Fury Gold Mines Limited (TSE:FURY) (NYSEAMERICAN:FURY) (FRA:AUN1) told investors that it plans to explore the Percival trend in the James Bay region of Quebec this summer, which sits 14 kilometres (km) east of the Eau Claire deposit.
A discovery was made in the area in 2018, including a drill assay of 78.5 metres (m) at 1.46 grams per ton (g/t) gold, and the company reckons the trend is home to a second style of mineralization at Eau Claire, which has largely been underexplored.
READ: Fury Gold Mines aims to kick off 25,000m of drilling at Homestake Ridge gold-silver project this summer
"Over the past six months, our technical team has identified considerable opportunities to increase ounces at Eau Claire and expand upon past discoveries throughout the land position," said Michael Henrichsen, the senior vice-president of exploration at Fury.
"At Percival, we have significantly advanced the detection of surface mineralization under till cover using biogeochemistry.
"This opens up the entire property for new target development as we plan to explore the Percival, Serendipity and North Structure trends this summer."
In 2021, Fury plans to carry out an extensive biogeochemistry program across the Eau Claire property in a bid to develop new drill targets.
Sitting in around 113,00 hectares in James Bay, Eau Claire boasts 853,000 ounces at a high grade of 6.18 g/t gold in the measured and indicated (M&I) category.
A preliminary economic assessment (PEA) in 2018 showed an after-tax net present value (NPV) of C$397 million at a gold price of US$1,500 and total capital expenditure of US$283 million.
Fury is focused on three prolific mining regions in Canada and aims to advance its multi-million-ounce gold platform.
Contact the author at giles@proactiveinvestors.com