Fury Announces 2023 Eau Claire Exploration Program Focusing on Expanding Known Mineralized Zones and Advancing Early Stage Exploration Targets
Fury Gold Mines Limited
1630 - 1177 West Hastings Street, Vancouver, BC, Canada V6E 2K3
TSX: FURY NYSE American: FURY
www.furygoldmines.com
Fury Announces 2023 Eau Claire Exploration Program Focusing on
Expanding Known Mineralized Zones and Advancing Early Stage Exploration
Targets
Vancouver, Canada – April 11, 2023 – Fury Gold Mines Limited (TSX: FURY, NYSE American:
FURY) (“Fury” or the “Company”) is pleased to provide an update on exploration plans for the Eau
Claire project located in the Eeyou Istchee Territory in the James Bay region of Quebec. In 2023, the
Company plans to drill between 15,000 and 20,00 0 metres (m) at the pr oject with the goals of 1)
continuing expansion of the high-grade Eau Claire resource; 2) following up on the 2022 success at the
Percival Prospect 14 kilometres (km) to the east of Eau Claire; and 3) advancing several early -stage
exploration targets along the Cannard Deformation Zone to the drill ready stage.
“Following a highly successful drill progr am 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,” commented Tim Clark, CEO of Fury. “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.”
Western Hinge Target
Fury’s updated geological interpretation of the controls on mineralization within the Eau Claire resource
and focus on the fold geometry at the Hinge Target in 2022 resulted in an overall increase of
approximately 25% to the mineralized footprint (Figure 1). The mineralized system remains open in all
directions and returned intercepts as high as 4m of 5.75 g/t gold; 1m of 21.4 g/t gold; 3.5m of 5.86 g/t
gold and 1.5m of 22.77 g/t. The 2023 exploration program at the Hinge Target will focus on continued
expansion of the footprint of mineralization to the west and up-dip while tightening up the drill spacing
to 70-80m.
Percival Prospect
The Percival Prospect is situated 14 km east from the Eau Claire Deposit along the Cannard Deformation
Zone which is the primary control over gold mi neralization within the region. The Percival gold
mineralization is currently represented by a 500m by 100m footprint with high-grade gold being defined
to 300m below surface (Figure 2) currently represented by drilling highlights of 13.5m of 8.05 g/t gold;
7.5m of 4.38 g/t gold and 9.5m of 2.73 g/t gold. The 2023 exploration program at Percival will focus on
western and down dip extensions of the identified high -grade gold mineralization within a steeply west
plunging fold hinge.
Cannard Deformation Zone Pipeline Targets
Fury Gold Mines Limited
1630 - 1177 West Hastings Street, Vancouver, BC, Canada V6E 2K3
TSX: FURY NYSE American: FURY
www.furygoldmines.com
The Cannard Deformation Zone exhibits a regional control on the distribution of known gold occurrences
along its >100 km mapped extent, most notably Fury’s high-grade Eau Claire resource and the Percival
Prospect. The 2023 exploration program will focus on advancing several known gold and multi-element
geochemical anomalies to the drill ready stage through systematic disciplined exploration. The anomalies
are located within or proximal to the Cannard Deformation Zone along the Percival trend and the southern
portion of the Lac Clarkie project.
“We have been busy over the past few months reviewing the 2022 exploration results and further refining
our targeting approach at the Western Hinge Target and the Percival Prospect. The diligent work of our
technical team during the initial 50,000m drill campaign has resulted in a much better understanding of
the controls on gold mineralization across the entire Eau Claire project area. This refined understanding
has been evidenced through success with the drill bit and hit rates notably 20% higher than historical
experience,” commented Bryan Atkinson, SVP Exploration of Fury. “We are looking forward to continuing
to learn and iteratively applying that learning through our 2023 exploration program.”
Figure 1: Eau Claire Deposit long section area illustrating the resource block model and locations of the proposed 2023 Drilling
in relation to previous drilling.
Fury Gold Mines Limited
1630 - 1177 West Hastings Street, Vancouver, BC, Canada V6E 2K3
TSX: FURY NYSE American: FURY
www.furygoldmines.com
Figure 2: Percival Long Section depicting the proposed locations of the 2023 follow-up drilling targeting the continuation of a
steeply west plunging fold.
David Rivard, P.Geo, Exploration Manager at Fury, is a "qualified person" within the meaning of Canadian
mineral projects disclosure standards instrument 43-101 and has reviewed and approved the technical
disclosures in this press release.
About Fury Gold Mines Limited
Fury Gold Mines Limited is a well -financed Canadian-focused exploration company positioned in two
prolific mining regions across Canada and holds a 59.5 million common share position in Dolly Varden
Silver Corp (23.5%). Led by a management team and board of directors with proven success in financing
and advancing exploration assets, Fury intends to grow its multi -million-ounce gold platform through
rigorous project evaluation and exploration excellence. Fury is committed to upholding the highest
industry standards for corporate governance, environmental stewardship, community engagement and
sustainable mining. For more information on Fury Gold Mines, visit www.furygoldmines.com.
For further information on Fury Gold Mines Limited, please contact:
Margaux Villalpando, Investor Relations
Tel: (844) 601-0841
Fury Gold Mines Limited
1630 - 1177 West Hastings Street, Vancouver, BC, Canada V6E 2K3
TSX: FURY NYSE American: FURY
www.furygoldmines.com
Email: [email protected]
Website: www.furygoldmines.com
Forward-Looking Information and Additional Cautionary Language
This release includes several statements that may be deemed to be "forward-looking statements" within
the meaning of applicable securities laws. Forward-looking information contained in this release primarily
relates to statements about the exploration plans for 2023 and those that suggest that future work at
Eau Claire will potentially increase or upgrade the estimated gold resources.
Although the Company believes that the assumptions and expectations reflected in those forward-looking
statements were reasonable at the time such stat ements were made, there can be no assurance that
such assumptions and expectations will prove to be correct. Exploration is a high-risk enterprise.
Readers should refer to the risks discussed in the Company's Annual Information Form and MD&A for
the year e nded December 31, 202 2 and subsequent continuous disclosure filings with the Canadian
Securities Administrators available at www.sedar.com and the Company's Annual Report including the
Base Shelf Prospectus available at www.sec.gov. Readers should not plac e heavy reliance on forward -
looking statements, which are inherently uncertain and speak only as of the date hereof.
Cautionary Note to United States Investors Concerning Estimates of Mineral Disclosure
The mining and technical disclosure throughout this release is made in accordance with applicable
Canadian law and the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum
("CIM"). The Company's descriptions of its projects using applicable CIM terminology, which includes
defined terms such as inferred, measured or indicated resources, may not be comparable to similar
information about resource grades that would be made public by U.S. companies which are subject to
the reporting and disclosure requirements under the United States federal securities laws.