COMMITTEE BAY PROJECT
Overview
Project Location Map
Fury Gold Mines owns a 100%* interest in the Committee Bay gold project located in Nunavut, Canada.
Committee Bay Gold Project Highlights
- High-grade gold endowment and an established resource
- Existing exploration infrastructure
- Mining friendly jurisdiction
- Over 270,000 hectares with district scale discovery opportunities
- Major mine development underway in the area
*The Committee Bay project is held 100% by Fury subject to a 1% Net Smelter Royalty (“NSR”) on the entire project and an additional 1.5% NSR on a small portion of the project. The 1.5% NSR is payable on only 7,596 hectares and is buyable within two years of the commencement of commercial production for $2,000,000 for each one-third (0.5%) of the NSR
Use of Artificial Intelligence for Targeting - Video
Narrated by Fury’s SVP of Explortation, Michael Henrichsen.
Location & Infrastructure
Mining Jurisdiction
Heavy Equipment
The Committee Bay gold project is located in Nunavut, Canada. It includes over 270,000 hectares situated along the Committee Bay Greenstone Belt (CBGB).
The CBGB is located approximately 180 kiilometres (km) NE of Agnico Eagle Mines’ Meadowbank mine and extends more than 300km northeast to the shores of Committee Bay, within Nunavut Territory of the Canadian mainland.
The project benefits from existing infrastructure, which includes:
- Bulk storage fuel facilities
- Five high-efficiency drill rigs
- Heated drill water system
- Heavy equipment on site
- 100-person camp at the Three Bluffs deposit area and two satellite camps in the SW of the belt
Project Geology
Committee Bay Project Geology
The Committee Bay gold project includes over 270,000 hectares situated along the Committee Bay Greenstone Belt (CBGB).
The CBGB comprises one of a number of Archean aged greenstone belts occurring within the larger Western Churchill province of north-eastern Canada. The character and history of rock packages, and the timing and nature of mineralization occurring within the CBGB is considered to be equivalent to that of other significant gold bearing Archean greenstones within the Western Churchill Province, which hosts deposits such as Meadowbank and Meliadine.
Reserves & Resources
High-grade gold occurrences are found throughout the 300km strike length of the Committee Bay Gold Bet with the most significant being the Three Bluffs deposit that contains resources as listed in the table below: *(refer to NI43-101 report dated May 31, 2017 filed at www.sedar.com)
Table 1: Update Mineral Resources for the Three Bluffs Deposit as of May 31, 2017
| Class | Type | Cut-Off (g/t Au) | Tonnes (000 t) | Gold Grade (g/t Au) | Contained Gold (oz Au) |
|---|---|---|---|---|---|
| Indicated | Near Surface | 3.0 | 1,760 | 7.72 | 437,000 |
| Underground | 4.0 | 310 | 8.57 | 86,000 | |
| Total | 2,070 | 7.85 | 524,000 | ||
| Inferred | Near Surface | 3.0 | 590 | 7.57 | 144,000 |
| Underground | 4.0 | 2,340 | 7.65 | 576,000 | |
| Total | 2,930 | 7.64 | 720,000 | ||
Notes:
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The Mineral Resource estimate was prepared by RPA for the Three Bluffs deposit as of May 12, 2017. The Mineral Resource is based on work by RPA in 2013 and new cut-off grades based on updated metal price, exchange rate, and operating costs.
Three Bluffs deposit remains open for expansion both along strike and at depth and is considered to have excellent exploration upside to significantly increase the resource base within 5km of the currently defined deposit trend.
Long Section of Three Bluffs Resource
Exploration
New high-priority target areas were identified in 2020 following a reinterpretation of magnetics and geological data from across the 300-kilometre greenstone belt. Two significant fold hinge targets at the Anuri and Amautik prospects will be advanced to drill stage through ground-based geophysical surveys.
