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Fury Provides Corporate and Exploration Update

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Toronto, Canada – September 7, 2021 –Fury Gold Mines Limited (TSX: FURY)(NYSE American: FURY) (“Fury” or the “Company” - https://www.commodity-tv.com/ondemand/companies/profil/fury-gold-mines-ltd/) is pleased to provide a corporate and exploration update.

Corporate Highlights

  • Appointed Tim Clark, a 23-year veteran in institutional capital markets with experience in the global metals and mining industry, to the position of CEO;
  • Clark is leading a change in strategy that focuses on exploration and discovery across the Company’s core assets;
  • Adjust primary exploration activities to focus on Fury’s core assets Eau Claire and Committee Bay, while concurrently conducting a strategic review of non-core assets;
  • Readjust capital spend with the goal of spending at least 70% of funds on exploration and drilling activities; and
  • Reduce corporate cash expenditures through certain strategic initiatives, including transitioning the Toronto office to a virtual work environment with a head office in Vancouver and leveraging several cost sharing benefits with sister companies.

“The Company’s focus and re-commitment to discovery and exploration are a reflection of the evidence and our continued confidence that Fury Gold’s high-grade resource base will continue to grow significantly larger. The Company is extremely well positioned for shareholders to benefit from improved capital allocation efficiency, pending near-term exploration results and the potential positive move in the gold market,” commented Tim Clark, CEO of Fury.

Exploration Highlights

Eau Claire:

  • Completed approximately 32,000 metres (m) of drilling at Eau Claire with 28 holes released and 10 drill holes from Snake Lake and the Western Limb Extension target areas currently pending
    (Figure 1);
  • Drilling is underway at Snake Lake where three sub-parallel high-grade gold bearing structures are being explored, the Eau Claire structure, the Snake Lake structure as well as a newly identified gold bearing structure situated between the Eau Claire and Snake Lake structures. To date, the Company has extended mineralization at Snake Lake 840m down dip of historical drilling with an intercept of 94.1 g/t gold over 0.5m (see Fury news release dated May 18, 2021) (Figure 2);
  • Advancing four of nine regional targets to drill stage through geochemical and geophysical surveys with a focus on the 6.5-kilometre (km) Percival trend (Figure 3);
  • Planning to drill the high-grade Percival target area during the first half of 2022 (Figure 4); and
  • Commenced surface exploration program at the Eleonore South Joint Venture to advance large scale 5.5 km long geochemical anomaly to drill stage (Figure 5).

Committee Bay:

  • Completed summer drill program of 2,587m across 5 holes at Committee Bay focused on the 8km shear zone hosting the Raven prospect where alteration and veining consistent with gold mineralization were intersected (Figure 6). Historical drill results from Raven include 31.1 g/t gold over 2.8m and 9.49 g/t gold over 7.57m1. Results from this summer’s drill program are expected in mid October; and
  • Completed geochemical sampling across six regional target areas in the southwestern region of the project to advance the most robust gold anomalies to drill stage.

In total, there are 17 holes pending at the Eau Claire and Committee Bay gold projects, which are expected to be released over the next couple of months.

Figure 1: Eau Claire deposit trend long section including Snake Lake depicting recent drill intercept highlights and drill holes with results pending.

Figure 2: Snake Lake long section depicting recent drill highlights and drill holes with pending results.

Figure 3: Regional geology map showing the outlines of the completed geochemical grids at four of the nine identified regional targets.

Figure 4: New interpretation of the Percival prospect showing the steep west fold plunge as indicated by the 3D magnetic inversion.

Figure 5: Historical high-grade 5.5 km long +50 ppb gold in till anomaly at the Eleonore South Joint Venture will be followed up on as part of the 2021 exploration program.

 

 

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