Founders Metals Expands New Parallel Zone; Hits Six Major Gold Intervals in Single Hole
Founders Metals Expands New Parallel Zone;
Hits Six Major Gold Intervals in Single Hole
Vancouver, British Columbia--(Newsfile Corp. - January 19, 2024) -
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 six separate gold intervals
in drill hole 23FR045, demonstrating further evidence of a gold-bearing shear zone parallel to the main
Froyo shear and potential for economically significant gold mineralization between the two structures.
Highlights
Drill hole 23FR045 intercepts mineralization from surface with six major zones totalling 56.5 m of
gold mineralization (Figure 1 & 2):
10.5 m of 2.81 g/t Au from 14.1 m down hole
5.0 m of 4.18 g/t Au from 30.0 m
9.0 m of 8.54 g/t Au from 43.0 m
13.0 m of 5.21 g/t Au from 62.0 m
12.0 m of 2.74 g/t Au from 85.0 m
7.0 m of 2.74 g/t Au from 136.0 m
New cross-section highlighting the extent of hole 45 gold mineralization in relation to main Froyo
Gold Zone (Figure 2)
*Intervals are core length and estimated to represent 85% or more of true width based on current drill data
Figure 1.
Upper Antino area plan map. Interval highlights from this release are labelled and
upcoming/pending drill holes are highlighted. Shaded box around A-A' cross section shows drilling
extent included in Figure 2 (+/- 37.5 m).
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Colin Padget, Founders' CEO, commented, "we are thrilled to see so much gold mineralization through
this zone as it really starts to fill the gap between the main Froyo structure and this emerging parallel
trend. Additionally, these are all near surface gold intervals further improving the potential economics of
an open-pit mining scenario. Founders' technical team has also added several new holes to further test
the extent of this mineralization, both along strike and further to depth, so I am particularly excited to be
on my way to Antino next week and to see the incoming core in person."
Figure 2.
Cross section A-A' (see Figure 1 for location) showing distribution of gold mineralization along
drill hole 23FR045. The section cuts 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%.
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Figure 3.
Representative interval of hole 23FR045 gold mineralization in unweathered volcanic rocks
below the saprolite/oxide boundary. Gold mineralization is associated with the iron sulphides, pyrrhotite
(dominant) & pyrite, as well as strong silicification with substantial quartz veining at the zone's centre.
The core shown is from the third gold zone down hole grading 8.54 g/t Au over 9.0 m.
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Founders Appoints New Chief Financial Officer
The Company is also pleased to announce that Mr. Samuel Yik will assume the role of Chief Financial
Officer ("CFO") and Corporate Secretary.
Mr. Yik replaces Mr. Bourassa, who resigned from the
Company as Chief Financial Officer and Corporate Secretary of the Company effective January 5, 2024.
The Company sincerely thanks Mr. Bourassa for his efforts and contributions to the Company and
wishes him all the best in his future endeavours.
Mr. Yik holds a Bachelor of Commerce degree from the University of British Columbia and is a
Chartered Professional Accountant (CPA, CA) with a diverse business background and more than 26
years of public company experience in industrial sectors including natural resources, technology, and
transportation.
He brings over 11 years of CFO experience in managing publicly listed companies in
Canada and the United States. Mr. Yik also has extensive international hands-on management
experience in senior financial, commercial, and operational roles in companies with market
capitalization ranging up to CDN$2 billion.
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.
Figure 4.
Map of the Antino Gold Project concession area showing gold concentrations from historical
auger sampling. Most of the property remains unexplored.
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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.
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, Corporate Development Manager
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
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