Fury Provides Corporate and Exploration Update
Fury Provides Corporate and Exploration Update
Toronto, Canada – September 7, 202 1 – Fury Gold Mines Limited (TSX: FURY )(NYSE
American: FURY) (“Fury” or the “Company”) is pleased to provide a corporate and exploration
update.
Corporate Highlights
• Appointed Tim Clark, a 23-year veteran in institutional capital markets with experience in the
global metals and mining industry, to the position of CEO;
• Mr. Clark is leading a change in strategy that focuses on exploration and discovery across the
Company’s core assets;
• Adjust primary exploration activities to focus on Fury’s core assets Eau Claire and Committee Bay,
while concurrently conducting a strategic review of non-core assets;
• Readjust capital spend with the goal of spending at least 70% of funds on exploration and drilling
activities; and
• Reduce corporate cash expenditures through certain strategic initiatives, including transitioning
the Toronto office to a virtual work environment with a head office in Vancouver and leveraging
several cost sharing benefits with sister companies.
“The Company’s focus and re-commitment to discovery and exploration are a reflection of the evidence
and our continued confidence that Fury Gold’s high -grade resource base will continue to grow
significantly larger. The Company is extremely well positioned for shareholders to benefit from improved
capital allocation efficiency, pending near-term exploration results and the potential positive move in the
gold market,” commented Tim Clark, CEO of Fury.
Exploration Highlights
Eau Claire:
• Completed approximately 32,000 metres (m) of drilling at Eau Claire with 28 holes released and
10 drill holes from Snake Lake and the Western Limb Extension target areas currently pending
(Figure 1);
• Drilling is underway at Snake Lake where t hree sub-parallel high-grade gold bearing structures
are being explored, the Eau Claire structure, the Snake Lake structure as well as a newly identified
gold bearing structure situated between the Eau Claire and Snake Lake structures. To date, the
Company has extended mineralization at Snake Lake 840m down dip of historical drilling with an
intercept of 94.1 g/t gold over 0.5m (see Fury news release dated May 18, 2021) (Figure 2);
• Advancing four of nine regional targets to drill stage through geochemical and geophysical
surveys with a focus on the 6.5-kilometre (km) Percival trend (Figure 3);
• Planning to drill the high-grade Percival target area during the first half of 2022 (Figure 4); and
• Commenced surface exploration program at the Eleonore South Joint Venture to advance large
scale 5.5 km long geochemical anomaly to drill stage (Figure 5).
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Committee Bay:
• Completed summer drill program of 2,587m across 5 holes at Committee Bay focused on the 8km
shear zone hosting the Raven prospect where alteration and veining consistent with gold
mineralization were intersected (Figure 6). Historical drill results from Raven include 31.1 g/t gold
over 2.8m and 9.49 g/t gold over 7.57m1. Results from this summer’s drill program are expected
in mid October; and
• Completed geochemical sampling across six regional target areas in the southwestern region of
the project to advance the most robust gold anomalies to drill stage.
In total, there are 17 holes pending at the Eau Claire and Committee Bay gold projects, which
are expected to be released over the next couple of months.
Figure 1: Eau Claire deposit trend long section including Snake Lake depicting recent drill intercept
highlights and drill holes with results pending.
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Figure 2: Snake Lake long section depicting recent drill highlights and drill holes with pending results.
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Figure 3: Regional geology map showing the outlines of the completed geochemical grids at four of the
nine identified regional targets.
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Figure 4: New interpretation of the Percival prospect showing the steep west fold plunge as indicated
by the 3D magnetic inversion.
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Figure 5: Historical high-grade 5.5 km long +50 ppb gold in till anomaly at the Eleonore South Joint
Venture will be followed up on as part of the 2021 exploration program.
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Figure 6: 2021 drilling at the Raven Prospect successfully intersected the gold bearing structure within
a 20-30m wide alteration zone in all holes.
Technical Disclosure
The above figures reference only highlights, see the Company’s periodic filings for full details of the work
being conducted and its results.
Analytical samples from exploration drill holes completed by Fury at Eau Claire between October 2020
and May 2021 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 using 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 assay were repeated with 50 g nominal weight fire assay with gravim etric finish (1A3-50).
QA/QC programs using internal standard samples, field and lab duplicates and blanks indicate good
overall accuracy and precision.
Analytical samples from resource expansion drill holes completed by Fury at Eau Claire between October
2020 and April 2021 were taken by sawing NQ diameter core into equal halves on site and sending one
of the halves to ALS Lab in Val d'Or, QC (ISO/IEC 17025:2017 and ISO 9001:2015 accredited facility) for
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preparation and analysis. Preparation included crushing core samples to 90% < 2mm and pulverizing
1000g of the crushed material to better than 85% < 75 microns. 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 are greater than 5 ppm Au the assay are
repeated with 50 g nominal weight fire assay with gravimetric finish (Au-GRA22). QA/QC programs using
internal and lab standard and blank samples, field and lab duplicates and re-assay indicate good overall
accuracy and precision.
Analytical samples for the Resource Expansion Drill Program completed by Fury at Eau Claire between
April 2021 and June 2021 and Exploration drill holes completed by Fury between May 2021 and June
2021 were taken by sawing NQ diameter core into equal halves on site and sent one of the halves to
Bureau Veritas (BV) lab in Timmins, ON (ISO/IEC 17025 accredited facility) for preparation and analysis.
Preparation included crashing core sample to 90% < 2mm and pulverizing 1000g of crushed material to
better than 85% < 75 microns. All samples are assayed using 50 g nominal weight fire assay with atomic
absorption finish (BV code FA450) and multi-element four acid digest ICP-AES/ICP-MS method (BV code
MA200). Where FA450 results are greater than 5 ppm Au the assay is repeated with 50 g nominal weight
fire assay with gravimetric finish (FA550-Au). QA/QC programs using internal and lab standard and blank
samples, field and lab duplicates and re-assay indicate good overall accuracy and precision.
Analytical samples from all drill holes completed by Fury at Eau Claire after June 2021 were taken by
sawing HQ diameter core into equal halves on site and sending one of the halves to ALS Lab in Val d'Or,
QC (IS O/IEC 17025:2017 and ISO 9001:2015 accredited facility) for preparation and analysis.
Preparation included crushing core samples to 90% < 2mm and pulverizing 1000g of the crushed material
to better than 85% < 75 microns. 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 are greater than 5 ppm Au the assay is repeated with 50 g nominal
weight fire assay with gravimetric finish (Au-GRA22). QA/QC programs using internal and lab standard
and blank samples, field and lab duplicates and re-assay indicate good overall accuracy and precision.
Historical drill samples at Eau Claire were taken by sawing NQ diameter core into equal halves on site
with one half being 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 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
5 ppm Au the assay was 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
overall accuracy and precision.
1. Intercepts were calculated using a minimum of a 0.25 g/t gold cut -off at beginning and end of the
intercept and allowing for no more than six consecutive metres of less than 0.25 g/t gold. Minimum
length of the composite intercept allowed was one metre. The 2005 Raven drilling completed by
Committee Bay Resources Ltd. is historical in nature, however, the Company has reviewed the associated
QA/QC data and original analytical certificates and is in the opinion the drilling and sampling were carried
out following industry best practices for disclosure.
David Rivard, P.Geo, Exploration Manager at Fury, is a "qualified person" within the meaning of National
Instrument 43-101 and has reviewed and approved the technical disclosures in this press release in
relation to all Quebec projects.