Founders Metals Completes Magnetics Survey at Upper Antino
Founders Metals Completes Magnetics Survey
at Upper Antino
Vancouver, British Columbia--(Newsfile Corp. - September 27, 2023) -
Founders Metals Inc.
(TSXV:
FDR) ("Founders" or the "Company") announces the completion of a high-resolution ground magnetics
geophysical survey by GexplOre Services over Upper Antino at its Antino Gold Project in southeastern
Suriname (Figure 1). The survey supports the many high-priority targets identified from previously
released Induced Polarization (IP) survey data. Additionally, the Company will begin similar IP and
ground magnetics surveys over the Buese area beginning mid-October (Figure 2).
Highlights
Completed 53-line kilometres of high-resolution ground magnetics over the Upper Antino area
New ground magnetics, gradient & pole-dipole IP geophysical surveys over the Buese area
commencing in October
Figure 1
-
Map showing first vertical derivative ground magnetics and major structures/faults in the Upper
Antino area of the Antino Gold Project. Historical auger samples show the relationship between these
structures and gold mineralization.
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"The magnetics survey results are excellent and greatly improve our understanding of the geology and
controls on gold mineralization in the region," comments Founders' CEO, Colin Padget. "There are
some exciting new targets immediately along-strike from the expanding Froyo Gold Zone, and we've
identified several other untested exploration targets across the Upper Antino area. Additionally, the
success of the IP and magnetics surveys at Upper Antino has us really looking forward to results over the
Buese area, with significant potential for new discoveries. These two areas both have the potential to
yield large-scale, multi-million-ounce gold deposits."
Gold mineralization in the region is often spatially associated with northwest-trending shear structures
that commonly include secondary and tertiary splays. Many high-grade gold zones occur where these
shears intersect folded volcanic rocks — a common feature amongst Guiana Shield gold deposits.
These features are identifiable with the new high-resolution data providing valuable information for drill
targeting and identifying new exploration targets in the area as Founders moves into the second half of
its 2023 diamond drill program.
Figure 2
-
Buese area overview map showing ground IP and magnetics 2023 survey area.
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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
.
1. 2022 – Antino Project Technical Report entitled, "Technical Report, Antino Project, Suriname, South America" with an effective date of December
23, 2022 by qualified persons, K. Raffle, BSc, P. Geo and Rock Lefrançois, BSc, P.Geo.
Antino Gold Project Area Map
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Quality Assurance and Control
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 all samples. Drill intervals
with visible gold are assayed using metallic screening. Channel and rock chip samples from
outcrop/bedrock are selective by nature and may not be representative of the mineralization hosted on
the project.
The scientific and technical disclosure of this news release has been reviewed and approved by Michael
Dufresne, M.Sc, P.Geol., P.Geo., a qualified person as defined under
National Instrument 43-101—
Standards of Disclosure for Mineral Projects
.
ON BEHALF OF THE BOARD OF DIRECTORS,
Per:
"
Colin Padget
"
Colin Padget
President, Chief Executive Officer, and Director
Founders Metals Contact Information
Dave Burwell, VP Corporate Development
Tel: 403 410 7907 |
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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