FDR.V · 2024-07-10 12:00:00

Founders Metals Third Drill Arrives; Begins Drilling at Buese

Exploration Programs

Founders Metals Third Drill Arrives; Begins

Drilling at Buese

Vancouver, British Columbia--(Newsfile Corp. - July 10, 2024) -

Founders Metals Inc.

(TSXV: FDR)

(OTCQX: FDMIF) (FSE: 9DL0) ("Founders" or the "Company") announces the start of its 2024 Buese

area drill program at the Antino Gold Project ("Antino" or "Project") in southeastern Suriname. The

Company plans to drill up to 7,000 metres (m) at Buese in 2024 beginning with an initial 3,000 m phase

1 program. The drilling uses Founders' own recently acquired third diamond drill. The Company is

focused on testing both high-grade shear zones along the margins of the Filuca intrusive and bulk-

tonnage type targets hosted within the intrusive at Buese.

Highlights

Founders-owned third diamond drill rig now operating

Start of 3,000 m phase 1 drilling program at Buese

New induced polarization (IP) and ground magnetic surveys support previously

unidentified mineralized structures confirmed with high-grade gold samples at surface

Channel sample grading 9.34 grams per tonne (g/t) gold (Au) over 8.0 m including 1.0 m of

42.56 g/t Au

as well as previously released results of up to 113.0 g/t Au

Over 35,000 m

of mapped Filuca intrusive with potentially a much larger subsurface

body supported by recent geophysics

Buese Discussion

The Buese area covers over 600 hectares (ha) and is ~6 kilometres (km) southeast of Upper Antino and

the Froyo Gold Zone. Buese gold mineralization is mapped over 2 kilometres along the southeastern

extent of the 8+ km Antino Gold Trend. Mineralization occurs within and along the margins of the Filuca

tonalite intrusion. Recently exposed outcrops by artisanal miners show that the intrusion is heavily altered

(quartz/sericite/iron-carbonate/tourmaline) and hosts multiple generations of centimetre to decimetre-

scale quartz ± quartz-carbonate veins throughout the exposed body. Founders' recent exploration results

combined with historical auger sampling and limited past drilling of the Filuca intrusive indicate

significant, previously underexplored potential for bulk-tonnage gold mineralization. This represents a

similar setting and style of mineralization as the multi-million ounce Omai and Yaou gold deposits in

Guyana and French Guiana, respectively.

Founders' exploration work to date includes new ground magnetic and IP geophysical surveys, auger

and rock sampling, detailed mapping, and an analysis of historical drilling. From this work, Founders has

defined several high-priority drill targets. Geological mapping has successfully defined over 35,000 m

of the tonalitic Filuca intrusive and surface sampling confirms substantial gold mineralization spatially

associated with an extensive quartz and quartz-carbonate stockwork vein system. The Company's

channel sample results from Buese include

9.34 g/t Au over 8.0 m

and

11.87 g/t Au over 12.0 m

, with

up to

113.0 g/t Au

Colin Padget, Founders' President & CEO, commented "We are very encouraged by the results of the

preliminary work completed at Buese and are excited for the ongoing drilling. Historical work primarily

targeted the high-grade shears and other mineralization separate from the Filuca intrusive. Given our

recent work and updated geological interpretation, phase 1 of our drilling focuses on the bulk-tonnage

potential of the Filuca intrusive and the high-grade shears zones along its edge."

In addition to the maps below, take a virtual tour of the property by clicking

here.

Figure 1: Property Scale Map