Eau Claire

Overview

Project Location Map
Project Location Map

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

Infrastructure
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

Regional Geology
Regional 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

Eau Claire 7 km Deposit Trend
Eau Claire 7 km Deposit Trend
Eau Claire Deposit Long Section
Eau Claire Deposit Long Section

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

Eau Claire Deposit – COG Comparisons Underground Resource
Eau Claire Deposit – COG Comparisons Underground Resource
Eau Claire Infill Drill Program
Eau Claire Infill Drill Program
Eau Claire Intersection Lineation – Down Plunge Extension Opportunity
Eau Claire Intersection Lineation – Down Plunge Extension Opportunity

The Eau Claire deposit contains a mineral resource estimate as listed in the table below: *(Refer to NI 43-101 report "Technical Report On The Eau Claire Project Quebec, Canada" dated August 30, 2023 filed under Fury's profile on SEDAR+ at www.sedarplus.ca).

Table 1: Eau Claire Gold Deposit Mineral Resource Estimate Effective as of August 30, 2023

  Open Pit (surface to 150 m)    Underground (150 m – 860 m)
Category Tonnes (g/t
Au)
Contained
Au (oz)
  Tonnes (g/t
Au)
Contained
Au (oz)
Measured 574,000 6.66 123,000   332,000 6.56 70,000
Indicated 636,000 5.13 105,000   2,752,000 6.27 555,000
Measured
&
Indicated
1,210,000 5.86 228,000   3,084,000 6.3 625,000
Inferred 43,000 5.06 7,000   2,339,000 6.56 493,000

1.The classification of the current Mineral Resource Estimate into Measured, Indicated and Inferred is consistent with current 2014 CIM Definition Standards - For Mineral Resources and Mineral Reserves.

2. All figures are rounded to reflect the relative accuracy of the estimate.

3 All Resources are presented undiluted and in situ, constrained by 3D wireframe models (the constraining volumes), and are considered to have reasonable prospects for eventual economic extraction.

4. 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 a Measured and Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that most of the Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

5. Open pit Mineral Resources are reported at a base case 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%.

6. The results from pit optimization are used solely for the purpose of testing the “reasonable prospects for eventual 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.

7. There is no certainty that all or any part of the Inferred Mineral Resource will be upgraded to an Indicated or Measured Mineral Resource as a result of continued exploration. There is no other relevant data or information available that is necessary to make the technical report understandable and not misleading.

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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