Founders Metals Discovers New Gold Zone at Donut and Extends Depth at Froyo to 250 Metres
Founders Metals Discovers New Gold Zone at
Donut and Extends Depth at Froyo to 250
Metres
Vancouver, British Columbia--(Newsfile Corp. - February 23, 2024) -
Founders Metals Inc.
(TSXV:
FDR) (OTCQX: FDMIF) (FSE: 9DL0) ("Founders" or the "Company") announces drill core assay results
from its fully-funded 2024 drill program at the Antino Gold Project in southeastern Suriname. The
Company reports 45.0 metres (m) of 2.16 grams per tonne (g/t) gold (Au) in drill hole 24DO06 and
confirms over 250 m of strike in a discovery at the Donut target. Donut is located ~800 m east of the
Froyo Gold Zone where drilling continues to deliver strong results, with hole 24FR51 returning 10.0 m of
4.73 g/t Au and 24FR50 returning 8.0 m of 8.43 g/t Au in a major 90 m down-dip extension to ~250 m
vertical depth.
Highlights
New Discovery: Intrusion-hosted gold at the Donut Target
(Table 1, Figures 1&2)
Hole 24DO06 intercepts 45.0* m of 2.16 g/t Au
Current strike extent of over 250 m and remains open
Over 800 m east of the Froyo Gold Zone
At Froyo: Hole 24FR50 intercepts 8.0* m of 8.43 g/t Au in 90 m down-dip extension to 250
m vertical depth.
Historical gold in auger samples grading
up to 25.30 g/t Au at Eclaire Target
demonstrate
potential to extend Froyo gold mineralization NW by over 500 m.
Historical gold in auger samples
up to 88.94 g/t Au at Cupcake Target
between Froyo and
Donut.
Colin Padget, Founders CEO commented, "We are extremely pleased with the first round of Donut
results, and we've only scratched the surface of what could be there. The widths and grade distribution
types suggest a compelling intrusion-hosted, bulk-tonnage target located only 800 m from the high-grade
shear-hosted gold mineralization at Froyo. We can already see over 250 m of strike, and there is strong
evidence from geophysical data of a km-scale intrusive body. The potential for two gold deposits less
than a kilometre from each other truly underlines how robust the Antino gold system is.
"In addition to Donut, today's results from Froyo demonstrate the continuity of Froyo mineralization with
an over 90 m down-dip extension to 250 m vertical depth. In Figure 1, we also show very high-grade,
historical gold in auger samples, and historical pits indicate gold mineralization extends for over 500 m
to the NW from our current drilling at Froyo. As our drills continue to unlock Upper Antino's major
potential, our field teams are also busy in the distal parts of the property, advancing compelling new
targets to drill-ready status."
Gold mineralization at the Froyo Gold Zone occurs as high-grade, shear-hosted gold mineralization
associated with pyrite and pyrrhotite in quartz and quartz-carbonate veins. These often metre-scale veins
occur within ~5-30 m wide mylonitic shears that comprise a broader shear zone. Gold mineralization at
Donut is hosted primarily within a tonalitic intrusive body. Gold is associated with broad (>20 m) intervals
of intense silicification, quartz veining and sericite alteration. Visible gold was observed in two holes.
Table 1
: Drilling Results and Highlights
Hole ID
From (m)
To(m)
Core Length* (m)
Au (g/t)
23DO01
111.0
126.0
15.0
0.52
23DO02
26.1
42.6
16.5
2.35
and
262.0
269.0
7.0
0.68
and
304.0
313.0
9.0
1.54
and
347.0
357.0
10.0
1.13
23DO03
184.0
190.0
6.0
1.03
24DO06
101.0
115.0
14.0
0.47
and
incl
197.0
226.0
242.0
241.0
45.0
15.0
2.16
4.61
24FR50
4.27
11.6
7.33
0.50
and
71.0
77.0
6.0
1.74
and
215.0
223.0
8.0
8.43
24FR51
54.0
62
8.0
3.46
and
77.0
84.0
7.0
0.62
and
96.0
106.0
10.0
4.73
24FR52
56.0
65.0
9.0
3.58
and
98.0
104.0
6.0
1.77
*Intervals are core length and estimated to represent 85% or more of true width based on current drill data
Figure 1:
Upper Antino plan map.
Above:
Cross section line corresponds to Figure 2.
Below:
map
showing historical gold in auger sampling results from sampling programs before significant artisanal
mining (pre-2000). High-grade auger samples over the Eclaire target area support along-strike
continuity of gold mineralization along a minimum of 1.2 km. The Cupcake Target has seen limited
historical drilling; with historical auger samples up to 88.94 g/t Au, it remains a compelling drill target.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7574/198981_9b3b71e9e47949d6_001full.jpg
Figure 2:
A-A' Cross-sectional view through Upper Antino showing the discovery at Donut and the
down-dip extension to gold mineralization at the Froyo Gold Zone. The two areas are separated by
approximately 800 m.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7574/198981_9b3b71e9e47949d6_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.
Figure 3:
Antino Gold Project property map.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7574/198981_9b3b71e9e47949d6_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. 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
.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/198981