Fury Intercepts 32.35m of 1.16% Li2O at the Ninaaskumuwin Discovery
Fury Intercepts 32.35m of 1.16% Li2O at the Ninaaskumuwin Discovery
TORONTO, Canada, July 09, 2025 -- Fury Gold Mines Limited (TSX and NYSE American: FURY) (“Fury” or the
“Company”) is pleased to announce drill results from the maiden drill program, totaling 825 metres (m) in 5 holes, on its
Ninaaskumuwin lithium discovery at the Elmer East project located in the Eeyou Istchee James Bay region of Quebec (Figure
1). The drilling targeted a spodumene-bearing pegmatite outcrop, which returned surface samples of up to 3.92% Li2O.
Highlights from the drill campaign include 32.35m of 1.16% Li2O from EE24-003 and 22.48m of 1.19% Li2O from EE24-002
(Table 1). The lithium mineralized spodumene-bearing pegmatite remains open at depth and along strike, warranting additional
drilling.
Highlights:
• Thick spodumene-bearing pegmatite (>32 m in thickness) was intersected in three holes with individual sample grades
of up to 3.70% Li2O;
• Drill results confirm the vertical continuity of lithium mineralization to 150 m below surface; and
• The lithium-bearing pegmatite remains open along strike and to depth.
“We are pleased with the positive drill results out of the Ninaaskumuwin lithium discovery from our newly acquired Elmer East
project in Quebec,” commented Tim Clark, CEO of Fury. “These results continue to demonstrate the value created through our
acquisition of Quebec Precious Metals earlier this year, and we look forward to continued exploration and potential discovery
across our extensive land package in the James Bay region.”
Table 1: 2024 Elmer East drilling highlights.
Hole ID From To Length (m) Li (ppm) Li2O (%)
EE24-001 127.95 150.85 22.9 3662 0.79
EE24-002 72.8 95.28 22.48 5519 1.19
including 72.8 80 7.2 8755 1.50
EE24-003 88.6 120.95 32.35 5372 1.16
including 90.1 96.1 6 10891 2.34
and 104 105 5 11044 2.38
Downhole thickness was used due to the uncertainty in the orientations of the mineralized pegmatite bodies.
Elmer East
The Ninaaskumuwin lithium discovery is located on Fury’s 100% owned Elmer East project, which covers approximately
45,735 hectares (ha). Ninaaskumuwin is easily accessible from the paved Billy Diamond highway, approximately 60
kilometres (km) north of the ‘km 381’ rest stop where accommodation, catering, fuel, and power are available (Figure 1). The
discovery sits approximately 50 km north of Rio Tinto plc’s Galaxy Lithium project, acquired in March 2025 as part of the
acquisition of Arcadium Lithium plc for USD 6.7 billion.
Figure 1: Location map of the Elmer East Project
The drilling campaign targeted a spodumene-bearing pegmatite outcrop where limited sampling returned values of 1.10% to
3.92% Li2O from nine samples (Figure 2) (see Quebec Precious Metals Corporation News Release dated January 18, 2024).
Geophysics and geological mapping indicate that the spodumene-bearing pegmatite has a potential strike length of up to 3.8
km.
All five drill holes intersected highly fractionated pegmatite with spodumene mineralization observed in three of the holes. The
spodumene mineralization observed is evenly distributed throughout the intersected pegmatite. The pegmatite is composed of
quartz, plagioclase, potassic feldspar, and spodumene with a lesser proportion of muscovite, tourmaline, and garnet. The
spodumene is light greenish-white and occurs as large and elongated crystals averaging 2 x 5 cm and up to 2 x 15 cm. A
portion of the pegmatite is albite altered, in which spodumene is concentrated in bands of fine-grained crystals. The pegmatite
is hosted in metasedimentary units, mainly matrix-supported conglomerate interbedded with wacke and coarse-grained
sandstone.
Figure 2: Plan map of the Ninaaskumuwin lithium discovery showing the locations of 2024 drill holes in relation to the surface
expression of the pegmatite dyke. For original disclosure on the 2023 surface grab samples see Quebec Precious Metals
Corporation news releases dated January 18, 2024
Figure 3: Cross-section of drill hole EE24-001 to EE24-003 showing the down-dip continuity of lithium mineralization from
surface down to 150m depth.
“The James Bay region has experienced a boom in lithium exploration over the past few years and is gaining attention on the
world stage. The Ninaaskumuwin lithium discovery is in a great location close to established infrastructure and Rio Tinto’s
Galaxy Lithium project, which is in the construction phase. These initial results from the limited 2024 drilling are encouraging
and warrant additional drilling to fully understand the potential of the discovery,” commented Bryan Atkinson, SVP Exploration
of Fury.
Valérie Doyon, P.Geo, Senior Project Geologist 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.
Sampling and Assaying Disclosure
2024 Drilling
GeoVector Management Inc., based in Ottawa, supervised the drilling program for QPM, which includes core logging,
sampling of the drill core and shipment of the samples to the laboratory facility. Drilling was performed by RJLL Drilling, based
in Rouyn-Noranda.
2025 Assaying and QAQC
Analytical samples were taken by sawing HQ diameter core into equal halves with one half being sent to IGS Laboratories
(“IGS”), based in Delson, Quebec, an independent ISO-17025 2017 accredited laboratory. The samples were crushed to 100%
passing 2 mm and pulverized to at least 85% passing 75 microns. Excess crushed and pulverized material not used for
analysis have been retained for future reference. All samples were analyzed by Sodium Peroxide Fusion and ICP-OES finish
using an aliquot of pulverized material. IGS used selected pegmatite/spodumene matrix matching CRMs.
QAQC protocols include systematic insertion of CRM standards 1 in every 20 samples and alternating blank samples of
quartz and core duplicate samples 1 in every 20 samples. Assays of quality control samples were compared with reference
samples in a database and verified to be acceptable prior to use of data from analyzed batches.
Technical and scientific information disclosed from the neighbouring Galaxy project does not necessarily apply to the Elmer
East project.
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 an 11.8 million common share position in Dolly Varden Silver Corp (approximately 13.5% 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 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
Email: [email protected]
Website: www.furygoldmines.com
Neither the TSX nor its Regulations Services Provider (as that term is defined in the policies of the TSX) accepts responsibility
for the adequacy or accuracy of this news release.
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 that are not historical facts. Forward-looking statements contained in this release primarily relate to statements
that may suggest that the future work at the Ninaaskumuwin lithium discovery may identify a significant mineral resource.
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 materially 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, 2024, 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.
Figures accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/02248e84-ae55-4a55-9bc6-284476f03e58
https://www.globenewswire.com/NewsRoom/AttachmentNg/32d69d93-9382-4c19-863c-5325e2915b9c
https://www.globenewswire.com/NewsRoom/AttachmentNg/f6a896b3-6058-41b5-8ebb-4fa0a7cf5cfa