Founders Metals Hits 23.0 metres of 5.00 g/t Gold at Froyo & Extends Zone by 180 metres
Founders Metals Hits 23.0 metres of 5.00 g/t
Gold at Froyo & Extends Zone by 180 metres
Vancouver, British Columbia--(Newsfile Corp. - December 5, 2024) -
Founders Metals Inc.
(TSXV:
FDR) (OTCQX: FDMIF) (FSE: 9DL0) ("Founders" or the "Company") announces drill core assay results
from the Antino Gold Project ("Antino" or "Project") in southeastern Suriname. The Company reports
high-grade gold mineralization including 23.0 metres (m) of 5.00 grams per tonne (g/t) gold (Au) at the
Froyo Gold Zone ("Froyo" or "Zone"). Additional drilling extends gold mineralization at Froyo by 180 m.
The Company has completed more than 40,000 m this year and expects to meet its 45,000 m goal by
the end of the year.
Drilling Highlights
Broad, high-grade gold mineralization continues north in Froyo with
23.0 m of 5.00 g/t Au
(24FR090) and
4.0 m of 15.34 g/t Au
(24FR092)
10.0 m of 4.23 g/t Au
(24FR086)
Froyo extended along strike by 180 m, intersecting
8.0 m of 2.08 g/t Au
(24FR095) in previously
untested area to the north of known gold mineralization
Excellent continuity of mineralized structures along strike into the main Upper Antino area fold
closure
Compelling evidence for repeating high-grade shoots with depth
Exploration Highlights
Gold mineralized strike length at the
Lawa North and Lawa South targets
extended to 13 km
based on recent mapping and surface sampling program (Figure 1)
Anomalous gold (>0.1 g/t Au) in 33% of 124 Lawa area grab samples including 11 samples
with gold concentrations from 1.00 g/t Au to 14.42 g/t Au
New Da Vinci target
situated 4 km southeast of Buese (Figure 1)
Target identified through recognition of several overlapping geologic features similar to
Upper Antino's Froyo Zone mineralization
True discovery potential - no modern systematic exploration work or historical drilling
Drilling underway with initial three-hole plan expanded to twelve holes
Results from initial drilling expected before the end of this year
The Da Vinci target extends Antino gold trend by more than 4 km southeast
(Figure 1)
Founders' President and CEO, Colin Padget commented, "Drill hole 24FR090 represents the 22
nd
interval at Upper Antino exceeding 100 gram-metre per tonne**, reaffirming the deposit's exceptional
grade profile. The continuous growth at Upper Antino over the last 12 months has been a key de-risking
step for the project, and when combined with the numerous new discoveries and impressive gold
intercepts at Lower Antino and Buese, emphasizes Antino's potential to develop into a Tier 1 asset.
Moving forward into 2025, we are continuing with our strategy of unlocking value through aggressive
exploration, new discoveries, and the continued expansion of known gold mineralization at Antino. On
this note, we are particularly excited about the new discovery potential that the Lawa and Da Vinci target
areas represent."
Froyo Discussion
Drillholes 24FR090 and 24FR092 expand broad, high-grade gold mineralization northward at Froyo
(Figure 2). These results continue to validate the exploration strategy of focusing on the sheared limbs of
a regional-scale fold at Upper Antino, where a series parallel gold-bearing shear zones have been
identified. Froyo now has a drill-defined strike length of ~1.6 km and an ~300 m wide mineralized
footprint. To date drilling extends gold mineralization to a depth of 275 m and the system remains open
in all directions. The deepest drilling at Froyo has delivered some of the broadest, highest-grade
intercepts to date.
There is evidence of a repeating series of high-grade shoots within the broader mineralizing system.
Analogous gold deposits in similar Guiana Shield stratigraphy host similar deep-rooted structures with
gold mineralization extending to over 1000 m depth. Current drilling efforts at Upper Antino are focused
on along-strike expansion of shallow, high-grade gold mineralization to the north and south. Future work
will include systematic step-out drilling to target additional opportunity for further growth at depth. Figure
3 illustrates drilling progress and expanding gold mineralization along and across strike at Upper Antino
over the last 18 months, including the identification of high-grade subparallel hanging wall shear zones.
Additionally, a new high-grade shear zone-hosted discovery was made at Donut more than 900 m from
Founders' earliest work on Froyo.
Lawa North and Lawa South Targets
The road-accessible Lawa exploration targets are ~12 km east of Upper Antino (Figure 1). Founders'
geologists first visited the area to investigate recent artisanal mining activity and quickly identified two
NNW-trending shear zones coincident with km-scale tonalitic intrusive bodies. Recent dry-season river
bedrock mapping along the property's northeastern margin identified multiple gold-bearing shear zones
up to 75 m wide that connect with the structure at Lawa North, giving the target an 8 km long mineralized
strike length. The Lawa South shear zone extends over 5 km. Early work indicates property-scale, gold-
bearing structures with similar tonalitic intrusive-hosted gold mineralization as the Donut, Lower Antino,
and Buese targets. Ongoing surface exploration includes >1 km of trenching, 550+ auger samples,
channel sampling, and geological mapping. An initial drill program for Lawa is anticipated for H1 2025.
