Fury Gold Mines Limited Stock Price, News & Analysis

Fury Gold Mines Limited has successfully closed the first tranche of its non-brokered private placement, issuing 5,085,670 units at CAD$0.75 per unit, which raised gross proceeds of CAD$3,814,253. Each unit comprises one common share and one warrant, allowing the purchase of additional shares at CAD$1.20 for three years. The funds will support exploration at the Eau Claire project in Quebec and cover working capital. The company anticipates completing further tranches soon, having received conditional approvals for issuing 7,578,117 units.

Fury Gold Mines (FURY) has entered a Royalty Purchase Agreement to acquire a 2% net smelter return royalty on specific claims at its Homestake Ridge project in British Columbia for $400,000. This amount will be paid 25% in cash and 75% in shares, with the share issuance subject to a four-month hold period. This acquisition aims to simplify ownership structure as the project progresses. The Homestake Ridge project is located in a gold-rich area, covering 7,500 hectares, and is 100% owned by Fury, subject to two existing royalties.

Fury Gold Mines Limited has appointed Tim Clark as CEO to spearhead a renewed focus on exploration and discovery. The company will prioritize its core assets, Eau Claire and Committee Bay, while evaluating non-core holdings. Fury plans to allocate 70% of its capital to exploration and reduce corporate cash expenditures by transitioning its Toronto office to a virtual setup. Recent drilling at Eau Claire has achieved significant gold intercepts, with 32,000m drilled and results pending from 17 holes. Upcoming exploration activities include drilling at the high-grade Percival target.

Fury Gold Mines Limited announced the resignation of Michael Timmins as President, CEO, and director, effective immediately. Tim Clark, a current director with 23 years of capital markets experience, has been appointed as the new CEO and director. The company is focused on aggressive gold exploration programs, with several high-priority assays pending. The board expressed gratitude towards Timmins for his service and emphasized that Clark's leadership will help realize full value for stakeholders.

Fury Gold Mines Limited (FURY) announced promising results from eight core drill holes at its Eau Claire project in Quebec. Significant intercepts include 1.0 m of 12.81 g/t gold and 8.0 m of 1.18 g/t gold at the Hinge target. The company is focused on resource expansion drilling, with multiple zones of mineralization identified in recent holes. Ongoing drill programs at both Eau Claire and the Raven shear zone are expected to provide further results. Fury anticipates robust exploration activity in the second half of the year, which may enhance its gold resource significantly.

Fury Gold Mines has initiated drilling at its Committee Bay project in Nunavut, controlling a 270,000-hectare area across a 300-kilometre greenstone belt. The 5,000-metre drill program aims to expand high-grade mineralization at the Raven prospect, previously showing intercepts of up to 31.1 g/t gold. Additional drilling targets include the Three Bluffs deposit, which contains an indicated resource of 524,000 oz at 7.85 g/t. The summer program focuses on exploring extensions of mineralization and advancing other high-priority targets.

Fury Gold Mines Limited (FURY) announced the results of its Annual General & Special Meeting held on June 24, 2021. A total of 46,092,599 common shares, representing 39.08% of outstanding shares, participated in the vote. The number of directors was set at seven, all nominees were elected with over 98% approval, and Deloitte LLP was appointed as auditors with 99.11% votes in favor. A special resolution to amend the Articles of Incorporation was also approved by 98.78%.

Fury Gold Mines Limited has scheduled its 2021 Annual General and Special Meeting of Shareholders for June 24, 2021, at 1:00 p.m. ET. This meeting will be conducted virtually due to COVID-19 health restrictions. Shareholders entitled to vote were recorded as of May 19, 2021. Details and materials regarding the meeting are available on the company's website, and a presentation by senior management will follow the meeting. Fury focuses on exploration and development in Canada, emphasizing project advancement and sustainable practices.

Fury Gold Mines Limited has announced an updated geological framework for the Eau Claire project in Quebec, enhancing regional targeting through advanced surveys. This includes identifying two mineralization styles: quartz-tourmaline veins and sedimentary breccias at the Percival prospect. Plans for summer involve geochemical surveys and geological mapping, leading to drilling in Q4 2021. Historical data reflects high-grade mineralization potential, with new targets set to be explored. The company emphasizes improved data accuracy for better exploration outcomes.