Fury Gold extends footprint at Eau Claire project in Quebec

The final three drill holes from Fury Gold Mines’ (TSX: FURY; NYSE-AM: FURY) 2022 program have returned high-grade gold intercepts at its Eau Claire project in Quebec.

Assays from the Hinge Target included 22.7 grams gold per tonne over 1.5 metres starting 181.5 metres downhole in 22EC-059. The intercept, about 155 metres below surface, “is one of the shallowest high-grade intercepts to date within the Hinge Target zone,” the company stated in a press release.

Fury also noted the drill hole “intercepted eight zones of gold mineralization across 350 metres drilled width,” including 1.5 metres of 15.3 grams gold and 1.5 metres of 6.5 grams gold.

The reported intercepts “represent a 100-metre offset to the west and 150-metre vertical offset of the defined 850 Zone within the Hinge Target,” Fury Gold stated.

The company pointed out that its “focus on the fold geometry” at the Hinge Target last year has resulted in “an overall increase of approximately 25% to the mineralized footprint” and the target remains open to the west as well as up-dip and down-dip.

The 11 holes it has drilled at Hinge so far have had a hit rate of almost 55% above Eau Claire’s underground measured and indicated resource grade of 6.3 grams gold and over 80% above the underground cut-off grade of 2.5 grams gold, the company said.

Resource expansion drilling to the east, meanwhile, including the most recent intercepts of 2.5 metres of 3.91 grams gold from 637 metres downhole in drillhole 22EC-060 and 1.5 metres of 3.65 grams gold from 501 metres in 22EC-061, have extended mineralization 65 metres and 75 metres,  respectively, “confirming the dip continuity of the defined mineralization along the southeast margin of the Eau Claire deposit.”

The 240-sq-km property in the Eeyou-Istchee/James Bay region, is about 57 km south of Newmont’s (TSX: NGT; NYSE: NEM) Eleonore gold mine.

The news sent Fury’s Toronto-listed shares up by 3.3% in mid-morning trading to 94¢. Over the last year the company has traded in a range of 46¢ and $1.09. The junior has about 140 million common shares outstanding for a market cap of roughly $131 million.

Barry Allan of Laurentian Bank Securities has a buy rating on the stock and a price target of $2.65 per share.