Drill Program At The Eau Claire Project in Quebec

VANCOUVER - Fury Gold Mines Limited has commenced drilling at its Eau Claire project located in the Eeyou Istchee Territory in the James Bay region of Quebec. The 50,000-meter (m) drill program will test a one-kilometer down plunge extension of the Eau Claire deposit, new targets that are being developed along the 7-kilometer deposit trend and include selective infill drilling at the southeast margin of the deposit.

Mike Timmins, President & CEO, said, “This is an exciting time for Fury shareholders as we set out on a major drill program at Eau Claire - a project we feel has been largely underexplored. Our targeting efforts continue to reveal potential, both at the deposit and along the continuation of the Eau Claire structure to the east and at depth. Our technical team has done an incredible job positioning us for drilling within the first month of the Company's formation.

"This milestone also marks the beginning of Fury's campaign of exploration and expansion drilling across our three gold projects over the next 18 months. A campaign we believe will demonstrate the growth potential of our portfolio of high-quality assets and create the opportunity for major catalysts to drive performance per share."

The infill drill program at the Eau Claire deposit will consist of approximately 25,000m on the southeast margin of the existing resource, which is currently defined by 200,000 ounces at 12.2 g/t gold (using a 3.5g/t gold cut-off grade) of inferred category. This portion of the drill program is designed to add ounces between defined resource blocks as well as upgrade the resource category from inferred to indicated in this location.

Exploration drilling will test a one-kilometer down plunge extension of the Eau Claire deposit and is scheduled to commence in the third week of November with a second rig. This portion of the exploration drill program will consist of 10,000-12,000m with the goal of significantly expanding the deposit footprint. Target areas for the extension drilling were derived from structural geometries associated with newly acquired gradient array IP data, as well geological and geochemical information obtained up-dip from the target zones.