friendly Canada. 

Fury Gold is exceptionally well-funded with ~C$16 million in the treasury, no debt, and ~C$60 million worth of marketable securities held in shares of Dolly Varden Silver (TSX-V: DV)(OTC: DOLLF).

Our own Gerardo Del Real of Junior Resource Monthly caught up with Fury Gold Mines CEO Tim Clark to discuss the high-potential gold projects, the robust treasury, and much, much more. Please enjoy!

For additional information on Vancouver-based Fury Gold Mines Ltd., be sure to contact the company’s IR department at 844-601-0841 or via email at info@furygoldmines.com. 

Sign up to receive updates directly from the company at Fury Gold’s corporate website.

Mike Fagan
Editor, Resource Stock Digest