Transcription
[Music] Welcome, ladies and gentlemen, to a new edition of our virtual roadshow series here by Swiss Resource Capital and Commodity TV. And it's my honor and pleasure that we have today Fury Gold Mines and Mike Timmin, whom you all already see here on the screen. The CEO is ready for us in one, two minutes, yeah, to give us a nice presentation. First of all, Mike, hello, and how are you?
Good morning. Good morning. How are you? Thank you for having me.
Yeah, perfect. Thanks for taking the time. That is great. We still have some, yeah, I would say 60 to 90 seconds to go until everybody is checked in here. And I see already almost 40, yeah, investors here who are in. That is fantastic. Um, before that, let me do some, uh, pre-marks here. Uh, as you know, my name is John Steiger. I'm the CEO and founder of Swiss Resource Capital and also the founder and chief editor of Commodity TV. And I'm happy to be your host today and moderator. Um, of course, we are fully complying to Swiss and European and also to Great Britain data security laws. And nobody can see each other, nor the names, nor the email addresses. This is very important. And we will start with the presentation here in 20 seconds. Um, also, what I want to urge you, as we want to have a lively Q&A after Mike's presentation, which should run approximately 25 minutes, I think. Um, there is the chat function, which you see on your screen. And I urge you really to use that chat function to post your questions. You can do that in German, English, also in French. That's not a problem. And then afterwards, we want to have a lively discussion with Mike about this fantastic company and their projects. And as you remember, Fury Gold Mines is the former Orefinders Resources. Yeah, so yeah, that looks fantastic here. Great. Let me see where is my presentation. And I would suggest that we are starting now. Mike, I would say the floor is yours. And ladies and gentlemen, please enjoy Mike's presentation.
Thank you, Johan. And thank you everyone for, uh, for having me and for tuning in and participating. We've got, uh, an exciting hour ahead. As Johan said, we'll go through the presentation. We'll talk a little bit about the company. We're going to talk about the company in general. We're going to talk a little bit about the news that we put out, uh, earlier this week. And then we'll have a Q&A. And, uh, it will be a lively Q&A because there's a lot of interesting things to cover, uh, in the company, both, both its history and what's to come. There's our disclaimer. We will be making forward-looking statements. Uh, that goes along with, uh, with, uh, everything in the mining space. So our goal with Fury is to, uh, is to build a Canadian mining company, right? And we've got a number of, we've got three assets, uh, four assets if you count the Eleanor South JV. And we're focused on high-quality, low-risk development assets and discovery potential. And that's what we did when we decided and we put the design together for Fury Gold Mines, right? There are some investors that want and are, are curious about the steady ounce growth, uh, that you, that you get at Orefinders. But there's some other investors that are out there. They're looking at when they own a mining stock, they're looking for that sizzle, right? When it comes to a brand new major discovery. And we have both of those in abundance in Fury. We just kicked off the first 50,000 meters of, of likely a hundred thousand meters that we're going to do over the next 18 months, right? So that's going to be, it's essentially going to be a continuous wall of excitement, activity, news, and results that are really going to provide a lot of catalysts for, for the market. We, you know, Eau Claire is our lead asset. It is, uh, the first in a pipeline of assets that we have, right? And that's, uh, that portfolio approach is a deliberate approach for Fury. And, uh, it's, uh, it's simply getting better and better as we begin to reveal more and more, uh, more and more potential and upside there. The latest news on Monday was that we intersected a gold-bearing structure 660 meters away from Eau Claire, right? So this was, this was us doing what we do best, which is exploration, right? And so following on with that, for the next 24 to 36 months, uh, we're going to be an exploration company. And we're going to go in large scale. And for us, large scale doesn't mean 27 drills on one deposit. Large scale means large scale mindset when it comes to getting an early, as early as view as possible, and how big and how much potential something has and what the project has.
This is the capital structure. We wanted to keep things very simple and very tight. We have 118 million shares outstanding, 127 million fully diluted. The treasury that we have now, we have, we have around 18 million Canadian, which is going to take care of our building out our business in Quebec and GNA till the end of the year. We trade on the TSX and the New York, uh, American under the ticker FURY. And right now, we have six brokers covering and the, the average, uh, consensus price target of around $3.50 Canadian.
This is, this is the management team. Um, you know, in any strategy and in any, you know, execution plan, it's, it's people. People are the most important resource that we had. It's either, it's good to have a plan, it's good to have good high-grade assets in a good country, but again, you know, part of the execution is people. Myself, Lindsay, Sherry, and Mike Hendrickson are from Agnico, Goldcorp, and Newmont, respectively. And so we're taking a big company approach to Fury and to moving it along, right? I mean, our skill sets are around multiple asset platforms, uh, getting the systems and processes you need put in place for, for rapid and aggressive growth, and really being comfortable with big expectations and big goals. And that's really what we try to, to put together, uh, with the team here.
Here are the project locations. And you can see that we're, we're, you know, very nicely located and well-serviced, uh, areas of Canada, right? And we're focused on Canada. We're focused on high-grade in Canada, right? These aren't, uh, exotic regions that they were 10 to 15 years ago, right? They're all well-serviced. You can drive to Eau Claire from Toronto or Montreal or anywhere where you want to. You can almost drive into Homestake Ridge, which is saying a lot for, for BC's Golden Triangle. And Committee Bay, we are, we are just north of Agnico Eagle's, uh, operations there, right? So you access that through Rankin and through Baker Lake. And the access there is actually quite good. You can see at the bottom of the slide, uh, you know, our view, uh, our, our initial view on how we see, uh, the drilling being split, how we see the band, the management's bandwidth being split, and, and, and the, how we're separating out, uh, the budget, how that we do this year, right? Eau Claire's lead asset, uh, you know, following up right, but right behind it is Homestake. I mean, it, you know, it does have an initial starter resource that we intend on on growing considerably this year. And then, of course, everybody loves Committee Bay up in the north. Um, you, you recently saw Agnico, uh, do the acquisition of TMAC, right? And, you know, saving TMAC. This, for me, is great evidence, uh, that Nunavut is probably one of the last places around where you can legitimately go out hunting for, for large-scale, high-grade gold mines. It's very exciting. And it's, you know, I have to hand it to the Orefinders, the previous Orefinders team, for playing the long game, doing that investment, and really getting situated, uh, with the proper relationships and skill sets in place to advance, uh, projects in the north. And we're going to talk about that a bit more.
