We paid basically three million bucks for an asset that we thought was worth twice
that, and it puts us in an incredible strategic position because, as investors
may have heard that Newmont is going to divest a bunch of their assets,
they want to raise two billion dollars, and the Elliott On Mine is one
of them. I view it as a huge positive because I think any new
player that comes in is going to do a lot more work to explore and
expand and want to add to that mill that runs at half to pass.
The Financial Survival Network now more than ever, the Financial Survival Network. Welcome.
This is Financial Survival Network and I'm your host, Carrie Lutz. We
are sitting down for a sponsor update and it's a big one from Fury gold
Mine CEO Tim Clark and chief geologist Brian Atkinson. And I'm really happy we're
doing this now. So much news has come out recently. Just a few
days ago, Tim, you announced the acquisition or the consolidation of the complete
Ileonor South project, and we're here now to get the latest news from you.
Before we get into what's happening, I think we need to address what's
happening with the gold price right now and the potential for fury to ride that
wave what I thought was going to happen a couple of years ago, and
it's finally coming to fruition here. I think that there's real questions globally what's
going on. And what's interesting is the North Americans really aren't the buyers.
It's the rest of the world. And we've got eighty five officially companies now
that are net positive buying with the central banks. I think Hungary was just
the latest one added for what I hear. And look, the US has
weaponized the dollar and everybody else is wants to negate that, and the leverage
of the dollar going forward if they keep buying in China and Russia, Turkey
and so on, is gonna push back. So the goal price here is
where it should be. I think inflation is really kicking in. The interesting
aspect is that the equities are still lagging massively, and I think a huge
opportunity. All right, well, yeah, we're looking at twenty one hundred
thirty plus dollars per ounce as we're speaking now. You know, it broke
two thousand months ago and just kind of lingered there. Then we had a
kind of false breakdown where it went under two thousand, it's shot right back
up and now twenty one hundred, and hey, if we close the month
of March at that rate, then it's to the moon. So hey,
so Eleanor, let's talk about that. You've consolidated it. You now have
one hundred percent ownership. Just tell us your take why that is so important.
Look on the ellan Or South joint venture. We were happy to be
with Newmont, but they clearly didn't want to move forward due to drilling,
and we viewed that property as one of our top target areas, and they
approached us to consolidate it, and so we jumped at the opportunity and we
got a great price. We paid basically three million bucks for an asset that
we thought was worth twice that. And it puts us in an incredible strategic
position because as investors may have heard that Newmont is going to divest a bunch
of their assets, they want to raise two billion dollars, and the Elliot
On mine is one of them. I view it as a huge positive because
I think any new player that comes in is to do a lot more work
to explore and expand and want to add to that mill that runs at half
capacity. If we happen to find something on our joint venture, it makes
sure a huge target, uh for a takeover in my view, and that
that is putting us in a much better position for success in a way,
a pathway to get get our you know, things monetized. You know.
At the same time, we have other areas of the it's a big property,
we have other areas for exploration, and there is upside I think in
exploration around the CEIOS project. Uh, that's not a priority for us right
now. It's really about developing the targets that we already have that are closer
to Eleanor though now we just saw a press release I guess today, Brian,
the first tell us geochemical testing, what that is and why the results
are so significant here. Yeah, So you know, you're basically any sort
of geochemical survey, you're just looking to find a consistent sample media across the
you know, a certain area, and in this particular area where we were,
uh, there were you know, it's it's all well vegetated and kind
of boggy, so that the only thing that really worked was biogeochemical sampling.
So we're sampling the trees, the black spruce trees out there, and they
were really robust sampling media. And we've done it you know at Percy Val
we proved it up there. You know, we're having good, good success
drilling out there. We've got some nice anomalis to follow up there. You
know, previous companies we've used it out at in Newfoundland as well and been
able to prove up some mineralization out there. So we know it's a robust
technique. And you know in areas where there isn't you can't do your conventional
soil or till sapling, it's a nice tool to have in your toolbox,
right, And we went out there we sad We did an orientation study here
wide space lines over some targeted strateigraphy that we liked. You know, it's
basically the continuation of the low formation sentiments which is what hosts the new modzelle.
You in our mind, it's a nice fold you can see in the
geophysics. It had a lot of the hallmarks, but we couldn't find you
couldn't do conventional geochemistry over it. So we went went out and did it
and old we get these anomalies that are up to twenty two hundred times the
background values. So you know, usually you know, people get excited about
five to ten times background. Now we're talking two hundred times background. So
this is these are real anomalies. They're really robust. It's gold and arsenic.