[
Gold in Boulders & Tills](https://furygoldmines.com/site/assets/files/5612/cb_targets_rock_boulder_24aug2020-01.1024x0.jpg "Gold in Boulders & Tills")
[
Anuri Fold Hinge Targets](https://furygoldmines.com/site/assets/files/5612/cb_anuri_geosketch_24aug2020-01.1024x0.jpg "Anuri Fold Hinge Targets")
[
2019 Drilling - Hole 19SH001](https://furygoldmines.com/site/assets/files/5612/cb_19sh001_24aug2020-01.1024x0.jpg "2019 Drilling - Hole 19SH001")
2019 Drill Program
The 2019 summer drill program resulted in the Company drilling a new gold-bearing hydrothermal system and making significant progress in geophysical targeting. At the Shamrock target Auryn intersected 30 metres (m) of 0.67 g/t gold, including 1.5m of 5.03 g/t gold, which is characterized by quartz veining within gabbroic rocks. The Shamrock target is located 2.5km to the southwest of the Aiviq target where the Company drilled 10.5km of 1.22 g/t gold this summer.
Table 1: 2019 Summer Drill Results
| Significant Intercepts 2019* | Significant Intercepts 2019* | Significant Intercepts 2019* | Significant Intercepts 2019* | Significant Intercepts 2019* | Significant Intercepts 2019* |
|---|---|---|---|---|---|
| Prospect | Hole ID | From (m) | To (m) | Interval (m) | Au (g/t) |
| Shamrock | 19SH001 | 10.5 | 40.5 | 30 | 0.67 |
| Incl. | 39 | 40.5 | 1.5 | 5.03 | |
| 97.5 | 100.5 | 3 | 0.78 | ||
| 108 | 109.5 | 1.5 | 0.81 | ||
| 165 | 166.5 | 1.5 | 1.12 | ||
| Aiviq | 19RG020 | 39 | 40.5 | 1.5 | 0.31 |
| 159 | 169.5 | 10.5 | 1.22 | ||
| Incl. | 159 | 160.5 | 1.5 | 6.20 | |
| 246 | 247.5 | 1.5 | 1.32 | ||
| *Significant Intercepts - 2019 (minimum grade 0.25ppm, minimum width 1m, max. internal dilution 6m); True widths of mineralization are unknown based on current geometric understanding of the mineralized intervals | *Significant Intercepts - 2019 (minimum grade 0.25ppm, minimum width 1m, max. internal dilution 6m); True widths of mineralization are unknown based on current geometric understanding of the mineralized intervals | *Significant Intercepts - 2019 (minimum grade 0.25ppm, minimum width 1m, max. internal dilution 6m); True widths of mineralization are unknown based on current geometric understanding of the mineralized intervals | *Significant Intercepts - 2019 (minimum grade 0.25ppm, minimum width 1m, max. internal dilution 6m); True widths of mineralization are unknown based on current geometric understanding of the mineralized intervals | *Significant Intercepts - 2019 (minimum grade 0.25ppm, minimum width 1m, max. internal dilution 6m); True widths of mineralization are unknown based on current geometric understanding of the mineralized intervals | *Significant Intercepts - 2019 (minimum grade 0.25ppm, minimum width 1m, max. internal dilution 6m); True widths of mineralization are unknown based on current geometric understanding of the mineralized intervals |
Importantly, a high quality pipeline of targets exists within the CBGB that are both drill ready and can quickly be advanced to drill stage. The most advanced of these targets are high-grade occurrences that have been defined through initial diamond drill testing. These include the Inuk, West Plains, and Raven targets that have the following drilling highlights listed in the table below. Collectively, these advanced targets demonstrate the potential to define additional high-grade resources within the CBGB.