First, let's talk about Eau Claire. So this was the asset that was acquired, uh, when Johan mentioned last summer with the, uh, the transaction where Orefinders' Canadian assets merged with Eastmain Resources. Eau Claire is in the James Bay region of Quebec. You can see on the slide, beautiful infrastructure. This is all Hydro-Québec and the Cree First Nation, all, all are within here, giving us, you know, I would say superior project access. Eastmain put out a very nice and high-quality 2018 PEA, 1.3 million ounces of around 6 and 6.5 grams per ton. What attracted me about the deposit, that being an operator, uh, is, is the operational flexibility, right? You can expect the first few years of this mine, actually, to be from an open pit and then go underground. So from a capital deployment perspective, uh, you're going to, you're going to see that staged out as we, as we build the mine. So first will be the open pit, which will go a long way to offsetting, uh, the costs of building out that underground development. So that's very, very attractive. And everybody could, everybody can do the math on, on, and how that would affect the economics. When we looked at Eau Claire, when we were doing, when we were doing our diligence, we said, do we want to build, is what you see what you get? Do we want to build what's there, or do we want to grow it? And the idea here was that we want to get Eau Claire, we want to grow it until it gets to that first stage of 150 to 200,000 ounces per year production for, for basically a 10-year period. And so how the answer is, how would we do that, right? So the, the, the ask of our technical team was to please design a program so that we get the earliest look possible to see if that's, if that's achievable, right? And if that's, that's a goal, right? And so our exploration plan was, uh, basically laid out just, just that. So the first early indications of whether we can do that or not. And this is basically a double, right? So we're, we're trying to go from one to 1.3 million ounces to two to two and a half million ounces, right? This is, this is our goal. And we're going to continue to rely on our exploration skill set over the next 24 to 36 months to get us there, right? We put out news yesterday on, on our first hole, and that's our B1. I know people always smile when they see, when they, Johan does all the time, when they see a one, a one-hole press release. But really, really, this was really not about the hole or about the grade in the hole. It was more about what it means for us, right? We took a very bold step of going out, you know, 600 meters away, 660 meters away from the resource and drilled a hole down to a depth of 550 meters vertical. And again, 600 meters away, this is a massive step out, right? Not for the faint of heart, right? You're not going to see a lot of companies of our size do this type of aggressive, large-scale exploration, right? But I mean, again, you know, it's a bit of a, a bit of a mindset and a theme with us of bigger, sooner, right? The sooner we know how big Eau Claire can be, the more efficient we can be with our, with our shareholders' capital, and we will know exactly what to, what to build, right? So we know now that we won't be building, right, the potential mine that was, that was outlined in the PEA. It's going to be something meaningfully more robust, certainly, and meaningfully more, uh, [Music] meaningful, more certainly in scale.
If you look at the down, the down the left-hand side of this, of the screen, you're going to see something else that really jumped out at us when we did our diligence. So as I said, the PEA had 1.3 million ounces at around 6.5 grams. But when you increase the cut-off grade from two and a half to three and a half grams per ton, right, which, which you would do, uh, when you're, when you're, when you're trying to test and determine the quality of a resource, uh, you can see that, you know, the deposit itself held together. And we actually arrive at an average grade of around eight grams, right? Which on a percentage basis, basis going from six and a half to eight is, uh, is a big move, right? So as far as economic robustness, and as far as a basis for which we're going to wrap all of our growth activities around, it's, uh, it's, uh, it's exciting for us to have that basis, right? So it's around, so in our view, million ounces at around eight grams per ton. We're going to continue the step out as we go. Um, you know, we're going to put, you know, a good 10 to 12 holes in that, in that step out, which is really going to backfill the growth story for, uh, for Eau Claire.
This is giving a bit more. I'm not a geologist. I'm, I'm a meddler, just by training. I'm a technical guy. But when it comes to rocks and the, and the pretty colors, the, the most important piece and the most important message of this slide is, is, is the fact that the, the rock that we hit in our B1 hole, 660 meters away, is, is essentially identical. It's the same rock type. It's, it has the same rock characteristics. It has the same signatures. And that gets us very excited, right? The intercepts are the same. And if you look down, if you can look down at the bottom left, you can just see how far away from the deposit this, uh, this was, right? And so that's very exciting. It's, it's proof of concept, right? That we actually have the Eau Claire structure, right, going that far away from where everyone thought it was. Basically, what you see is what you get, right? It's very telling and very interesting for us as we continue to track east from the mine.
