Fury Provides Corporate and Exploration Update
7 September 2021
TORONTO, ON / ACCESSWIRE / September 7, 2021 / Fury Gold Mines Limited (TSX: FURY)(NYSE American:FURY) ("Fury" or the "Company") is pleased to provide a corporate and exploration update.
- 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;
- Mr. 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: 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.