Founders Metals Hits New Highest-Grade Sample of 231.92 g/t Gold over 1.0 Metre Within 3.0 Metres of 99.51 g/t Gold
Founders Metals Hits New Highest-Grade
Sample of 231.92 g/t Gold over 1.0 Metre
Within 3.0 Metres of 99.51 g/t Gold
Vancouver, British Columbia--(Newsfile Corp. - November 2, 2023) -
Founders Metals Inc.
(TSXV:
FDR) ("Founders" or the "Company") announces drill core assay results from the Antino Gold Project in
southeastern Suriname. The Company adds a 3.0 metre (m) interval of 99.51 grams per tonne (g/t) gold
(Au) to results from its October 26
th
news where a shallower angled (-50 vs -70) hole from the same drill
pad intercepted 10.5 m of 8.91 g/t Au. The near surface hit is only 25 metres down and includes
Founders' highest-grade gold intercept to date on the property with a 1 metre sample grading 231.92 g/t
Au.
Highlights
Hole 23FR026 returns
new highest-grade Antino gold hit of
1 metre of 231.92 g/t Au
within
3
m of 99.51 g/t Au
High-grade interval
from 25 m vertical depth
, below oxide zone and in bedrock (Figure 2)
Remains open to depth and further along strike in Froyo-Ginger Connector Zone (Figure 3)
Figure 1:
Upper Antino area plan map. Long section line corresponds to Figure 2.
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Founders' CEO, Colin Padget, commented, "We wanted to get these numbers out as quickly as we
could because it is such a great addition to last week's 10.5 m of 8.91 g/t Au from the Froyo-Ginger
Connector. We really like how shallow we're seeing these grades in bedrock - we have a lot of room for
growth to depth and along strike. Intervals like 3 m of 99.51 g/t Au are the hits that really help to raise the
overall average grade within a larger deposit."
Figure 2
: Photo of core from hole 23FR026's highest grade zone showing representative sulphide and
vein textures for the zone.
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*
Figure 3
: Updated Froyo Gold Zone Long Section showing shallow, high-grade gold interval location.
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* Intervals are reported at a cut-off grade of 0.3 g/t Au using 5 metres minimum length and 5 metres maximum internal dilution.
*Intervals are core length and estimated to represent 85% or more of true width based on current drill data
About Founders Metals Inc.
Founders Metals is a Canadian exploration company operating in North and South America. The
Company is focused on acquiring and advancing gold projects in the South American Guiana Shield. Its
flagship project is the 20,000 ha Antino Gold Project in Suriname. Exploration work on the project
includes, over 30,000 m of historical drilling, 35,000 gold-in-soil auger samples, property-wide
aeromagnetic survey data, and a 2022 LiDAR survey. Antino is the most advanced gold exploration
project in Suriname; within an area where historical surface/alluvial gold mining has produced over
500,000 gold ounces to date
1
.
1
2022 Technical Report - Antino Project; Suriname, South America. K. Raffle, BSc, P. Geo & Rock Lefrançois, BSc, P.Geo.
Figure 4: Upper Antino Area
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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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