And here's another very, you know, exciting slide. So really, if you want to think about growth and, and what Eau Claire is going to be delivering over the next, you know, 24 to 36 months, I think if there's a tear sheet, it's this one, right? So you're going to see how we've outlined, uh, high-grade intersecting structures, right? So there isn't anything better to drill than when you have, you know, intersecting high-grade structures. This is, this is it. You can see where our B1 hole is, right, in the center of the screen. Uh, Johan, can you, can you show that? Yeah, I'm just looking here where we are. It's right, it's right in the center, right? And we're just, we were just off, we were just off to the west of where the Snake Lake structure intersects with Eau Claire's primary structure, right? And you're going to see us over the next while, certainly, you know, in, in the first half of 2021, you're going to see us fill out Target Array A, Target Array B, and Target Array C, right? And we're going to have a very, very nice picture of what we have going to depth at Eau Claire. The geophysics that you see is all brand new. This is our work. We were a little surprised with our initial diligence last year that, you know, the basics geophysics, uh, weren't actually done at, uh, at the, over the deposit to get that, to get that fingerprint that you need. Because what we're trying to do here is look for repeating patterns as you go, right? If you are truly, you know, if you, if you are truly, um, wanting to build a mine, then of course, you need to look for these repeating patterns, right? How big can this thing get? If you're going to, if you're going to start with an open pit, of course, you know, we need to outline more shallow, high-grade and satellite pits along the way, right? And I think we're going to be doing that, certainly around the Snake area, area, and then, and then to the far right, as you see, the, the Clovis target, which we still have to, uh, shoot the geophysics on. So very exciting. All of the growth at Eau Claire for the next 24 to 36 months is going to be on this slide. And we're going to be filling this out as we go with, with drill results.
This is a bit of a shot on Panel A. So this was Target Panel A. And you can really see here that it is really just a direct offset of the bottom of the resource at Eau Claire. This oval is actually 200,000 ounces of around 12 grams per ton, right? Some portions of this have been converted from inferred to indicated. And what, and when, when this part of the resource converts, it converts to around 10 grams per ton, and not the eight on average, right? So we're pretty excited as you go depth here to see, see, see as we fill this out. Um, the green are the holes that we've done now. So you, so in the next, uh, couple of weeks, we're going to put out the results from our, our first five infill holes. So, so that'll be a nice, uh, check box for us and a nice way to confirm, uh, you know, the previous group's work, certainly at the bottom of the mine. And then you can see, you know, you know, a lot of times people don't get super excited with infill programs. But, you know, for us, whenever we do what we're calling an infill program, it's going to be infill plus expansion, right? And, and you can see a lot of our holes in our infill program are really for, really between resource blocks and are going to be adding ounces, right? So again, back to the whole concept of growth for Fury, because we want to be, you know, we want to find new, but we also want to increase scale and add and steady ounce addition as we go, right? Because we, you know, our feeling is that's going to be really, you know, protecting the downside with respect to value.
If we jump all the way out to the far east, you're going to see, you're going to see the C target, uh, target suite, right? Um, very interesting early. I mean, this really is, is an analogy to what we're, what we're doing at Target Suite B, that you can see that's actually more further to the west. You know, we're starting over in the salts and we're drilling through, you know, what normally we felt to be to be barren rock, and then hitting into the tonalite and then coming back out and hitting, and hitting structure, right? We're hitting it, uh, on, we're essentially hitting it on all holes, uh, and we're pretty excited about that. And again, it's, uh, it's giving us the confidence when we build up these, uh, targets using, you know, somebody else's information, perfect information, new information, that we're doing it. It gives us confidence that when we hit something and we hit structure where we thought we would be hitting structure, that it's, uh, that it, you know, it gets more exciting. It brings the motivation. Um, and, and you can see it in, in our, our, um, the way that we've interpreted this, right? So, you know, I'm big on, I'm big on deeds, not words, right? So we can put out a press release, but it's really what we do in the field that is really telling, right? And so you can see what we're doing, which is we're adding a second drill to this, right? Because, you know, that that's going to be important to really do these step outs, right? So we're going to be hitting Target Suite A, and then we're going to be hitting Drill Array C as we go through. And like I said, and then certainly in the coming months, we're going to have a very, very nice 10 to 12 hole picture of what that one kilometer extension can be, right? And I think it's going to be absolutely game-changing for the, for the, for the quality of Eau Claire, for the future of our Eau Claire, and it's really filling in our design to completely shatter what people thought of this asset and really, you know, reintroducing something very special, in my view, to the market and a big win for the James Bay Gold Camp.
When we first looked at this, and I mean, I'll put my, my Agnico Eagle, uh, corporate development hat on, right? The, the very first checkbox when you look at it, when you look at it at something to acquire, or certainly as an investor looking at a new, at a new, at a new opportunity, it's, it's long-term potential gold at all project scales, right? So obviously, we have gold at the deposit. There's gold along the trend that we're, that we're starting, starting to find that five to seven, you know, we're calling it the deposit trend or the mine trend, right? And then we have gold, you know, you know, showing up, um, regionally in different, in different geological settings, right? The gold, the gold setting at Eau Claire is gold, you know, fine-grain gold and quartz tourmaline veining. Right? At the Percival project, that's right in the middle of the, right in the middle of the slide at the bottom of the image, is, you know, 80 meters of 2 grams starting at surface, right? So that's certainly something at surface and potential open pit material that we're going to follow up on. And that's in banded iron formation, something completely different geological setting, right? And then you go to the top right of the slide, and you're going to see along the Black Clarkly structure, uh, gold again in intrusions pushing up against sediments, right? And so that's a, again, a completely different geological setting. So, um, long-term prospectivity going into a potential mining scenario here is alive and well, and in a huge tick box, uh, for us when we look, when we looked at the asset, right? I mean, we saw this and identified this type of growth and this type of, um, this type of process, regional prospectivity, uh, where others failed to, to do it and fail to identify it, right? And, you know, I have to again hand it to our, our deep technical group, uh, and expertise in, in, in looking through some of that market cover and looking through the data, which is, you know, which was very sparse at the time, to really see this, uh, in the, in the compressed time frame they did within the transaction.
