Video News/Kitco Mining

Fury Gold Mines (TSX/NYSEAMERICAN: FURY) has released a preliminary economic assessment for its Eau Claire deposit in Quebec’s James Bay region. The PEA outlines average annual production of 76,000 ounces of gold over 11 years at all-in sustaining costs of US$1,140 per ounce, generating an after-tax NPV of C$554 million (5% discount) and an IRR of 41% at a conservative US$2,400 gold price. CEO Tim Clark said the project is “ready for development if we want to push it in that direction.” Alternate scenarios highlight stronger economics, with toll milling reducing upfront capital to C$117 million, boosting IRR to 84%, and shortening payback to 1.2 years. “We like to outperform and not over promise,” Clark noted, adding that at US$3,000 gold, the project’s NPV could approach a billion dollars. Exploration upside remains a major driver. The Eau Claire deposit currently hosts 1.2 million ounces (M&I) and 512,000 ounces (Inferred), with the Hinge zone not yet included and 30 kilometers of highly prospective ground still to be drilled.