Founders Metals Initiates Soil Geochemical Survey on its Elmtree Gold Project
Founders Metals Initiates Soil Geochemical
Survey on its Elmtree Gold Project
Edmonton, Alberta--(Newsfile Corp. - August 3, 2021) -
Founders Metals Inc.
(TSXV: FDR) ("
Founders
"
or the "Company") is pleased to announce the start of a multistage soil geochemical survey on its
Elmtree Gold Project in northeastern New Brunswick, Canada. Sampling began on July 15
th
and
employs ALS Global's Ionic Leach technique to assist in better identifying mineralization and associated
alteration through thin, locally clay-rich, glacial cover.
Figure 1 – Map of proposed soil geochemical samples over the Elmtree property.
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/7574/91831_1da8cc898494984e_001full.jpg
PHASE ONE
extends historical soil grids around the known gold zones in the southern portion of the
property. Samples are being collected at 25 m intervals along 50 m-spaced lines (Figure 1) to produce a
high-resolution dataset and aid the Founders Metals team in accurate drill targeting in the area
immediately surrounding the historical Elmtree Project gold resource estimate1. Five percent of the
historical soil grids are being resampled to test the validity of earlier conventional soil geochemical work
and to support integrating this earlier data into our expanding geochemical database. Furthermore, the
chosen Ionic Leach analytical method is specifically designed to detect low levels of mobile metal ions,
and provides exceptionally low detection limits, which help detect more subtle geological signatures
associated with mineralization.
PHASE TWO
focuses on exploration targets identified from the compilation of historical surface
sampling, historical airborne geophysics, and preliminary data from the recent drone magnetics survey
(Figure 2). Initial line-spacing is 50x100 m with higher-density infill sampling over areas of interest
following initial assay results. Phase two covers multiple underexplored and highly prospective areas for
gold mineralization along strike of the main Elmtree deposits.
Figure 2 – Map showing coverage of UAV magnetics survey over Founders Metals’ Elmtree
Project claims.
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/7574/91831_1da8cc898494984e_003full.jpg
Founders Metals thanks the New Brunswick Department of Natural Resources and Energy Development
grant. The funds are being used on current exploration expenditures to advance the Elmtree Property
further.
About Founders Metals Inc.
Founders Metals Inc. is a Canadian exploration company focused on advancing the resource potential of
its 1,063-hectare Elmtree Gold Project. The Project consists of three expansion-ready gold deposits and
numerous additional exploration targets. Founders is managed by resource sector professionals, with a
proven track record of advancing projects from grassroots through production. Founders Metals is part
of the
Metals Group
of companies, an award-winning team of professionals who value technical
excellence, painstaking project selection, and uncompromising corporate governance, with a recognized
ability to capitalize on investment opportunities and deliver shareholder returns.
ON BEHALF OF THE BOARD OF DIRECTORS
Founders Metals Inc.
s/ "John Williamson"
John Williamson
President, CEO, and Director
For further information, please contact:
Nick Stajduhar
Director
Telephone: 780-701-3216
Email:
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.
Cautionary Statement Regarding Forward-Looking Information
This news release may contain certain "forward-looking statements". Forward-looking statements
involve known and unknown risks, uncertainties, assumptions, and other factors that may cause the
actual results, performance, or achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by the forward-looking statements.
Any forward-looking statement speaks only as of the date of this news release and, except as may be
required by applicable securities laws, the Company disclaims any intent or obligation to update any
forward-looking statement, whether because of new information, future events or results or otherwise.
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