On Tuesday, H.C. Wainwright reiterated Fury Gold Mines Ltd. (NYSE:FURY) at Buy rating on the company's shares.
The revision follows Fury Gold's management team announcement on December 12, 2024, outlining their expectations for the year 2025, which includes the commencement of an extensive diamond drilling program.
The company plans to kick off its 2025 exploration season with a diamond drilling program ranging between 3,000 and 5,000 meters at the Éléonore South gold project located in Quebec.
This initiative will be funded through a flow-through financing that was previously disclosed. The exploration strategy is set to target six geochemical areas that have been identified as containing biogeochemical gold anomalies, alongside pathfinder elements such as arsenic, known to be linked with gold mineralization at the nearby Éléonore Mine.
H.C. Wainwright's stance suggests optimism about Fury Gold's future endeavors, highlighting that the upcoming exploration program is expected to build on the company's track record of successful drilling activities.
The firm reducing Fury Gold's price target to $1.10 from the previous $2.00, believes that as it continues to drill and develop the project, their exploration success is likely to persist.
The analyst firm emphasized the potential of the identified targets, noting the correlation between the geochemical anomalies and elements that have historically been associated with gold deposits in the region. This detail underscores the strategic approach Fury Gold is taking in its exploration efforts.
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