Another project that we have that is very, very interesting that we didn't talk a lot about through the transaction with the Eleanor South joint venture. So this is an exploration JV that we have with Newmont, actually. You can see at the top of the slide, Newmont's Eleanor mine, um, in the past, most of the activity here had been to the, to the word where, where it says the Chichu deposit. So it's around 2 million ounces of around 0.65 grams per tonne. And most of the drilling and activity had been around there, right? I had asked the technical group to do a bit of a technical evaluation on, you know, what is the JV? What gets you excited about it? Right? And what, you know, what gets you passionate about moving this ahead? Because we knew that as soon as a transaction closed, that Newmont would be calling and basically saying, hey, you know, let's put, let's put a program together for 2021. What would it be? And sure enough, um, the guys came back, to our surprise, uh, and to my surprise, that, hey, there's quite an attractive, you know, almost six-kilometer geo, you know, geophysical target or a geochemical target, uh, that was basically untouched, right? And so right with high grade, right? If you look, you can look at that, you can look at all the, uh, the dots in pink are actually 0.25 grams per tonne in soils, right? So this is a, this is a very high-grade geochemical anomaly and something that we certainly have to drill. And in our first JV meeting, of course, talking with our JV partners, it was, it was essentially like, yeah, oh yeah, we have to go and drill this, right? So I would say, uh, zero value in the old Eastmain. Um, I don't think there's any value right now in our share price. But as soon as we start to work this and drill this in, in the fourth quarter of this year, I think you're going to start to start to see some serious value start to translate into the stock price.
Moving over to BC, Homestake Ridge. When you, when you, when you talk about BC's Golden Triangle, you, you really two things come to mind, right? It's, it's a very prolific area of Canada, right? You have, you have deep roots of high-grade gold going and going into the earth. But then the other thing you think about too, is is access, right? It's a very mountainous region of our country. Um, it's, uh, it's always about access and, and the cost of doing, uh, the cost of exploring and doing business here. One thing we have going for us at Homestake is the fact that we can access the property very, very easily, right? We have roads almost all the way in. We can get to about six kilometers to the project. You can expect us next year or the year after to punch in a forestry style road. Uh, it'll be, it'll be a very low-cost road. And that that will basically make Homestake drivable, which is, which is key for us. The guys put out a PEA last year. It's, it's quite a nice initial scoping study, right? You know, you know, if these assumptions are true, um, you know, it'll be a quite a nice little operation. But to me, at PEA, you know, that that first study is really a red light, green light, right? I mean, you know, there's such a margin of error when you look, when you look at PEAs that, um, you know, that you're, it's really just a signal to keep going, right? And so when we, when we started Fury and we wanted to say, where does Homestake fit? Homestake fits right in behind Eau Claire in the pipeline. And we said to ourselves, what do you, what do we want to do here? Right? And I think the answer is basically what we have in the subtitle here, which is a return to exploration to meaningfully and significantly increase the ounce profile of the project, right? So what we want to do, and what my goal is, is is really to reintroduce Homestake to the market using the drivet. And we're going to do that with exploration. So going into, going into the summer of, uh, going into this summer, right, 2021, we're going to hit this project with what I think is going to be, you know, 20 to 30,000 meters. It's going to be the biggest program that this, that this project has seen to date, right? And that's on purpose. And it's really going to do, it's going to do a few things. The first thing is what we're going to do is we're going to demonstrate, uh, resource conversion, right? So we're hearing, we're hearing a lot of feedback in the market that, hey, you know, Homestake is what it is, it's mostly inferred. You know, how exciting can it really be? Well, you know, let me tell you how exciting it's going to be, uh, when it comes to robust resource conversion, number one. Number two, is, you know, again, back to the whole point of being in the, in the triangle, you know, you've got to chase things to depth, right? And, and groups and companies that aren't, you know, taking those big swings deep, uh, real, really are doing a disservice to, to their owners. So we're going to do that too. And then it's basic, it's basic resource expansion, back again, uh, and I'll keep going back to the whole idea of Fury and all the different ways that we're going to grow, you know, you, you, we want to take these new discovery, uh, chances, we also want to, we also want to grow ounces. I think that again, that's a very important thing for us as we, as we move forward, certainly with Homestake, as we really reintroduce it. And you're going to see in the coming weeks and months, we're going to start to reveal what our plans are in a bit more detail, certainly what our drill plans are, and how we see it fitting in for some pretty exciting news to come on Homestake.
