I think we've basically accomplished everything we said we would do two years ago,
including acquisitions, divestments, raising capital, of bringing in new investors. We
have a new resource update that shows that, you know, we're close to
two million ounces. We could make it there if we want to, and
we've got lots of new discovery. Plus we've got this new strategic property with
the joint venture. I mean it's it's the Eleanor is going to be sold
over the summer by Newmont and a new player is going to come in and
there's going to be a lot more attention activity in that in that part of
the world. The Financial Survival Network now more than ever, the Financial Survival
Network. Welcome. This is Financial Survival Network. I'm your host, Carrie
Letz. We are sitting down with Fury Gold mind CEO Tim Clark and chief
geologist Brian Atkinson, and I've been looking forward to this. Fury just released
your updated resource estimate for oak Clare and your made an estimate for perse of
All. So Tim, could you start by explaining the significance of the increased
resource estimates at Oaklaire And I would also like to point out your conservative methodology
behind these numbers, well, I mean, I'll start it out by I
let with Brian run with it, since he was the one who really accomplished
this goal and his team effectively. Though, we added five hundred and thirty
thousand ounces to the resource that brings us from one point three up to one
point eight eight million ounces that show us a pathway to two million ounces,
which is sort of really the target that a lot of these companies are looking
for. Theoretically, you don't have to get to two million, you just
got to show that you've got a real resource that they're interested in buying.
And I think what our goal here was to spend a couple of years getting
this set up so that it's like fixing your house up ready to be sold.
And the idea now is to really go out on the rest of the
property and look for some new discovery on top of what we have at perceval.
Perceval was two hundred and twenty five or so a thousand ounces, and
no one really sort of saw it that much, and it's a real ad
If we can find a couple more of those, it would be great.
And there's fifteen anomalies out in the property that looked just like it. So
just to pass it off to Brian, Brian, why didn't you sort of
elaborate a little bit more on the resource itself. Yeah, definitely, carry
Yeah, we're pretty excited about it. You know, the numbers came out,
you know, at the upper end of the threshold of where we're thinking,
and you know, we managed to put a lot of those ounces into
the measured indicated category, which you know is the higher confidence sort of level.
You know, big increases there of you know, thirty six percent,
and then you know the bulk of the added the forty five percent increase in
the inferred ounces on the project came from from Percy Bell, which is sort
of you know, like Tim just alluded to, the first time that's been
put together into to resource. And you know, there's not that much drilling.
You know, at the hinge we did just over twenty thousand meters.
Throughout the rest of the top deposit we did another twenty thousand meters, and
then you know the seventy eight hundred meters that we did at at Percyval.
To add these these ounces that we've added, you know, we've also improved
the geometry of the veining on the east end of the deposit, the old
player deposit, where where we had additional data through the main part of the
deposit. We haven't we haven't put any drill balls in there, so we
didn't adjust the veins that were previously modeled. But we went from you know,
thirty five forty degree dip on the veins to a fifty to sixty five
degree dip on the veins. So you're much better geometry for any sort of
eventual you know, economic study that goes forward on this, all right,
and your methodology you're talking pre call said, you're beyond conservative in many respects.
If you were really looking to push this thing, you could have gotten
a lot higher. We're looking at nineteen hundred dollars gold, but it seems
like where many others are over promising and we'll eventually under deliver, you're the
opposite. Yeah. Look, you know, there was there was a historic
resource done on this that you know, was you know, was unrealistic,
and I think since then, you know, the it's it's battled a bit
of that stigma, and now we're back up to that same resource number,
and this is a very defensible resource number with you know, half gram open
pick cutoffs. We use zero point five to two revenue factor pit edeu Claire,
so there's lots of lots of room there. And like I said,
all these these ounces, you know, went into the measion indicated category.
