Fury Gold Mines – A Dive Into The 2023 Exploration Plans At Eau Claire, Outlining 3 Key Goals
Today, Fury Gold Mines (TSX:FURY – NYSE:FURY) announced this year’s exploration plans at the Eau Claire Project in the James Bay region of Quebec. The Company sates 3 key goals of the 15,000-20,000 meter drill program. These goals are: 1)continuing expansion of the high-grade Eau Claire resource; 2) following up on the 2022 success at the Percival Prospect 14 kilometres (km) to the east of Eau Claire; and 3) advancing several early-stage exploration targets along the Cannard Deformation Zone to the drill ready stage.
Tim Clark, President and CEO and Bryan Atkinson, Senior VP of Exploration at Fury Gold Mines joins me to dive into the news release and focus on each of the 3 goals. We start with the Western Hinge Target, see Figure 1 below, to outline the target and where the current resource is located. Next we move to the Percival Prospect, see Figure 2 below, and where those drill holes will be located. Finally we discuss the newer, early stage targets along the Cannard Deformation Zone.
If you have any follow up questions for the team at Fury Gold Mines please email me at Fleck@kereport.com.
Click here to visit the Fury Gold Mines website and read over the full news release we discussed.
Figure 1: Eau Claire Deposit long section area illustrating the resource block model and locations of the proposed 2023 Drilling in relation to previous drilling.
Figure 2: Percival Long Section depicting the proposed locations of the 2023 follow-up drilling targeting the continuation of a steeply west plunging fold.
The consolidation after the news has let me get my entire position in place under 61 cents, so I’m happy that I now have a core that I’ll keep for a continuing post-hiking cycle gold bull market and extra that I can trade around that. Hopefully the exploration plans work out and the drilling can find the edge of a very large deposit, but if they keep hitting high grade, that’s totally okay. 😀
It could take a while to work through the supply from all the February buyers who now want out at break even or any small profit on a move higher. On the plus side, it’s a price zone that is now acting as support/demand:
So we’ve had the breakout, retest is happening, that just needs to eat through the available shares so we can get to the “go” stage.
If this thing ends up taking off, it’s one that gave ample time to develop a position. Similarly if it ends up returning to the March consolidation, it gave multiple tests of the support zone to show the important level for risk management.
If it’s okay, I might post continual updates here until the next time there’s another Fury interview:
https://i.imgur.com/H3V2YGN.jpeg
Retest of the down trend line (both based on price highs and closing prices) held. Also retested the 50 day moving average which was resistance in early April. Closed back above the March price range. Relative performance to the venture exchange held as well.
What I want to see next? A higher high above the original move breaking the trendline would confirm. I’m not expecting for it to happen right away (but it could). Gold closed today under $2000 but Fury and many other stocks held up fine. I’ll be watching important levels like 60 cents on Fury to protect gains/take profits/prevent losses, but so far this is another positive milestone in the price action of Fury.
Well that didn’t last long
https://stockcharts.com/c-sc/sc?s=FURY&p=D&yr=0&mn=6&dy=0&id=t8815103873c&r=1681935058670
Out of the trade at a 4 cent per share loss. It’s a shame you can have good news and there’s not enough demand for the stock to hold the move. Might be too early for drill plays.
FURY is my first explorer purchase since 2020.
On share structure there are some warrants, options and the new flow through shares but they are all at higher prices (late 2020 to early 2021 type prices) and I don’t think anyone who wanted flow through shares is buying those to sell them when the restriction ends in July. They just get to sit on people’s books and kick off tax benefits.
Technical analysis time:
Weekly chart
https://schrts.co/cgFkXYme
Weekly RSI held and the breakout of relative performance to the venture exchange index held as well.
Price retested the yearly average and held, getting back above a key level of around .60, confirming the failed breakdown of late 2022.
We are back into the large shelf of volume of trades at these price levels and up to about 1.00.
The price of FURY does seem to be reflected in the breadth of the majors.
Daily Chart
https://schrts.co/FPdmAivD
Daily RSI also positive and a new shorter term breakout of relative performance to the venture exchange index has occurred.
We have closed back over 0.60 and in the February price range, completing a lower base with an upside breakout. Today’s trading was on good volume and many of the previous high volume days were of the last month were on basing days where the price failed to go lower on high volume.
The price has completed a second higher close over the 20 day EMA.
The PMO (or your choice of similar indicator like MACD/TRIX/PPO) has a positive cross of the signal line.
My trade:
I bought this breakout.
2 closes under 0.60 and I am out at a loss.
Assuming we get continuation of this move, I will stay in over the 20 day EMA.
Any breadth collapse in the majors will cause me to take some profits on FURY if I have any.