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.

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.

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. 

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 will focus on the Eau Claire deposit trend from Rosemary in the west out to Clovis to the east.  Additional work will look to develop additional drill targets throughout the Eau Claire project.

The Eau Claire deposit contains resources as listed in the table below: *(refer to NI 43-101 report dated February 4, 2018 filed at www.sedar.com)

Table 1: Open Pit and Underground Mineral Resources as of February 4^th, 2018^(1-6)

(1) Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. All figures are rounded to reflect the relative accuracy of the estimate. Composites have been capped where appropriate.

(2) Open pit Mineral Resources are reported at a cut-off grade of 0.5 g/t Au within a conceptual pit shell and underground Mineral Resources are reported at a cut-off grade of 2.5 g/t Au outside the conceptual pit shell. Cut-off grades are based on a gold price of US$1,250 per ounce, a foreign exchange rate of US$0.80 and a gold recovery of 95%.

(3) The results from the pit optimization 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 Estimate and to select an appropriate resource reporting cut-off grade.

(4) The Inferred Mineral Resource in this estimate has a lower level of confidence that that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.

(5) The mineral resources in this Technical Report were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM.

The Mineral Resource estimate was prepared by P&E Mining Consultants Inc. for the Eau Claire deposit as of February 4, 2018. It is an update to a N1 43-101 Mineral Resource estimate completed for Eastmain and reported on September 11, 2017 (filed on SEDAR under Eastmain’s profile).

PEA Highlights:

1. Study at US$1,250 gold and assumes an exchange rate of $0.80 (CAD:USD); Refer to NI43-101 report dated Feb 4, 2018 filed under Eastmain’s profile at www.sedar.com. 

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.