So nice systematic drilling and doing that, so you know, there's not a
big bunch of inferred where we're looking at white spacings on these these high gride
veins and you know, like you said, nineteen hundred dollars gold. Nice
reasonable cutoff levels and great grades still coming out of it. Right, Like
the grades dipped a little bit, but that's largely because of the increase in
the open pit and bringing in Percy val as well. Yeah, always better
to be conservative and surprise on the upside tip. As far as Eleanor South,
how does that fit into the equation based on the resource estimate, Well,
it doesn't fit into the resource itself. I think what it does do
is it gives us a huge component for new discovery as we think about our
project this summer, and the goal is to go up to the joint venture
and do a big geochem study on the Eleanor anomaly that we have up there
that sits on our side of the border from Eleanor, and we're going to
get also some drill results back from the spring that we did in April that
we're up near the Cereos side that we're looking and trying to determine how far
down that high grade comes onto our property, and so once we get some
of those numbers back, we'll be better able to assess it. I think
where we are right now is like I said earlier, we don't have to
do a lot of drilling at the resource because we now have a real resource
that's legit, it's got the numbers, it's got the backing, and we
can focus on new discovery, which will include some of the stuff on our
property to declaire, but as well as the joint venture up north. And
I think that's what a lot of people are asking. It's interesting to some
people asking me about the serial side and then others are asking me about the
alien Or side. Everybody has their sort of favorite pick. We're it's fourteen
thousand hectors. We're going to get to it. We just don't need to
spend as much money this year because we've got our resource now. And you
know, one of the things that Brian said to me when we got our
numbers back. Was this third party vendor that we use to do the assessment,
you know, made a nice comment saying we don't typically see these kind
of resources in Quebec. This is a big resource for Quebec, and it's
high grade. And I've looked and done some comparison to some other companies that
are much higher value than ours, and we have a higher grade, more
ounces, and they might be up in the mountains and we're along power and
roads. It's a huge difference. This is legit. Companies should be looking
at us because we're not cut off in any direction and we've got a lot
more to do, speaking of which, Brian. So basically it's open in
all directions this resource. There's no constraints here. Physical constraints. Yeah,
no, it's it's sort of amazing. You know, some of the last
holes we put out last year, you know, at three and a half
meters of seventeen point six grams three and a half meters of thirty two point
six grams, those were in a new structure that those are the only two
holes into that our westernmost hole on the Hinges wide open. We brought in
some ounces into the gap, but that's still still wide open. And then
on the east extension again it's you know, it sounds cliche to say it's
open in all directions, but legitimately, our boundary holes are all open and
we haven't even you know, assessed the further depth potential below you know,
where it's drilled below six hundred and fifty meters below surface now, so there's
there's lots of additional space here to keep expanding this, right so for future
drilling. So you kind of have to make some decisions, uh obviously,
because there's so much potential in every direction. Where where do you think the
best potential is here? Brian no. I think what we're going to focus
on is you know, finding some you know, a new discovery out there,
you know, looking at some of these anomalies that we have out between
Percy Val and and up up to the north to Serendipity, and then also
at at the ellen Or target that we have on the llen Our Salth project.
So it's going to be more focused on that the resource is open.
Uh, you know, we can we can go in there and drill some
shallow bowls in it, but that's you know, that's natative process to show
further growth and and that whereas if we can go out and make another new
discovery and add you know, sort of show showcase, you know, another
Percy val Or or something like that sitting out there or loan and behold we
get lucky on the ellen or anomaly. You know. I think that's that's
going to be our focus, is going out there and finding something new as
we go forward. Here. The other thing, Carrie is we're going to
spend a two hundred thousand and go back up to Nunavan. We get a
lot of interest from the producers last fall looking at our asset up in Committee
Bay, and so we've got to go back up and open up the camp
anyway, So we're going to do a small survey project up there that I
think, you know, investors should take interest because you know, for the
last few years there wasn't a lot of interest in taking big swings. But
with goal price now the bigger companies are starting to look again, and we're
going to be prepared and ready to market that. That's a historical spend of
a couple hundred million dollars up there and work, and we get zero value
for it in the stock and it would take one caa agreement and an investment
of ten million bucks to rerate that thing pretty quick quickly up there. And
then on this allan Or property, we're going to spend quite a bit on
a geokem project in May, and that's going to give us some real targets
in this anomaly. Is this is sort of the same signature and size that
the ler in our mind is built upon, so it could be a big
swing there. And yeah, well we're you know, we're going to be
working out of our regular camp, so we're going to have a helicopter to
be able to go to a bunch of these sites in Brian as a list
of his highest priority targets, and we're going after the best ones getting to
finances. You know, it always struck me the theory has been kind of
this raging value play where you know, you're holding shares in Dolly Vard and
Silver and they've gone up and you know, the enterprise value less your cash
in the bank. I mean, you're trading at peanuts here. Yeah,
so you know it's that's is pretty amazing and I I've been trying to explain
it, but to myself, I think a lot of it was because people
assume that we're just this derivative of Dollar Varden and they're more liquid, you
know. The irony and we look, we're a huge fan of Dolly Varden.
