Founders Metals Hits 6.0 Metres of 94.69 g/t Gold and 9.0 Metres of 22.84 g/t Gold on Further Northwest Expansion
Founders Metals Hits 6.0 Metres of 94.69 g/t
Gold and 9.0 Metres of 22.84 g/t Gold on
Further Northwest Expansion
Vancouver, British Columbia--(Newsfile Corp. - December 7, 2023) -
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 multiple high-grade gold
intervals from further NW into the Froyo-Ginger Connector Zone including, 9.0 metres (m) of 22.84 grams
per tonne (g/t) gold (Au) and 6.0 m of 94.69 g/t Au with a property-wide record assay of 434.98 g/t Au
over 1 metre.
Highlights
New highest grade gold assay in the property's history at 434.98 g/t Au over 1.0 metre
Drill hole GG001 hits multiple high-grade gold zones (Table 1, Figures 1-2), including:
9.0 m of 22.84 g/t Au
from 125 m down hole
6.0 m of 94.69 g/t Au
including
1.0 m of 434.98 g/t Au
from 152 m down hole
Two additional zones
including,
6.0 m of 4.47 g/t Au
from 41.1 m down hole and,
6.0 m of 2.92 g/t Au
from 193 m down hole
Further extension of ultra high-grade gold zone into Ginger prospect area
Figure 1.
Upper Antino area plan map. Long section line A-A' corresponds to Figure 2.
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Colin Padget, Founders' CEO and President, commented, "With gold grades reaching almost 13
ounces per ton, today's results are a spectacular example of the high-grade gold mineralization at Upper
Antino.
We are also very excited to see additional gold zones away from the main structure as these
potentially represent a much broader mineralized footprint than previously recognized."
Mr. Padget continued, "As we head into 2024, our access to rapid assay turnaround times will allow us
to continue providing consistent drilling and exploration updates to shareholders. Also, the combination
of our recent financing plus the over $7 million of deep-in-the-money warrants, places Founders in an
excellent position to meet or exceed our 2024 exploration goals, including up to 30,000 metres of
diamond drilling. We plan to release Founders' 2024 exploration strategy in the coming weeks."
*Intervals are core length and estimated to represent 85% or more of true width based on current drill data
Figure 2.
Updated Froyo-Ginger Long Section
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Drillhole
From (m)
To (m)
Interval (m)*
Au (g/t)
23GG001
41.1
47.1
6.0
4.47
23GG001
125
134
9.0
22.84
23GG001
incl
152
153
158
154
6.0
1.0
94.69
434.98
23GG001
193
199
6.0
2.92
*Intervals are core length and estimated to represent 85% or more of true width based on current drill data
Table 1.
Assay results from drill hole GG001
About Founders Metals Inc.
Founders Metals is a Canadian exploration company with properties in North and South America. The
Company's major focus is 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 own diamond drilling equipment, the Company
has 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 3.
The Antino Gold Project
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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, 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.sedarplus.ca
.
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