It's sitting in the right spot geologically and geophysically. So no, we're
really excited to go out there and complete this grid early in the summer and
then you know, towards the tail end of the summer and the fall,
get out there and put a few drill holes into it and see what's out
there, all right, and so based on the survey results, tell us
the next steps. It's drilling basically, right, yeah, yeah, once
we're ready to go. And you know, our expression manager, David Rivard,
you know, he worked at Gold Corp and Newmont and his you know,
his mandate was to find another Eleen or within Ellen or mind property.
And it wasn't until he came across the Fury and uh, you know,
looked at our data and started, you know, really call me through this
and he's like, well, you know, wait a minute, you know,
this looks this has everything that I was looking for. While I was
working with Gold Corp And Newmont looking for another Ellinor. So we're really excited
to get out there. It's, uh, you know, it's one of
those things that you know, grassroots and you know, if you remember two
years ago, you ourselves we were talking about, you know, this this
large golden till anomally that we've refined down into you know, four or five
really nice targets that are ready to drill as well. And then we went
back in there and developed another new target. And then you know, as
Tim alluded to, there's some some good I grade minimalization on our side on
the on the Chiechoo tone light where we've got six meters of forty nine grams
per ton gold that have never been followed up on. So it's it's a
really you know, nice prospective chunk of ground with a lot of interesting targets
for us to go after to as far as strategically, the proximity of Eleanor's
south to Neumont's Eleanor mind, how does that impact your explorations strategy going ahead?
I mean, you have a lot of balls in the air here.
Yeah. Look, you know I was just talking to Brian Christy or chairman,
and I think one of the things he's been really happy with is is
how many levers and options we've had created at the company. And that's that's
what you do in a down market. And as I said before, is
the goal here is put us in the best position that when the market starts
seeing some real inflows that we're best in class. And we've got not only
we all the joint benure right now that puts us in play with Eleanor,
but also Cereos and it almost doubles are sort of target base in Quebec for
new discovery. And then we were also going to go back up to an
in event this summer and do a small survey project and spend a couple hundred
thousand bucks doing that as well. We haven't been up there in a couple
of years. We're starting to see interest come in from the producers looking at
that property out in Beaver Creek. We had a tremendous amount of interest and
meetings we're around that topic. So this is kind of thing that when we
talked about carrying the past, is that when the bull market starts coming in
here, like we're seeing with a goal price, all these properties start coming
into play. What we're going to do, though, is remain targeted and
try to minimize any kind of dilution. And the idea here is to be
prudent about how you do the spending in this coming year project. Because we're
coming out with a resource update in April, we're not going to have to
spend as much time the resource this year as we did last year or the
year before. This year is going to be much more targeted and really focused
on new discovery and we've got a lot of targets and it's exciting. So
there you go. And I think from a valuation standpoint, I don't think
you're going to find too many junior companies as cheap as ours with as much
in play. And we haven't talked about Dolly Varden. They just raised fifteen
million dollars more today off the back of ten last December, and Eric Sprott's
taken even a bigger share of THEIRS. So the stocks trading really well today.
It's adds nothing but positive to our evaluation and investors should take note.
All right, So NUMA has an express their intent to divest the the ileanor
mind what kind of company comes in and buys that. I mean, you
don't have to name names, but what it's got to be a pretty substantial
company, right Well, I'm my understanding is the process hasn't officially kicked off
yet, but Bank of Montreal is going to be managing it in Canada and
other bankers will be managing the investment in other countries. They are going to
sell I believe three major assets in Canada. So any company that comes in
there and wants to buy all three, we need to be pretty sizable.
Maybe the Australians come in, they had a lot of money and might want
to come in there, but I'm sure all the majors will be looking at
it. For me though, if you're a company and you're buying Eleanor,
you're not going to sit on it. You're going to want to push it
forward. And they're going to need to find expiration ground. And our Eleanor
south is takes up a huge chunk of land right on its border to the
south of it. And where better to find gold than next to a major
And actually I would say next to two minds, because you're going to have
Cirios Is going to be a mine at some point, and so we're right
in in a great look, you know, land package, and I think
investers should understand that we were getting zero value in our stock price for this
property and it shouldn't stay that way, right and conceivably any major that comes
in there, they're going to kind of have real interest in the in Eleanora
South and maybe look to acquire it at the same time. Then well,
look, let's put it this way. We're we were trading at sixty five
million market cap. We got forty five million in stock of another company that's
probably up to fifty today. Fifty today, I checked it. We got
cash. Our enterprise value is pretty damn cheap. If we happen to find
something on that joint venture, they're going to have to buy us. Yeah,
they were kind of don't have a choice, and really their due diligence,
I would expect that you would have to be a significant part of it.
