Fury Commences 10,000-Metre Drill Program at Eau Claire and Provides an Update on the Kipawa Rare Earths Project

Rhea-AI Summary

Fury (TSX: FURY) has started a 10,000‑metre fall/winter 2025 drilling program at the wholly owned Eau Claire gold project in James Bay to target resource growth and enhance the mine plan; two drill rigs are currently active on site. The program aims to expand high‑grade shoots, connect resources outside the PEA mineable portion, and seek additional growth opportunities.

Fury also updated the Kipawa rare earths project: the 4,300‑hectare property hosts historical Proven and Probable reserves of 19.8 million tonnes at 0.411% TREO (2013 study), but Fury has not verified these as current reserves. A new community council with First Nations representation has been established to evaluate next steps.

Positive

• 10,000‑metre fall/winter 2025 drilling program announced
• Two drill rigs active onsite at Eau Claire
• Historical P&P reserves at Kipawa: 19.8 million tonnes @ 0.411% TREO (2013)
• New community council with First Nations representation established

Negative

• Kipawa historical reserve estimates not verified and not treated as current by Fury

Insights

Mining Project Strategist

Commencement of a 10,000‑metre drill program targets resource expansion at Eau Claire while Fury begins community engagement on Kipawa.

Focusing drilling on high‑grade shoots and gaps outside the PEA mineable shell directly ties operational work to converting existing inferred/indicated ounces into a development‑readable resource. Two rigs and an approximate 10,000‑metre program provide a clear, measurable mechanism to test continuity and expand the PEA inventory within a single campaign.

Progress depends on drilling results, metallurgy and updated resource classification; community and government engagement is now a gating item for the Kipawa pathway. The press release notes historical Proven and Probable Reserves of 19.8 million tonnes at 0.411% TREO but explicitly states Fury has not validated those figures and will not treat them as current; that caveat keeps near‑term economic implications uncertain.

Watch for assay turnaround and a subsequent resource update or technical report in the coming months, and any formal workplan or environmental baseline at Kipawa that follows the newly formed community council; expect tangible milestones within Oct. 21, 2025 to the next 6–12 months.

TORONTO, Oct. 21, 2025 (GLOBE NEWSWIRE) -- Fury Gold Mines Limited (TSX: FURY, NYSE American: FURY) (“Fury” or the “Company”) is pleased to announce that it has commenced a 10,000-metre fall/winter drilling program at its wholly owned Eau Claire Gold Project (“Eau Claire” and the “Project”), located in the Eeyou Istchee Territory in the James Bay region of Quebec. The program is based on recommendations from the recent Eau Claire PEA and will focus on resource growth and enhancing the mine plan. Two drill rigs are currently active at site.

“We are excited to launch the next phase of drilling at Eau Claire, where our focus remains on advancing Eau Claire to development stage,” stated Tim Clark, CEO of Fury Gold Mines. “We also recognize the growing strategic importance of the Kipawa rare earths project and we are encouraged by the project’s potential. We look forward to working alongside First Nations and local communities to evaluate next steps.”

The fall/winter 2025 drill program at Eau Claire, comprising approximately 10,000 metres, will focus on:

• Expanding resources along high-grade shoots, which were highlighted in the PEA mineable portion of the resource;
• Connecting the current resource outside of the PEA mineable portion to bring more of the existing gold ounces into an eventual development scenario; and
• Continuing to identify additional resource growth opportunities.
  
  

Kipawa Heavy Rare Earths Project

Although Fury’s core focus remains on precious metals, the Company is pleased to provide an update on the Kipawa rare earths project in Quebec, given recent attention and increased valuations to rare earth projects globally. Since acquiring this project as part of the Quebec Precious Metals acquisition in the first quarter of this year, Fury has primarily focused on re-initiating dialogue with local community members and First Nations. The first step has been the establishment of a new community council comprised of local and First Nation leadership representation, which includes one Fury representative. The Company goal is to work collaboratively with this Committee and the Quebec Government to establish next steps to put this project back on a positive pathway for the benefit of all.

The Project is located 50 km east of Temiscaming and 440 km north of Toronto in southwestern Quebec and covers approximately 4,300 hectares. Kipawa is host to historical Proven and Probable Reserves of 19.8 million tonnes grading 0.411% total rare earth oxides (TREO).

The historical reserve estimation for Kipawa completed for Matamec Explorations, Inc was first disclosed in a technical report entitled: Feasibility Study for the Kipawa Project Temiscamingue Area, Quebec, Canada with an effective date of September 4, 2013. The Historical Reserve Estimates for Kipawa have not been sufficiently reviewed by Fury to be deemed current mineral reserves. Fury does not treat these historical reserve estimates as current.

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 positioned in two prolific mining regions across Canada and holds an 11.3 million common share position in Dolly Varden Silver Corp (12.9% of issued shares). Led by a management team and board of directors with proven success in financing and advancing exploration assets, Fury intends to grow its multi-million-ounce gold platform through rigorous project evaluation and exploration excellence. Fury is committed to upholding the highest industry standards for corporate governance, environmental stewardship, community engagement and sustainable mining. For more information on Fury Gold Mines, visit www.furygoldmines.com.

Neither the TSX nor its Regulations Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this news release.

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 Information
This 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. Forward-looking statements contained in this release primarily relate to statements that suggest that future work at Sakami will potentially increase or upgrade the gold resources.

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, 2024 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/8cc2e277-e253-4b4f-be0d-17e932acc39e

FAQ

What is the size and timing of Fury's Eau Claire drill program (FURY) in 2025?

Fury commenced a 10,000‑metre fall/winter 2025 drilling program at Eau Claire, focused on resource growth and mine‑plan enhancement.

How many drill rigs are operating at Eau Claire for Fury (FURY)?

Two drill rigs are currently active onsite at Eau Claire.

What historical reserves are reported for the Kipawa rare earths project (FURY)?

Kipawa hosts historical Proven and Probable reserves of 19.8 million tonnes at 0.411% TREO from a 2013 feasibility study.

Has Fury (FURY) confirmed Kipawa's historical reserve estimates as current mineral reserves?

No. Fury states the historical reserve estimates have not been sufficiently reviewed and are not treated as current mineral reserves.

Where is the Kipawa project located and what is its size mentioned by Fury (FURY)?

Kipawa is ~50 km east of Temiscaming, ~440 km north of Toronto, and covers about 4,300 hectares in southwestern Quebec.

What community engagement steps has Fury (FURY) taken for the Kipawa project?

Fury established a new community council including local and First Nations leadership plus one Fury representative to evaluate next steps.