Fury Gold and Newmont Complete Consolidation of Joint Venture Interests and Define Nine Targets at Éléonore South Gold Project
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Fury Gold and Newmont Complete Consolidation of Joint Venture Interests
and Define Nine Targets at Éléonore South Gold Project
VANCOUVER, Canada – September 12, 2022 – Fury Gold Mines Limited (TSX: FURY, NYSE
American: FURY) (“Fury” or the “Company”) is pleased to announce that the Company and
Newmont Corporation (NYSE: NEM, TSX: NGT) (“Newmont”), through their respective subsidiaries, have
completed the previously announced buy -out of the remaining approximately 23.77% partic ipating
interest of Azimut Exploration Inc. in the Éléonore South Joint Venture (“ESJV”), on a pro-rata basis. As
a result of the transaction, the 100% ESJV participating interests are Fury 50.022% and Newmont
49.978% with Fury remaining operator under an amended and restated joint venture agreement. The
cost to Fury of the 11.902% additional participating interest in the joint venture is C$1,202,663.
“We are excited to be moving forward with our valued partner and industry leader, Newmont, with an
updated ESJV agreement. One of our favourite targets has been the five and a half kilometer anomaly
that is hosted on the ESJV property, and we are eager to more readily advance this to drill stage next
year,” said Tim Clark, CEO of Fury. “The potential for a la rger scale discovery within the land package,
coupled with the excellent access to roads and hydro power in the James Bay region could represent
significant value and upside for shareholders.”
Targeting Update
The Company is also pleased to provide an update on targeting at the Éléonore South Joint Venture
project located in the Eeyou Istchee Territory in the James Bay region of Quebec. The Company has
defined nine gold targets through the completion of an infill till sampling program within a five and a half
kilometer long undrilled historical gold-in-till anomaly (Figure 1). Fury and its joint venture partner are
currently following up on these targets to advance them to the dri ll stage and exploring to develop
additional targets.
There are t wo distinct styles of mineralization that are being targeted on the project, structurally
controlled high-grade gold veins similar to the Éléonore deposit as well as bulk tonnage disseminat ed
gold mineralization as defined at Sirios’s Cheechoo deposit and within the JT and Moni zones within the
ESJV. Table 1 below characterizes both styles of mineralization.
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Figure 11: Éléonore South Joint Venture Project Location and Infrastructure showing the location of the nine gold-in-till targets.
Table 1: Mineralization Styles Present Regionally
Category Eleonore 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 trondjhemite intrusions
into sediments, pegmatites
Structure Folded stratigraphy, strong strain
zones
Strong strain zones, rigid intrusive
contacts
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Geochemistry Au-As Au-As-W-Bi
Geophysics Chargeability highs associated with
mineralization
Magnetic lows/highs associated with
intrusion margins
Follow-up work in 2021 concentrated on defining discrete targets within the broad historic five and a half
kilometer gold in till anomaly by conducting infill till sampling on a 100 meter by 50 meter grid which
identified nine discrete gold and associated pathfinder element anomalies. As part of the 2021 exploration
program, the Company reinterpreted and inverted historical magnetic geophysical surveys that
demonstrated the nine discrete gold in till anoma lies were centered on an east -west structural corridor
that separates intrusives to the south and sediments to the north. The importance of this new structural
framework is that the newly defined discrete gold in till anomalies are located along deep -rooted
structures clearly visible in the geophysical data (Figure 2).
Figure 22: Geochemical targets lie along deep rooted structures visible from the 3-D inverted magnetics
Based on the elemental associations observed of gold with a rsenic, bismuth and tungsten, in both the
historical and infill sampling Fury’s technical team feels the most likely style of mineralization to be
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encountered in the nine targets will be the Cheechoo style observed at the JT and Moni zones within the
ESJV (Figure 3). Notable drill intercepts at JT and Moni include; 53.25m of 4.22 g/t gold (Au); 6.0 metres
of 49.50 g/t Au including 1.0 metre of 294 g/t Au and 23.8m of 3.08 g/t Au including 1.5m of 27.80 g/t
Au (Table 2).
”Advancing from a single untested large scale gold-in-till anomaly to nine discrete targets allows Fury to
focus our exploration efforts as we drive towards drilling a series of robust gold in till anomalies along
clearly defined deep rooted structures exactly where one would hope for them to be in an orogenic
setting,” stated Bryan Atkinson, P.Geol., SVP Exploration of Fury.
Figure 33: 2021 geochemical survey elemental grids showing the correlation between gold, arsenic and tungsten.
Table 2: ESJV Historical Drill Highlights from the Moni and JT Zones (Cheechoo Style Mineralization)
Hole ID From To Length (m) Au g/t
ES17-64
167.25 220.50 53.25 4.22
202.5 213.0 10.5 13.00
Incl. 204.0 207.0 3.0 37.90
ES18-098 8.1 16.5 8.4 8.56
Incl. 8.9 9.8 1.0 71.40
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ES18-100 14.0 20.0 6.0 49.40
Incl. 17.0 18.0 1.0 294.00
ES18-133 164.8 171.0 6.2 14.70
Incl. 167.0 168.0 1.0 80.40
ES19-156 140.3 150.0 9.7 7.44
Incl. 144.7 145.5 0.8 63.20
ES19-157
169.4 193.2 23.8 3.08
Incl. 181.0 182.5 1.5 27.80
and 186.4 187.2 0.8 13.35
ES17-077 142.5 188.0 45.5 1.46
Incl. 186.5 188.0 1.5 23.10
*Cutoff 0.25 g/t Au, maximum internal dilution 4m
Technical Disclosure
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 a ssay 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 assayed. True widths of
mineralization are unknown based on current geometric understanding of the mineralized intervals.
Infill till Sampling
Till samples were collected for the B-horizon within a predefined grid with a spacing of 50 metres along
200 metre spaced line for overall coverage of 50 x 100 metres. Samples are screened using 180um
screen analyzed for gold and multi -element using 50g (or 25g where is not enough material) nominal
weight trace level method by aqua regia extraction and ICP -MS finish method (AuME -TL44 or AuME -
TL44) on a -180um fraction. QA/QC programs using internal standard samples, field and lab duplicates,
re-assays, and blanks indicate good accuracy and precision in a large majority of standards assayed.
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 the country and holds a 76.5 million common share position in Dolly Varden
Silver Corp. Led by a management team and board of direc tors 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:
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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. 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
the completion of the buy-out between Fury, Newmont, and Azimut will complete on schedule or at all.
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, 2021 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 pl ace heavy reliance on forward -
looking information, which inherently can only speak 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"). Mineral Reserves and Mineral Resources were completed in accordance with the Securities and
Exchange Commission’s (SEC) rule “SK-1300”. The Company's descriptions of its projects using applicable
CIM Standards may not be comparable to similar information made public by U.S. companies subject to
the reporting and disclosure requirements under the United States federal securities laws.