However, and this is no longer new, the US holidays and shortened trading days are used again and again to weaken the precious metals. As a result, the gold price yesterday had to reveal the mark of 1,800 USD per troy ounce for the first time in months! On these days, precious metal investors in particular should act cautiously and keep a cool head.
Two factors were cited as reasons for the “weakness attack”. On the one hand, the relaxation of the corona due to the vaccine hope and, on the other hand, the relaxation in the US presidential fight and the new politics. The inflation worries, however, are completely ignored, for now!
Fury Gold Mines – Eau Claire Step-Out Drilling Started!
Heralds the announcement of the start of the exploration program in the Eeyou Istchee Territory, Province of Quebec Fury Gold Mines Limited (ISIN: CA36117T1003 / TSX: FURY) started the exploration phase of the ‘Eau Claire’ project, which is 100% owned by the company. This exploration is part of the ongoing drilling program with a length of over 50,000 meters. The newly launched exploratory drilling is focused on a declining extension of the ‘Eau Claire’ deposit and is aimed at significantly expanding the existing resource.
Focus on testing the extension
With the allocation of approximately 12,000 meters to the drill expansion program, the go-ahead is given for testing the 1 km dropping expansion of the ‘Eau Claire’ deposit. The planning envisages that the first holes to be drilled should be set between 500 and 700 m from the existing resource limit and around 400 to 700 m to the nearest historical borehole.
The target area of these test holes is defined by an intersection of the mineralization structures of ‘Eau Claire’ and ‘Snake Lake’. These were mapped from the recently acquired tilt arrangement and induced polarization study. The target area has a structural geometry that is also used to define high grade mineralization at the Eau Claire deposit.
Source: Fury Gold Mines
Update on target acquisition progress
The primary focus of targeting was to incorporate Fury’s recently acquired data on slope alignment and induced polarization into this process, along with a newly inverted 3D magnetic survey and the results of geological and geochemical surveys of the surface.
Magnetic gradients prove to be of great importance for the progress in target acquisition, as they depict important breaks in the structure. These structural breaks indicate a rich occurrence of near-surface gold mineralization.
In addition, there is an extensive correspondence between the magnetic gradients shown on the one hand and the structures that can be inferred from the examination of the inclination arrangement and induced polarization on the other.
‘Eau Claire’ with MEGA potential
For Mike Timmins, President and CEO of Fury Gold Mines Limited, the ‘Eau Claire’ project has a lot of unidentified potential in addition to the already located potential:
“Along with the deposit trends, we continuously encounter high potential and keep identifying new goals. Our technical team works every day to fine-tune the corresponding options. With the progress of the ‘infill’ drilling program, which has shown positive results for the first two drill holes and now extends to drill hole number three, we look confidently to the results of the investigations, which we expect to be available in the new year. “
Source: Fury Gold Mines
The ongoing results of the exploration, Timmins said, will make the coming quarters an exciting time for shareholders as they clearly demonstrate the potential of Eau Claire and will also guide the implementation of Fury’s initial growth strategies.
Further exploration updates should underline growth ambitions
“In the next month”the CEO of Fury concluded, “We will be releasing further updates on our ‘Homestake Ridge’ programs. These will underscore our ambition to make next year a year of extensive development and exploration. “
Michael Henrichsen, Senior Vice President of Fury’s Exploration Program, is also pleased with the start of the exploration phase of the Eau Claire drill program, adding:
“Thanks to targeted and early ‘step-out’ drilling, we can now take further measures to continuously expand the area of the deposit and thus secure considerable new resources.”
In addition, the continuation of the target acquisition along the deposit trend of 7 km in length creates the chance of encountering additional substantial bodies of mineralization, parallel to the further development of the known geological potential of the property.
2.17 g / t Au over 48.8 meters and 1.41 g / t Ag over 32 meters – these are top results from the most recent ongoing drilling, the Fiore Gold Ltd. (ISIN: CA31810L1085 / TSX-V: F) from its Gold Rock drilling program in Nevada.
These results repeatedly point to thick layers of oxide-gold mineralization both inside and outside the pit mantle. For Fiore, these latest results give rise to even more optimism about upgrading Inferred Resources and expanding the entire Resource Hull, all in the context of the ongoing Gold Rock Feasibility Study.
Fiores ‘Best of Gold Rock’ drill holes
You have to see these top 11 of the 62 drill holes so far, it’s worth it:
“Super finds” also in the south
In the southern portion of the deposit, Fiore was involved in said GR20-009 hole 2.17 g / t Au over 48 meters to one of the best sections ever! Two more intercepts, in hole GR20-068, even delivered in the southern area of the ‘Gold Rock’ deposit 1.41 g / t Au over 32 meters and 1.11 g / t Au over 38.1 meters also “brilliant” results!
Strong mineralization to the east
By cutting through mineralization of 0.73 g / t Au over 10.7 meters In addition, drill hole GR20-010 provides an interesting view of the east-trending and still open mineralization. The drilling in the eastern ‘Easy Junior’ saddle was primarily aimed at testing the existing mineralization there, with the aim of compressing the two pit jackets that were identified in the preliminary economic study into one pit. The results achieved so far are in any case a strong argument for combining the two pit shells into one large pit. In the first place, this is especially true if mineralization on the eastern saddle can still be defined.
The results of the drilling program are convincing
For Tim Warman, CEO of Fiore, the results of the first reverse circulation drill holes clearly indicate excellent opportunities to expand the current resource envelope and will be reflected in a significantly better feasibility study.
Source: Firore Gold
“The work on the feasibility study is making excellent progress. After the metallurgical core drill holes with a large diameter have been completed, they will now be recorded. Then the delivery to the metallurgical laboratory is due, where further tests are carried out. “
In addition to completed boreholes, detailed geotechnical logging has already been carried out. In addition, numerous exploration wells have been carried out on the ‘Jasper Creek’ target area, which is located about 1.7 km north of the former ‘Easy Junior’ pit.
More analysis results on hold
“Due to the Covid-19 protocol, which the laboratories must of course also adhere to, we are currently confronted with longer waiting times for the evaluation of the samples”the Fiore CEO continues. “We are therefore planning a short interruption in the ‘Gold Rock’ drilling to give the laboratories some time to catch up on the backlog in terms of sample analysis. They want to use the time themselves to move drilling rigs to the ‘Pan’ mine. “
The course is set for a successful 2021!
“We are very much looking forward to resuming work on the ‘Gold Rock’ feasibility study and to being able to present the first detailed elaborations of our next mine as soon as possible.”
Both companies are working at full speed and always impress with excellent results. This is unlikely to change in the coming year. This is because Fiores ‘Gold Rock’ drilling program comprises approximately 105 reverse circulation holes plus 35 diamond core holes.
Fury Gold is also going full throttle, where the company will seize the opportunity to locate additional significant bodies of mineralization!
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