Fury Gold Mines Reports Promising Drill Results from Quebec Lithium Discovery

Fury Gold Mines reported encouraging drilling results from its Elmer East project in Quebec, with significant lithium oxide concentrations in several drill holes. The pegmatite formation remains largely unexplored, suggesting potential for further resource development. The average target price for Fury Gold Mines is $1.41, implying a 179.70% upside from the current price. Based on consensus recommendations, Fury Gold Mines has a "No opinions" status with an average brokerage recommendation of 0.0.

Fury Gold Mines (FURY, Financial) has announced encouraging findings from its initial drilling efforts at the Ninaaskumuwin lithium discovery within the Elmer East project in Quebec's Eeyou Istchee James Bay region. The exploratory drilling, which spanned 825 meters across five holes, targeted a spodumene-rich pegmatite outcrop. This outcrop previously yielded surface samples with lithium oxide concentrations as high as 3.92% Li2O.

Significant outcomes from the drilling include a 32.35-meter section yielding 1.16% Li2O from hole EE24-003, and a 22.48-meter stretch returning 1.19% Li2O from hole EE24-002. Notably, the spodumene-bearing pegmatite formation remains unexplored both at depth and along its strike, suggesting potential for further resource development. Additional highlights indicate that thick pegmatite formations were penetrated in three drill holes, featuring individual sample grades peaking at 3.70% Li2O. These results verify the continuity of lithium mineralization down to 150 meters below the surface, implying a compelling case for continued exploration efforts.

Based on the one-year price targets offered by 1 analysts, the average target price for Fury Gold Mines Ltd (FURY, Financial) is $1.41 with a high estimate of $1.41 and a low estimate of $1.41. The average target implies an upside of 179.70% from the current price of $0.50 [1]. Based on the consensus recommendation from 0 brokerage firms, Fury Gold Mines Ltd's (FURY, Financial) average brokerage recommendation is currently 0.0, indicating "No opinions" status [1].

The drilling campaign targeted a spodumene-bearing pegmatite outcrop where limited sampling returned values of 1.10% to 3.92% Li2O from nine samples [2]. Geophysics and geological mapping indicate that the spodumene-bearing pegmatite has a potential strike length of up to 3.8 km. All five drill holes intersected highly fractionated pegmatite with spodumene mineralization observed in three of the holes. The spodumene mineralization observed is evenly distributed throughout the intersected pegmatite. The pegmatite is composed of quartz, plagioclase, potassic feldspar, and spodumene with a lesser proportion of muscovite, tourmaline, and garnet. The spodumene is light greenish-white and occurs as large and elongated crystals averaging 2 x 5 cm and up to 2 x 15 cm [2].

The James Bay region has experienced a boom in lithium exploration over the past few years and is gaining attention on the world stage. The Ninaaskumuwin lithium discovery is in a great location close to established infrastructure and Rio Tinto’s Galaxy Lithium project, which is in the construction phase. These initial results from the limited 2024 drilling are encouraging and warrant additional drilling to fully understand the potential of the discovery [2].

References:
[1] https://www.gurufocus.com/news/2966107/fury-unveils-promising-drill-results-from-quebec-lithium-discovery-fury-stock-news
[2] https://www.stocktitan.net/news/FURY/fury-intercepts-32-35m-of-1-16-li2o-at-the-ninaaskumuwin-b7rfbpgo9hi3.html