Froyo Continues to Grow; Founders Metals Hits 44.0 m of 2.05 g/t Au in 65 m Step-Out
Froyo Continues to Grow; Founders Metals
Hits 44.0 m of 2.05 g/t Au in 65 m Step-Out
Vancouver, British Columbia--(Newsfile Corp. - August 8, 2024) -
Founders Metals Inc.
(TSXV: FDR)
(OTCQX: FDMIF) (FSE: 9DL0) ("Founders" or the "Company") announces drill core assay results from
its fully-funded 2024 drill program at the Antino Gold Project ("Antino" or the "Project") in southeastern
Suriname. Highlights within this release demonstrate successful step-out exploration drilling from the
July
22, 2024
news release focused on the Froyo Gold Zone.
Drilling Highlights
44.0 metres (m) of 2.05 grams per tonne (g/t) gold (Au)
(24GG013)
Including 11.0 m of 5.73 g/t Au
35.0 m of 2.37 g/t Au
(24FR073)
30.0 m of 2.77 g/t Au
(24GG006)
3.0 m of 10.20 g/t Au
(24FR076)
9.3 m of 3.39 g/t Au
(23GG002)
"These results represent another significant extension of mineralization at Froyo," commented President
& CEO, Colin Padget. "Drill hole 24GG013 is a 65 m step-out north along strike of the previously
released drillhole 24FR074, which intersected 46.0 m of 5.31 g/t Au. This new mineralization provides
additional confidence in the continuity of the parallel zones at Froyo, which remain open along strike and
at depth."
Results from
24GG013 (44.0 m of 2.05 g/t Au)
represent a sizable step-out in the emerging gold trend
that occurs within a broader series of parallel shear zones east of the main Froyo Gold Zone. In addition
to the northern step-out, this drilling also highlights mineralization at depth. Drill hole
24FR076 (3.0 m of
10.20 g/t Au)
is a 60 metre down-dip extension from previously released 24FR075 (refer to Figure 2
below). These parallel shears have consistent mineralogical characteristics of the main Froyo shear and
likely exhibit deep rooted structures with strong growth potential.
About Founders Metals Inc.
Founders Metals is a Canadian-based exploration company focused on advancing the Antino Gold
Project located in Suriname, South America, in the heart of the Guiana Shield. Antino is 20,000 hectares
and has produced over 500,000 ounces of gold from surface and alluvial mining to date
1
. The Company
drilled 10,000 metres in 2023 and is fully financed for drilling in 2024.
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 Lima, Peru (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
Contact Information
Katie MacKenzie, Vice President, Corporate Development
Nick Stajduhar, Director
Figure 1: Froyo Zone Plan Map with Drillhole Locations
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7574/219239_e508c38ab46ba928_001full.jpg
Figure 2: Vertical Section of Froyo Zone
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7574/219239_e508c38ab46ba928_002full.jpg
Table 1: Assay Results
Hole ID
From (m)
To (m)
Core Length* (m)
Au (g/t)
24FR076
6.60
9.60
3.00
2.98
and
180.00
184.00
4.00
0.60
and
300.00
303.00
3.00
10.20
24FR073
152.00
187.00
35.00
2.37
24GG013
133.00
177.00
44.00
2.05
including
153.00
164.00
11.00
5.73
and
202.00
209.00
7.00
3.62
and
372.00
376.89
4.89
0.55
24GG007
198.00
206.00
8.00
1.92
24GG006
186.00
216.00
30.00
2.77
24GG005
149.00
151.00
2.00
2.52
23GG002
197.00
206.30
9.30
3.39
*Intervals are estimated to represent 85% or more of true width based on current drill data
Table 2: Drill Hole Locations
Hole ID
Easting* (m)
Northing* (m)
Elevation (m)
Azimuth (°)
Dip (°)
Depth (m)
24FR076
817198.8
401182.2
157.3
250.0
-65.0
350.1
24FR073
817063.2
401147.6
157.0
248.8
-51.0
221.1
24GG013
817073.8
401218.0
182.2
245.0
-55.0
377.0
24GG007
817017.1
401194.1
178.6
238.9
-60.6
251.2
24GG006
817017.0
401193.9
178.7
233.9
-52.5
233.1
24GG005
817000.0
401151.5
171.1
240.1
-75.1
272.0
23GG002
816877.2
401027.7
167.6
52.3
-52.4
226.5
*The coordinate reference system is WGS 84, UTM zone 21N (EPSG 32621)
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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