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'We think that there's a clear pathway to 2 million ounces' - Fury Gold Mines
(Kitco News) - A big deal in B.C.'s Golden Triangle gives Fury Gold Mines (TSX: FURY, NYSE American: FURY) a lot of flexibility.
CEO Tim Clark spoke to Kitco last week.
Fury Gold Mines is a Canadian-focused explorer. Fury sold a 100% interest in its Homestake Ridge, located in B.C.'s Golden Triangle, to Dolly Varden Silver, and Fury now has 76.5 million shares of Dolly Varden. As of April 25, 2022, the shares of Dolly Varden have a current market value of approximately C$58 million. Fury now holds a 33.2% interest in Dolly Varden. In April Fury added to its war chest and announced C$11 million financing.
Fury is focused on its Eau Claire project in Quebec.
"The Eau Claire deposit in Quebec is our core asset. It's a real project. We think that there's a clear pathway to 2 million ounces, which is exciting. That's what companies are looking for," said Clark.
A 2018 preliminary economic assessment showed M&I at 808,000 oz at 6.65 g/t Au, and inferred at 458,000 oz at 7.48g/t Au.
The project is just 57 km south of Newmont's Eleonore Mine. Power lines run on either side of Eau Claire.
"We can drive a truck and back right up to our property. There's power, there's roads. It makes it a lot more economical for these larger companies looking to buy assets," said Clark. "A lot of companies are starting to look inward to Canada, because of geopolitical issues. Quebec is a great place to be."
"What most investors don't realize is how quickly these stocks can move. [My clients] always talk about how they made the most amount of money when they see a sector in dislocation and the mid-caps and the juniors are particulary dislocated from the gold price."
