Fury Identifies Éléonore Style Target at Éléonore South Gold Project
Fury Gold Mines Limited announces the identification of a robust geochemical gold anomaly at the Éléonore South gold project in Quebec, with potential for new discoveries. The project is strategically located near major mining operations, showcasing two distinct styles of mineralization. Biogeochemical sampling revealed significant gold and arsenic anomalies, setting the stage for future drilling in 2024.
The discovery of a geochemical gold anomaly within the same sedimentary rock package that hosts Newmont's Éléonore Mine is a significant exploration milestone for Fury Gold Mines Limited. The anomaly being up to 200 times the background value in gold suggests a potentially large mineralized system. The geological and geophysical parallels drawn between the Éléonore South gold project and the nearby Éléonore Mine, which is known for high-grade mineralization, are promising indicators of the project's potential.
Biogeochemical sampling, particularly in challenging ground conditions, is an innovative approach that can provide valuable insights into subsurface mineralization. The methodology used here, involving the collection of black spruce twigs for analysis, is a less invasive and potentially more cost-effective alternative to traditional soil sampling. The successful identification of continuous robust gold and arsenic anomalies that correlate with geophysical data reinforces the prospectivity of the targeted area.
The strategic acquisition of 100% ownership of the Éléonore South project by Fury Gold Mines Limited could have a significant impact on the company's valuation, especially if the identified targets yield successful drilling results. Investors will be keenly monitoring the progress of the biogeochemical sampling program and the subsequent drilling campaign planned for later in 2024. The presence of gold in-till anomalies and the potential for higher-grade styles of intrusion-related gold mineralization further enhance the project's appeal.
Given the proximity to a major mining company, there may be synergies or partnership opportunities that could emerge, potentially reducing exploration costs or providing avenues for resource sharing. The historical drilling intercepts at the JT and Moni prospects, with notable gold grades, add to the project's credibility and could be a catalyst for stock price movement if these results are indicative of broader mineralization.
The gold mining sector is closely watched by investors for exploration updates such as these, which can drive market sentiment and investment decisions. The Éléonore South project's location in a prolific gold mineralization area, coupled with the identification of two distinct styles of gold mineralization, aligns with industry trends where companies are diversifying their exploration portfolios to mitigate risk. The potential for new discovery, as highlighted by Fury Gold Mines Limited, is an aspect that could position the company favorably in comparison to its peers, especially if subsequent exploration phases validate the initial findings.
Understanding the regional styles of mineralization, particularly the differences between the Éléonore and Cheechoo styles, is crucial for stakeholders to grasp the exploration strategy and potential of the project. The market will also be attuned to the implications of these findings on the regional mining landscape, which could see increased exploration activity and investment in the James Bay region of Quebec.
03/05/2024 - 07:00 AM
VANCOUVER, BC / ACCESSWIRE / March 5, 2024 / Fury Gold Mines Limited (TSX:FURY)(NYSE American:FURY) ("Fury" or the "Company") is pleased to announce that it has identified a robust geochemical gold anomaly within the same sedimentary rock package that hosts Newmont's Éléonore Mine at the Éléonore South gold project located in the Eeyou Istchee Territory in the James Bay region of Quebec.
The orientation level biogeochemical sampling survey was designed to target an interpreted fold nose within the Low Formation sediments in an area where conventional soil or till sampling was not possible due to the ground conditions. The targeted area exhibited similar geological, geophysical, and structural characteristics to those present at the nearby Éléonore Mine. The identified anomaly is up to 200x the background value in gold and outlines the folded sedimentary package (Figure 1). The Company intends to complete the biogeochemical sampling program in early summer 2024 with the goal of identifying drill targets for later in 2024.
"We recently acquired 100% ownership of Éléonore South because of the tremendous amount of potential for new discovery at the project, as well as its strategic location close to a major mining company," commented Tim Clark, CEO of Fury. "These geochemical results out of Éléonore South could be meaningful given the similar style of mineralization to Newmont's Éléonore Mine, as such, we are excited to follow up this coming year."