Da Vinci Target
The Da Vinci target, identified by onsite technical staff and prioritized due to its geological similarities to
the gold-rich Froyo area, underwent initial mapping before Founders redirected a drill from nearby
Buese for exploratory drilling (Figure 1). The promising early visual results at Da Vinci have led to the
decision to keep the drill there through the year's end. Meanwhile, Buese remains a focus-Founders will
deploy its fourth diamond drill there in January to continue advancing the second phase of drilling. The
Company anticipates releasing the pending Da Vinci drill results by the end of 2024.
Figure 1: Property Scale Plan Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7574/232642_ec95d7fd64a5a963_001full.jpg
Figure 2: Upper Antino Plan Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7574/232642_ec95d7fd64a5a963_002full.jpg
Figure 3: Upper Antino Timelapse from December 2023 to December 2024
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7574/232642_ec95d7fd64a5a963_003full.jpg
Table 1: High-grade Intervals at Upper Antino >100 gram-metre per tonne**
Hole ID
From
(m)
To
(m)
Core Length*
(m)
Au
(g/t)
Gram-Metre
per Tonne
(gm/t)**
24FR090
254.00
277.00
23.00
5.00
114.70
24FR074
62.00
108.00
46.00
5.31
244.34
24FR067
280.00
304.00
24.00
5.06
121.55
24FR054
150.00
163.00
13.00
11.02
143.30
24FR049
44.00
70.00
26.00
5.52
143.52
24FR048
63.00
78.00
15.00
8.18
122.70
23FR044
56.00
82.00
26.00
4.86
126.36
23FR041
52.70
67.20
14.50
16.26
235.77
23FR038
77.00
90.00
13.00
14.03
182.39
23FR036
134.00
144.00
10.00
24.46
244.60
23FR030
182.00
208.00
26.00
6.35
165.10
23FR026
29.00
32.00
3.00
99.51
298.53
23FR025
222.00
267.79
45.79
4.06
185.91
23FR014
63.50
79.00
15.50
30.72
476.16
23FR011
76.00
89.00
13.00
8.75
113.75
23FR009
83.00
92.00
9.00
11.10
99.90
23FR007
47.50
54.95
7.45
15.22
113.39
23FR003
55.00
67.00
12.00
19.22
230.64
24GG004
149.00
187.00
38.00
10.90
414.02
23GG001
125.00
134.00
9.00
22.84
205.56
23GG001
152.00
158.00
6.00
94.69
568.14
24DO007
196.00
215.00
19.00
14.23
270.37
*Intervals are estimated to represent 85% or more of true width, based on current drill data
**Gram-metre per tonne calculated as core length in metres multiplied by g/t Au value
Table 2:
Assay Results
Ho
le ID
From (m)
To (m)
Core Length* (m)
Au (g/t)
24FR095
117.00
125.00
8.00
2.08
24FR093
33.60
50.10
16.50
2.83
24FR092
0.00
14.10
14.10
0.31
and
301.00
305.00
4.00
15.34
24FR091
71.00
74.00
3.00
1.27
24FR090
101.00
105.00
4.00
3.43
and
254.00
277.00
23.00
5.00
24FR089
303.00
308.00
5.00
2.21
24FR088
258.00
269.00
11.00
2.85
and
304.00
306.00
2.00
3.81
and
354.00
357.00
3.00
2.67
and
378.00
380.00
2.00
23.15
24FR087
248.00
256.00
8.00
1.04
and
363.00
375.00
12.00
2.34
24FR086
0.00
8.10
8.10
0.45
and
183.00
193.00
10.00
4.23
and
382.00
386.00
4.00
1.31
24EC003
48.60
56.10
7.50
4.87
24EC002
183.00
186.00
3.00
1.09
24EC001
166.00
174.00
8.00
0.39
Ho
le 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 3: Drill Hole Locations
Hole ID
Easting* (m)
Northing* (m)
Elevation (m)
Azimuth (°)
Dip (°)
Depth (m)
24FR095
817065.1
401904.2
206.3
260
-50
401.1
24FR093
817018.0
401620.0
156.8
260.3
-45
263.1
24FR092
816906.0
401550.0
177.8
79.6
-55.4
329.0
24FR091
817076.3
401516.0
161.4
250
-45
221.1
24FR090
817076.3
401516.0
164.4
250
-69.7
293.0
24FR089
817237.5
401231.5
149.3
255
-45
377.0
24FR088
817306.6
401259.2
150.0
255
-45
419.1
24FR087
817268.5
401354.5
187.7
250
-50
452.1
24FR086
817199.5
401321.5
181.5
250
-50
401.2
24EC003
816810.0
401338.9
241.6
308.6
-50.3
289.9
24EC002
816811.7
401337.4
241.4
259.0
-58.2
337.8
24EC001
816904.5
401374.5
231.8
260.9
-57.1
301.1
*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
will complete 45,000 metres of drilling in 2024 and is fully financed for up to 60,000 metres in 2025.
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 5.0 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
Tel: 306 537 8903 |
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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