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Founders Metals Inc
Symbol FDR
Shares Issued 48,097,000
Close 2023-10-05 C$ 0.83
Market Cap C$ 39,920,510
Recent Sedar Documents

Founders Metals drills 45.79 m of 4.06 g/t Au at Antino

2023-10-06 10:03 ET - News Release

Mr. Colin Padget reports

FOUNDERS METALS DRILLS 45.79 M OF 4.06 G/T GOLD AT ANTINO GOLD PROJECT, EXTENDING HIGH-GRADE GOLD ZONE BY OVER 80 METRES

Founders Metals Inc. has released drill core assay results from its 2023 drill program at the Antino gold project in southeastern Suriname, South America. The company continues to intercept high-grade gold over broad intervals in the Froyo gold zone. The continuing exploration program focuses on expanding high-grade gold mineralization to depth and along strike, and using new geophysical and structural data to test new trends. The company has drilled over 5,700 metres of its 10,000 m drill program, with 2,087 m of pending assays.

Highlights:

  • Drill hole 23FR025 intersected 45.79 metres of 4.06 grams per tonne gold (see an attached table).
  • Drill hole 23FR022 intersected 6.80 m of 13.97 g/t Au (see an attached table).
  • Drill hole 23FR021 intersected 21 m of 1.19 g/t Au (see an attached table).
  • High-grade gold mineralization extended over 80 m from historical intercepts, demonstrating over 175 m of high-grade gold mineralization from surface.
  • Gold mineralization linked to kilometre-scale geophysical features.

Founders' chief executive officer, Colin Padget, commented: "The consistently robust gold grades within the expanding Froyo gold zone highlight the substantial potential of an extensive, high-grade gold system within the Upper Antino exploration camp. Intervals like the 45.79 metres of 4.06 g/t gold speak to the potential scale and calibre of the Antino gold project. Founders' technical team continues to integrate new data and improving our understanding of the gold mineralization at Antino. Our exploration program's continued success underlines the discovery potential of adjacent, subparallel, stepout targets within historically recognized mineralization, as well as the large inventory of untested anomalies along the broader kilometre-scale mineralized structural corridor and the property as a whole."

The gold-bearing intervals in drill holes 23FR021-22 and 23FR025 represent a more-than-80-metre extension of historical high-grade drill results and demonstrate continuity of broad zones of gold mineralization from surface to vertical depths of up to 170 m within the more than 1.2 km strike length of the Froyo gold zone at Upper Antino. Founders is now stepping out to the east and testing along strike of historical hole UA023's eight m of 8.28 g/t Au; a potential separate subparallel shear/gold zone. Additionally, assays are pending for new drilling along strike to the south and northwest.

In just over three months of operations, Founders Metals has completed over 5,700 m of drilling, as well as a comprehensive surficial exploration program, including a geophysical survey, trench and channel sampling, rock sampling and an extensive mapping program. The aggressive pace and expansion of the maiden exploration program demonstrate the company's commitment to unlocking the multimillion-ounce potential represented by both the Upper Antino and Buese areas on the Antino gold project.

The company is also conducting a differential GPS survey of all 2023 drill collars to date and will release drill collar and intercept details via its website upon the survey's completion.

Option grant

Founders Metals has granted share-based incentive compensation to certain directors, officers and consultants of the company. Pursuant to its option plan, 950,000 options have been issued. The stock options are exercisable at 80 cents per share with a five-year term and vest immediately.

About Founders Metals Inc.

Founders Metals is a Canadian exploration company operating in North America and South America. The company is focused on acquiring and advancing gold projects in the South American Guiana Shield. Its flagship project is the 20,000-hectare Antino gold project in Suriname. Exploration work on the project includes over 30,000 m of historical drilling, 35,000 gold-in-soil auger samples, property-wide aeromagnetic survey data and a 2022 lidar (light detection and ranging) survey. Antino is the most-advanced gold exploration project in Suriname, within an area where historical surface/alluvial gold mining has produced over 500,000 gold ounces to date.

Quality assurance/quality control

Results from samples were analyzed at Filab Suriname, a Bureau Veritas-certified laboratory in Paramaribo, Suriname (a commercial certified laboratory under ISO 9001:2015). Samples are crushed to 75 per cent passing a 2.35-millimetre screen, riffle split (700 g) and pulverized to 85 per cent passing 88 micrometres. Samples were analyzed using a 50 g fire assay (50 g aliquot) with an atomic absorption (AA) finish. For samples that return assay values over 10.0 grams per tonne, another cut was taken from the original pulp and fire assayed with a gravimetric finish. Founders Metals inserts blanks and certified reference standards in the sample sequence for quality control. External quality assurance/quality control checks are performed at ALS Global (geochemistry division) in Vancouver, Canada (an ISO/IEC 17025:2017-accredited facility). A secure chain of custody is maintained in transporting and storing all samples. Drill intervals with visible gold are assayed using metallic screening. Rock chip samples from outcrop/bedrock are selective by nature and may not be representative of the mineralization hosted on the project.

Qualified person

The technical content of this news release has been reviewed and approved by Michael Dufresne, MSc, PGeol, PGeo, a qualified person as defined by National Instrument 43-101.

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