Fury Announces Metallurgical Test Results for the Ninaaskumuwin Lithium Discovery with Potential Direct Shipping Ore Concentrate of 6.0% Li2O5 and 77% Recovery
Rhea-AI Summary
Fury (TSX/NYSE American:FURY) reported final metallurgical results for the Ninaaskumuwin lithium discovery at its 100%-owned Elmer East project in Quebec.
Tests on 85 drill core samples suggest potential to produce a direct shipping ore concentrate grading 6.0% Li₂O₅ with 77% lithium recovery using a single dense media separation step.
Spodumene is the only lithium-bearing mineral identified, with low impurities that may suit battery-grade products. The work, performed by IGS under ISO-17025-compliant procedures, received financial support from Quebec’s mineral exploration support program.
Positive
- DSO concentrate of 6.0% Li₂O₅ at about 77% lithium recovery
- Single dense media separation step on coarse crushed feed deemed feasible
- Spodumene identified as sole lithium-bearing mineral with low impurities
- Potential suitability of concentrates for lithium carbonate and hydroxide production
- Elmer East project is 100% owned and road-accessible via Billy Diamond highway
- Metallurgical work supported financially by Quebec MRNF critical minerals program
Negative
- None.
News Market Reaction – FURY
In the Jun 23 session, FURY declined 1.85%, reflecting a mild negative market reaction. Argus tracked a trough of -10.4% from its starting point during tracking. Our momentum scanner triggered 2 alerts that day, indicating moderate trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jun 09 | Pre-feasibility work | Positive | -1.0% | Engaged consultants to advance Eau Claire gold project pre-feasibility work. |
| Jun 02 | Drill results | Positive | +0.6% | Reported strong gold intercepts and funded Phase 2 drilling at Eau Claire. |
| May 19 | Met testwork update | Positive | -3.0% | Advanced metallurgical program to optimize processing at Eau Claire project. |
| May 12 | Management appointment | Positive | +3.7% | Appointed Senior Director, Environment and Permits for Eau Claire project. |
| Apr 28 | Environmental studies | Positive | -1.8% | Initiated two-year environmental baseline study at the Eau Claire gold project. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent operational and project updates have produced mixed share reactions, with several positive announcements followed by short-term price declines.
Key Terms
spodumene technical
pegmatite technical
direct shipping ore technical
dense media separation technical
iso-17025 technical
instrument 43-101 regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
TORONTO, June 23, 2026 (GLOBE NEWSWIRE) -- Fury Gold Mines Limited (TSX and NYSE American: FURY) (“Fury” or the “Company”) is pleased to announce the final metallurgical test results on its Ninaaskumuwin lithium discovery (the “Discovery”) located on the Elmer East project, in the Eeyou Istchee James Bay Territory of Northern Quebec. The objective of the metallurgical test work was to characterize the mineralogy and metallurgical properties of the spodumene-bearing pegmatite intercepted in drilling. Preliminary test work based on an initial drilling program on the Discovery indicated that work was warranted (see press releases dated July 9, 2025 and July 22, 2025).
Test Results Highlights
- Analyzed 85 samples contain up to
42% spodumene; - Sample grades range from
0.02% to3.71% Li₂O and from0.36% to6.30% Fe₂O₃; - Spodumene is the only identified lithiferous mineral and the intercepted pegmatite is free of impurities, suggesting the potential for producing lithium concentrates suitable for manufacturing lithium carbonate and lithium hydroxide for batteries; and
- Tests carried out demonstrated the feasibility of producing a Direct Shipping Ore (“DSO”) concentrate grading
6.024% Li₂O₅ while recovering76.66% of the lithium in22.97% of the mass, through a single Dense Media Separation (“DMS”) step applied to the coarsest crushed feed. This result is very promising and suggests a selective exploration and mining approach.
“We are very encouraged by the strong metallurgical results achieved, which demonstrate the potential of the mineralization to respond well to conventional processing methods,” commented Tim Clark, CEO of Fury. “We look forward to identifying opportunities to unlock value at the Ninaaskumuwin discovery for our shareholders.”
“The results obtained clearly support the use of DMS on crushed high-grade ore to be potentially sourced from the Ninaaskumuwin lithium discovery and to produce a DSO marketable Spodumene Concentrate (SC6). The quality of the intercepted LCT pegmatite indicates that the processing of the mineralized material as highly derisked. This is in sharp contrast with other hard rock lithium projects that are challenged to produce profitable and marketable concentrates.” stated Ahmed Bouajila, President & CEO of IGS Impact Global Solutions Inc. (“IGS”).
Elmer East Project
The Ninaaskumuwin lithium prospect is located on Fury’s
Figure 1: Elmer East Location Map
To carry out the metallurgical test work financial assistance was provided by the ministère des Ressources naturelles et des Forêts (MRNF). This financial support was granted as part of the fourth call for projects of the Mineral Exploration Support Program for Critical and Strategic Minerals (“MCS”). This program supports companies in the mineral exploration sector in carrying out their projects aimed at developing MCS deposits in Quebec.
Mineralogical analysis and metallurgical tests were conducted by IGS, in their laboratory in Delson, Quebec. Metallurgical test work was completed by analysing ½ HQ drill core samples prepared using IGS’s procedure, complying with ISO-17025-version 2017.
Valérie Doyon, P.Geo, Senior Project Geologist at Fury, is a “qualified person” within the meaning of Canadian mineral projects disclosure standards instrument 43-101 and has reviewed and approved the technical disclosures in this press release.
About Fury Gold Mines Limited
Fury Gold Mines Limited is a well-financed Canadian-focused exploration company advancing the Eau Claire gold project towards development, which holds a
For more information on Fury Gold Mines, visit www.furygoldmines.com.
| For further information on Fury Gold Mines Limited, please contact: | |
| Salisha Ilyas, Investor Relations | |
| Tel: | (844) 601-0841 |
| Email: | info@furygoldmines.com |
| Website: | www.furygoldmines.com |
Forward-Looking Statements and Additional Cautionary Language
This news release includes certain statements that may be deemed to be “forward-looking statements” within the meaning of applicable securities laws, which statements relate to the future exploration operations of the Company and may include other statements that are not historical facts. Specific forward-looking statements contained in this news release includes information relating to the Company’s ongoing exploration program at the Elmer East project.
Although the Company believes that the assumptions and expectations reflected in those forward-looking statements were reasonable at the time such statements were made, there can be no certainty that such assumptions and expectations will prove to be materially correct. Mineral exploration is a high-risk enterprise.
Readers should refer to the risks discussed in the Company’s Annual Information Form and MD&A for the year ended December 31, 2025 and subsequent continuous disclosure filings with the Canadian Securities Administrators available at www.sedarplus.ca and the Company’s Annual Report available at www.sec.gov. Readers should not place heavy reliance on forward-looking information, which is inherently uncertain.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d18bc418-62a1-457f-b0af-e33f22a68aef
