Founders Metals Identifies Historical Artisanal Mining Tailings Grading up to 9.17 Grams Per Tonne Gold from Multiple Areas
Founders Metals Identifies Historical Artisanal
Mining Tailings Grading up to 9.17 Grams Per
Tonne Gold from Multiple Areas
Vancouver, British Columbia--(Newsfile Corp. - October 24, 2023) -
Founders Metals Inc.
(TSXV:
FDR) ("Founders" or the "Company") announces auger geochemical survey results targeting historical
artisanal mining tailings at the Antino Gold Project in southeastern Suriname, South America. The
Company reports gold concentrations of up to 9.17 grams per tonne (g/t) gold (Au) in the alluvial mining
tailings. The preliminary survey outlines three large tailings areas that collectively cover >100,000 m
2
with minimum thicknesses over 3.5 m. Ongoing work is underway to evaluate the full economic potential
of the gold-rich tailings at Upper Antino and the much larger volume of tailings in the Buese area.
Highlights:
Froyo zone tailings up to 9.17 g/t Au with twenty samples averaging 3.35 g/t Au
Eclaire zone tailings up to 3.77 g/t Au and averaging 1.41 g/t Au (27 samples)
Donut zone tailings up to 1.56 g/t Au (31 samples)
>100,000 m
2
of historical tailings at Upper Antino with 3.5 m minimum thickness
Much larger historical tailings at Buese still to be sampled
Figure 1:
Upper Antino area plan map showing auger sample locations and gold grades in historical
tailings.
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Founders' CEO, Colin Padget, commented, "We are very pleased to find such high gold grades in the
historical tailings. We potentially have our market cap or more in recoverable gold from this easily
accessible material at Upper Antino, and the recognition that this represents less than 30% of the total
tailings on the property, makes this a major find for Founders. Additionally, with the low gold recoveries
attributed to artisanal mining, the gold concentrations we're seeing in the Upper Antino tailings are
further evidence of large-scale, high-grade gold mineralization at Antino."
The auger survey consisted of 78 one-metre samples collected from depths of 1-3 metres over a portion
of the main historical tailings' areas at Froyo, Eclaire, and Donut (see Figure 1). The tailings are largely
homogenous piles of sub-2 mm material produced locally from a single mining area. They are mostly
derived from high-grade saprolite or alluvial material that has been processed through a hammer mill
and sluice system to recover gold. Records indicate that historical artisanal mining recovery was poor
with estimated recoveries of only 20-30%. Minimum thicknesses were determined via trenching or locally
from deeper auguring. The Upper Antino area tailings represent less than 30% of the total known tailings
on the Property.
Detailed surveying, sampling, and testing are planned to accurately determine the total overall volumes,
grades, and recoverability of the contained gold.
Figure 2: Antino Gold Project Area Map
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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.
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, Manager, Investor Relations
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.sedar.com
.
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