Founders Metals Drills 12.00 Metres of 19.23 g/t Gold at Antino
TSX-V: FDR PRESS RELEASE
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Founders Metals Drills 12.00 Metres of 19.23 g/t Gold at Antino
Vancouver, British Columbia, July 31, 2023 – Founders Metals Inc. (TSX-V: FDR) (“Founders” or the
“Company”) announces initial early results and an update on its 2023 drill program at the Antino Gold
Project in southeastern Suriname . The Company’s exceptional early results confirm high -grade gold
mineralization in the Upper Antino Area’s Froyo Zone. Ongoing drilling focuses on further extending this
zone to depth and along strike. Founders also reports excellent production using its own drilling
equipment, with recovery and penetration rates that significantly outpace previous operators on the
property.
Highlights
• Drillhole 23FRDD003 intersects 12 metres (m) core length of 19.22 grams per tonne (g/t) gold
(Au) including 3 m of 29.90 g/t Au and 2.65 m of 22.37 g/t Au (Table 1, Figures 1&2)
• Drillhole 23FRDD001 returns 4.5 m core length of 9.92 g/t Au (Table 1, Figures 1&2)
• The new gold intercepts are potential down-dip and along strike extensions of previously reported
high-grade surface grab samples with gold assays of up to 57.84 g/t Au (Figure 2)
• Efficient and cost-effective use of Founders’ own drill rig with over 2,000 m of drilling to date with
a second drill still to come on-line
Table 1: Drilling Results
Drillhole From (m) To (m) Interval (m)** Au (ppm)
23FRDD003
Incl
Incl
55.00
56.00
63.00
67.00
59.00
65.65
12.00
3.00
2.65
19.22
29.90
22.37
23FRDD001 26.00 30.50 4.50
9.92*
*Sections of this interval returned <50% drill core recovery in saprolite overburden; ** Intervals are core length. At this early stage of exploration
true widths are unknown.
Founders’ President and CEO Colin Padget commented, “The 2023 Antino drill program is off to a great
start with smooth drilling, proven fast turnaround on assays, and these terrific early results. A 12 m interval
of 19.22 g/t Au near surface and in rock below the saprolite, demonstrates the tenor of high-grade gold
mineralization at Antino and the potential for open-pit mining. With gold mineralization occurring over
more than 8 kilometres of strike along the main Antino Shear and artisanal mining workings extending
another several kilometres to the property’s edge, we see real potential for growth toward becoming a
world-class Guiana Shield gold asset.
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Figure 1: Froyo Main area long section
Figure 2: Map of Froyo Main and Antino camp area
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Founders Metals' ongoing 2023 exploration program consists of up to 10,000 metres of diamond drilling,
ground-based geophysical surveys, bedrock and structural mapping, surface geochemical surveying,
and prospecting. The program aims to expand several high -grade historical gold zones to depth and
along strike within the more than 8 -kilometre-long Main Antino Shear Corridor as well as a series of
proximal high-priority targets including previously overlooked intrusion-hosted bulk-tonnage targets.
Figure 3: Antino Gold Project area map
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 Surina me. 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 h istorical surface/alluvial gold mining has produced over
500,000 gold ounces to date1.
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1 2022 Technical Report – Antino Project; Suriname, South America. K. Raffle, BSc, P. Geo & Rock Lefrançois, BSc, P.Geo.
*Portions of interval returned <50% drill core recovery in saprolite overburden
**Historic interval returned 62.00 m of 9.59 g/t Au; remaining unmined interval 32.00 m of 13.56 g/t Au
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.
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 | [email protected]
Nick Stajduhar, Director
Tel: 780 701 3216 | [email protected]
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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 reg arding 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 n ot 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, wh ile 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 anticipa ted, 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 upd ate any forward -looking information, except in accordance with
applicable securities laws.
All material information on Founders Metals can be found at www.sedar.com