Auryn Resources : Fury Receives Drill Permits for Eau Claire Project in Quebec

Fury Receives Drill Permits for Eau Claire Project in Quebec

Vancouver & Toronto, Canada - October 19, 2020 - Fury Gold Mines Limited (TSX: FURY, NYSE

American: FURY)("Fury" or the "Company") is pleased to announce that it has received the Permis d'Intervention from the Department of Forets, Faune et Parcs du Quebec, required for the initial 22 drill pads for its fully funded 50-thousand-meter drill program at the Eau Claire project in the James Bay region of Quebec. The program will initially utilize two drills, the first of which will initiate the infill program in the first week of November and the second will start expansion and step-out drilling approximately two weeks later.

A Message from Mike Timmins, President & CEO:

"We believe there is a significant opportunity at the Eau Claire project to grow the deposit and outline additional gold-bearing zones from surrounding targets. Our technical team has identified a previously underexplored seven-kilometer deposit trend extending east of the Eau Claire deposit with several prospective targets and has been incorporating important project information that had not previously been utilized. This is only the beginning of our work, and we are already seeing more potential to increase the ounce profile at Eau Claire than we did during our due diligence of the project.

"In two weeks we will ignite a non-stop campaign of exploration activity, which will provide the engine to drive shareholder value. We will also be making key personnel additions to the team and will release the first of what will be a steady stream of targeting updates followed by drill results from Eau Claire. The balance of the year is going to be busy as we initiate Fury's inaugural drill program and build value for our shareholders through exploration, drilling and potential discovery across the Canadian portfolio."

Eau Claire Deposit Trend Targeting:

Fury is focused on developing deposit extension and brownfield targets along a newly identified seven-kilometer geological trend that hosts numerous prospects (Figure 1). The technical team is currently developing a matrix of data that corresponds with known gold mineralization, including: a 3D magnetic inversion, preliminary gradient array induced polarization data, trace element geochemical signatures and geological environments that provide a 'fingerprint' of the Eau Claire deposit.

Preliminary results demonstrate that gold mineralization at the Eau Claire deposit is situated along a strong magnetic gradient, has a strong chargeability signature and a tungsten and molybdenum trace element association.

The first test block of gradient array IP data successfully imaged a crucial structural relationship between primary and secondary shear zones at the Eau Claire deposit (Figure 2). The gradient array survey is currently ongoing across the seven-kilometer-long deposit trend to identify similar structure patterns and chargeability signatures that are consistent with the Eau Claire

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deposit. This targeting effort will form the basis of a 25,000-meter drill program focused on deposit step-outs and brownfield targets.

Eau Claire Deposit Infill Drill Program:

The drill permit received is for the first 13,000 meters of a planned 25,000 meters of infill drilling at the Eau Claire deposit. The goals of this program are to upgrade the resource from inferred to indicated category at the southeastern limit of the deposit as well as add additional ounces between currently defined resource blocks (Figure 3). The target area of the infill drilling program represents 200,000 ounces at 12.2 g/t gold (3.5 g/t cut-off grade) of inferred category.

A Message from Michael Henrichsen, SVP of Exploration:

"Based on our technical team's initial assessment of the available data sets and newly acquired IP data, we believe that there is significant potential to both meaningfully expand the Eau Claire deposit and discover additional mineralization along the seven-kilometer deposit trend. Our team is in the process of daylighting numerous targets that have signatures that are consistent with the deposit and we look forward to drilling them in our 50,000-meter program."

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Figure 1: Depicts the seven-kilometer-long Eau Claire deposit trend with associated high potential prospects. In addition, the figure illustrates the location of the gradient array induced polarization test block over the Eau Claire deposit.

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Figure 2: Depicts the chargeability results of the gradient array induced polarization survey over the Eau Claire deposit. Importantly, the results clearly show a chargeable response associated with secondary shear zones that play a large role in focusing high-grade gold mineralization where they intersect the primary shear zone and associated gold-bearingquartz-tourmaline veins.

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