FURY Gold Mines


Fury Gold Mines Limited (FURY) is a TSX and NYSE listed Canada-focused high-grade gold explorer/developer led by Tim Clark (CEO). 

Fury’s key assets are 1) a 100% interest in the high-grade gold Eau Claire project (1.2Moz Resource), which is situated on over 24,000 hectares in the James Bay gold camp in Quebec; 2) the Committee Bay project in Nunavut, 3) a 35% stake in Dolly Varden and 4) a 36.7% (operator) interest in the Eléonore South Joint Venture (JV) with Newmont Goldcorp (36.7%) and Azimut Exploration (26.6%).

A gold-focused exploration and development play in one of the top jurisdictions in the world.


Fury Gold Mines hosts the gold assets of former Auryn Resources and the assets of former Eastmain Resources. After combining with Eastman, Auryn Resources split its assets into three independent entities, Sombrero Resources (Peru) (now Coppernico), Tier One Silver (Peru), and Fury Gold Mines (FURY.TSX, FURY).


Tim Clark, the experienced new CEO, brings institutional focus and an extensive network of leadership connections in the gold mining sector to this junior exploration company.

We’ve already seen corporate restructuring (FURY negotiated the consolidation of their Homestake Ridge project with the contiguous Dolly Varden assets), focused exploration on key assets (Nunavut exploration delayed, with the focus shifted to targets identified around the key asset, Eau Claire) and Tim is focused on unlocking more shareholder value.

Key Assets – Eau Claire (Québec)

Fury’s exploration team has identified numerous regional exploration targets around the Eau Claire deposit. The PEA (2018) highlighted that Eau Claire contained 853 Koz of measured and indicated and 500 Koz of inferred gold, at >5 g/t grades, that occurs from the surface to 860 m depths.

The PEA (2018) envisioned open-pit and underground mining of Eau Claire at 1,500 t/d in a 12-year mine life (including three years of Open Pit and 10 years of UG), to produce on average 79,200 oz Au per year. The PEA recommended spending C$16 million to expand and upgrade the mineral resources, with the goal of advancing the project to a pre-feasibility study. Drilling (and cash allocation) will focus in this region to expand Eau Claire.

The PEA (2018) projected that at pre-production capex of C$175 m and sustaining capital of C$108 m, Eau Claire can be developed into a mine producing at an all-in-sustainable-cost (AISC) of US$574/oz.  At gold prices of US$1,250/oz, the PEA projected an NPV-5 of $260 million, at an after-tax IRR of 27% (pay back of 3.1 years) and at US$1,500/oz gold price, the PEA projected an NPV-5 of $397 million, at an after-tax IRR of 36%.

Key Assets – Committee Bay (Nunavut)

The Committee Bay project has an enormous land package (250,000 ha) with good exploration potential. However, it can only be accessed seasonally and exploration comes at high costs.

The Three Bluffs deposit therein was estimated to contain 524 Moz indicated and 720 Moz inferred gold resource, but this polar project probably requires north of 5 Moz of high-grade gold to economically fly. The assets are on care-and-maintenance for now.

Key Assets – Dolly Varden Stake

The 35% share in Dolly Varden arose from the disposal of the Homestake Ridge project in exchange for cash and shares. The Homestake Ridge combination into the new Kitsault Valley Project with Dally Varden’s assets, contains roughly / 34.7 Moz Ag and 165.9 Koz Au in the indicated category, and 29.277 Moz Ag and 816.7 Koz Au in the inferred category.

The cash and shares transaction was valued at C$50 million ($39m) and includes a 5.5 kilometers trend between the Wolf (Dolly Varden) and South Reef (Fury) projects with 3 unexplored anomalies. Hecla mining owns 100% of the Kinshuch property which is part of the Homestake Trend.

“The belt includes several occurrences on the Kinskuch property in the southern part of the trend, the Dolly Varden property in the central part of the trend and the Homestake Ridge property which forms the northern extension of the trend.”

Fury gold mines Dolly Varden 1

Key Assets – Eléonore South JV

In gold-country, it’s good to have good neighbours. The Eléonore mine of Newmont Goldcorp (5km to the north) has been in commercial production since 2015, producing around 250 Koz/y. The trend is towards Eléonore South.

Even better is to have good partners. Fury Gold Mines (36.7%) has Newmont Goldcorp (36.7%), and Azimut Exploration (26.6%) as partners in this prospective land asset.

The Eléonore South JV’s neighbours are Sirios Resources and their Cheechoo-Deposit. Inferred resources in this open-pit mine (located entirely within the limits of the Sirios property)​​ contains 1,955,000 ounces of gold, from 93.0 million tonnes (Mt) at an average grade of 0.65 grams of gold per tonne (g/t Au);

Crossing the boundary (with a shallower pit) with no minerality assigned to the Eléonore South JV property, could increase resources materially for Sirios Resources.

In addition to the resources mentioned above, there is significant potential to increase the mineral resource on the Cheechoo property, should an agreement be reached with the owners of the neighboring property allowing the company to gain access to this material.

Fury gold mines pit plan figure Sirios
Source: Sirios Resources – The black-outlined conceptual pit contains the first resource estimate of 1.6 M oz of Au. The green-outlined grey conceptual pit contains the new resource estimate of 1.96 M oz of Au.

Capital Structure

Fury has approximately 125.7 million shares outstanding. Fury also has around 7.4 million stock options and 8.2 million warrants, giving 141.4 million fully-diluted outstanding shares (Nov 2021). Fury is dually listed on the TSX and NYSE American.