And then it comes to Committee Bay. And I know on the front end, we talked a little bit about, you know, what my, what my thoughts are on, you know, but I, I have to say, as, as the new guy, still, uh, coming in, I mean, we're, we know we're still within 100, in the first 120 days of the company. Um, you know, I'm spoiled, right? And I know firsthand, uh, this area. I spent, you know, my first, uh, transaction, uh, you know, 10 to 15 years ago, was, uh, was the Melody acquisition of Complex. And at the time, the, you know, the, the call was, you know, do we want to be in Nunavut? Right? Does Agnico want to be in Nunavut? Is this, is this a region? It's, uh, you know, at the time, fairly exotic. It was, it was a big first mover move for the company to move in. Do we want to be there? And answer that question. And I guess, you know, as you can see their massive success over the last 10 to 15 years in the region, uh, you know, I think you've got your answer. And the, the other aspect to it, too, was just, just the quality of the, of the different resources that you can find there, uh, and the quality of the, the prospects and the regional targeting, right? And at the time, it was North Country Gold that was up there with the Committee Bay project. And it was something that certainly they had on the radar. And I'm sure they continue to have on the radar now as they kind of track our progress. Over the last five years, I would say the Orefinders team have done an unbelievable job, you know, in this unique opportunity for shareholders to get well positioned. Being well positioned, of course, is spending the time, having the right mindset, getting all of the science and, and, you know, geological heavy lifting behind us, build, start building a resource, right? I mean, the further you go in, uh, the further you go north in Canada, the larger situation you need, right? So you probably need five to seven million ounces, right, to really, really, you know, to really speak convincingly that you, that you're going to be building a mine one day. And I think that you need grade, right? You need seven, seven and a half or higher, uh, grade in order, in order to, in order to ensure that the robustness of the economics of the deposits, right? We have 1.2 million ounces at over 7 grams, you know, again, an amazing start in our view. In the short term, we're looking to double that, right? We're going to be demonstrating over the next, again, 24 to 36 months, as we rely on exploration to really show the market how big Three Bluffs, through the Three Bluffs deposit itself, can get. Three Bluffs is really anchored in the middle of, of the, you know, 300-kilometer long greenstone belt that we have, right? And there's high grades from top to bottom. If you look at the top right, uh, you know, five grams over 25 meters, that is a huge intercept, uh, at the top. And down at the bottom, you have, uh, you have, you know, targets like West Plains, you know, uh, you know, 10 grams over almost 17 meters. These are big intercepts, all to be followed up, right? We're going up this summer with probably the most impactful 10 to 15,000 meters that this project ever seen, right? And we can be very selective now, taking the whole, uh, multi-asset approach, right? Where we have a portfolio of projects, right? And Committee Bay falls is a very important and strategic piece in that portfolio of projects. We're going to go up and we're going to be, we're going to be ultra-selective in, in what we do and where we, where we invest our exploration dollars. And again, we have Three Bluffs. We're going to be, we're going to be drilling deep and demonstrating some expansion at Three Bluffs. And if you look directly north, around 15 kilometers, you have what's called the Ivicticooluk corridor. Uh, this is a, you know, there's been a lot of drilling up here. There's been a lot of, a lot of science done with, uh, boulder trains and everything else. And with the latest fingerprinting of the geophysics, uh, you know, there's going to be a lot of, um, you know, surface geology that we want to do this summer and everything else to potentially, uh, you know, arrive at some drilling later in the year, uh, and shooting for a new discovery, right? We are absolutely convinced, right, that in the coming, you know, in the coming months and and drill seasons that we go up to this part of the world, that we're going to have that new major discovery, uh, and really, really demonstrate and point to us moving as quickly as we can to that critical mass of of five to seven million.
So, it's, uh, it's pretty exciting. The takeaway from this slide, really, I mean, this, this is the technical program and timeline. The most important feature of how we've designed the work is in order to have the proper sequencing of really news and catalysts for the market. Right? In the winter season, we're going to have elevated activity in Quebec at Eau Claire, and in summer seasons, we're going to have elevated drilling, uh, at, uh, in BC and up in Nunavut at Committee Bay. Right? And this, then, this is basically done on purpose. Right? We always want to be, um, providing catalysts to the market. We always want to be drilling. We always want to be putting drill results out, initiating drilling, um, and, and of course, you know, when you do that much drilling, you need, you need some downtime to kind of digest and come up with new, new drilling, right? And, and come out with a bit of a renewed and refreshed push when it comes into, uh, it comes into subsequent programs. Right? So we're pretty, um, this is pretty unique, I think, amongst, uh, amongst our peer group to be able to, you know, sequence different projects. I know we're getting lots of questions on, um, you know, the multiple assets and why you're doing it this way. You know, are you going to be able to fund it? And the answers to all that is yes. Right? We're, we're not just focused on one asset. You know, we're focused on multiple assets. And again, last slide, I can see, uh, I can see Johan saying that we need to get to the questions, and we're going to get to the questions. So again, uh, you know, the, the focus is on Canada. The focus is on high-grade gold. The focus is on putting all of the ingredients together, right? A seasoned management and professional management team, uh, assets that can grow both by just adding ounces and, and, you know, all of the assets having the potential for that next new major discovery. Right? We're going to be very active, probably over a hundred thousand, a hundred thousand meters, I would say, over the next 18 months, um, which is really, really going to drive, uh, certainly drive value for us as a company. Right? And, and Fury, uh, you know, in our first year of being a company, uh, in the, uh, you know, the, the premier, uh, you know, explorer and resource developer. And with that, Johan, I'll hand it back to you for your questions.
Super. Thank you very much, Mike. And before we start with your questions, I just wanted to show this slide because I'm allowed to do so to our audience here, that you see who is following the company, who is doing the research on that. We have some of the research already on the website, of course, and we wait for some updates. But I like, of course, the research from Beacon, as it is five dollars as the highest target. Yeah. So I'll stop it here. Thank you very much, Mike. It was a great presentation. I know it's a lot of projects and you guys really want to work a lot here. And so let me see because my chat function here has really filled up. Um, yeah, let me start here. Brian is asking, in valuing Fury, the market has moved from a "tell me" pre-split to a "show me" story today. We have the first results out, but the share price remained unmoved. Can you offer any specifics in terms of what shareholders can look forward to over the coming weeks that will really drive the share price? And I think you answered it already a little bit with, with your timetable, but maybe you, you can give some ideas that say, over the next three to six months, as I would say, until the middle of the summer, where you see priorities and whether you see heavy news flow coming out, which project is preferred, maybe?