| Prospect | Hole ID | Depth from (m) | Depth to (m) | Length (m) | Grade (g/t Au) |
|---|---|---|---|---|---|
| Inuk | 3I001B*1** | 62.00 | 74.60 | 12.60 | 16.04 |
| Inuk | 07IN006*2** | 67.00 | 78.00 | 11.00 | 11.18 |
| West Plains | 05WP004*3** | 56.85 | 65.58 | 8.73 | 14.76 |
| West Plains | 06WP006*4** | 109.00 | 117.00 | 8.00 | 13.14 |
| Raven | 05RV001*5** | 102.38 | 107.79 | 5.49 | 12.60 |
| Raven | 05RV002*5** | 38.81 | 41.24 | 2.43 | 36.22 |
* Please see press releases dated 1 September 2nd, 2003, 2 September 5th, 2007, 3 August 25th, 2005, 4 October 6th 2006, and 5 May 19th, 2005 filed on Sedar under Niblack Mineral Development Inc. ** True width of intercept unknown Exploration work on the Committee Bay Property is supervised by Michael Henrichsen, P. Geo., COO of Auryn Resources and a Qualified Personas defined by NI 43-101. Unless otherwise indicated, Mr. Henrichsen has reviewed and is responsible for the technical information contained in this website. | * Please see press releases dated 1 September 2nd, 2003, 2 September 5th, 2007, 3 August 25th, 2005, 4 October 6th 2006, and 5 May 19th, 2005 filed on Sedar under Niblack Mineral Development Inc. ** True width of intercept unknown Exploration work on the Committee Bay Property is supervised by Michael Henrichsen, P. Geo., COO of Auryn Resources and a Qualified Personas defined by NI 43-101. Unless otherwise indicated, Mr. Henrichsen has reviewed and is responsible for the technical information contained in this website. | * Please see press releases dated 1 September 2nd, 2003, 2 September 5th, 2007, 3 August 25th, 2005, 4 October 6th 2006, and 5 May 19th, 2005 filed on Sedar under Niblack Mineral Development Inc. ** True width of intercept unknown Exploration work on the Committee Bay Property is supervised by Michael Henrichsen, P. Geo., COO of Auryn Resources and a Qualified Personas defined by NI 43-101. Unless otherwise indicated, Mr. Henrichsen has reviewed and is responsible for the technical information contained in this website. | * Please see press releases dated 1 September 2nd, 2003, 2 September 5th, 2007, 3 August 25th, 2005, 4 October 6th 2006, and 5 May 19th, 2005 filed on Sedar under Niblack Mineral Development Inc. ** True width of intercept unknown Exploration work on the Committee Bay Property is supervised by Michael Henrichsen, P. Geo., COO of Auryn Resources and a Qualified Personas defined by NI 43-101. Unless otherwise indicated, Mr. Henrichsen has reviewed and is responsible for the technical information contained in this website. | * Please see press releases dated 1 September 2nd, 2003, 2 September 5th, 2007, 3 August 25th, 2005, 4 October 6th 2006, and 5 May 19th, 2005 filed on Sedar under Niblack Mineral Development Inc. ** True width of intercept unknown Exploration work on the Committee Bay Property is supervised by Michael Henrichsen, P. Geo., COO of Auryn Resources and a Qualified Personas defined by NI 43-101. Unless otherwise indicated, Mr. Henrichsen has reviewed and is responsible for the technical information contained in this website. | * Please see press releases dated 1 September 2nd, 2003, 2 September 5th, 2007, 3 August 25th, 2005, 4 October 6th 2006, and 5 May 19th, 2005 filed on Sedar under Niblack Mineral Development Inc. ** True width of intercept unknown Exploration work on the Committee Bay Property is supervised by Michael Henrichsen, P. Geo., COO of Auryn Resources and a Qualified Personas defined by NI 43-101. Unless otherwise indicated, Mr. Henrichsen has reviewed and is responsible for the technical information contained in this website. |
High-resolution till sampling has become an integral layer of data for six targets at Committee Bay, Nunavut. These targets include the previously disclosed Aiviq sampling, which was drilled in 2017 (14-Sep-2017 news release).
