Founders Metals Provides Details on Upcoming 2023 Drill Program
Founders Metals Provides Details on
Upcoming 2023 Drill Program
Vancouver, British Columbia--(Newsfile Corp. - June 1, 2023) -
Founders Metals Inc.
(TSXV: FDR)
("Founders" or the "Company") announces its 2023 plan for up to 10,000 m of diamond drilling at the
Antino Gold Project in southeastern Suriname. The program will focus on expanding the known gold
mineralization at the Froyo Zone in the Upper Antino Area, in addition to testing a range of new, highly
prospective targets marking a significant step towards unlocking the project's vast mineral potential
(Figure 1).
The Company's newly acquired diamond drill rigs (see press release May 11, 2023) have now arrived in
Suriname and crews are transporting them to Antino for setup and to begin this year's drilling campaign.
The 2023 program is separated into two phases, with phase one drilling expected to commence by late
June. Founders is also completing minor camp upgrades to streamline logging and core processing.
Founders Metals' CEO & Director, Colin Padget, stated, "Our strategy involves deploying one drill that
will operate continuously to delineate and enhance the existing gold mineralization at Antino, while the
second rig will concentrate on testing very compelling exploration targets. By adopting this approach, we
can simultaneously advance the development of substantial gold resources in the established zones,
while also exploring numerous promising new targets, with excellent discovery potential, within our
extensive and largely unexplored land area. Also, with assay turnaround times of under two weeks, we'll
be able to keep people up to date on progress and results."
Phase One Highlights
Resource expansion in the well-established high-grade Froyo Zone (Figures 2 and 3)
Up to 7,000 metres (m) targeting infill, down-dip, and along-strike expansion
Enhance understanding of the deposit's geology and mineralization patterns to delineate
additional gold mineralization in that area
Expand high-grade gold mineralization to the northwest and southeast using updated
structural interpretation and modest step-outs from historical holes including, ADH-071 that
intersected 12 m of 4.98 grams per tonne (g/t) gold (Au)
Complete a high-resolution ground geophysical survey (Magnetics & IP) over Upper Antino
Comprehensive relog of historical drill core
Phase Two Highlights
Up to 3,000 m testing numerous new high-potential exploration drill targets
Several targets with high-grade mineralization from surface along kilometre-scale structural
trend (Figure 2)
Potentially broad, intrusion-hosted mineralization (Figures 2&4)
>15 areas with anomalous high-grade gold at surface coincident with geophysical anomalies and
primary mineralized trend
All within the road-accessible Buese, and Upper & Lower Antino prospect areas
New target definition with the use of extensive soil, rock, and auger sample grids
Detailed structural mapping of high-priority target areas (Figure 2)
Figure 1 - Antino Overview Map
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Figure
2
- Map of the Upper Antino Area
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Figure 3 - Longsection of main Froyo Zone
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Figure 4 - Example of extensive gold-bearing stockwork quartz veining in intrusive rocks from
the Buese area.
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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.
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.
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 |
Nick Stajduhar, Director
Tel: 780 701 3216 |
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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