Founders Metals Drills 7.00 Metres of 8.12 g/t Gold and Extends High-Grade Gold Zone
Founders Metals Drills 7.00 Metres of 8.12 g/t
Gold and Extends High-Grade Gold Zone
Vancouver, British Columbia--(Newsfile Corp. - September 13, 2023) -
Founders Metals Inc.
(TSXV:
FDR) ("Founders" or the "Company") announces drill core assay results from its 2023 drill program at
the Antino Gold Project in southeastern Suriname. The Company continues to expand and extend high-
grade gold mineralization below the saprolite/oxide boundary within the Froyo Gold Zone at Upper
Antino. Founders is also continuing a comprehensive surface exploration program that focuses on
developing additional high-priority targets for near-term drilling follow-up.
Highlights
Drillhole 23FR018 intersects
7.00 metres (m) of 8.12 grams per tonne (g/t) gold (Au)
(Table 1,
Figure 1,2)
Drillhole 23FR012 returned
4.64 m of 11.51 g/t Au
(Table 1, Figure 1,2)
Drillhole 23FR019 returned
5.00 m of 8.91 g/t Au
(Table 1, Figure 1,2)
New gold intercepts demonstrate
Froyo Gold Zone continues to deeper levels
than historical
drilling and along over 200 m of strike
(Figure 1,2)
Assays pending for several drillholes with significant intervals of quartz/sulphide
on step-
out holes, potentially extending high-grade mineralized envelope within the Froyo Gold Zone
Founders' CEO, Colin Padget, commented, "We are extremely pleased with the ongoing drilling
success; our team has intersected gold mineralization in every hole we have results for to date. It is
particularly encouraging to see gold grades like the 7.00 m of 8.12 g/t Au continuing along strike and to
depth from the recently released 15.5 m of 30.72 g/t Au. Additionally, as we have so far prioritized
samples below the saprolite, we will soon start receiving more results from the saprolite where in hole
23FR001 we intercepted 4.5 m of 9.92 g/t Au."
Table 1: Drilling Results
Drillhole
From (m)
To (m)
Interval (m)*
Au (ppm)
23FR006
64.00
71.00
7.00
4.09
23FR012
57.36
62.00
4.64
11.51
23FR018
87.00
94.00
7.00
8.12
23FR019
60.00
65.00
5.00
8.91
*Intervals are core length.True widths are unknown at this early stage of exploration
Founders Metals' 2023 drill campaign has completed over 3,800 m of drilling with significant gold
mineralization observed in all drillholes to date.
Assay results are still pending for the entirety of many
drillholes, with several holes containing broad intervals of quartz/sulphide mineralization similar in
character to gold-bearing intervals from earlier drilling. The ongoing surficial exploration campaign has
also successfully delineated multiple major gold bearing shear zones at surface that coincide with
broader geochemical and geophysical trends, demonstrating the presence of a broad-scale mineralizing
system at the Antino Gold Project that can be effectively targeted using modern exploration techniques.
Figure 1 - Upper Antino area plan map showing Induced Polarization (IP) chargeability over
LiDAR basemap. Cross-section lines A-A' corresponds to preliminary Froyo long section
below.
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Figure 2 - Upper Antino long section showing interpolated mineralization from historical and
recent 2023 drilling. All intervals are from Founders' 2023 drill program except those furthest
NW and SE on the section (12.00 m @ 4.99 g/t Au and 6.26 m @ 5.38 g/t Au). Expansion targets
are planned holes on a 50 m by 50 m grid and are planned to extend mineralization into areas
with no or limited drilling or where historical recoveries were poor.
To view an enhanced version of this graphic, please visit:
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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 Technical Report - Antino Project; Suriname, South America. K. Raffle, BSc, P. Geo & Rock Lefrançois, BSc, P.Geo.
Antino Gold Project Area Map
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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, 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.sedar.com
.
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