Christmas in the Jungle: Founders Metals Hits 36.0 m of 2.21 g/t Gold & 67.0 m of 1.26 g/t Gold from Surface in New Da Vinci Discovery
Christmas in the Jungle: Founders Metals Hits
36.0 m of 2.21 g/t Gold & 67.0 m of 1.26 g/t
Gold from Surface in New Da Vinci Discovery
Vancouver, British Columbia--(Newsfile Corp. - December 11, 2024) -
Founders Metals Inc.
(TSXV:
FDR) (OTCQX: FDMIF) (FSE: 9DL0) ("Founders" or the "Company") announces drill core assay results
from the newly discovered Da Vinci prospect ("Da Vinci") at the Antino Gold Project ("Antino" or
"Project") in southeastern Suriname (Figure 1). The Company reports results from the first five holes at
Da Vinci where gold mineralization occurs from surface over two broad shear zones including, 21
metres (m) of 3.24 grams per tonne (g/t) gold (Au) within a broader 67.0 m of 1.26 g/t Au and 36.0 m of
2.21 g/t Au.
Highlights
New Discovery -
drilling confirms from surface gold mineralization in two parallel shears over 100
m of strike and 180 m vertical depth in the first five holes at Da Vinci (Figure 3)
DV001 - 28.5 m of 1.30 g/t Au including 10.5 m of 2.39 g/t Au
DV002 - 67.0 m of 1.26 g/t Au including 21.0 m of 3.24 g/t Au
DV003 - 36.0 m of 2.21 g/t Au
DV004 - 15.6 m of 1.18 g/t Au from surface
DV005 - 47.0 m of 1.07 g/t Au including 10.5 m of 3.40 g/t Au from surface
Two northwest-striking, sub-parallel shears with similar structural characteristics as the Upper
Antino Froyo Zone (Figure 4)
Visual confirmation in additional drill holes pending assays of similar quartz and sulphide-rich
zones that extend strike to over 250 m and ~200 m vertical depth
Initial three-hole drilling plan expanded to twelve holes, with additional results expected in early Q1
2025
Founders' President and CEO, Colin Padget, commented, "The results from Da Vinci are spectacular.
They not only affirm our confidence in Antino's Tier 1 potential but also validate our unwavering
commitment to focus on exploration in 2025. The first five drill holes all intersected substantial intervals of
gold mineralization, and our team is more eager than ever to continue drilling in the new year and
continue uncovering what has all the hallmarks of another major gold system. 2024 has been
transformational for Founders with continuous growth at Upper Antino, successful initial drilling programs
at Buese and Lower Antino, and now this new discovery at Da Vinci. With 60,000 metres of fully funded
drilling in 2025, we're set for an exciting year ahead."
Geology Discussion
The Da Vinci discovery displays several key geological features that are similar in nature to those
associated with other gold zones on the property including Upper Antino's Froyo Zone, Lower Antino,
and areas within Buese. These features at Da Vinci include:
Multiple subparallel northwest-striking shear zones, with at least two so far at Da Vinci
Stronger, more frequent shearing at lithological contacts
Dip-slip shearing (latest movement)
Main folding event occurs before both shearing and mineralizing event
Local late refolding with northeast axial traces
Higher gold grades associated with brittle overprinting (e.g., brecciation, extensional veins, and
fractures with sulphide infill)
Hydrothermal ankerite and sericite alteration
At Antino there are numerous other untested areas of interest with these same characteristics, and many
include additional gold-in-auger anomalies or geophysical anomalies underscoring the potential for
many more new discoveries over the 200 km
2
property. The recognition of these common features will
help guide the Company's future exploration efforts.
