Fury Gold Mines Limited (TSE:FURY) (NYSEAMERICAN:FURY) (FRA:AUN1) shared results Monday from its first exploration drill hole (B1) targeting a 660-metre (m) extension from the known resource at its Eau Claire deposit in the James Bay region of Quebec.
The Canada-focused exploration company said the drill hole intercepted 3m of 2.59 g/t gold within a broader interval of 8m of 1.21 g/t gold at a drill depth of 643m to 651m.
Importantly, the gold mineralization was associated with quartz-tourmaline veining and amphibole alteration, which is consistent with mineralization within the defined resource at the Eau Claire deposit, noted the company.
"We are very pleased to have hit gold mineralization in our first significant step-out as it provides an exciting indication that we could see strong resource growth at Eau Claire," said Fury Gold CEO Mike Timmins.
"The market has waited a long time for this hole to be drilled and it is an example of one of the many ways the team at Fury intends to identify and deliver growth across the platform."
The company said the gold mineralization in drill hole B1 represents a “significant extension” of the Eau Claire deposit. The interval of 3m of 2.59 g/t gold is above Eau Claire's cut-off grade, which was used in the 2018 resource and shows that the down plunge extension to the deposit has the “potential to substantially expand the resource,” said the company.
Fury plans to move a second drill to the exploration program to test target areas A and C, in addition to continuing drilling at target area B.
"The results from hole B1 indicate that the deposit can extend significantly down plunge. Our plan to move a second rig onto the exploration phase of the drill program is based on our increased confidence in our targeting as we look to rapidly define the ultimate size potential of the Eau Claire deposit," said Michael Henrichsen, SVP of exploration at Fury Gold.
Exploration rationale for down plunge targets
The exploration drilling program has moved from proof-of-concept to identifying high-grade plunging zones of mineralization. The firm offered the following target rationale for moving forward:
- Target A is situated 100m to 300m down plunge from the limit of the current resource, which is defined by a subset of 200,000 ounces of 12 g/t gold. This target has the potential to duplicate the high-grade nature observed in the eastern portion of the defined resource and is supported by historical drilling 200m vertically above of 1m of 12.6 g/t, 2.5m of 4.4 g/t, and 2.5m of 3.9g/t gold respectively in an area interpreted to be above the overall plunge of the deposit;
- Target B is situated 500m to 700m down plunge from the limit of the current resource. The intersection of drill hole B1 is interpreted to have intersected the upper margin of the plunge of the Eau Claire deposit; a subsequent test (B2), 200m vertically beneath the B1 hole is currently underway and is approaching target depth of 800m to 900m; and
- Target C is situated 800m to 1,000m down plunge from the limit of the current resource. The planned drill array represents a 700m to 900m down dip extension from the historical drilling above the target area. This target is believed to be at the intersection of the Eau Claire and Snake Lake structures characterized by high-grade mineralization.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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