H.C. Wainwright reduced its price target for Fury Gold Mines Ltd. to $1.90 from $2.00, citing a decline in the value of the company’s equity stakes in other firms and a contracting cash balance. The firm maintained its Buy rating on the stock.
Fury Gold Mines, which trades under the ticker FURY on the NYSE, last closed at $0.68, up nearly 9% over the prior week. The analyst, Heiko F. Ihle, noted that while the company holds more cash than debt on its balance sheet, the stock appears overvalued relative to its fair value.
Exploration activities at Fury’s Eau Claire project in Northern Quebec were temporarily suspended after the company evacuated its camp due to a nearby forest fire, with no injuries reported. The firm has since added a third drill rig at the site and initiated a 5,000-meter drill program at its Committee Bay project in Nunavut, targeting the Three Bluffs deposit and Antler prospect.
Recent assay results from the Eau Claire project included a 7.86 grams per tonne gold intercept over 9.43 meters in hole 26EC-103, while hole 26EC-102 returned 13.83 grams per tonne over 1.97 meters. An additional intersection of 7.01 grams per tonne over 21.0 meters was also reported.
Fury has engaged SGS Geological Services and BBA Consultants to conduct a National Instrument 43-101-compliant pre-feasibility study for the Eau Claire Gold Project, following a preliminary economic assessment.
