Founders Metals Discovers New Parallel Zone; Hits 14.5 m of 16.26 g/t Gold and 26.0 m of 4.86 g/t Gold
Founders Metals Discovers New Parallel Zone;
Hits 14.5 m of 16.26 g/t Gold and 26.0 m of 4.86
g/t Gold
Vancouver, British Columbia--(Newsfile Corp. - December 21, 2023) -
Founders Metals Inc.
(TSXV:
FDR) (OTCQX: FDMIF) (FSE: 9DL0) ("Founders" or the "Company") announces drill core assay results
from the Antino Gold Project in southeastern Suriname. The Company reports intercepting numerous
high-grade gold intervals in a new zone parallel to the main Antino Shear Zone, more than doubling the
width of the gold mineralized footprint to over 200 m. The intervals include, from separate holes, 14.5
metres* (m) of 16.26 grams per tonne (g/t) gold (Au), 26.0 m of 4.86 g/t Au, and 14.0 m of 3.65 g/t Au.
Highlights
New gold zone discovery in step-out drilling parallel to the main Froyo Gold Zone
Drill hole 23FR041 intercepts 14.5 m of 16.26 g/t Au from 52.7 m down hole
Drill hole 23FR044 intercepts mineralization from surface with four major zones and one interval
containing visible gold (Figure 1):
11.6 m of 2.59 g/t Au down hole from surface
13.0 m of 6.29 g/t Au from 42 m down hole
26.0 m of 4.86 g/t Au from 56 m down hole and,
6.0 m of 8.52 g/t Au from 117 m down hole
Drill-defined gold mineralization at Froyo covers more than 500 x 200 m and extends to vertical
depths of >150 m (Figure 2)
Colin Padget, Founders' CEO, commented, "We continue to expand the exceptional gold mineralization
at Upper Antino, and these new results represent a major addition to the overall footprint of this robust
gold system. We can now point to a sizeable Froyo volume extending more than 500 metres along
strike, 200 metres wide, and over 150 metres vertical depth, and that remains open along strike and at
depth. Even more exciting is that this year's drilling has tested only a fraction of the historical auger gold
anomalies at Upper Antino, with similar surficial gold signatures yet to be tested at Lower Antino, Parbo,
and Buese areas."
Figure 1.
Photo of visible gold (VG) from hole 23FR044.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7574/191979_6650253db443cbed_001full.jpg
*Intervals are core length and estimated to represent 85% or more of true width based on current drill data
Figure 2.
Upper Antino area plan map. Interval highlights from this release are labelled.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7574/191979_6650253db443cbed_002full.jpg
Figure 3.
Representative hole 23FR041 drill core showing excellent grade distribution in sheared
volcanic rocks. Strong silicification is observed throughout the interval and sulphide content (pyrite &
pyrrhotite) ranges from 3 to 20%.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7574/191979_6650253db443cbed_003full.jpg
Figure 4.
Map of the Antino Gold Project concession area showing gold concentrations from historical
auger sampling. Most of the property remains unexplored.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7574/191979_6650253db443cbed_004full.jpg
Figure 5.
Map of main prospect areas showing contour gold values from historical auger sampling.
Anomalous gold mineralization extends over 8 kilometres from Upper Antino to Buese, with a similar
scale signature identified at Lower Antino. The outline of Froyo Zone gold mineralization in the Upper
Antino area demonstrates the scale of potential future gold discoveries on the property. The map shows
only ~40% of the Project's 20,000-hectare land package.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7574/191979_6650253db443cbed_005full.jpg
Table 1.
Drilling results and highlights.
Drill hole
From (m)
To (m)
Interval** (m)
Au (g/t)
23FRDD030
22.5
31.5
9.0
0.63
and
143
149
6.0
1.65
23FRDD033
12.5
28.5
16.0
0.70
23FRDD034
9
26
17.0
1.04
and
35
41
6.0
0.43
23FRDD035
9
19.5
10.5
0.83
and
113
119
6.0
0.93
23FRDD036
12
27
15.0
1.01
and
60
65
5.0
1.93
and
95
100
5.0
1.19
23FRDD041
9
20
11.0
2.39
and
52.7
67.2
14.5
16.26
23FRDD042
0
6
6.0
0.90
and
10
24
14.0
3.65
and
70
75
5.0
3.27
23FRDD043
2.7
15.6
12.9
1.61
23FRDD044
0
11.6
11.6
2.59
and
34
35
1.0
11.12 (VG)
and
42
55
13.0
6.29
and
56
82
26.0
4.86
and
117
123
6.0
8.52
**Intervals are reported using a cut-off grade of 0.3 g/t Au, a 5-metre minimum length and a 5-metre maximum for internal dilution.
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, 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
.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/191979