Fury Gold Mines Limited (TSE:FURY) (NYSEAMERICAN:FURY) (FRA:AUN1) said it has identified two “compelling” target areas on the western limit of its high-grade Eau Claire project, in Quebec that may “significantly expand” the deposit.
These targets are located below an area called the 850 zone and were developed through an increased understanding of the structural and lithological controls on mineralization within the deposit, said the company.
Primarily using litho-geochemistry data, Fury's technical team was able to define individual rock packages and their relative position within the anticline, which is the main structural control on the Eau Claire deposit.
READ: Fury Gold Mines hits high-grade mineralization from step out holes at Eau Claire in Quebec
"Over the past five months, we have gained considerable insight into Eau Claire through a systematic review of project data and results from our initial exploration and deposit drilling. This has led to the identification of several areas of potential expansion, recently highlighted by the new Snake Lake horizon and Eau Claire's eastern down plunge extension," Fury Gold CEO Mike Timmins said in a statement.
"We are excited to introduce the next area of focus for our ongoing drill program, the potential western expansion of the deposit, which remains within the current project footprint, but has never been tested."
Gold mineralization at Eau Claire is hosted within a mafic volcanic package that historically was considered a single homogeneous unit. However, through the analysis of phosphorous/titanium ratios within drill core and surface samples along the Eau Claire deposit trend, Fury has been able to define two mappable basaltic units that collectively define two distinct stratigraphic positions associated within the 850 and 450 zones, which was previously unrecognized.
Fury's team has determined that the mineralized horizon of the 450 zone, which represents around 85% of the resource at Eau Claire, remains untested below the 850 zone and provides an “excellent opportunity to expand the deposit footprint on the western margin of the deposit.”
Meanwhile, Michael Henrichsen, who is the SVP of exploration at Fury noted that the 850 zone has “two very compelling targets.”
“The technical team has leveraged historical drill data to identify new resource extension targets along the western region of the deposit,” added Henrichsen. “We look forward to moving the exploration drill rig to these targets as soon as the first three drill holes at the Snake Lake target are completed."
Sitting in around 113,00 hectares in the Eeyou Istchee territory, in James Bay, the Eau Claire project boasts 853,000 ounces at a high grade of 6.18 g/t gold in the measured and indicated category.
850 zone targets
Two primary targets have been defined on the western margin of the deposit below the 850 zone, which represents nearly 15% of the current resource. This area has only been drilled to vertical depths of around 150 metres. The mineralization in the 850 zone is hosted within a magnesium rich basaltic unit that is situated stratigraphically above an iron-rich basaltic unit that hosts mineralization within the 450 zone. Both targets are situated at the contact between these distinct basaltic units.
The Fold Hinge target is located at shallow depths of around 200 metres to 400 metres where the iron-rich basalt that hosts the bulk of the resource remains undrilled. The Limb target is located at a depth of 500-to-700 metres. The Limb target area offsets historical assays of 2.5 metres of 14.03 g/t gold, 3 metres of 12.57 g/t gold and 1.5 metres of 18.03 g/t gold.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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