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TORONTO - Fury Gold Mines Limited (TSX and NYSE American:FURY) announced Tuesday preliminary metallurgical test results from its Ninaaskumuwin lithium discovery in Quebec’s Eeyou Istchee James Bay Territory, indicating the mineralization is suitable for conventional lithium extraction techniques.
Heavy Liquid Separation testing achieved a 62.2% lithium recovery with a concentrate grade of 5.59% Li2O from a single composite sample, according to the company’s press release. The tests were conducted on samples from spodumene-bearing pegmatite intercepted in drilling.
Mineralogical analysis revealed spodumene content of up to 42% in samples, with no impure lithium-bearing minerals detected. The company noted this suggests potential suitability for producing lithium concentrates for battery-grade products.
"We are encouraged by the metallurgical results from our newly acquired lithium asset in Quebec," said Tim Clark, CEO of Fury, in the statement. The company maintains a strong financial position with more cash than debt and a healthy current ratio of 3.83, according to InvestingPro data, providing flexibility for continued exploration activities.
The Ninaaskumuwin prospect is located on Fury’s 100% owned Elmer East project, which covers approximately 45,735 hectares. The site is accessible from the paved Billy Diamond highway, about 60 kilometers north of the "km 381" rest stop.
The company previously reported drilling results including 32.35 meters of 1.16% Li2O and 22.48 meters of 1.19% Li2O from the site. The mineralized pegmatite remains open at depth and along strike.
The metallurgical testing received financial assistance from Quebec’s Ministry of Natural Resources and Forests as part of a program supporting critical and strategic minerals exploration.
Fury Gold Mines describes itself as a Canadian-focused exploration company positioned in two mining regions across Canada, with plans to grow through project evaluation and exploration. The company, currently valued at $92.72 million, has seen its stock surge 44.53% over the past six months and trades near its 52-week high of $0.56. InvestingPro analysis reveals 8 additional key insights about Fury’s financial health and growth prospects, available to subscribers.
In other recent news, Fury Gold Mines Limited announced the commencement of its 2025 exploration drilling program at the Committee Bay Project. This development led H.C. Wainwright to raise its price target for the company to $1.40 from $1.20, while maintaining a Buy rating. Additionally, Fury Gold Mines reported initial drill results from its Ninaaskumuwin lithium discovery at the Elmer East project in Quebec. The drilling program, which covered 825 meters across five holes, targeted a spodumene-bearing pegmatite outcrop. This outcrop had previously shown surface samples with up to 3.92% lithium oxide. These recent developments highlight Fury Gold Mines’ ongoing exploration efforts and potential resource findings.
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