Fury Samples High-Grade Lithium from Outcrop at Éléonore South

TORONTO, Canada – October 7, 2024 – Fury Gold Mines Limited (TSX and NYSE American: FURY) (“Fury” or the “Company”) is pleased to announce results from multiple lepidolite and spodumene-bearing pegmatite outcrops within the western claim block at its 100% owned Éléonore South gold project located in the Eeyou Istchee Territory in the James Bay region of Quebec. The outcrop sampling program targeted the historical Fliszar showing lepidolite bearing pegmatite as well as new rock exposures over an area of approximately 1000 x 500 metres (m) resulting in the collection of 34 samples (Figure 1). Seven samples returned high-grade values above 1.75% lithium oxide (Li2O) with a peak value of 4.67% Li2O (Figure 1; Table 1).

“Éléonore South continues to be a high-priority project in our portfolio, with its multiple avenues for new discovery on the property. Today we are excited to include discoveries of high-grade lithium at the project,” commented Tim Clark, CEO of Fury. “These results add to our confidence that we can continue to find new ways to add value to investors. At the moment, we are eagerly awaiting the results from our summer biogeochemical sampling program targeting the highly prospective Éléonore style anomaly at Éléonore South and the surficial sampling program conducted at Committee Bay.”

Éléonore South Project

The Éléonore South project is strategically located in an area of prolific gold mineralization with Newmont’s Éléonore Mine to the north and Sirios’ Cheechoo deposit to the east (Figure 1 inset). Two distinct styles of gold mineralization have been identified to date; structurally controlled quartz veins hosted within sedimentary rocks, similar to the high-grade mineralization observed at the Éléonore Mine; and intrusion-related disseminated gold mineralization, similar to that seen at the lower-grade bulk tonnage Cheechoo deposit with potential for higher grades hosted in stockwork quartz veining as observed at the JT and Moni showings.

The western claim block of the Éléonore South project has been relatively under-explored compared to the main claim block. Lepidolite-bearing pegmatite outcrops at the Fliszar showing were first discovered by Quebec Government geologists in 2006, and since that time, little to no exploration work to expand the occurrence has been completed. The 2023 forest fires in the area significantly increased outcrop exposure leading Fury’s technical team to revisit the historical showing and explore the area in general. Lithium mineralization in both lepidolite and spodumene bearing pegmatites has now been defined over an approximate area of 1000 x 500 m. Further systematic exploration work will be carried out by Fury in order to define the overall Lithium potential of the western claim block.

Figure 1: Plan View Map of the Western Claim Block with rock sample results shown.

“The potential for our Éléonore South project continues to expand with every work program completed. Not only do we have two styles of gold mineralization to explore for on the project, but with today’s results, we can add high-grade lithium to our targeting matrix. Fury’s focus remains on the gold potential of the Éléonore style target and we are awaiting the results from this summer’s biogeochemical sampling program to finalize drill targets where we see the same geological and structural setting which hosts Newmont’s Éléonore Mine 10 kilometres to the north,” stated Bryan Atkinson, P.Geol., SVP Exploration of Fury.

Table 1: 2024 Rock Éléonore South West Block Rock Samples

Fury, ES Rock Sampling

Approximately 2-3kg of material was collected and sent to ALS Lab in Sudbury, Ontario, Canada for preparation and then to ALS Lab in Vancouver, BC, Canada for analysis. All samples are assayed using 30g nominal weight fire assay with ICP finish (Au-ICP21) and multi-element four acid digest ICP-AES/ICP-MS + REE method (ME-MS61r). Where Li-MS61r results were greater than 10,000 ppm analyses were repeated with assay grade lithium by Na2O2 fusion and ICP-AES (Li-ICP82b). QA/QC programs using lab duplicates, and lab standards and blanks indicate good overall accuracy and precision.

Valerie 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 a 54 million common share position in Dolly Varden Silver Corp (17.4% 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:
Margaux Villalpando, Manager Investor Relations
Tel: (844) 601-0841
Email: [email protected]
Website: www.furygoldmines.com

Forward-Looking Statements and Additional Cautionary Language
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 the future work at Éléonore South 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, 2023 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.