Founders Metals Hits 15.0 metres of 8.18 g/t Gold & 26.0 metres of 5.52 g/t Gold in Latest Antino Drilling
Founders Metals Hits 15.0 metres of 8.18 g/t
Gold & 26.0 metres of 5.52 g/t Gold in Latest
Antino Drilling
Vancouver, British Columbia--(Newsfile Corp. - February 5, 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 in southeastern Suriname. The
Company reports results for a further two holes from the Froyo Gold Zone with highlight down hole
intervals of 15.0 metres (m) of 8.18 grams per tonne (g/t) gold (Au) and 26.0 m of 5.52 g/t Au. Drill holes
048 and 049 intercept gold mineralization over multiple zones starting from surface with 297.2 and 190.2
total gram-metres per tonne (gm/t), respectively.
Highlights
Drill hole 23FR048 intercepts gold over
five zones starting from surface
(Fig 1; Table 1):
6.6 m of 2.07 g/t Au from 0.0 m down hole
12.0 m of 3.92 g/t Au from 12.6 m
18.0 m of 2.68 g/t Au from 33.0 m
15.0 m of 8.18 g/t Au from 63.0 m
6.0 m of 10.94 g/t Au from 145.0 m
Drill hole 23FR049 intercepts gold over
four zones starting from surface
including
26.0 m of
5.52 g/t Au from 44 m down hole
(Fig 1; Table 1)
Table 1 - Highlight diamond drill intervals*.
Hole ID
From (m)
To (m)
Core length
(m)
Au (g/t)
24FR048
0.0
6.6
6.6
2.07
12.6
24.6
12.0
3.92
Hole 48 - Total gram*metre per tonne
33.0
51.0
18.0
2.68
63.0
78.0
15.0
8.18
297.2
145.0
151.0
6.0
10.94
24FR049
0.6
8.6
8.0
2.49
44.0
70.0
26.0
5.52
Hole 49 - Total gram*metre per tonne
88.0
91.0
3.0
7.02
140.0
143.0
3.0
1.87
190.2
*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 marked in bold. Shaded box around A-A' line shows drilling extent
included in Figure 2 cross section (+/- 25 m).
To view an enhanced version of this graphic, please visit:
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Colin Padget, Founders' CEO, commented, "We continue to define and expand the impressive gold
mineralization at Froyo, and these two holes are further evidence of a much broader gold system than
previously recognized by earlier explorers on the property. We are adding ounces with every drill hole
and as we continue drilling at Froyo, our focus is expansion and efficient resource definition work. We
are also set to begin drill testing some new Upper Antino targets as part of our larger 2024 exploration
plans."
Drill hole 048 and 049 intercepted multiple zones of intense silicification and local sericitization.
Tourmaline and Fe-carbonate are commonly associated with elevated gold grades. Pyrrhotite and pyrite
content ranges from 5 - 20% within the gold zones. The apparent orientation and overall character of
these intervals is similar to the main Froyo Gold Zone.
Figure 2.
Cross section A-A' (see Figure 1 for location).
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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.
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:
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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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