Yeah, that is, that is a good question. I think there's two parts to the question. I think it's, I think it's part of it is trading sentiment, right? I mean, we're still having a bit of emotional residual activity from the deal, right? And so on the ORE side, you had, you had a lot of investors that were in for Peru and not the Canadian assets, right? And so when the Canadian assets continue, um, you know, there's probably some exiting, right? And I think that's done more on emotion, uh, than it is, I mean, if you just look at like, you know, why would someone be selling a share of Fury ahead of what we're about to do, right? So there's no real, no, no, so there's no logic behind it. So I know it's, I know it's emotion. The other aspect too, too, is if you were an Eastmain shareholder coming into Fury, um, you know, there's probably a lot of fatigue coming in with it, um, you know, at the deal, it was quite the premium, uh, and so it's probably, you know, let's just sell this and and move on our way, right? We've had enough of Eau Claire and everything else, and, you know, while it's a good story, Mike, and we, we like what you put together, um, we're just not, you know, respectfully, we're not just interested. So that, so that. And again, as I said, it's a good question. I think the other aspect, and what we're seeing now, and you said it in a question, which is, which is a bit of a nuance, going from, uh, you know, "let me tell you about it" to "let me show you about it." It's a bit of a wait and see, right? And, you know, one hole out gives an early indication, right? And it, this is, you know, and if you think about it, this is more for us internally to say, wow, like we, you know, we did it. This is a bit of a conversion on, you know, this is what we think it is, and we're happy, and we're, you know, internally high-fiving ourselves, right? But the market, of course, wants more. So I think there's a little bit of a wait and see. I think they want to see some infill. I think they want to see our B2 hole that's going to be coming out, uh, probably March timeframe, which, which is, which is 200 meters below and a little west. Um, so we're, we're very happy with what we're seeing in the B, and at V1, B2 was completed. It completed yesterday, and so we're, uh, you know, we're very happy with what we saw in the initial logging of that hole. And so assays will really tell to tell the tell the picture, but, uh, an amazing, um, I think it's going to be an amazing result, uh, going forward, right? So we've had probably 100 or 120 Zoom meetings with investors. They're all very good. Everyone's very positive, you know, on the news. You know, our inboxes were lit up. I was on the phone for a lot of the day yesterday. We're doing marketing with a broker, uh, currently, yesterday and today, and we're getting, we're getting, uh, you know, a lot of positive feedback. So I think there's a lot of latent buying, um, position for us, right? Um, seasonal gold and silver aren't there yet, right? And so to your earlier point, Johan, about the market taking a, a big breath in before it starts to go, uh, I think you're, I think you're right, and I think that's going to help with it and, and help to unlock, right? But it, you know, there's some, is a bit of a bit of a wait and see, and, and I think it's a wait and see, particularly from some of the bigger funds, right? And so once some of these bigger guys start to come in in a big way and start taking a good chunky percentages of Fury to get position for what we're about to do in 2021, I think you're going to see a first of all, a correction to where I think we should be trading, right? Because don't forget, what we're doing now is supposed to take us beyond where, where, you know, you know, our intrinsic value is, kind of okay. Sorry, that was a long answer.
Yeah, so maybe the next answer is a little bit shorter because we are really getting a time problem, otherwise I have a lot of questions here, you can believe, and I'm a shareholder too, and I received the Sombrero and Tier 1 shares. We have at least two, three questions here from shareholders. When do you think they will start to trade? So that will be, yeah, tradable also in our portfolios and that we see a value on that finally.
Yeah, yeah, yeah. Um, we, we get that question a lot, right? And, and again, you know, the, the process for, you know, ORE, Fury, and the spin-out companies, real, really ends when Sombrero comes back trading. So Tier 1 Silver is going to be trading next month, right? So that's in the short term. And then it's going to be late March, April timeframe, I believe, when Sombrero comes back.
Okay, super. Well, that's, that's a nice, uh, indication, I would say. That is fantastic. Um, also, we have an investor who is asking here in French, are you facing any delays in the laboratories through COVID-19, also like some other companies? And how long are the delays? Maybe we're getting quotes for.
So yes, we're getting quotes, uh, we're getting quotes of, um, you know, six to eight weeks, a lot of times, you know, but it's, a lot of times you have to push, right? So they're saying, oh, in two months, you're going to get your results back. We've been pretty good so far. Uh, we use multiple labs so that we can get them back in, in, you know, five to six weeks, right? So that, that's what I think it's going to be. But yeah, it's, it's, it's plaguing. It's, it's plaguing, and they're not coming back fast enough.
Okay, super. So I want to try to put your two questions together. Um, Robert is asking, congratulations, you could go to B1, but it was not that exciting, was not high grade, but starting to pick up grade by this. What if results of B2 hole are not getting better, and targets A and C will not hit, and Fury's theory of downtrend is not valuable? What is your plan B or C, um, to enlarge the resource base? And also the question is from Michael, how much of the 50,000 meter at Eau Claire, you're gonna spend on infill and step-out exploration?
Great. So I'll go with this. I'll go with the second question first. So it's 50/50. So, and that, that again, it's going to be results dependent, right? So we said 25,000 meter infill, um, resource expansion, and then we said 25 meters or 25,000 meters for exploration. That 25,000 exploration is split between the, the, the 10 to 12 down plunge holes that we want to do for A, B, and C, and testing some other probably shallow high grade, right? Which is a nice segue into the first one. So the B1 hole, um, and the, well, let's just, you know, let's not, let's not run away from it, right? Um, it was a middling gold result, right? But that result is, is statistically significant, right? Because we have a lot of those style of holes up in the resource, right? And so when you, right, you know, just from a risk perspective, I mean, that could have been a zero, right? And I think we, that could have been a zero in B1, and we would be having a completely different conversation if it was a zero, right? And so what we do with these kind of middling results is we use those to vector in on the high grade, right? You can see in Eau Claire that it's in pods, and there's, there's a certain periodicity to those pods as you go down, um, and it was, you know, quite a, quite a feat that we actually hit grade, um, you know, we could have been right in between two pods, that periodicity could have changed, right? And so what we're going to do is we're going to use, uh, you know, B1 assay, and we're going to use whatever result we get in B2 to vector in on the high grade, right? So these are statistically significant holes, right? And so the other part of the question was, what if those all come back and it's all very, very disappointing? Right? Then what we do is we, well, the, the larger picture is we have multiple assets, right? But if you just want to focus on Eau Claire, you rely on the other nice operation feature, which is open pit, right? You're going to see as we go from the mine east, right, there's high grade at surface the entire way, right? So what we would do is we would take those long, we would take, we would stop doing the longer, deeper holes, right, have more shallow holes, and we would just outline a lot more, um, and shoot for a high-grade open pit scenario, right? So would we get to the two million ounces just on open pit? It would take a while, but that would, that would be the direction you take.
