Founders Metals Commences Maiden Drill Program at Antino Gold Project
Founders Metals Commences Maiden Drill
Program at Antino Gold Project
Vancouver, British Columbia--(Newsfile Corp. - July 6, 2023) -
Founders Metals Inc.
(TSXV: FDR)
("Founders" or the "Company") announces the start of its 2023 drill program (Figure 1) at the Antino
Gold Project in southeastern Suriname, South America. The current drilling focuses on expanding the
known gold mineralization at the high-grade Froyo Zone in the Upper Antino Area (Figure 2). Drilling will
target extending mineralization along strike and to depth beyond the relatively shallow historical work.
Current and upcoming exploration highlights:
Up to
10,000m of diamond drilling,
including:
Expansion drilling along strike and to depth of the historical resource areas at Froyo North &
South, Ginger, Donut, and Eclaire
Exploration drilling along extensive mineralized structural corridors within the Upper Antino
and Buese prospect areas (Figure 2)
Detailed
structural mapping
and partial re-logging of historical core
Extensive
soil, channel, and rock grab sampling programs
are planned to identify new targets
and extend known gold mineralization
High-resolution
ground geophysics program
over key areas and exploration targets in Upper
Antino, including:
52 km of high-resolution ground magnetics to provide detailed structural information along
strike of known mineralized zones
19 km of gradient survey to provide data on chargeability and resistivity anomalies often
associated with sulphides and quartz veining in high-grade shear zones
7 km of Pole-Dipole surveying, providing conductivity and resistivity data to identify
anomalies closely associated with gold mineralization along sheared and secondary fault
structures
In addition to the successful mobilization and start of the 2023 drill program, the Company has
completed camp and road upgrades to increase operational efficiency, streamline core processing, and
accommodate the near-term increase to two core drilling rigs.
Colin Padget, Founders Metals' President and CEO, commented, "The start of drilling at Antino is a
significant milestone for Founders. The team has already completed the first hole, and after logging, the
core will be shipped to the lab for assay, with results soon to follow. We look forward to leveraging the
benefit of short turnaround times on assays to help guide exploration and to be able to communicate
results as they become available regularly."
Figure #1: A) Drill mobilization along nearby port facilities, B) inaugural drill hole in high grade Froyo
resource zone
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Figure 2- Antino Overview Map
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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.
About Founders Metals Inc.
Founders Metals is a Canadian exploration company operating in North 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 ha 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 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
1
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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.sedar.com
.
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