Fury Consolidates Interests at Éléonore South Gold Project to 100%
Fury Gold Mines Limited
1630 - 1177 West Hastings Street, Vancouver, BC, Canada V6E 2K3
TSX: FURY NYSE American: FURY
www.furygoldmines.com
13986.162608.SRC.24928796.4
Fury Consolidates Interests at Éléonore South Gold Project to
100%
VANCOUVER, Canada – February 26, 2024 – Fury Gold Mines Limited (TSX and NYSE American:
FURY) (“Fury” or the “Company”) is pleased to announce that Fury and certain affiliates of Newmont
Corporation (“Newmont”) have entered into an agreement whereby Fury will purchase Newmont’s
49.978% interest in Éléonore South for C$3M. As part of the consolidation of Éléonore South, Fury
has also agreed to purchase Newmont’s 30,392,372 shares of Sirios Resources Inc. ( “Sirios”) for
C$1.3M. The Sirios shares will be acquired for investment purposes and Fury will evaluate its
investment in Sirios on an ongoing basis with respect to any possible additional purchases or
dispositions. Completion of the purchase is subject to certain conditions precedent and is expected to
close in late February or early March 2024.
“We value the strong relationship with Newmont and are confident that this transaction is a positive
outcome for both companies,” commented Tim Clark, CEO of Fury. “Our team has historically ranked
the ESJV as one of our more prolific targets for discovery. As such, we are excited to now have 100%
ownership as we expect this to provide a clearer pathway for more exploration and potential upside
in returns for our investors from this project consolidation and investment in Sirios.”
Éléonore South Project
The Éléonore South project is strategically located in an area of prolific gold mineralization with
Newmont’s Éléonore Mine to the north and Sirios’ Cheechoo deposit to the east (Figure 1). Prospecting
to date has identified two distinct styles of mineralization within the project, structurally controlled
quartz veins hosted within sedimentary rocks similar to the high-grade mineralization observed at the
Éléonore Mine as well as intrusion-related disseminated gold mineralization similar to that seen at the
low-grade bulk tonnage Cheechoo deposit with higher grade potential as seen at the JT and Moni
prospects on the project (Table 1 and Figure 2).
Numerous gold in-till anomalies remain undrilled throughout the project (Figures 1 and 2) and will be
a focus for Fury. The bulk of the untested gold anomalies are similar in characteristics to the Cheechoo
style of mineralization. The JT and Moni prospects represent a potential higher-grade style of intrusion
related gold mineralization with historical drilling intercepting 53.25 metres (m) of 4.22 g/t gold (Au);
6.0m of 49.50 g/t Au and 23.8m of 3.08 g/t Au (Figure 2). Several of the noted drill intercept s have
not been followed up on and remain open.
Fury Gold Mines Limited
1630 - 1177 West Hastings Street, Vancouver, BC, Canada V6E 2K3
TSX: FURY NYSE American: FURY
www.furygoldmines.com
13986.162608.SRC.24928796.4
Table 1: Regional styles of gold mineralization
Category Éléonore Style Cheechoo Style
Mineralization
Quartz-diopside-tourmaline-sx veins
and stockwork. Silica-carbonate-
diopside-actinolite-phlogopite
alteration.
Quartz-feldspar-amphibole-sx veins
and stockworks. Strong strain zones.
Feldspar-sericite-carbonate alteration.
Geometry 5-6m, up to 20m wide 40-50m wide vein networks
Geology Massive to thinly bedded wacke,
pelite, conglomerate. Pegmatites.
Contacts of t onalite intrusions into
sediments, pegmatites
Structure Folded stratigraphy, strong strain
zones
Strong strain zones, rigid intrusive
contacts
Geochem Au-As Au-As-W-Bi
Geophysics Chargeability highs associated with
mineralization
Magnetic lows/highs associated with
intrusion margins
Analogues Éléonore
(32.6Mt @ 7.8g/t Au)
Cheechoo
(67.0Mt @ 0.87g/t Au)
Fury Gold Mines Limited
1630 - 1177 West Hastings Street, Vancouver, BC, Canada V6E 2K3
TSX: FURY NYSE American: FURY
www.furygoldmines.com
13986.162608.SRC.24928796.4
Figure 1: Éléonore South Project Location.
Fury Gold Mines Limited
1630 - 1177 West Hastings Street, Vancouver, BC, Canada V6E 2K3
TSX: FURY NYSE American: FURY
www.furygoldmines.com
13986.162608.SRC.24928796.4
Figure 2: Drilling around the Cheechoo Tonalite showing historical drill intercept highlights.
“Given t he calibre of gold anomalies that we see at Éléonore South p aired with the access to
infrastructure and excellent address, we are looking forward to exploring the project in 2024 . The
project is surrounded by over 4.5 million ounces of gold in two distinct mineralization styles which
speaks to the overall strength of the regional gold system indicative of the exploration potential. Our
team is excited to apply Fury’s systematic and disciplined exploration approach to Éléonore South,”
stated Bryan Atkinson, P.Geol., SVP Exploration of Fury.
Historical JT and Moni Drilling
Analytical samples were taken by sawing BTW diameter core into equal halves on site and sent one
of the halves to ALS Lab in Rouyn -Noranda, Val d’Or, QC, and Sudbury, ON for preparation and
analysis. All samples are assayed using 50 g nominal weight fire assay with atomic absorption finish
(Au-AA24) and multi -element four acid digest ICP -AES/ICP-MS method (ME -MS61). Where Au -
AA24 results were greater than 3 ppm Au the assay were repeated with 50 g nominal weight fire
assay with gravimetric finish (Au -GRA22). QA/QC programs using internal standard samples, field
and lab duplicates and blanks indicate good accuracy and precision in a large majority of standards
Fury Gold Mines Limited
1630 - 1177 West Hastings Street, Vancouver, BC, Canada V6E 2K3
TSX: FURY NYSE American: FURY
www.furygoldmines.com
13986.162608.SRC.24928796.4
assayed. True widths of mineralization are unknown based on current geometric understanding of the
mineralized intervals.
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 ( 22% of issued shares ). 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 committ ed to
upholding the high est 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, Manager Investor Relations
Tel: (844) 601-0841
Email: [email protected]
Website: www.furygoldmines.com
Forward-Looking Statements and Additional Cautionary Language
This release includes certain statements that may be deemed to be "forward -looking statements"
within the meaning of applicable securities laws, which statements relate to the future exploration
operations of the Company and may include other statements th at are not historical facts. Forward -
looking statements contained in this release primarily relate to statements that suggest t hat the
completion of the buy-out between Fury and Newmont will be completed on schedule or at all.
Although the Company believes that the assumptions and expectations reflected in those forward -
looking statements were reasonable at the time such statements were made, there can be no certainty
that such assumptions and expectations will prove to be mater ially correct. Mineral 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 ended December 31, 2022 and subsequent continuous disclosure filings with the Canadian
Securities Administrators available at www.sedarplus.ca and the Company's Annual Report available
at www.sec.gov. Readers should not place heavy reliance on forward -looking information, which is
inherently uncertain.