Founders Metals Acquires Third Drill and Completes Major Work Commitment Milestone
Founders Metals Acquires Third Drill and
Completes Major Work Commitment Milestone
Vancouver, British Columbia--(Newsfile Corp. - May 7, 2024) -
Founders Metals Inc.
(TSXV: FDR)
(OTCQX: FDMIF) (FSE: 9DL0) ("Founders" or the "Company") is pleased to announce that it has
acquired a third diamond drill rig to support its ongoing exploration campaign at the Antino Gold Project
in southeastern Suriname. The Company plans to begin drilling the Buese target upon arrival of the drill
in June. Additionally, Founders announces it has completed the US$6 million work commitment portion
of the first stage of its Option Agreement to acquire up to 75% of the Antino Gold Project in southeastern
Suriname. Completing stage one will entitle the Company to acquire 51% of the Antino concessions.
President and CEO, Colin Padget, commented: "We are off to an excellent start in 2024, and with a third
drill on its way, our pace of exploration will continue to increase. Our team is particularly excited to begin
work at Buese, where we see the potential for intrusion-hosted bulk-tonnage mineralization combined
with local high-grade shear zones over multiple kilometres of strike.
We are also very pleased to have reached our first major work commitment milestone, which represents
a significant step on our path to advancing and derisking the Antino Gold Project."
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.
ON BEHALF OF THE BOARD OF DIRECTORS,
Per:
"
Colin Padget
"
Colin Padget
President, Chief Executive Officer, and Director
Founders Metals Contact Information
Katie MacKenzie, Vice President, Corporate Development
Tel: 306 537 8903 |
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
.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/208225