Éléonore South Project
A total of 641 biogeochemical samples were collected at 25 metre (m) intervals along four north-south and two east-west oriented survey lines. The variable spacing of the lines, covering an area of 4.5 by 2.0 kilometers, was designed to better test the interpreted fold structure identified through geophysics. The survey lines targeted the limbs and the nose of an interpreted fold within a sedimentary rock package with coincident chargeability highs. The biogeochemical survey successfully identified continuous robust gold and arsenic anomalies which followed closely with the geology and geophysics (Figure 1).
In addition to the newly identified Éléonore style biogeochemical targets several gold in-till anomalies remain undrilled throughout the project (Figure 1). These gold in-till anomalies have similar geological and geochemical characteristics to the Cheechoo style of mineralization. Furthermore, the JT and Moni prospects represent a potential higher-grade style of intrusion-related gold mineralization with historical drilling intercepting 53.25m of 4.22 g/t gold (Au); 6.0m of 49.50 g/t Au and 23.8m of 3.08 g/t Au.
Table 1: Regional styles of gold mineralization
Category
Éléonore Style
Cheechoo Style
Mineralization
Quartz-diopside-tourmaline-sx veins and stockwork. Silica-carbonate-diopside-actinolite-phlogopite alteration. Quartz-feldspar-amphibole-sx veins and stockworks. Strong strain zones. Feldspar-sericite-carbonate alteration. Geometry
5-6m, up to 20m wide
40-50m wide vein networks
Geology
Massive to thinly bedded wacke, pelite, conglomerate. Pegmatites. Contacts of tonalite intrusions into sediments, pegmatites
Structure
Folded stratigraphy, strong strain zones
Strong strain zones, rigid intrusive contacts
Geochem
Au-As
Au-As-W-Bi
Geophysics
Chargeability highs associated with mineralization
Magnetic lows/highs associated with intrusion margins
Analogues
Éléonore
(32.6Mt @ 7.8g/t Au)
Cheechoo
(67.0Mt @ 0.87g/t Au)
Figure 1: Éléonore South Project Location.
"With samples returning results over 200x the background value in gold and nearly 20x background in arsenic the results from this orientation biogeochemical survey indicate that there may be a large, mineralized body nearby. Our technical team benefits from direct experience working at the Éléonore mine and we plan to leverage that experience as we develop this target to the drilling stage through 2024," stated Bryan Atkinson, P.Geol., SVP Exploration of Fury.
Biogeochemical Sampling
David Rivard, P.Geo, Exploration Manager 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 22% 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 .
For further information on Fury Gold Mines Limited, please contact: info@furygoldmines.com www.furygoldmines.com
Forward-Looking Statements and Additional Cautionary Language
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, 2022 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.
SOURCE: Fury Gold Mines Limited
press release on accesswire.com
What is the significance of the geochemical gold anomaly identified by Fury Gold Mines Limited at the Éléonore South gold project?
The identified anomaly is up to 200 times the background value in gold, outlining a folded sedimentary package with similarities to Newmont's Éléonore Mine.
What are the two distinct styles of mineralization identified at the Éléonore South project?
The project exhibits structurally controlled quartz veins similar to high-grade mineralization at Éléonore Mine, and intrusion-related disseminated gold mineralization akin to the Cheechoo deposit.
How many biogeochemical samples were collected at the Éléonore South project, and what did they reveal?
A total of 641 biogeochemical samples were collected, identifying continuous robust gold and arsenic anomalies closely aligned with geology and geophysics.
Who is the qualified person overseeing the technical disclosures in the press release?
David Rivard, P.Geo, Exploration Manager at Fury, is the qualified person within Canadian mineral projects disclosure standards instrument 43-101.
What is the goal of Fury Gold Mines Limited after identifying the geochemical anomaly at Éléonore South?
The company aims to complete the biogeochemical sampling program in early summer 2024 to pinpoint drill targets for later in the year.
