Fury Gold starts 10,000 m drill program at Eau Claire

Executive Summary

• Fury Gold Mines Ltd. has commenced a 10,000-metre fall/winter drilling program at its wholly owned Eau Claire gold project in Quebec, aiming to expand resources and enhance the mine plan based on recent Preliminary Economic Assessment (PEA) recommendations.
• The company provided a strategic update on its Kipawa rare-earths project, highlighting the establishment of a new community council with local and First Nations leadership to facilitate future development steps.
• The Eau Claire program involves two active drill rigs and focuses on expanding high-grade shoots, connecting resources outside the PEA minable portion, and identifying further growth opportunities.

Key Details

• Eau Claire Drilling Program:
  • Total planned drilling: 10,000 metres.
  • Timing: Fall/winter 2025.
  • Location: Eeyou Istchee Territory, James Bay region, Quebec.
  • Equipment: Two drill rigs currently active at site.
  • Objectives:
    • Expand resources along high-grade shoots highlighted in the PEA minable portion.
    • Connect current resources outside the PEA minable portion to integrate more gold ounces into the development scenario.
    • Identify additional resource growth opportunities.
• Kipawa Rare-Earths Project Update:
  • Strategic focus: Reinitiating dialogue with local community members and First Nations.
  • Governance: Establishment of a new community council comprising local and First Nations leadership representation, including one Fury representative.
  • Goal: Collaborate with the committee and Quebec government to establish next steps for the project.
  • Location: 50 km east of Temiscaming, 440 km north of Toronto, southwestern Quebec.
  • Land Package: Approximately 4,300 hectares.
  • Historical Data: Hosts historical proven and probable reserves of 19.8 million tonnes grading 0.411% total rare-earth oxides (TREO).
  • Disclaimer: Historical reserve estimates (from a 2013 Matamec Explorations feasibility study) have not been reviewed by Fury and are not deemed current mineral reserves.
• Company Context:
  • Fury holds an 11.3 million common share position in Dolly Varden Silver Corp. (12.9% of issued shares).
  • Valerie Doyon, PGeo, is the Qualified Person who reviewed and approved the technical disclosures.

Notable Quotes

• "We are excited to launch the next phase of drilling at Eau Claire, where our focus remains on advancing Eau Claire to development stage," stated Tim Clark, chief executive officer of Fury Gold Mines.
• "We also recognize the growing strategic importance of the Kipawa rare-earths project and we are encouraged by the project's potential. We look forward to working alongside first nations and local communities to evaluate next steps."