Froyo Eats Cupcake; Founders Metals Extends Froyo Gold Zone by 500 Metres
Froyo Eats Cupcake; Founders Metals Extends
Froyo Gold Zone by 500 Metres
Vancouver, British Columbia--(Newsfile Corp. - September 11, 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. The Company reports new high-grade, gold-bearing structures in eastward
step-out and extends the Froyo Gold Zone ("Froyo") 500 metres (m) north. This new mineralization
connects through the historical artisanal mining pit known as 'Cupcake'. Founders' diamond drilling now
delineates ~1,400 m of high-grade gold mineralization at Froyo (Figure 1).
Highlights
Froyo strike length increases by 500 m;
results include multiple high-grade intercepts
Three main zones in drill hole 24GG015 including:
5.0 m of 14.09 grams per tonne (g/t) gold (Au)
from 274.0 m
15.0 m of 3.51 g/t Au
from 173.0 m
7.0 m of 3.64 g/t Au
from 243.0 m
Drill hole 24CU006 intercepts
7.0 m of 3.46 g/t Au
from 107.0 m
Multiple broad, gold-bearing shears in latest eastward step-out at Froyo including:
14.0 m of 2.91 g/t Au
from 56.0 m (24FR080)
24.0 m of 1.60 g/t Au
from 183.0 m (24FR081)
President & CEO Colin Padget commented, "With a drill-defined footprint that is 500 metres longer and
100 metres wider, the Froyo zone has almost doubled from two months ago. The recent growth further
highlights the robust nature of the gold system at Antino and the property's potential to host world-class
gold deposits."
Padget continued, "Beyond Froyo and Upper Antino, our Phase 1 drill program at Buese is nearly
complete and we look forward to sharing those results later this month once we have the remaining
outstanding assays back. Lastly, Lower Antino work has advanced quickly with drilling underway, and we
are soon to begin an auger and trenching program at Lawa."
Connecting Ginger, Cupcake and Froyo Gold Zones
The results from drillholes 24FR080, 24FR081, and 24GG015 occur within a key structural junction
between the historical Cupcake pit and the Froyo Gold Zone. There is now demonstrable geological
continuity of the gold mineralization between these two historical mining areas (Figure 1). Drill results
from 24CU001-006 occur within and along strike of Cupcake and represent the northernmost drill-
defined gold mineralization to date. Founders' technical team now recognizes that the Ginger, Cupcake
and Froyo zones comprise connected parts of a single larger
mineralized corridor that hosts
multiple, high-grade shear zones spanning a combined strike length of at least ~1,400 m.
Donut Phase 2 Drilling
Founders intends to do a second phase of drilling at the Donut target area to further expand upon the
strong results in the initial drill program including 19.0 m of 14.23 g/t Au (23DO007) and 45.0 m of 2.16
g/t Au (23DO006). The Donut target exhibits both low grade, bulk tonnage style mineralization and a
high-grade shear component occurring along the margins of a mineralized intrusive body. The Company
successfully discovered two dominant shear structures while also demonstrating the continuity of
mineralization at depth and along strike. We expect this drilling to further extend and better define the
intrusive body hosting mineralization. Phase 2 at Donut is expected to begin in Q4 2024.
Figure 1: Upper Antino Plan Map with Drillhole Locations
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7574/222985_c0e81ed91496f831_001full.jpg
Figure 2: Subvertical Section of Froyo Zone
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7574/222985_c0e81ed91496f831_002full.jpg
Figure 3: Oblique View & Long-Section of Upper Antino Drilling by Founders Metals to Date
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7574/222985_c0e81ed91496f831_003full.jpg
Table 1: Assay Results
Hole ID
From (m)
To (m)
Core Length* (m)
Au (g/t)
24FR081
103.00
112.00
9.00
0.50
and
134.00
141.00
7.00
2.27
and
183.00
207.00
24.00
1.60
and
250.00
252.00
2.00
1.69
24FR080
56.00
70.00
14.00
2.91
24FR079
23.10
29.10
6.00
1.16
24FR078
71.10
74.10
3.00
1.05
24FR077
51.60
54.60
3.00
1.50
and
218.00
220.00
2.00
7.04
and
310.00
315.00
5.00
0.77
24GG015
103.00
107.00
4.00
0.94
and
144.00
147.00
3.00
1.21
and
173.00
188.00
15.00
3.51
and
243.00
250.00
7.00
3.64
and
274.00
279.00
5.00
14.09
24GG014
3.60
14.10
10.50
0.40
and
32.10
44.10
12.00
1.18
and
132.00
139.00
7.00
0.62
and
197.00
198.00
1.00
33.47
and
245.00
247.00
2.00
3.08
24GG012
140.10
143.10
3.00
0.48
24GG011
268.00
271.00
3.00
0.48
24GG010
157.00
162.00
5.00
0.80
24GG009
198.00
205.00
7.00
0.66
24GG008
149.00
153.00
4.00
4.46
and
188.00
195.00
7.00
0.75
24CU006
107.00
114.00
7.00
3.46
24CU005
NSA
24CU004
121.00
131.00
10.00
1.21
incl
121.00
125.00
4.00
2.67
24CU003
NSA
24CU002
127.00
132.00
5.00
0.31
24CU001
105.00
115.00
10.00
0.42
*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)
24FR081
817181.7
401382.7
206.9
250.0
-50.0
407.0
24FR080
817060.5
401468.0
170.9
250.0
-50.0
338.0
24FR079
817075.0
401384.5
182.0
250.0
-50.0
257.0
24FR078
816668.2
400877.6
226.5
60.0
-55.0
301.9
24FR077
817042.3
401261.0
202.9
250.0
-50.0
358.8
24GG015
817128.1
401333.1
200.1
250.0
-50.0
389.0
24GG014
817143.3
401233.2
165.2
250.0
-50.0
311.1
24GG012
816895.2
401273.2
225.4
262.4
-50.7
300.6
24GG011
816957.5
401328.2
230.3
259.5
-49.7
302.0
24GG010
816980.3
401205.3
191.4
232.9
-51.9
211.8
24GG009
816964.7
401238.8
199.8
237.8
-55.1
233.2
24GG008
816964.7
401238.8
199.8
236.2
-48.0
260.0
24CU006
816918.8
401658.3
160.0
84.0
-50.8
290.2
24CU005
817062.4
401727.3
157.7
88.1
-52.8
254.1
24CU004
817057.1
401727.1
157.7
253.6
-47.2
202.1
24CU003
817283.0
401559.5
162.4
268.4
-47.0
258.8
24CU002
817099.9
401556.4
157.3
268.4
-63.3
202.4
24CU001
817100.2
401556.5
157.3
268.3
-46.4
200.1
*The coordinate reference system is WGS 84, UTM zone 21N (EPSG 32621)
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., an independent 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
1.306.537.8903
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
.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/222985