Fury Gold Mines starts 10,000-metre drill program at Eau Claire gold project, Quebec
Fury Gold Mines Ltd. [TSX, NYSE American: FURY] has begun a 10,000-metre fall/winter drilling program at its wholly owned Eau Claire gold project, located in the Eeyou Istchee Territory in the James Bay region of Quebec.
The program is based on recommendations from the recent Eau Claire PEA (preliminary economic assessment) and will focus on resource growth and enhancing the mine plan. Two drill rigs are currently active at site.
“We are excited to launch the next phase of drilling at Eau Claire, where our focus remains on advancing Eau Claire to development stage,” stated Tim Clark, CEO of Fury Gold Mines. “We also recognize the growing strategic importance of the Kipawa rare-earths project and we are encouraged by the project’s potential. We look forward to working alongside first nations and local communities to evaluate next steps.”
The fall/winter 2025 drill program at Eau Claire, comprising approximately 10,000 metres, will focus on expanding resources along high-grade shoots, which were highlighted in the PEA minable portion of the resource; connecting the current resource outside of the PEA minable portion to bring more of the existing gold ounces into an eventual development scenario and continuing to identify additional resource growth opportunities.
Kipawa heavy rare-earths project: Although Fury’s core focus remains on precious metals, the company provided an update on the Kipawa rare-earths project in Quebec, given recent attention and increased valuations to rare-earth projects globally.
Since acquiring this project as part of the Quebec Precious Metals acquisition in Q1 of this year, Fury has primarily focused on reinitiating dialogue with local community members and first nations. The first step has been the establishment of a new community council comprising local and first nation leadership representation, which includes one Fury representative. The company goal is to work collaboratively with this committee and the Quebec government to establish next steps to put this project back on a positive pathway for the benefit of all.
The project is located 50 km east of Temiscaming and 440 km north of Toronto in southwestern Quebec and covers approximately 4,300 hectares. Kipawa is host to historical proven and probable reserves of 19.8 million tonnes grading 0.411% total rare-earth oxides (TREO).
The historical reserve estimation for Kipawa completed for Matamec Explorations Inc. was first disclosed in a technical report entitled: Feasibility Study for the Kipawa Project Temiscamingue Area, Quebec, Canada, with an effective date of September 4, 2013.
The historical reserve estimates for Kipawa have not been sufficiently reviewed by Fury to be deemed current mineral reserves. Fury does not treat these historical reserve estimates as current.
Fury Gold Mines is positioned in two prolific mining regions across Canada and holds an 11.3 million common share position in Dolly Varden Silver Corp. (12.9% of issued shares).
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