PRESS RELEASE

from Fury Gold Mines Limited (isin : CA36117T1003)

Fury Samples High-Grade Lithium from Outcrop at Éléonore South

TORONTO, ON / ACCESSWIRE / October 7, 2024 / Fury Gold Mines Limited (TSX:FURY)(NYSE American:FURY) ("Fury" or the "Company") is pleased to announce results from multiple lepidolite and spodumene-bearing pegmatite outcrops within the western claim block at its 100% owned Éléonore South gold project located in the Eeyou Istchee Territory in the James Bay region of Quebec. The outcrop sampling program targeted the historical Fliszar showing lepidolite bearing pegmatite as well as new rock exposures over an area of approximately 1000 x 500 metres (m) resulting in the collection of 34 samples (Figure 1). Seven samples returned high-grade values above 1.75% lithium oxide (Li2O) with a peak value of 4.67% Li2O (Figure 1; Table 1).

"Éléonore South continues to be a high-priority project in our portfolio, with its multiple avenues for new discovery on the property. Today we are excited to include discoveries of high-grade lithium at the project," commented Tim Clark, CEO of Fury. "These results add to our confidence that we can continue to find new ways to add value to investors. At the moment, we are eagerly awaiting the results from our summer biogeochemical sampling program targeting the highly prospective Éléonore style anomaly at Éléonore South and the surficial sampling program conducted at Committee Bay."

Éléonore South Project
The Éléonore South project is strategically located in an area of prolific gold mineralization with Newmont's Éléonore Mine to the north and Sirios' Cheechoo deposit to the east (Figure 1 inset). Two distinct styles of gold mineralization have been identified to date; structurally controlled quartz veins hosted within sedimentary rocks, similar to the high-grade mineralization observed at the Éléonore Mine; and intrusion-related disseminated gold mineralization, similar to that seen at the lower-grade bulk tonnage Cheechoo deposit with potential for higher grades hosted in stockwork quartz veining as observed at the JT and Moni showings.

The western claim block of the Éléonore South project has been relatively under-explored compared to the main claim block. Lepidolite-bearing pegmatite outcrops at the Fliszar showing were first discovered by Quebec Government geologists in 2006, and since that time, little to no exploration work to expand the occurrence has been completed. The 2023 forest fires in the area significantly increased outcrop exposure leading Fury's technical team to revisit the historical showing and explore the area in general. Lithium mineralization in both lepidolite and spodumene bearing pegmatites has now been defined over an approximate area of 1000 x 500 m. Further systematic exploration work will be carried out by Fury in order to define the overall Lithium potential of the western claim block.

Figure 1: Plan View Map of the Western Claim Block with rock sample results shown.

"The potential for our Éléonore South project continues to expand with every work program completed. Not only do we have two styles of gold mineralization to explore for on the project, but with today's results, we can add high-grade lithium to our targeting matrix. Fury's focus remains on the gold potential of the Éléonore style target and we are awaiting the results from this summer's biogeochemical sampling program to finalize drill targets where we see the same geological and structural setting which hosts Newmont's Éléonore Mine 10 kilometres to the north," stated Bryan Atkinson, P.Geol., SVP Exploration of Fury.

Table 1: 2024 Rock Éléonore South West Block Rock Samples

Sample

Easting
NAD83 Zone 18N

Northing
NAD83 Zone 18N

Lithology

Lepidolite
Observed

Spodumene
Observed

Li (ppm)

Li2O (%)

G417574

419421

5828218

Pegmatite

Y

9,300

2.00

G417575

419334

5828218

Basalt

291

0.06

G417576

419299

5827991

Quartz Vein

71.3

0.02

G417577

419301

5827989

Basalt

141

0.03

G417578

419263

5828174

Basalt

122

0.03

G417579

419201

5828224

Basalt

186

0.04

G417580

419149

5827810

Mafic Dyke

44.3

0.01

G417581

419154

5827807

Basalt

48.3

0.01

G417582

419151

5827709

Tonalite

40.4

0.01

G417649

419696

5828141

Quartz Vein

32.2

0.01

G417650

419696

5828143

Pegmatite

13.6

0.00

G417651

419723

5828155

Basalt

249

0.05

G417652

419724

5828154

Basalt

168

0.04

G417654

419725

5828156

Basalt

259

0.06

G417655

419685

5828104

Basalt

450

0.10

G417656

419719

5828197

Basalt

26.5

0.01

G417657

419740

5828215

Pegmatite

Y

2,270

0.49

G417658

419743

5828227

Pegmatite

Y

10,000

2.15

G417659

419818

5828259

Basalt

433

0.09

G417660

419830

5828243

Basalt

193.5

0.04

G417661

419874

5828238

Basalt

267

0.06

G417662

419915

5828245

Basalt

314

0.07

G417663

420046

5828210

Basalt

394

0.08

G417664

420057

5828259

Basalt

153.5

0.03

G417665

420095

5828275

Basalt

334

0.07

G417666

419748

5828017

Pegmatite

Y

836

0.18

L857013

419765

5828216

Pegmatite

Y

3,960

0.85

L857014

419768

5828239

Pegmatite

Y

8,010

1.72

L857015

419772

5828245

Pegmatite

Y

10,000

2.15

L857016

419771

5828245

Pegmatite

Y

13,260

2.85

L857017

419782

5828239

Pegmatite

Y

21,680

4.67

L857018

419673

5828292

Argilite

115

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