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Eau Claire
Overview
Fury owns a 100% interest in the high-grade gold Eau Claire project, which is situated on over 24,000 hectares in the mining friendly Eeyou-Istchee/James Bay region of Quebec. Eau Claire is one of five known deposits in the region with the largest of these, the Newmont-owned Éléonore mine, located 57 kilometres (km) north of the Eau Claire project.
Location and Infrastructure
The Eau Claire project is located approximately 800km north of Montreal and 350km northwest of Chibougamau. It is immediately north of the Eastmain 1 reservoir and about 10km northeast of Hydro Quebec’s EM-1 hydroelectric power facility. The Eau Claire deposit is situated at the western end of the property, about 2.5km from a Hydro Quebec service road. The exploration base camp is located 5km from the permanent road network. Drill roads allow seasonal access to portions of the project.
Project Geology
Gold mineralization at the Eau Claire deposit is hosted within broadly EW-trending structurally controlled, high-grade en-echelon quartz-tourmaline (QT) veins and adjacent altered wall rocks, as well as variable width ESE trending gold-bearing amphibole – biotite – chlorite alteration zones. The gold-bearing vein sets may occur as narrow intervals with tourmaline and develop into thick quartz-tourmaline veins with zoned tourmaline+/-actinolite+/-biotite+/-carbonate alteration halos which can measure up to several metres in thickness. The deposit’s QT veins occur as two distinctly oriented vein sets known as the 450W and 850W zones, which form a crescent-shaped body covering a footprint approximately 100 metres (m) wide, extending for approximately 1.8km in lateral extent and to a vertical depth in excess of 900m. The 450W and 850W zones outcrop on topographic highs and surface stripping has exposed several veins within the deposit. The 450W zone vein set is interpreted to be oriented at N 85°E / 45° to 60°S, plunging steeply to the southeast, sub-parallel to an F2 fold axis. The 850 West Zone vein set is oriented N 60° E, dipping sub-vertically and plunging gently to the southwest.
Exploration
The regional Cannard Deformation Zone hosts or is proximal to several known showings including the Knight, Natel and Clovis; all showings with known gold-quartz-tourmaline mineralization.
The Spider, Eau Claire North and Beluga targets fall within a 6km radius of the deposit and represent fold axis/fold limb-related gold tourmaline mineralization.
2020 and 2021 exploration work focused on the Eau Claire deposit trend from Rosemary in the west out to Clovis to the east. Additional work looked to develop additional drill targets throughout the Eau Claire project.
Exploration work on the Eau Claire Property is supervised by David Frappier-Rivard, P.Geo., Senior Exploration Manager at Fury and a Qualified Person as defined by NI 43-101. Unless otherwise indicated, Mr. Rivard has reviewed and is responsible for the technical information contained in this website in relation to all Quebec projects.
Resources
The Eau Claire deposit and Percival deposit contains mineral resource estimates as listed in the tables below: *See news release “Fury Updates Mineral Resources at Eau Claire, Increasing Measured and Indicated Gold Ounces By 36%, And Inferred Gold Ounces by 45%” dated May 14, 2024 at www.furygoldmines.com
Table 1: Combined Mineral Resource Estimate for the Eau Claire Project as of May 10, 2024
| Category | Tonnes | Grade (g/t Au) | Contained Au (oz) |
|---|---|---|---|
| Measured | 1,612,000 | 5.67 | 294,000 |
| Indicated | 4,781,000 | 5.64 | 866,000 |
| Measured & Indicated | 6,393,000 | 5.64 | 1,160,000 |
| Inferred | 5,445,000 | 4.13 | 723,000 |
Table 2: Mineral Resource Estimate for the Eau Claire Deposit
| Category | Tonnes | Au g/t | Contained Au (oz) | |
|---|---|---|---|---|
| Open Pit (base case cut-off grade of 0.5 g/t) | Measured | 1,157,000 | 5.19 | 193,000 |
| Indicated | 1,291,000 | 4.19 | 174,000 | |
| Measured & Indicated | 2,448,000 | 4.66 | 367,000 | |
| Inferred | 69,000 | 4.39 | 10,000 | |
| Underground (base case cut-off grade of 2.5 g/t Au) | Measured | 455,000 | 6.9 | 101,000 |
| Indicated | 3,490,000 | 6.17 | 692,000 | |
| Measured & Indicated | 3,945,000 | 6.25 | 793,000 | |
| Inferred | 2,566,000 | 6.08 | 502,000 | |
| Combined Open Pit and Underground | Measured | 1,612,000 | 5.67 | 294,000 |
| Indicated | 4,781,000 | 5.64 | 866,000 | |
| Measured & Indicated | 6,393,000 | 5.65 | 1,160,000 | |
| Inferred | 2,635,000 | 6.04 | 512,000 |
Table 3: Mineral Resource Estimate for the Percival Deposit
| Category | Tonnes | Au g/t | Contained Au (oz) | ||
|---|---|---|---|---|---|
| Open Pit (base case cut-off grade of 0.5 g/t) | Inferred | 2,253,000 | 1.81 | 131,000 | |
| Underground (base case cut-off grade of 2.5 g/t Au) | Inferred | 557,000 | 4.47 | 80,000 | |
| Combined Open Pit and Underground | Inferred | 2,810,000 | 2.34 | 211,000 | |
Eau Claire and Percival Deposits Mineral Resource Estimate Notes:
- The effective date of the Eau Claire project Mineral Resource Estimates (“MREs”), including the Eau Claire and Percival deposit estimates, is May 10, 2024.