Gold assay results from the high-resolution (100 metre by 100 metre spacing) till surveys across nine regional targets demonstrate greater precision for identifying the potential source areas of high-grade gold mineralization seen throughout the belt. The results of the surveys have delineated gold-in-till anomalies that are consistent with the size of potential deposit footprints and will form the basis of future drill campaigns at Committee Bay.
Machine Learning:
The Computational Geoscienes Inc. machine learning platform will generate additional targets across the ‘Three Bluffs playing field’ –a 1,600 square kilometre area, which includes the Three Bluffs Deposit and the 20km shear zone hosting the Aiviq and Kallulik targets where significant gold mineralization has been encountered. The platform will process the vast amount of data (collected through extensive surface geochemical sampling, geological mapping, geophysical surveys, and drilling) from work Auryn and prior explorers have completed on the project.
To produce optimal results there needs to be extensive experience in the aforementioned fields of geoscience data processing, data interpretation, and artificial intelligence, and between Auryn and CGI, there exists a world-class team of experts across these disciplines.
Communities and 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.
Fury is focused on bringing this shared value approach to the arctic.
Committee Bay
The Company will need to raise additional funds in order to commence the proposed work program at Committee Bay, and there can be no assurances that Fury Gold will be able to obtain adequate financing in the future. Additionally, exploration work at Committee Bay is constricted by seasonal weather conditions which impact on theCompany’s ability to access the property as well as the extent and type of exploration activity. The program will be deferred to 2022 unless the Company raises sufficient financing to fund the commencement of the program in the summer of 2021. There can be no assurances that Fury Gold will be able to obtain sufficient financing in the future.
On February 17, 2021, the Company announced its proposed exploration plans for the Committee Bay gold project located in the Kitikmeot region of Nunavut, which are subject to raising sufficient additional funds. The Company expects to drill between 5,000m to 10,000m, subject to COVID-19 limitations and the availability of funds, with the goal of: 1) drilling the underexplored Raven high-grade vein target, which sits along an 8km shear zone that has the potential to turn into a significant discovery; 2) expanding the Three Bluffs deposit through the drilling of a major conductor down dip from a high-grade portion of the resource; and 3) advancing the previous geological work on targets along the Aiviq – Kalulik corridor to advance them to drill stage
EXPLORATION UPDATE
05/20/2020 (MT Newswires) -- Auryn Resources (AUG.TO, AUG) gained 1.6% in pre-market NYSE trade Wednesday after it significantly advanced targeting high-grade gold mineralization at its Committee Bay gold project in Nunavut.
According to a statement, Auryn revisited high potential targets across a 300-kilometer greenstone belt that are "characterized by strong gold-in-till anomalies and high-grade gold in outcrop or boulder trains, where historical drilling has not yet explained the extensive high-grade occurrences." It also identified undrilled targets that have "both high-grade boulder and outcrop rock samples as well as conductivity responses that are consistent with observed high-grade mineralization in other areas of the belt."
Ivan Bebek, Executive Chairman, in a statement said: "The Committee Bay gold project represents one of the premier gold belts globally. In the past four years we have come progressively closer with the successful drilling of multiple gold zones on the 300-kilometer trend, however, we have yet to drill the high-grade sources. Our most recent efforts last year led us to an instrumental breakthrough in targeting high-grade mineralization, which we are very excited to pursue as the gold price continues to rise."
Results from the advanced targeting process led to a new understanding of geometries associated with zones that are "favorable for hosting high-grade mineralization." Results also included an understanding of the relevance of the highest conductivity responses in each rock type that has the potential to correspond with high-grade mineralization.
COO Michael Henrichsen said: "Over the past four exploration seasons we have built an incredible data set that has looked at the belt holistically. This has allowed us to identify the most important factors that produce high-grade mineralization versus low-grade mineralization across the belt."
Toronto shares on Tuesday gained 4.8% to $1.75 apiece in a 52-week range of $1.00 - 2.45.
Price: 1.7500, Change: +0.0800, Percent Change: +4.79