Fury Extends High-Grade Gold Mineralization at Snake Lake
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Fury Extends High-Grade Gold Mineralization at Snake Lake
VANCOUVER, BC – February 2, 2022 – Fury Gold Mines Limited (TSX: FURY, NYSE American:
FURY) (“Fury” or the “Company”) is pleased to provide results for eight (8) drill holes from the Snake
Lake prospect one kilometre (km) east of the defined resource at the Eau Claire deposit located in the
Eeyou Istchee Territory James Bay region of Quebec. Significant intercepts include 20.70 g/t gold (Au)
over 1.5metres (m) in drill hole 21SL-008, 5.16 g/t Au over 2.50m in drill hole 21SL-003 and 7.14
g/t Au over 1.5m in drill hole 21SL -009. Collectively the mineralization intercepted in this round of
drilling has expanded the shallow gold mineralization footprint within the Snake Lake structural corridor
to over 950m of strike extent (Figure 1).
“We are very pleased to announce recent drill results at Snake Lake, as they continue to demonstrate
that the high-grade gold mineralization within the Snake Lake structural corridor has room to grow east
of the Eau Claire deposit,” commented Tim Clark, CEO of Fury. “As we look forward, we remain focused
and our confidence has increased considerably on advancing Eau Claire’s eastern and western
extensions, as these targets present significant discovery potential.”
The reported intercepts of 7.14 g/t Au over 1.5m (21SL-009) and 4.36 g/t Au over 1.0m (21SL-006) are
situated along the newly identified mineralized horizon located between the Eau Claire and Snake Lake
structures, first recognized from drill hole 21 SL-001, which returned intercepts of 19.6 g/t Au over
0.5m and 2.85 g/t Au over 5m (see news release dated May 18, 2021) (Figure 2). Gold mineralization
Hole ID From To Length (m) Au g/t
21SL-003 449.0 451.5 2.5 5.16
21SL-004 No Significant Interceptions
21SL-005 562.0 564.0 2.0 1.40
21SL-006
129.0 130.0 1.0 4.36
425.0 428.0 3.0 1.75
431.0 434.0 3.0 1.44
444.0 445.0 1.0 2.46
21SL-007 406.5 408.0 1.5 1.38
21SL-008
139.5 141.0 1.5 2.65
282.0 283.5 1.5 1.56
295.5 297.0 1.5 20.70
303.0 304.5 1.5 3.58
21SL-009 51.0 52.5 1.5 7.14
21SL-010
223.5 225.0 1.5 2.72
287.0 289.0 2.0 2.42
293.0 294.5 1.5 2.33
Lengths are drill indicated core length, as insufficient drilling has been undertaken to determine true widths at this time. 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.
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along this new ly identified structure, associated with quartz -feldspar porphyry dykes with abundant
quartz-tourmaline veining similar to the Eau Claire style of mineralization, has now been intercepted over
approximately 500m of strike. The remainder of the reported intercepts , including 20.70 g/t Au over
1.5m (21SL-008) and 5.16 g/t Au over 2.50m (21SL -003), are along the main Snake Lake structure at
the contact between mafic volcanic and meta-sedimentary rocks where historical exploration focused on
shallow mineralization. Fury’s technical team plans to target both structures with additional drilling in
2022. Results from the eight exploration holes are listed below in Table 1.
Table 1: Snake Lake Area Drill Results
Snake Lake Exploration Drilling
The reported intercepts, located along the volcanic-sediment contact that characterizes the Snake Lake
structure of 20.70 g/t Au over 1.5m (21SL -008) and 5.16 g/t Au over 2.5m (21SL -003) paired with
previously announced intercepts of 94.10 g/t Au over 0.5m (21EC-018 – see news release dated May 18,
2021) and 6.43 g/t Au over 1.5m (21EC-010 – see news release dated March, 30, 2021), have increased
the gold mineralized footprint within the Snake Lake structural corridor to 1,100m down-plunge and over
950m along strike, as illustrated in Figure 1.
Gold mineralization along the newly identified structure, located between the main Snake Lake and Eau
Claire structure s, has now been intercepted over approximately 500m of strike extent . The g old
mineralization along this structure is hosted within mafic volcanic rocks with associated quartz-feldspar
porphyry dykes and abundant quartz tourmaline veining up to 20m in width (Figure 2). The discovery
and confirmation of the continuity of gold mineralization along this structure suggests a high probability
of encountering new significant mineralized zones throughout the immediate area.
“We are very impressed with how quickly the high -grade gold mineralized footprint at Snake Lake is
expanding through the first thirteen step-out holes, particularly along this newly identified structure. In
addition to the recent success at the Hinge target we now see two mineralized structures at Snake Lake,
which further confirms our belief that significant ounces can be added to the project through continued
exploration,” stated Michael Henrichsen, SVP Exploration of Fury.
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Figure 1: Snake Lake long section showing gold intercepts along both the Snake Lake Structure and the new
structure to the south. Gold mineralization has been intersected over 1,100m down-plunge and 950m along strike
within the Snake Lake Structural corridor.
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Figure 2: Illustrates a cross section of the Snake Lake structural corridor where mineralization has been identified along two
discrete structures approximately 150m apart.
Technical Disclosure
Analytical samples from drill holes 21SL-001 through 21SL-003 were taken by sawing NQ diameter core
into equal halves on site with one half being sent to Actlabs in Val d’Or, QC for preparation and then to
Actlabs in Thunder Bay, ON for analysis. All samples are assayed usin g 50 g nominal weight fire assay
with atomic absorption finish (1A2B -50) and multi -element four acid digest ICP -AES/ICP-MS method
(1F2). Where 1A2B-50 results were greater than 5 ppm Au the assays were repeated with 50 g nominal
weight fire assay with grav imetric finish (1A3 -50). QA/QC programs using internal standard samples,
field and lab duplicates and blanks indicate good overall accuracy and precision.
Analytical samples for drill holes 21SL -004 through 21SL-010 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 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
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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 d uplicates 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 approve d the technical
disclosures in this press release.
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 management team and board of director s 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 fo r 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:
Salisha Ilyas, Vice President, Investor Relations
Tel: (437) 500-2529
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. Generally, these forward-
looking statements can be identified by the use of forward -looking terminology such as "plans",
"expects", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes". Specific
forward-looking information contained in this release primarily relates to statements that suggest that
future work at Eau Claire will potentially increase the known resources.
There can be no assurance that such statements will prove to be accurate, and actual results and future
events could differ materially. 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, 2020 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 forwar d-
looking information, which inherently can only as of the date made.
Cautionary Note to United States Investors Concerning Estimates of Mining 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 Standards may not be
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comparable to similar information made public by U.S. companies subject to the reporting and disclosure
requirements under the United States federal securities laws.
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