- The Mineral Resource Estimates were estimated by Maxime Dupéré, B.Sc., géo. of SGS Geological Services and is an independent Qualified Person as defined by NI 43-101.
- The classification of the current Mineral Resource Estimates into Measured, Indicated and Inferred mineral resources is consistent with current 2014 CIM Definition Standards – For Mineral Resources and Mineral Reserves.
- All figures are rounded to reflect the relative accuracy of the estimate and numbers may not add due to rounding.
- The mineral resources are presented undiluted and in situ, constrained by continuous 3D wireframe models, and are considered to have reasonable prospects for eventual economic extraction.
- Mineral resources which are not mineral reserves do not have demonstrated economic viability. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that most Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
- The Project mineral resource estimates are based on a validated database which includes data from 1202 surface diamond drill holes totalling 406,431 m, and 426 surface channels (Eau Claire deposit) for 1,345 m. The resource database totals 273,402 drill hole assay intervals representing 267,721 m of data and 2,254 channel assays for 1,316 m.
- The MRE for the Eau Claire deposit is based on 280 three-dimensional (“3D”) resource models representing the 450, 850 and hinge zones. The MRE for the Percival deposit is based on 29 3D resource models representing high grade and lower grade halo zones.
- Grades for Au were estimated for each mineralization domain using 1.0 metre capped composites assigned to that domain. To generate grade within the blocks, the inverse distance cubed (ID3) interpolation method was used for all domains. An average density value was assigned to each domain.
- Based on the location, surface exposure, size, shape, general true thickness, and orientation, it is envisioned that parts of the Eau Claire and Percival deposits may be mined using open-pit mining methods. In-pit mineral resources are reported at a base case cut-off grade of 0.5 g/t Au. The in-pit resource grade blocks are quantified above the base case cut-off grade, above the constraining pit shell, below topography and within the constraining mineralized domains (the constraining volumes).
- The pit optimization and base-case cut-off grade consider a gold price of $1,900/oz and considers a gold recovery of 95%. The pit optimization and base case cut-off grade also considers a mining cost of US$2.80/t mined, pit slope of 55⁰ degrees, and processing, treatment, refining, G&A and transportation cost of USD$19.00/t of mineralized material.
- The results from the pit optimization, using the pseudoflow optimization method in Whittle 4.7.4, are used solely for the purpose of testing the “reasonable prospects for economic extraction” by an open pit and do not represent an attempt to estimate mineral reserves. There are no mineral reserves on the Property. The results are used as a guide to assist in the preparation of a Mineral Resource statement and to select an appropriate resource reporting cut-off grade. A Whittle pit shell at a revenue factor of 0.52 was selected as the ultimate pit shell for the purposes of this mineral resource estimate.
- Based on the size, shape, general true thickness, and orientation, it is envisioned that parts of the Eau Claire and Percival deposits may be mined using underground mining methods. Underground mineral resources are reported at a base case cut-off grade of 2.5 g/t Au. The mineral resource grade blocks were quantified above the base case cut-off grade, below surface/pit surface and within the constraining mineralized wireframes (considered mineable shapes). Based on the size, shape, general thickness, and orientation of the mineralized structures, it is envisioned that the deposits may be mined using a combination of underground mining methods including sub-level stoping (SLS) and/or cut and fill (CAF) mining.
- The underground base case cut-off grade of 2.5 g/t Au considers a mining cost of US$65.00/t mined, and processing, treatment, refining, G&A and transportation cost of USD$19.00/t of mineralized material.
- The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
Communities & the Environment
Fury Gold Mines understands the shared value that mining can bring but also understands its risks and the importance of responsible and sustainable development. The Company strives to maintain the highest standards of environmental protection and community engagement throughout all of its projects.
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