Founders Metals Hits at Buese; Intercepts 20 m of 7.65 g/t Gold
Founders Metals Hits at Buese; Intercepts 20
m of 7.65 g/t Gold
Vancouver, British Columbia--(Newsfile Corp. - September 24, 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. The Company is pleased to report results from its 3,500-metre (m) Phase 1
Buese drill program. The drilling was designed to test high-grade, shear-hosted gold mineralization as
well as intrusion-hosted, bulk-tonnage style targets across one kilometre (km) of strike within the
broader, multi-kilometre (km) scale gold system. Results confirm both mineralization styles at Buese and
a 7,500 m follow-up drill program is underway.
Highlights
High-grade, shear-hosted gold (Au) mineralization including:
78.0 m of 2.35 grams per tonne (g/t) Au, including 20.0 m of 7.65 g/t Au
(24BU011)
Broad, intrusion-hosted gold mineralization including:
16.5 m of 1.64 g/t Au, and 110.0 m of 0.34 g/t Au
(24BU007)
Tailings from historical gold mining intercepted in first 5 to 15 metres from several drill holes along
a 200 m transect. Highlights include:
15.6 m of 0.45 g/t Au from surface in tailings material (24BU002)
~2 km
2
area containing tailings with minimum depth 5 m
President & CEO, Colin Padget, commented "With only twelve drill holes into Buese, we are thrilled with
the Phase 1 results as they clearly demonstrate Buese's potential and confirm both the high-grade and
bulk-tonnage mineralization we originally outlined in our
July 10, 2024 release
. Buese remains a high-
priority target for Founders, with a 7,500 m, Phase 2 drill program already underway that aims to
determine the strike extent of gold mineralization within the more than 4 km
2
surface anomaly from auger
sampling. Today's drill results underline the scale of gold mineralization at Antino and further supports the
property's potential to host multiple, substantial gold deposits."
Buese Mineralization Styles
The regional scale structure at Buese hosts two distinct mineralization styles including high-grade shear-
hosted gold mineralization that is present within and along the margins of tonalitic intrusive rocks, and
broad gold-bearing zones within the intrusive that are associated with high-density quartz veining, albite
alteration, and sericitization. The dominant intrusive body (the "Filuca Intrusive" or "Intrusive") at Buese is
a northwest, tonalitic body coincident with the broader regional tectonic fabric. The Filuca Intrusive was
intersected in drill hole 24BU007 with
16.5 m of 1.64 g/t Au
and
110.0 m of 0.34 g/t Au,
and in
24BU001 with
139.0 m of 0.30 g/t Au
. Shearing and multiple generations of quartz veining exist along
the margins of and within the Filuca Intrusive which drill hole 24BU011 demonstrates grading
2.35 g/t Au
over 78.0 m
, including a higher-grade central zone of
7.65 g/t Au over 20.0 m
. Surface mapping and
sampling delineate a strike length of over 1.5 km for the Filuca intrusive with compelling evidence from
geophysical data suggesting multiple repeating units over an area of several square kilometres (Figure
3).
Tailings Opportunity
Buese is the site of over 100 years of artisanal mining history. The tailings from surficial mining
operations have been extensively deposited throughout the Buese area. Though not targeted for tailings,
drill holes 24BU001, 24BU002, 24BU006 and 24BU007 intercepted up to 15 m of tailings from surface
with consistent 0.25 g/t Au to 0.45 g/t Au. Given the typically low (<30%) gold recovery from artisanal
mining methods and the seemingly ubiquitous presence of gold mineralized tailings material, the
reported intervals provide additional early support for a robust gold system. Founders continues to
explore the tailings opportunities across the Project and is planning a more focused exploration effort to
better define overall property-wide abundance and grade. The results of this work will be considered for
potential inclusion of tailings in a future resource or economic study. Metallurgical work on tailings is
currently in progress on the property, and preliminary results are expected in Q4 2024.
Figure 1: Property Scale Plan Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7574/224355_c59ef59a34431904_001full.jpg
Figure 2: Buese Plan Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7574/224355_c59ef59a34431904_002full.jpg
Note: Historical drill assay data is not currently suitable for use in a mineral resource estimation and does not meet the Company's criteria for use in
released materials. Data deficiencies include, unverifiable collar locations, a lack, or failure, of QA/QC in historical laboratory analysis, and
insufficient legacy drill core available for relogging/resampling efforts. The data instead serves as a complimentary data set to Founders' own
modern exploration efforts.
Figure 3: Geology Schematic of Buese
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7574/224355_c59ef59a34431904_003full.jpg
Table 1: Assay Results
Hole ID
From (m)
To (m)
Core Length* (m)
Au (g/t)
24BU001
35.00
174.00
139.00
0.30
and
236.00
249.00
13.00
0.30
and
271.00
275.00
4.00
0.40
and
364.00
375.00
11.00
0.35
24BU002
71.10
85.00
13.90
0.23
and
144.00
151.00
7.00
0.78
24BU003
129.00
132.00
3.00
0.33
24BU004
215.00
231.00
16.00
1.08
and
265.00
284.00
19.00
0.41
and
302.00
325.00
23.00
0.48
24BU005
247.00
252.00
5.00
0.37
and
273.00
316.50
43.50
0.36
24BU006
86.00
91.00
5.00
0.50
and
118.00
122.00
4.00
0.63
24BU007
6.60
23.10
16.50
1.64
and
166.00
276.00
110.00
0.34
24BU008
NSA
24BU009
12.60
14.10
1.50
4.29
and
139.00
174.00
35.00
0.41
and
186.00
193.00
7.00
0.67
24BU010
NSA
24BU011
162.00
240.00
78.00
2.35
incl
186.00
206.00
20.00
7.65
24BU012
135.00
139.00
4.00
0.47
Tailings
24BU001
0.00
6.60
6.60
0.25
24BU002
0.00
15.60
15.60
0.45
24BU006
0.00
5.10
5.10
0.35
24BU007
0.00
6.60
6.60
0.34
*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)
24BB001
821640.6
396982.7
114.9
0
-60
464.0
24BB002
821825.7
396933.4
118.4
0
-60
374.1
24BB003
821868.0
397137.8
113.9
180
-50
146.0
24BB004
821560.5
397487.2
117.1
250
-50
407.0
24BB005
821486.8
397579.1
121.6
260
-50
365.0
24BB006
821776.1
396952.5
117.4
250
-50
122.0
24BB007
821775.1
396952.0
117.4
310
-50
350.0
24BB008
821308.8
397692.4
116.1
250
-50
299.0
24BB009
822467.2
397118.1
132.9
210
-45
275.0
24BB010
821850.8
397103.5
114.0
200
-45
74.1
24BB011
821263.9
397407.0
162.9
60
-50
301.9
24BB012
821953.3
396861.0
113.6
0.1
-45.1
176.0
*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., an independent 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
, 1.306.537.8903
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adequacy or accuracy of this release.
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
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the risk factors in the Company's most recent annual management discussion and analysis. The
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All material information on Founders Metals can be found at
www.sedarplus.ca
.
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