Excessive spending and stretched financing by project developers push even good projects into steep discounts, Fury Gold Mines CEO Tim Clark said.
A good example is the 300-km greenstone belt at Committee Bay in Nunavut. It has a full camp and almost 1.3 million ounces gold in resources. This includes an indicated 2.08 million tonnes at 7.85 grams gold per tonne for 524,000 oz. of metal. It also holds 2.93 million tonnes inferred at 7.64 grams gold for 720,000 ounces. It’s considered a prime asset on the table as majors look to mergers and acquisitions activity to replenish mined-out reserves.
“Our property at Committee Bay is not worth zero; our share price is zero today,” Clark told The Northern Miner early this month during PDAC convention in Toronto. “If one company comes in to support and validate that, the upside for our stock price would be massive.”
Fury’s other asset, Eau Claire deposit in Quebec is also noteworthy. The recent acquisition of Quebec Precious Metals has enhanced it. This location has excellent infrastructure and high-grade potential. The Eau Claire & Percival project holds a combined measured and indicated resource of 6. 4 million tonnes at 5.64 grams gold per tonne for 1.16 million ounces.
Watch the full interview below with The Northern Miner host Devan Murugan. Joint venture videos are paid-for content in arrangement with The Northern Miner.
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