VANCOUVER–Fury Explorations (FUR-V, FURXF-O) is inching closer towards production with the recent closure of its deal to purchase the historic Taylor silver mine and mill complex, near Ely, Nev.
The deal initially saw Fury purchase private company Anglo Nevada Metals in early 2006, taking over an option on the project; it recently completed its payments totalling US$2.5 million for the operation.
Late last year, Fury announced its redevelopment timeline for Taylor, aiming for a production start in the first quarter of 2009. The company is working on finishing a prefeasibility study, securing its final necessary permits, completing a refurbishment of the mill complex and upgrading the tailings area.
Measured and indicated resources stand at 5.8 million tonnes grading about 79 grams silver per tonne for roughly 14.9 million contained ounces. The deposit hosts another 690,000 inferred tonnes at 87 grams silver (about 1.9 million contained ounces). The resource was tallied using a 41-gram silver cutoff grade, and lies within a modelled pit shell of about 15 million tonnes of material for a 1.3:1 waste-to- ore ratio.
Mineralization is hosted in brecciated limestones capped by a shale unit with silver occurring in fractures and veins within the limestone. The deposit averages about 15 metres in thickness and is near surface (with average overburden at less than 10 metres).
Operations at Taylor ceased in 1991 due to weak silver prices. Sporadic underground mining occurred from the late 1800s through to 1979, when Alta Gold opened an open-pit operation exploiting several million tonnes of resource averaging about 110 grams silver per tonne.
The processing complex includes primary and secondary crushers, eight ball mills with a combined 1,200-tonne-per-day capacity, and flotation and cyanide leach plants on about 3.6 sq. km of mining claims. Additionally, Alta expanded the mill complex in 1989 to include a copper, lead and zinc flotation circuit to process ore from the nearby Ward mine.
Fury’s recent plan to merge with Golden Predator Mines has been abandoned.
Golden Predator is a gold spinoff of Energy Metals, which was acquired by Uranium One (UUU-T, SXRZF-O).
Shares in Fury have recently traded around 60 — giving the aspiring silver producer a $16.4-million market capitalization based on its 27.6 million shares outstanding. The stock has a 52-week trading range of 46-$1.21.
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