Okay, super. So then also Rob, of Jesus Christ, he has a lot of questions. Um, when do you expect the first results of infill drilling? How many rigs you have on the project? And also the exploration, the North Trend, would this be another, another possible Eau Claire comparable deposit?
Absolutely. So in two or three weeks, we will have the first five infill holes in, and then I would say starting mid to end of March, we will have results out every, every 10 days to two weeks, basically, for the foreseeable future, right? We have, uh, we're going to have two rigs now. We're going to, we're going to finish the last, uh, infill holes that we're planning on now. We're going to take the rig off of that, and we're going to, we're going to double down on the, uh, the deposit extension drilling down plunge.
Then the Alino style target, Luck Clarkie, what is so Alino style about the target size and grade?
No, it's the geological setting. It's the geological setting. It's, it's having, it's, it's having an intrusion, uh, smash up the gold mineralization up against the sediment.
Okay. Then also staying with the Alino South Joint Venture, uh, demineralization everywhere on trends. 16 target stars on the map. Could you, could every star or target become a one million ounce deep deposit? That would be fantastic. And, you know, South Joint Venture also, do you think it can grow to a potentially extend the mine life of after Alino mine significantly?
I think it's too early to say that with it, with the JV, right? But what, you know, what I can comment on, you know, having, having, having been in the shoes of Newmont before, um, at a different company, is it's very, very important for the big guys to know and understand what's going on around their mines, right? Um, if you look, look at what Goldcorp did and the challenges that they had at the mine at Alino, it's, it's likely not ever to get to the ounce production that they said it was going to be, right? And so I think there's going to be capacity going forward at Alino, right, which, which feeds into the answer of your question, uh, directly, which is, which is yes. I think that, you know, they're going to have to do a lot of regional exploration. I think there's probably a big, big cleanup as Newmont goes around the mine to find out, you know, to be able to to do the work, find more gold so that they can feed Alino and increase the ounce production there. So I think, I think, yeah, but that's not, that's not something that's going to happen in the next 36 months. That's a lot longer, longer term if they keep it, then they don't sell it.
Okay, I see. All right. So again, Alino, North, Fury is the operator. Does it mean free carry for the joint venture partners, human attitude, or do all partners carry, meaning paying for drilling?
It's a, it's a pro-rata split. So as the operator, right, we, we are tasked with planning and proposing a plan to the, to the other two partners. They, they, you know, contribute their pro-rata, and we execute, right? Uh, if they, if they elect not to participate, then there's a, there's a dilution mechanism, and they just lose their ownership of the joint venture. It's, we're trying to make it's a, as plain vanilla, uh, as a, as a JV situation as you, uh, as you'd expect.
Okay, super. Then one general question in between. Um, do you face any winter pausing in your workings? Meaning, uh, do you have any, yeah, any, um, how can I say that, influence through a hard winter, as you just said before, when we were talking, you are just in the middle of a snowstorm in Canada?
Yeah. Um, like, you know, we're in Canada, and, you know, winter doesn't stop us, okay? Um, there's decisions around whether you do something from a cost perspective and whether it makes sense to do it from a strategy perspective and a tactical perspective, right? So, you know, do we, are we active up in Nunavut in the winter? The answer is no. Could we be in the future? The answer is yes, right? So once, once we get to, you know, once we say, once we see three million ounces and we know we're moving towards something, we're making discovery, then you can, you can work all year there, right? I mean, it can be, it can be cold. It's minus 60, minus 70, and you can have a snowstorm for two weeks. But put it this way, if you're chasing, um, you know, a big game and you're being successful at it, then it's worth it, right? And your, and your shareholders will support you in that. Um, you know, where we are at Homestake is a very high, uh, snowfall area, right? And so when you have, you know, five meters of snow, you know, you have to pay for, you have to pay for, have to pay for effect. Well, you have to pay for moving that snow, right? And so I think if you're, if you're more deliberately on path to build a mine, you're doing all that other kind of project development activities, and you want to actually pay for snow removal, then you could, right? So I think it's early, it's early days to really be all year round. But in Quebec, it's, it's, you know, you want cold so that everything freezes so that you can go and drill without, you know, damaging the forest.
Also, a little bit more general question. Peter from Zurich is asking, um, you are planning to drill the next 24 to 36 months. What is the idea to move into production? And I could imagine Eau Claire would be the one to be first brought into production. I remember Ivan saying in an interview he gave me at Commodity TV that 2025 is a target that you want to be in production.
Yeah. So I think it's important for an organ, so yes, it's important for an organization to have big, big goals, right? Whether the, whether they're unattainable or not is, is a different story, right? And so when you, and it is Eau Claire, I would say, as a lead asset. I mean, it's the lead asset. It's got the most work done on it. And if there's any jurisdiction in Canada where you can, you know, very, you know, I'm not going to say fast-track because that's not the right, that's not the right term, if you want to, you know, steadily move ahead a project in the quickest possible jurisdiction, it's going to be in Quebec. And so, and so, yeah, and so I think, you know, again, back to the significance of the news that we put out yesterday at B1, because B1 hit gold, and I don't care how, how high the, how high the grade was, I know what to build now. We know precisely what to build. We know all of the environmental stuff we have to do. We know, uh, you know, we have a call later this week with our environmental group on, uh, you know, getting ourselves on the permitting path, right? And I know that's not a, you know, that type of thing doesn't increase the share price, but it's very important from a risk perspective, right? So that we meet investors' expectations. So, yeah, I mean, it would be great, 2025. Um, you know, can we do better than that? Maybe. Um, you know, it would, you know, is the market going to be there to support us as we go over the next five years? That's, that's another question as well. But yeah, and I, and I think we know we have that vision. We don't really talk a lot about that vision externally. Um, it's more, it's more of an internal vision to kind of rally the team, gel the team as we, as we work as a group to move, move things ahead.