The irony is every ten cents increase in their in their stock price,
our value of their shares goes up by five point four million dollars. We
have fifty four million shares. It's over fifty five million dollars right now.
Our market caps at seventy five or eighty. We got five million dollars in
the bank. We've got historical spending in the hundreds of millions of dollars on
our property, and we're getting paid, you know, twenty million bucks in
enterprise value. It's crazy. The crazier part is you look at like some
of these companies, they're valued in hundreds of millions of dollars, and we
have more ounces, better quality, and better access. And it's just the
difference between in the silver play and the goal play. But it's going to
come around at some point, and a lot I get a lot of questions
about Dolly Varden, and you know, look, they're surrounded by Hackla,
the natural buyer. They've got twenty five million bucks in the bank that does
spend this summer, we could see some activity, especially with silver is going
up and gold's going up. We are going to get re rated and this
is probably the best value play out there in the sector. And we're the
best financed junior out there by far, and so there's not as much risk
with us, and you've got a lot of potential swings with our multiple properties.
Yes, it's crazy, and you've got an updated resource that justifies a
valuation in its own right. I think we traded like fourteen dollars announce,
and some of these other players are trading I think, you know, in
the twenties and some of them in the one hundred and why I know the
silver plays are some of them were one hundred and fifty dollars announced on gold
equivalent basis. It's it's a trade for them, but I think they're like
I've been in capital markets a long time and eventually people discover these things,
and when they do, it's pretty it's it's pretty fun because they'll rip,
and I think I think we're positioned for that. Positioning is everything. And
I remember if somebody once said to me that he who Waits gets everything right.
Well, we were trying to be patient and we're just doing a lot
of good blocking and tackling. I think we've basically accomplished everything we said we
would do two years ago, including acquisitions, divestments, raising capital, bringing
in new investors. We have a new resource update that shows that you know,
we're close to two million ounces. We could make it there if we
want to, and we've got lots of new discovery. Plus we got this
new strategic property with the joint venture. I mean, it's it's that Eleanor
is going to be sold over the summer by Newmont and a new player is
going to come in and there's going to be a lot more attention activity in
that in that part of the world. And it's a great part of the
world, as investors pointed out to me when I was in New York yesterday,
that it's one of the top two jurisdictions in the world to be mining
because of the support of the government. You don't want to be in these
emerging markets with this political scene right now. All of our assets are spread
across Canada and there's going to in my opinion, there's going to becoming consolidation
at these higher goal prices, and we sit all our properties are big properties,
and they sit next to all these majors with HECLA at Nico Newmont and
and as I spoke to some one of these big gold CEOs last December,
I said, what do you do in an inflation inflationary environment? And they
said that the answer is easy. You consolidate and you buy more land,
so you don't have to build five roads, you build one. You don't
build five mills, you build one. And so my view is that junior
space is up for consolidation. And we've got a lot of attractive things,
including you know, a big slug of you know, Dolly stock that can
be monetized. So you know, it's it's a good play, right and
you're in the position where you don't have to dilute to raise capital when when
it becomes necessary, well we get right now, we got five million bucks
and we've got some left overflow, and we can pretty much do everything we
need to do without raising any money right now. Yeah, So that's an
enviable position for a junior to be in. Many others are scurrying trying to
figure out how to negotiate this really complex landscape here. So Brian looking ahead
here when the drill is going to start turning. Yeah, we're hoping,
you know, mid mid sort of June. Right now, we're in a
sort of a time period that's called Goose Break in Quebec, so that stretches
from April twentieth to May twentieth, and then we're we're hoping to mobilize and
get going here by mid to late June. And yeah, targets are ready
to go, plans in place, and we're going to focus on completing the
biogeochemical grid or a top of the ellen or target so that we can have
those drill targets ready permitted and ready to go and hopefully drilling those in the
late summer to early fall here. All right, sounds great, Well,
appreciate you both coming on, gentlemen. The ticker symbol, of course is
Fury, both in the US and Canada. The website is a Feury gold
Mines dot com. Make sure you go there sign up for notifications. I
have a feeling they're going to be coming fast and furious. We'll talk to
you again soon. Thanks Tim, Thanks Brian, Thanks Kyary. The Financial Survival Network