Founders Metals Expands Froyo by 150 m with 46.0 m of 5.31 g/t Au
Founders Metals Expands Froyo by 150 m with
46.0 m of 5.31 g/t Au
Vancouver, British Columbia--(Newsfile Corp. - July 22, 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 ("Antino" or the "Project") in southeastern
Suriname. Highlights within this release are from exploration at the Froyo Gold Zone.
Drilling Highlights
46.0 metres (m) of 5.31 grams per tonne (g/t) gold (Au)
(24FR074)
Including 10.0 m of 12.05 g/t Au
and
4.0 m of 29.36 g/t Au
28.0 m of 3.35 g/t Au
(24FR075)
7.0 m of 13.52 g/t Au
(24FR075)
6.0 m of 6.89 g/t Au
(24FR075)
"We are very excited about the continued high-grade success at Froyo," commented President & CEO,
Colin Padget. "Drill holes 24FR074 and 24FR075 represent a 150-metre eastward expansion and
confirms multiple, robust, gold bearing structures parallel to the main Froyo Shear. With four drill holes
now confirming these parallel zones (24FR074, 24FR075, 24FR66 and 24FR67), they continue to
demonstrate significant potential for growth and remain open at depth and along strike."
Results from drill holes 24FR074 and 24FR075 expand previously identified gold mineralization 150-
metres to the east of the main Froyo Shear. This area has been known for near-surface intervals of
extensive, high-grade gold mineralization including historical grab samples of up to 28.5 g/t Au. Drill
holes 24FR074 and 24DR075 are ~60 m apart laterally and contain three stacked gold-bearing
structures that run parallel to the eastern side of the main Froyo Shear. Demonstrated by
46.0 m of 5.31
g/t Au
(24FR074) and
28.0 m of 3.35 g/t Au
(24FR075), the characteristics are very similar to the main
high-grade Froyo Shear with decimetre to metre-wide quartz vein sets associated with sericite-
tourmaline-ankerite alteration occurring within broad subvertical mylonite zones. The Company plans to
continue exploration on these parallel zones over the coming weeks to further define the strike and depth
extent.
Figure 1: Froyo Zone Plan Map with Drillhole Locations
To view an enhanced version of this graphic, please visit:
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Figure 2: Vertical Section of Froyo Zone
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Figure 3: Quartz Veining with Pyrite and Pyrrhotite at 165.5 m in Drill Hole 24FR075
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Figure 4: Visible Gold at 103.5 m in Drill Hole 24FR074
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Table 1: Assay Results
Hole ID
From (m)
To (m)
Core Length* (m)
Au (g/t)
24FR075
78.00
106.00
28.00
3.35
and
164.00
171.00
7.00
13.52
and
240.00
246.00
6.00
6.89
and
255.00
258.00
3.00
6.46
24FR074
62.00
108.00
46.00
5.31
incl
78.00
88.00
10.00
12.05
incl
84.00
88.00
4.00
29.36
and
167.00
179.00
12.00
2.74
24FR072
3.60
9.60
6.00
0.49
and
128.00
132.00
4.00
4.00
and
199.00
201.00
2.00
7.08
and
242.00
247.00
5.00
6.03
24FR071
130.00
133.00
3.00
1.48
24FR070
0.00
10.30
10.30
0.78
and
57.00
63.00
6.00
1.69
and
153.00
158.00
5.00
0.97
24FR069
8.10
27.60
19.50
1.10
and
108.00
122.00
14.00
4.26
and
133.00
135.00
2.00
7.92
and
142.50
151.50
9.00
5.27
24FR047
96.00
102.00
6.00
1.66
and
152.00
157.00
5.00
3.25
24FR046
0.00
17.10
17.10
0.52
and
46.00
53.00
7.00
2.90
and
64.00
69.00
5.00
6.25
and
94.00
97.00
3.00
1.90
and
120.00
126.00
6.00
4.33
Hole ID
From (m)
To (m)
Core Length* (m)
Au (g/t)
*Intervals are estimated to represent 85% or more of true width based on current drill data
Table 2: Drill Hole Locations
Hole ID
Easting* (m)
Northing* (m)
Elevation (m)
Azimuth (°)
Dip (°)
Depth (m)
24FR075
817136.2
401154.7
154.2
248.5
-65.7
326.0
24FR074
817064.0
401145.0
154.3
242.3
-70.0
302.0
24FR072
817123.4
401051.8
151.5
265.2
-55.8
302.1
24FR071
817123.4
401051.8
151.5
245.7
-61.6
302.1
24FR070
817124.5
401052.0
151.5
277.1
-56.6
299.0
24FR069
817124.6
401052.0
151.5
279.0
-46.9
311.1
24FR047
817141.4
401009.5
153.4
250.0
-45.1
228.6
24FR046
817104.6
401043.3
153.3
234.9
-60.6
244.3
*The coordinate reference system is WGS 84, UTM zone 21N (EPSG 32621)
About Founders Metals Inc.
Founders Metals is a Canadian-based exploration company focused on advancing the Antino Gold
Project located in Suriname, South America, in the heart of the Guiana Shield. Antino is 20,000 hectares
and has produced over 500,000 ounces of gold from surface and alluvial mining to date
1
. The Company
drilled 10,000 metres in 2023 and is fully financed for drilling 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 Lima, Peru (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
Contact Information
Katie MacKenzie, Vice President, Corporate Development
Nick Stajduhar, Director
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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