Fury Gold Mines begins drilling at its Eau Claire project in Quebec

Fury Gold mines

Canada’s newest exploration and development company begins drilling at its Eau Claire Project in Quebec

Clockwise from top: homestake Ridge gold project in British Columbia’s Golden Triangle; hayes Camp at the Committee Bay gold project in Nunavut; and first drill commencing the 2020 exploration program at the Eau Claire gold project in the James Bay region of Quebec.

Fury Gold Mines has initiated an ambitious 80,000 metres of drilling over the next 18 months across its 3.5-million-ounce portfolio. The first 50,000 metres of this campaign is underway at the company’s lead asset, the Eau Claire project in the Central James Bay region of Quebec.

Fury is a Toronto-based exploration and development company focused on advancing its portfolio of high-grade gold assets in Canada. The company was recently formed in October, following the reorganization of Auryn Resources and subsequent acquisition of Eastmain Resources, which owned the Eau Claire project.

Eau Claire drilling is expected to demonstrate the growth potential of the existing deposit, as well as new opportunities along a seven-kilometre deposit trend. Aggressive step-out drilling will test a one-kilometredown plunge extension of the deposit with the goal of completely rescaling the project. New targets identified along the seven-kilometre deposit trend will also be drill tested to assess their potential inclusion into the Eau Claire production scenario.

Approximately half of the program will be focused on infill drilling, which has been designed to both upgrade the resource category from inferred to indicated at the deepest southeastern margin of the Eau Claire deposit and potentially add ounces by drilling between defined resource blocks.

“This is a very exciting time for Fury,” commented Mike Timmins, president and chief executive officer of Fury. “The commencement of drilling at Eau Claire is a massive milestone for us and presents many opportunities at both the deposit and mine trend scales to increase extractable ounces. I am confident in our plan and that we have the right people to execute.”

In addition to the planned exploration at Eau Claire, the company has drill programs outlined for both Homestake Ridge in British Columbia and Committee Bay in Nunavut in 2021, with 20,000 metres and 10,000 metres of drilling planned, respectively.

At Homestake, the theme is ‘a return to exploration’ to increase the ounce profile of the project and scale of the potential mining scenario.

Fury’s Committee Bay project is comprised of a 300-kilometre greenstone belt in Nunavut and is anchored by the Three Bluffs deposit of 524,000 ounces at 7.85 grams per tonne (g/t) gold indicated and 720,000 ounces at 7.64 g/t gold inferred. Next year’s drilling, which will potentially be the most impactful at the project to-date, will test several new goldbearing target areas based on updated structural work and geophysical signatures to both expand existing resources, and to explore for a major high-grade gold discovery.

With the people, the projects, and the playbook in place, Fury and its investors are well-positioned to benefit from the growth potential of its high-quality, low-risk assets ahead of the next gold bull market. 8