Okay, super. Let's talk shortly about Committee Bay. Um, as we saw, you have at Committee Bay, today, 1.2 million ounces. You said you need to go to plus five million, maybe better seven million. That's, that's the one thing I would call it. The second thing is you are, yeah, starting heavily again the exploration there. And, um, the feeling is, we saw that beautiful map with all those active Agnico Eagle mines around you, and you have a lot of Agnico Eagle blood in the company, I would call it. So longer term, could we expect that Agnico Eagle is, yeah, grabbing Committee Bay?
This is, this is the second time you've asked me this question, by the way, and it's good, and it's good. I'll try to have the same answer. Maybe I'll have a different answer. Um, it all depends on their growth strategies for the region, obviously, right? And so to put ourselves into a position where somebody would be attracted to Committee Bay, I mean, we just really need to do the same work that we would do for our shareholders, right? Which is to, you know, find more gold, make new discoveries, learn more about the, the belt, chase up some of the high grade in different spots away from where the deposit is, um, and then, and then maybe in the future, right? I mean, uh, the big, you know, back, back to my point on Agnico, uh, purchasing TMAC, right, or, or saving TMAC and say, you know, saving the North, they're there for the long game, right? And they've doubled down now on a second operating platform that that is separate. I mean, it's completely on the other side of the, of the region, really speaks volumes about their long term, right? So they're going to be there for decades, right? So with that timeframe in mind, I think the answer is, yeah, probably they're probably going to be the ultimate owner of Committee Bay. I don't know when that, that, that's going to be, of course.
So that leads also to another question here, which we got from an investor asking, when your projects grow that nicely, would it make sense again to spin out some of them because they are getting too large?
Well, I think, you know, I think from a, depends, it depends on what the best route is for shareholders, right? So we're always going to do what's, what's maximizing value, right? If our owners are saying, um, no, Fury, um, you know, we want you to continue to be an explorer and resource developer, and we don't want you to be pouring bars of gold, then, you know, the projects will reach their natural end point where somebody else could take them. And so if that's, if that's the strategic end point for any of the assets, then I guess the answer is that could happen. There could be another scenario, which is just the opposite, which is, you know, at a meaningfully higher share price, we decide to to acquire something that's closer to production, that's maybe in the development pipeline ahead of Eau Claire, that's pouring gold, and all of a sudden Fury is not only an ex, you know, a resource developer, an explorer, we're also, you know, a producer of gold with an amazing, you know, growth engine behind us with these other assets, right? I mean, again, it's about growth, and it's about, you know, you know, it's really in the end about the share price. I mean, that's how we're measured.
Okay, super. So that means, um, because there was a question also, could you imagine opportunistically to do a new acquisition? You answered that already, I would say. And also another question was here, um, has Phoebe the intention maybe to buy out the joint venture partners, in particular, Atimut, who is focused on other projects?
Could you imagine? No, no.
Okay, great. Then, because you're going to think, you've got, you've got to think of the end game, right? I mean, you know, if we find gold in that part of the world, where is it going to go? Well, it's going to go into Alino. It's not going to go down to Eau Claire, which is 50 kilometers to the south. So this is, it's just being realistic.
Okay, super. Could that be also an access strategy for all three projects that you say, okay, if the right event comes up, you are open for business?
Yeah.
Okay, super. Perfect. Let me check. There is, could you also imagine to do an opportunistic transaction, let's say outside of Canada, or would you say, no, we are staying Golden Triangle, Luna, but I don't know, but let's say that you are staying in Canada, could you imagine to go outside of Canada?
I think the answer that's no, um, from a Fury perspective, it's no, right? And if I take, if I take one of the many learnings from Agnico, one of the, one of the good, one of the nice tenants from that company was is to be very, very good in your home jurisdictions, right? So our home jurisdiction is Canada. A lot of our experiences in Canada, but, you know, we're very good growing, you know, high-grade gold, and this is where, this is where we're going to stay, you know, certainly for the first iteration of what Fury is as a company, and we'll go from there. I mean, it would have to be, you know, I can't see a scenario other than, um, you know, again, meaningfully higher share prices, if we merged with somebody that had another asset somewhere else, like it was a mid-tier, then maybe that was part of the end game, but then then again, Fury wouldn't really be existing, right? So from a, from a Fury perspective, I think we have to be as, as, as solid and as, as understandable as we are on our strategy.
Super, perfect. Mike, thank you very much. I know you have in approximately three minutes your next interview, but perfectly in time, we are now at 59 minutes. Thanks a lot for a great presentation, answering all those questions, and, yeah, wish you all the best, definitely, and take care. And I have a good feeling that we do very soon an interview together.
Perfect. Thank you, Johan. Thank you, everyone. Thank you very much, Mike.
Yeah, ladies and gentlemen, that was our virtual roadshow with Fury Gold Mines and Mike Timmins, the CEO. And I think all questions are really answered. Great presentation. The company is doing extremely well. A lot of newsletter for the next 12 to 18 months. There's 100,000 meters of drilling, cash in the bank to do so, and that's exactly what we like. And in the right jurisdictions, and a lot of positive going on. So thank you very much for watching us. Please, yeah, stay tuned to our next roadshows. We are already planning for February, and I wish you all the best. And I would suggest, if you have not yet invested into Fury, you should have a good eye on that fantastic company. I am a shareholder. I'm also shareholder and Sombrero and Tier 1 Silver, and so I really trust the management. I like a lot what Mike and the guys are doing. Take care. Thanks for watching us, and bye-bye from Switzerland, and bye-bye to Canada.