Fury Drills Multiple Zones of High-Grade Gold at the Hinge Target: Extending Mineralization 330 metres to the West at Eau Claire
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Fury Drills Multiple Zones of High-Grade Gold at the Hinge
Target: Extending Mineralization 330 metres to the West at
Eau Claire
Vancouver, Canada – August 3, 2022 – Fury Gold Mines Limited (TSX: FURY, NYSE American:
FURY) (“Fury” or the “Company”) is pleased to provide results for seven core drill holes at the Eau
Claire project located in the Eeyou Istchee Territory in the James Bay region of Quebec . The 2022
exploration drilling program continues to demonstrate the potential to significantly expand the deposit
to the west at the Hinge Target (Figure 1).
Drill holes 22EC-046, 22EC-047 and 22EC-048 targeted a 150 to 200 metre (m) extension of the intercept
of 3.0m of 9.36 g/t gold from drill hole 21EC-041 (see news release dated November 29, 2021). All three
drill holes intercepted multiple zones of gold mineralization, with hole 22EC-048 exhibiting four zones of
high grade and broad widths of more moderate grade, including 3.50m of 4.79 g/t gold, 1.00m of
14.19 g/t gold, 3.50m of 5.86 g/t gold, 1.00m of 20.6 g/t gold and 17.50m of 1.29 g/t Au
(Table 1). Fury believes these intercepts represent the apex of the targeted fold hinge and reflects the
deposit geometry that the technical team believes could deliver significant resource growth. The Hinge
Zone drilling to date demonstrates a potential 20%, or 330m, increase to the mineralized strike length
of the Eau Claire Deposit with results pending from additional drill holes located 100 metres further west
of the reported intercepts.
“The recent holes represent Fury’s best explorati on drilling result to date at Eau Claire and are exactly
what we were hoping to see at the Hinge Target. The drill results confirm our belief that the Hinge is
open for considerable growth which could impact our ounces significantly,” commented Tim Clark, CEO
of Fury. “We are halfway through our 2022 drilling program and are very excited about the pending
assay results still to come. In the following weeks and months, Fury will have a steady news flow with
additional drill results from the Hinge, North Limb, and Percival Prospect. The Company is well positioned
with our exploration strategy, our team in the field, and our ability to continue to leverage a strong
treasury.”
Hinge Target Discussion
The goal of the initial drill program was to identify zones of highest fluid flow represented by alteration
and vein density within the broader hinge target. Drill hole 22EC -048 provides the technical team with
the ability to follow this zone of intense ve ining, alteration, and gold mineralization both up and down
plunge along the fold axis. Drill holes 22EC-047 and 22EC-048 intercepted mineralization associated with
both the shallow 850 and deeper 450 zones that make up the Eau Claire resource (Figure 2). Drilling to
date has tested a total of approximately 300m of the plunging anticline which is interpreted to extend a
minimum of one kilometre (km) to the west (Figure 2).
Mineralization associated with the 850 zone has been extended with seven zones of gold mineralization
intercepted in two of the drill holes including 1.00m of 14.19 g/t gold, 3.50m of 4.79 g/t gold from
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22EC-048 and 8.00m of 1.81 g/t Au from 22EC-047 (Table 1). At the 450 zone position, which has
historically been untested at the Hinge Target, drill hole 22EC -048 intercepted six zones of gold
mineralization over approximately 100m including 1.00m at 20.60g/t Au, 3.50m of 5.86 g/t gold,
3.50m of 3.73 g/t gold and 17.50m of 1.29 g/t gold (Table 1). Collectively these results represent
high-grade mineralization, widths above resource cut-off grade 1 and zones of strong alteration and
mineralization (above 1 g/t gold) demonstrating the potential for the Hinge target to significantly expand
the Eau Claire deposit.
Table 1: Eau Claire Drill Results
Location Hole ID From To Length
(m)
True Thickness
(m) Au g/t
Eastern
Expansion
1
22EC-042 301 302 1 0.93 4.16
22EC-043 314 315.5 1.5 1.43 4.43
22EC-044 150.05 151.5 1.45 1.27 1.92
22EC-045 465.5 467 1.5 1.25 4.60
Western
Hinge
Target2
22EC-046
636 639 3 N/A 1.78
686 687.5 1.5 N/A 2.42
696.5 699 2.5 N/A 3.89
Incl. 698 699 1 N/A 7.10
702.5 704 1.5 N/A 2.96
22EC-047
393 401 8 N/A 1.81
404 407 3 N/A 1.10
628 629 1 N/A 3.36
653 656 3 N/A 1.66
22EC-048
184 185.5 1.50 N/A 1.88
428.5 430 1.50 N/A 1.63
437.5 439 1.50 N/A 1.70
445 448.5 3.50 N/A 4.79
Incl. 445 446 1.00 N/A 11.90
455.5 456.5 1.00 N/A 2.31
468 469 1.00 N/A 14.19
Incl. 468.5 469 0.50 N/A 27.20
522 525.5 3.50 N/A 5.86
536 541.5 5.50 N/A 2.50
Incl. 537.5 538.5 1.00 N/A 9.84
552 553.5 1.50 N/A 3.60
577.5 579 1.50 N/A 1.59
618 621 3.00 N/A 1.20
643 646 3.00 N/A 2.56
663 664 1.00 N/A 20.60
671 674 3.00 N/A 3.36
681 684.5 3.50 N/A 3.73
692 709.5 17.50 N/A 1.29
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Main intervals - Au grade*thickness no less than 2 g/t*m with grade is no less than 1 g/t, maximum consecutive dilution 2m. Sub-intervals
- Au grade*thickness no less than 7g/t*m with grade is no less than 3.5g/t, maximum consecutive dilution 2m.
