Fury’s 2022 Achievements and New Board Chair
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Fury’s 2022 Achievements and New Board Chair
Vancouver, Canada – January 1 1, 2023 – Fury Gold Mines Limited (TSX: FURY, NYSE
American: FURY) (“Fury” or the “Company”) is pleased to recap the Company’s corporate and
exploration achievements from the last 12 months. Fury had a transformative 2022 with substantial drill
results from the Hinge Target and the Gap Zone, expanding the mineralized footprint of the Eau Claire
deposit by over 25%, and intercepting 8.05 g/t gold over 13.50 metres (m) at the Percival Prospect; the
consolidation of the Éléonore South Joint Venture (“ESJV”) with Newmont Corporation (“Newmont”); and
a total of C$22.8 million raised through an asset sale, private placement, and common share investment
sale transaction.
“We are extremely pleased with the success we had this past year. Despite difficult market conditions,
we were able to simplify and focus our story, strengthen our treasury, and complete a successful drill
program at Eau Claire further proving that the depo sit is open for significant expansion,” commented
Tim Clark, CEO of Fury. “ We ended the year with our best drill results to date at Eau Claire out of the
Percival Main target and have results still pending from the Hinge Target and eastern extension along
with the results of the extensive geochem work conducted at our Lac Clarkie property. We look forward
to the coming months as we prepare for 2023 and are excited to expand on our recent successes and
test new discoveries at our premier exploration projects.”
Highlights
Fury’s top milestones and achievements of 2022 include:
• Completing the asset sale of the Homestake Ridge gold-silver project to Dolly Varden
Silver Corp. (“Dolly Varden”), a transformational transaction that yielded Fury C$5 million in
cash and 76,504,590 common shares of Dolly Varden.
• Gaining Digbee ESG Certification, an independent ESG evaluation validating the Company’s
existing ESG engagement and strategy.
• Closing a C$11.0 million private equity share placement, bringing a Canadian corporate
investor and a well-known US institutional investor into the Company’s share ownership.
• Consolidating the Éléonore South Joint Venture with Newmont, resulting in the updated
participating interests of Fury at 50.022% and Newmont at 49.978% with Fury remaining the
operator. The restated agreement empowers the joint venture partners to more readily advance
the ESJV to drill stage in 2023.
• Extending mineralization by over 25% to the West at Eau Claire, encountering multiple
stacked zones of gold mineralization at the Hinge Target, further demonstrating the potential to
significantly expand the high-grade resource. Drilling highlights included 4.0m of 5.75 g/t gold,
1.0m of 21.40 g/t gold and 3.5m of 5.86 g/t gold.
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• Raising C$6.8 million through the sale of 17 million Dolly Varden common shares, a
mutually beneficial transaction that provided Fury with proceeds to finance continued exploration
at the Company’s projects in Quebec and for general working capital. Fury’s ownership interest
in Dolly Varden is now 59,504,590 shares, representing 23.5% of the outstanding common shares
of Dolly Varden, and Fury maintains 2 board seats.
• Completing a 17,700m drill program at Eau Claire, which exceeded the original 15,000m
of planned drilling for the year and fully met all income tax flow through obligations.
• Drilling 45.0 g/t Au over 1.0m in the Gap Zone, further expanding the mineralized footprint
at Eau Claire and demonstrating that the deposit is wide open in all directions.
• Intercepting 13.5m of 8.05 g/t gold at the Percival Prospect, a discovery that has further
confirmed the expansion opportunities and ability to add overall high-grade ounces to the Eau
Claire project.
Currently, there is one completed core drill hole pending assay results from the Hinge Target and two
core drill holes from the eastern extension. The Company anticipates results from these holes to be
released as received over the coming weeks along with geochemical survey results from the Lac Clarkie
and Éléonore South Joint Venture properties . Fury also plans on announcing the 2023 exploration
strategy, plans, and budget with its existing strong treasury of C$10.1 million.
The Company is also pleased to announce the appointment of Jeffrey Mason, CPA, ICD.D, the current
Lead Independent Director of the Company, to the position of Chair of the Board of Directors effective
immediately. Mr. Mason joined Fury in October 2020 a nd has extensive experience in the exploration,
development, construction and operation of precious and base metals projects in the Americas, Asia and
Africa, in cluding 15 years as a Principal, Board Director and Chief Financial Officer for the Hunter
Dickinson group of companies wherein he also specialized in M and A activity, and prior to that, 6 years
at Homestake Mining/Barrick Gold. Overall, Mr. Mason has ser ved as Chief Executive Officer, Chief
Financial Officer, Corporate Secretary and Board Director for over 20 public companies listed on the TSX,
TSXV, NYSE American and NASDAQ.
“Jeffrey’s extensive industry knowledge, experience, and infectious passion to create value have been
invaluable to the Company; and we are very pleased with his natural progression from Lead Independent
Director to Chair of the Board. I look forward to continuing to work closely with Jeffrey and the Board as
Fury continues to aggressively explore our portfolio of mineral assets in the coming year ,” stated Tim
Clark, CEO of Fury.
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 59.5 million common share position in Dolly Varden
Silver Corp (23.5%). 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
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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, Metallurgy and Petroleum
("CIM"). The Company's descriptions of its projects usin g applicable CIM terminology, which includes
defined terms such as 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.