Figure 1: Property Scale Plan Map with Auger Samples
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https://images.newsfilecorp.com/files/7574/233321_658ea76bd49acb34_001full.jpg
Figure 2: Da Vinci Prospect
Aerial view of the Da Vinci prospect showing scale of historical artisanal workings. There has been no
organized mining here since 2017, leaving the abandoned camp infrastructure available for Founders to
refurbish and most of the free-digging saprolite gold mineralization preserved.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7574/233321_658ea76bd49acb34_002full.jpg
Figure 3: Da Vinci Plan Map
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Figure 4: Da Vinci Section Looking Northwest
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https://images.newsfilecorp.com/files/7574/233321_founders121124fig4.jpg
Figure 5: Core Photos for DV002 Interval 197.0 m - 218.0 m with Gold Assays Labelled
Interval demonstrates the excellent widespread grade distribution
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Table 1:
Assay Results
Hole ID
From (m)
To (m)
Core Length* (m)
Au (g/t)
DV001
71.10
99.60
28.50
1.30
including
72.60
83.10
10.50
2.39
DV002
151.00
218.00
67.00
1.26
including
197.00
218.00
21.00
3.24
DV003
72.60
108.60
36.00
2.21
DV004
0.00
15.60
15.60
1.18
DV005
0.00
47.10
47.10
1.07
including
18.60
29.10
10.50
3.40
and
122.10
125.00
2.90
0.74
and
137.00
144.00
7.00
0.37
*Intervals represent down-hole depths with true widths of mineralization currently unknown
Table 2: Drill Hole Locations
Hole ID
Easting* (m)
Northing* (m)
Elevation (m)
Azimuth (°)
Dip (°)
Depth (m)
DV001
824705.9
394339.0
189.3
26.5
-50.3
221.0
DV002
824705.9
394339.0
189.3
31.5
-70.3
305.0
DV003
824706.5
394340.9
189.5
30.0
-55
206.1
DV004
824704.1
394342.1
189.4
210.9
-50.5
200.0
DV005
824605.8
394350.5
186.9
32.7
-49.8
271.8
*The coordinate reference system is WGS 84, UTM zone 21N (EPSG 32621)
About Founders Metals Inc.
Founders Metals is a Canadian-based exploration company focused on advancing the Antino Gold
Project located in Suriname, South America, in the heart of the Guiana Shield. Antino is 20,000 hectares
and has produced over 500,000 ounces of gold from surface and alluvial mining to date1. The Company
will complete 45,000 metres of drilling in 2024 and is fully financed for up to 60,000 metres in 2025.
1 2022 Technical Report - Antino Project; Suriname, South America. K. Raffle, BSc, P. Geo & Rock Lefrançois, BSc, P.Geo.
Quality Assurance and 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% passing 2.35 mm screen, riffle split (700 g) and pulverized to 85% passing 88 µm. 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 5.0 grams per tonne (g/t), 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 QA-QC checks are performed at ALS Global
Laboratories (Geochemistry Division) in Lima, Peru (an ISO/IEC 17025:2017 accredited facility).
A
secure chain of custody is maintained in transporting and storing of 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 Persons
The technical content of this news release has been reviewed and approved by Michael Dufresne,
M.Sc., P.Geol., P.Geo., a qualified person as defined by National Instrument 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS,
Per:
"
Colin Padget
"
Colin Padget
President, Chief Executive Officer, and Director
Contact Information
Katie MacKenzie, Vice President, Corporate Development
Tel: 306 537 8903 |
Cautionary Statement Regarding Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian
securities legislation. Forward-looking information includes, without limitation, statements regarding the
use of proceeds from the Company's recently completed financings and the future or prospects of the
Company. Generally, forward-looking information can be identified by the use of forward-looking
terminology such as "plans", "expects" or "does not expect ", "is expected ", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of
such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved". Forward-looking statements are necessarily based upon a
number of assumptions that, while considered reasonable by management, are inherently subject to
business, market, and economic risks, uncertainties, and contingencies that may cause actual results,
performance, or achievements to be materially different from those expressed or implied by forward-
looking statements. Although the Company has attempted to identify important factors that could cause
actual results to differ materially from those contained in forward-looking information, other factors may
cause results not to be as anticipated, estimated, or intended. There can be no assurance that such
information will prove to be accurate, as actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking
information. Other factors which could materially affect such forward-looking information are described in
the risk factors in the Company's most recent annual management discussion and analysis. The
Company does not undertake to update any forward-looking information except in accordance with
applicable securities laws.
All material information on Founders Metals can be found at
www.sedarplus.ca
.
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