Fury Gold Mines hits high grade mineralization from step out holes at Eau Claire in Quebec

Fury Gold Mines Limited (TSE:FURY) (NYSEAMERICAN:FURY) (FRA:AUN1) has posted encouraging drill findings from its Eau Claire deposit in Quebec, which show high-grade mineralization down plunge from the existing resource.  Today's assays come from three holes and were targeting a 550-metres (m) to 660m extension from the known resource area.  READ: Fury Gold Mines unveils changes in the boardroom as it positions for "next phase of growth" Highlight assays were 1m at a grade of 15.3 grams per ton (g/t) gold in one hole; another hit intercepted 1.5m at a grade of 8.8 g/t of the yellow metal. "Our initial drill program at Eau Claire was designed to survey and test areas of potential expansion at the deposit and on the immediate deposit trend," said Mike Timmins, CEO of Fury in a statement. "We are only a quarter of the way through the program and we have already determined that Eau Claire extends at least 600 metres down plunge. In addition, we intersected a second gold-bearing structure at depth, which we believe to be associated with the Snake Lake surface target. "We expect to release more infill drill results in the coming weeks, as well as introduce our drill plan for the West Gap area, to potentially extend Eau Claire to the west." An intercept was recorded of 1.5m at 6.43 g/t gold in one hole (from a depth of 1,069.5m), which was 1,100m down plunge from the nearest Snake Lake drilling and has "significantly" opened up the exploration potential along the Snake Lake structural corridor, said Fury. It now plans to drill three holes that offset shallow historical intercepts of 2.65m of 13.24 g/t gold, 1.5m of 12.2 g/t gold and 2.0m of 6.62 g/t gold with 150m to 300m offsets down plunge back toward the deep intercept above. Sitting in around 113,00 hectares in James Bay, the Eau Claire project boasts 853,000 ounces at a high-grade of 6.18 g/t gold in the measured and indicated (M&I) category. A preliminary economic assessment (PEA) in 2018 showed an after-tax net present value (NPV) of C$397 million at a gold price of US$1,500 and total capital expenditure of US$283 million. Fury is focused on three prolific mining regions in Canada and aims to advance its multi-million-ounce gold platform. Contact the author at giles@proactiveinvestors.com