Fury Gold encouraged by Quebec lithium metallurgical tests
Fury Gold Mines Ltd. [FURY-TSX, NYSE American] has announced the final metallurgical test results on its Ninaaskumuwin lithium discovery located on the Elmer East project in the Eeyou Istchee James Bay Territory of northern Quebec.
The objective of the metallurgical test work was to characterize the mineralogy and metallurgical properties of the spodumene-bearing pegmatite intercepted in drilling.
The company said 85 analyzed samples contain up to 42% spodumene; sample grades range from 0.02% to 3.71% Li20 and from 0.36% to 6.30% Fe20; spodumene is the only identified lithiferous mineral and the intercepted pegmatite is free of impurities, suggesting the potential for producing lithium concentrates suitable for manufacturing lithium carbonate and lithium hydroxide for batteries.
Tests carried out demonstrated the feasibility of producing a Direct Shipping Ore (DSO) concentrate grading 6.024% Li20 while recovering 76.66% of the lithium in 22.97% of the mass, through a Dense Media Separation (DMS) step applied to the coarsest crushed feed. “This result is very promising and suggests a selective exploration and mining approach,’’ the company said in a press release.
On Tuesday, Fury shares were down 2.7% or $0.02 to 73 cents. The shares trade in a 52-week range of $1.37 and 64 cents.
The Ninaaskumuwin lithium prospect is located on Fury’s 100%-owned Elmer East project, which covers approximately 45,700 hectares. Ninaaskumuwin is easily accessible from the paved Billy Diamond Hwy, approximately 60 kilometres north of the ‘km 38` rest stop where accommodation, catering, fuel and power are available.
The discovery site is approximately 50 kilometres north of Rio Tinto Group [RIO-NYSE] Galaxy Lithium project, acquired in March 2025 as part of the acquisition of Arcadium Lithium plc for US$6.7 billion.
“We are verry encouraged by the strong metallurgical results achieved, which demonstrate the potential of the mineralization to respond well to conventional processing methods,’’ said Fury CEO Tim Clark.
The metallurgical tests were conducted by IGS Impact Global Solutions Inc. (IGS) in their laboratory in Delson, Quebec. Financial assistance was provided by ministere des Ressources naturelles et des Forets (MRNF).
“The results obtained clearly support the use of DMS on crushed high-grade ore to be potentially sourced from the Ninaaskumuwin lithium discovery and to produce a DSO marketable Spodumene Concentrate (SC6),” said Ahmed Bouajila, President and CEO of IGS. “The quality of the intercepted LCT pegmatite indicates that the processing of the mineralized material is highly derisked,’’ said Bouajila. “This is in sharp contrast with other hard rock lithium projects that are challenged to produce profitable and marketable concentrates,’’ he said.
Fury Gold Mines is a well funded Canadian-focused exploration company, which is currently advancing the Eau Claire gold project towards development and holds a 5.8% equity stake in Contango Silver and Gold Inc.
The high-grade Eau Claire deposit is also located in the Eeyou Istchee Territory of the James Bay region of Quebec.
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