Fury Gold Mines Limited (TSE:FURY) (NYSEAMERICAN:FURY) (FRA:AUN1) released additional results from its drill program at its Eau Claire deposit in Quebec that showed good potential to expand the resource area.
The Toronto-based junior intersected 59.3 grams per ton (g/t) gold over 1 metre (m) and 8.9 g/t gold over 3m just east of the current resource.
Fury is hoping to expand the resource by drilling outside of known resource blocks in the lower eastern region of the deposit, which is located in the James Bay region.
READ: Fury Gold Mines to drill “compelling” western extension targets at Eau Claire project in Quebec
The current 25,000m drill program is part of a larger 50,000m program at Eau Claire.
"Our deposit drilling continues to yield high-grade results as we intersect new areas of mineralization outside of the defined resource, demonstrating a strong potential to expand the resource east," Fury CEO Mike Timmins said in a statement.
"In addition to this progress, we are highly encouraged with the newly identified Snake Lake structure, where we have recently completed drilling and are eagerly awaiting assay results. Our ongoing exploration program will now focus on the western extensions of Eau Claire, the previously announced Fold Hinge and Limb target areas."
Currently the deposit contains an inferred resource of 204,000 ounces grading 11.8 g/t gold at a 2.5 g/t cut-off grade.
Fury’s senior vice president exploration Michael Henrichsen told investors that the company is planning to drill test the 300m between the latest results and the A panel in the coming weeks, in a bid to “significantly expand” the resource.
"These high-grade results have excellent continuity to the east of the deposit moving down plunge towards the A panel target,” Henrichsen said.
Fury is aiming to aggressively grow resources in three prolific mining regions of Canada.
Contact Angela at angela@proactiveinvestors.com
Follow her on Twitter @AHarmantas