1. True thickness calculations for resource expansion drilling is based on a dip of 55o and dip azimuth of 191.5o.
2. Lengths for exploration drilling are drill indicated core length, as insufficient drilling has been undertaken to determine true
widths at this time.
Resource Eastern Expansion Drilling
The initial 2022 eastern expansion drill program was designed to test for shallow mineralization up plunge
of the significant high-grade gold results from limited 2021 drilling of 23.27 g/t gold over 7.09m, 11.56
g/t gold over 6.04m (see news releases dated May 25, 2021 and March 1, 2021 ). Each drill hole
completed in 2022 intercepted quartz tourmaline veining with associated alteration and include the
following intercepts: 1.43 m of 4.43 g/t gold from 22EC-042 and 1.25 m of 4.6 g/t gold from 22EC-
045 (Table 1 and Figure 1). The shallow intercepts are located in a high strain zone where the prospective
stratigraphic unit has been significantly thinned due to the deformation and therefore is not as
prospective as deeper extensions to the resource on the eastern side of the deposit. Fury’s technical
team remains confident that the Eau Claire resource can be significantly expanded to the east with
additional drilling planned for the second half of 2022.
Additional Targets
North Limb (Figure 2):
• The entire Eau Claire resource is currently situated on the south limb of an anticline.
• With continued success at the Hinge Target, Fury is testing the potential of the North Limb of the
anticline where the favourable Eau Claire host stratigraphy and correct structural setting were
recognized;
• A single hole drilled into the North Limb from the south in 2012 intercepted a 40m wide zone of
alteration and associated quartz tourmaline veining which yielded 2m of 8.45 g/t;
• Fury completed three drill holes targeting the North Limb, all of which have intercepted zones of
alteration and/or quartz tourmaline veining. Results are pending.
Gap Zone (Figure 2):
• The recognition of the stratigraphic controls on the Eau Claire resource has opened up the
westerly continuation of the 450 zone historically referred to as the “Gap” Zone as a highly
prospective target;
• Historical drilling outside of the defined resource intercepted gold mineralization hosted in quartz
tourmaline veining including 0.5m of 14.23 g/t gold, and 0.5m of 9.99 g/t gold (preferred
horizon);
• Based on the historical intercepts and limited drilling on the western edge of the 450 zone, Fury
plans to drill the Gap Zone in the coming months.
“The Hinge Target is taking shape with an over 20% plus increase to the mineralized footprint of the
Eau Claire deposit to the west with a lot of open space yet to explore both to the west and to the east.
As we have started to gain a better understanding of the geometry of the Hinge Target and narrow in
on the sweet spot of gold mineralization , we are planning continued aggressive drilling,” stated Bryan
Atkinson, SVP, Exploration of Fury.
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Currently, there is one completed hole pending assay results from the Hinge, three pending from the
North Limb and two pending from the parallel fold hinge 500m to the east of the Percival Prospect. The
Company anticipates results from these holes to be released over the coming months.
Figure 1: Eau Claire Deposit long section area illustrating the resource block model and locations of recent Hinge
and Eastern Extension drill holes.
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Figure 2: Illustrates the intercepts at the western Fold Hinge target at the Eau Claire deposit.
Sampling and Assaying Disclosure
Analytical samples for the Drill Program were taken by sawing HQ diameter core into equal halves on
site with one half sent to ALS Chemex in Val D’or, QC for preparation and analysis. All samples were
assayed using a 50 g nominal weight fire assay with ind uctively coupled plasma – atomic emission
spectrometry finish (Au-ICP22) and multi-element four acid digest ICP-AES/ICP-MS method (ME-MS61).
Where Au-ICP22 results were greater than 0.5 ppm Au the assay w as repeated with a 50 g nominal
weight fire assay with atomic absorption finish (Au-AA24). Samples containing more than 5 ppm by Au-
AA24 were re-assayed 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 overall
accuracy and precision.
2002-2015 historical drill samples were taken by sawing NQ or HQ diameter core into equal halves on
site with one half being sent to ALS Chemex in Sudbury, ON for preparation and analysis. All samples
were assayed using a 50 g nominal weight fire assay with inductively coupled plasma – atomic emission
spectrometry finish (Au-ICP22) and multi-element four acid digest ICP-AES/ICP-MS method (ME-MS61).
Where Au-ICP22 results were greater than 0.5 ppm Au the assay was repeated with a 50 g nominal
weight fire assay with atomic absorption finish (Au-AA24). Samples containing more than 5 ppm by Au-
AA24 were re-assayed 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 overall
accuracy and precision.
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.
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About Fury Gold Mines Limited
Fury Gold Mines Limited is a Canadian -focused exploration company positioned in two prolific mining
regions across the country. Led by a m anagement 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 upholdi ng 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
Email: [email protected]
Website: www.furygoldmines.com
Forward-Looking Information and Additional Cautionary Language
This release includes certain statements that may be deemed to be "forward -looking information" or
"forward-looking statements" within the meaning of applicable securities laws, which relate to the future
operations of the Company and other statements that are not historical facts. Forward -looking
information contained in this release primarily relates to statements 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 statements 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 ended December 31, 202 1 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 place heavy reliance on forward -
looking information, which inherently can only as of the date made.
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, Meta llurgy 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.