Fury Gold Mines drills 14.95 g/t gold over 4.25m true width at Eau Claire
The intercept lies 60 metres up-dip from a historical hole inside the inferred resource, supporting plans to upgrade portions to indicated.
Mara Quinlan
Fury Gold Mines Limited TSEFURY NYSEAMERICANFURY reported on Monday that hole 26EC-131 returned 14.95 grams per tonne gold over 4.25 metres true width at Eau Claire in northern Quebec. The intercept sits about 60 metres up-dip from a historical hole within the inferred resource, supporting plans to upgrade portions of that resource to indicated.
Shares were unchanged at C$0.68 at the Oct. 23 close in Toronto, according to Google Finance's TSEFURY quote as of 4:00 p.m. EDT. That close preceded Monday's announcement.
The assay table shows 4.5 metres of drilled length from 412 metres downhole for the headline intersection, corresponding to the reported 4.25-metre true width. All four holes reported on Monday were drilled in areas currently classified as inferred.
Fury has completed 21,857 metres against its approximately 25,000-metre Phase 2 program, with three holes in progress. The company plans to incorporate all Phase 2 results disclosed to date into a resource update associated with its 2027 pre-feasibility study.
"The primary objective of this drilling campaign is to increase confidence and ounces into the resource model," chief executive Tim Clark said in the release.
Fury is a Canadian gold explorer advancing its wholly owned Eau Claire project in the Eeyou Istchee Territory of Quebec's James Bay region. The drilling program is designed to increase geological confidence within the existing resource estimate.
The historical comparison hole, ER15-572, returned 6.18 grams per tonne gold over 5.05 metres. Fury said the new intersection validates its geological interpretation and is expected to contribute to converting portions of the inferred resource to indicated in a future update.
Hole 26EC-130 returned 13.15 grams per tonne gold over 1.50 metres true width. Hole 26EC-132 returned 6.81 grams per tonne over 1.39 metres true width.
Hole 26EC-122 returned 7.03 grams per tonne gold over 1.50 metres true width.
Read more: Canagold Resources drills 52.8 g/t gold over 4.64m at New Polaris
The completed-hole tally is 46, including five abandoned holes. Assays are available for 26 holes covering 13,374 metres, according to the Oct. 26 release.
Fury calculated the reported intersections using true thickness, a minimum gold grade of one gram per tonne and a maximum of two metres of consecutive dilution.
Core was sawn into equal halves on site, with one half sent for preparation and analysis. Samples were tested by fire assay, with higher-grade samples re-assayed using a gravimetric finish.
Fury's June 30 financial statements reported C$8.708 million in cash and C$45.918 million in marketable securities. Monday's release did not provide an updated cash balance or a spending schedule for the remaining drilling.
The next resource update is planned in association with the pre-feasibility study in 2027.
