Fury Gold Mines Ltd. [FURY-TSX, NYSE American] on Monday May 25 released results from its continuing resource expansion and exploration drill program at the 100%-owned Eau Claire deposit in the Eeyou Istchee territory, James Bay region, northern Quebec.
Drill hole 21EC-022 intersected 23.27 g/t gold over 7.09 metres in the southeast margin of the defined resource, further demonstrating the potential to significantly expand the resource down plunge to the east.
This intersection represents the fifth best result drilled, in terms of grade and width, from over 900 holes drilled in Eau Claire to date. “Given this result, Fury’s technical team plans to continue drilling east of the deposit, focusing on the 220-metre gap between the known resource and the target A panel,” the company said.
Fury Gold shares were unchanged at $1.71. The shares are currently trading in a 52-week range of $7.77 and $1.44.
The latest results are from an ongoing 50,000-metre drill program that Fury recently said was approximately 40% complete.
Fury Gold Mines recently said it has completed project milestones by outlining drill programs for its Homestake Ridge, British Columbia, and Committee Bay, Nunavut, projects, with high-grade extension targets at a drill-ready stage.
Eau Claire is one of five known deposits in the region with the largest of these, the Newmont Corp. [NGT-TSX; NEM-NYSE] Eleonore mine 57 k north of Eau Claire.
Eau Claire contains an measured an indicated open pit resource of 1.2 million tonnes grading 5.86 g/t gold or 228,000 ounces, plus an underground resource of over almost 3.1 million tonnes, grading 6.30 g/t gold over 625,000 ounces.
A 2018 PEA envisages life-of-mine production of 951,000 ounces of gold over 12 years. Total capital expenditures are estimated at $283 million.
While advancing its technical understanding of Eau Claire, the company identified two new target horizons that could meaningfully re-shape the project’s development scope. They are the Snake Lake structure and the 850 Zone.
“We are excited about the two new Eau Claire targets, the Snake Lake structure and 850 Zone, which could add an entirely new dimension to the project,” said CEO Mike Timminsrecently.
“We believe the opportunity at Eau Claire is much bigger than simply expanding the deposit trend, as we are now seeing several regional and highly prospective discovery opportunities within the 54,000-hectare land package that we will be exploring this summer,” he said.