Donut Discovery Grows; Founders Metals Hits 19.0 Metres of 14.23 g/t Gold
Donut Discovery Grows; Founders Metals Hits
19.0 Metres of 14.23 g/t Gold
Vancouver, British Columbia--(Newsfile Corp. - February 29, 2024) -
Founders Metals Inc.
(TSXV:
FDR) (OTCQX: FDMIF) (FSE: 9DL0) ("Founders" or the "Company") announces high-grade drill core
assay results from the Donut target at the Antino Gold Project in Suriname including
19.0 metres of
14.23 grams per tonne (g/t) gold (Au)
in drill hole 24DO07. These results demonstrate Donut's ability
to deliver high-grade gold intervals alongside broader, lower grade gold intervals such as the previously
reported
45.0 m of 2.16 g/t Au
in hole 24DO06. With the success of these early exploration holes,
Founders will begin follow-up drilling at Donut early next week.
Drilling and drill composite data associated with these results and all previous 2023/2024 drilling will be
available on the Company's website on Friday, March 1
st
.
Colin Padget, Founders CEO, commented, "Donut is approximately 800 m across strike from Froyo and
was a high-priority drill target following our 2023 ground exploration and geophysical programs.
Following last week's already impressive 45.0 m of 2.16 g/t gold, today's 19.0 m interval of 14.23 g/t
gold demonstrates the potential for high-grade gold mineralization similar to what we see at Froyo, but
with additional broad, lower-grade gold around it. These intrusion-hosted intervals come from
unweathered rock and represent a major new gold discovery at Upper Antino. Though we are returning
to Donut next week for follow-up drilling, there remain several other Upper Antino targets with similar
geophysical and geochemical characteristics, including the Cupcake Target, where gold grades of up to
88.94 g/t Au we're reported in historical auger samples."
Gold-bearing intervals in drill core at Donut comprise zones of intense silicification, sericitization, and
pyritization within a variably sheared tonalitic intrusive body. Visible gold is observed locally associated
with extensional-type quartz/quartz-carbonate veining.
Figure 1:
Photo of hole 23DO07 drill core showing alteration and textures common to the highest-
grade gold mineralization. Shown is an ~40 cm interval from within a 1 metre interval grading 113.40 g/t
Au.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7574/199849_e21d31100412b8d8_001full.jpg
Figure 2:
Cross section through Upper Antino showing the location and scale of new gold intervals at
Donut relative to the Froyo Gold Zone.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7574/199849_e21d31100412b8d8_002full.jpg
* Intervals are reported at a cut-off grade of 0.1 g/t Au using 5 metres minimum length and 5 metres maximum internal dilution. There is insufficient
drilling data to determine true widths of gold mineralized zones at Donut.
Table 1
: Drilling Highlights
Hole ID
From (m)
To(m)
Core Length* (m)
Au (g/t)
23DO07
146.0
163.0
17.0
0.62
and
170.0
190.0
20.0
0.63
and
196.0
215.0
19.0
14.23
Figure 3:
Photo showing representative interval of high-grade gold from hole 23DO07 with excellent
overall grade distribution (white labels on core are gold grade in g/t Au for the interval shown).
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7574/199849_e21d31100412b8d8_003full.jpg
About Founders Metals Inc.
Founders Metals is a Canadian exploration company with properties in North and South America. The
Company focuses on acquiring and advancing gold projects in the Guiana Shield. Its flagship asset is
the 20,000 ha Antino Gold Project in Suriname, where artisanal surface/alluvial mining has produced
over 500,000 gold ounces to date
1
. Using its diamond drilling equipment, the Company drilled over
10,000 m in 2023 and is fully financed for up to 30,000 m in 2024.
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 10.0 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 Vancouver, Canada (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. Selected complete intervals are also periodically
assayed using metallic screening. Selected intervals are also periodically quartered and sent to ALS
Global Laboratories for independent QA-QC verification. 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
Founders Metals Contact Information
Dave Burwell, Manager, Investor Relations
Tel: 403 410 7907 |
Nick Stajduhar, Director
Tel: 780 701 3216 |
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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