Well, if again, if we happen to go in and the kind
of thing that we're open to fight is what Brian's talking about here, this
gold and til anomaly pans out, or if we find something else on the
other targets on the property. Anybody who owns Eleanor is going to need to
feed that mill right now. I believe it's got about six year mind life,
and if they can extend that day nine or ten, I mean,
that's an incredible amount of money and buying a small company like ours would be
pretty insignificant. And so we're in a great pathway and as goal price goes
up, it only makes all our properties more valuable for sure. So looking
ahead for the drill program, Brian, you got to kind of switch gears
here a little bit right Well, you know that's in thing because that you
know, I think Tim would attest to, you know, our technical team
bugging him over the last two years to get up and and be drilling at
Elle and our souths. So it's not it's you know, it's something we've
been hoping to do for the last couple of years. We've got some really
good targets up there, and you know, now that we've got one d
percent control of it, it's something we can just kind of follow through with
plans and you know we already had in place, So it's it's nice,
but switching gears away from you know, resource focus and getting that resource update
out and you know, going out and trying to make a new discovery on
some of these targets that we've been talking about. Is that you know,
that's every you know expiration geologist stream is go out there and you know,
find something new. And that's that's what we want to do. And you
know, I think, you know, our shareholders be along for a you
know, a fun fun ride over the next couple of years as we go
on and test these these targets and see what's out there. So as far
as the resource update to tim, uh uh, we're looking when do you
expect that out? I believe end of March and early April, right,
Brian, right around, Yeah, very soon. And I assume it's going
to be good news. But we can't really talk about that now. But
but based on everything you've done over the past three years to four years that
I've been following the company, uh, it's going up. Yeah, it's
it's definitely going to be a larger resource than it was. You know at
the Hinge. We've increased the middle ized footprint by we've got other holes in
there that link some of these you know, old isolated blocks back together.
So yeah, you'll see a you know, a meaningful increase, and what's
going to be interesting area is that you know, it's still you know,
the old promotional talk, but it's literally open in all directions still, so
we can go out there. Our westernmost all gets, you know, four
meters at five point seventy five grams are shallow list folls. Some of the
ones we just put over thirty two grams over three and a half meters,
right, so, you know, and then you take that scale and you
look at something like the gap zone, which has the same dimensions where we've
got an isolated hit of a meter at forty five grams and there with no
other drilling around it, but you've got you know, the same scale potential.
And then you look out to the to the east of the deposit where
our first expiration roal was a six hundred and sixty meters step out where we
hit a meter and a half at over fifteen grams out there that we've never
followed up on. So it's kind of one of those things where you you
know, yeah, the resource update will be nice, but it also showed
that, you know, hey, we took this you know, three hundred
meter by four hundred meter area and we've that's this many ounces, but we've
got you know, three or four other of these targets that legitimate with intercepts
in them that could add similar number of ounces back into the resource that you
know at an eventual date. And finally, so enterprise value of Fury it's
I think around ten twelve million now it's kind of been holding steady around there.
Well, I think it's probably a little bit up today. I would
say, I haven't looked at the share price today, but we're trading still
pretty low. Fifteen bout fifteen million enterprise value I think around three dollars an
ounce, which is at the bottom of the range. I think the issue
has been that a lot of liquidity left her stock to go to play the
Dolly because it was such a big piece of our company, and I think
that sort of pulled it back and created a buying opportunity as we divest the
Dolly position, and that should I think move the other direction and have a
lot more upside. So we're clearly you know, excited for the upside of
this market, and I think think we're going to get attention. And again
we're one of the few juniors that trade in the New York Stock exchange.
So that's going to add a lot more liquidity as the bull market comes in.
Yeah, and as a share price goes up, and then the funds
pick it up, and then the indexes hopefully at some point the index funds,
all of that could definitely add nicely to it. Well, I think
we've gotten a good overview of what's going on. We'll have to touch base
next month and get an update. You know, one thing I like about
you, Tim and Fury is the old expression go big or go home definitely
applies to Fury. Yeah, thank you, Thanks Kerry. So make sure
you go over to Furygoldmines dot com sign up for notifications so you can get
the latest news which is flowing pretty quickly and rapidly now. Ticker symbol in
the US and in Canada is Fury. If you r y, Tim Brian,
thanks for coming on. And I know you guys are busy, but
they will talk to you again soon. Thanks Karrie, Thanks very much,
Karry. The Financial Survival Network