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Founders Metals Drills 9.00 m of 11.10 g/t Gold and 12.20 m of 8.75 g/t Gold at Antino Gold Project

August 10, 2023
7708

Founders Metals Inc.

TSXV: FDR

Founders Metals Inc. announces additional drill core assay results from its maiden drill program at the Antino Gold Project in southeastern Suriname. The Company reports further high-grade gold intercepts as it continues to step-out from and expand gold mineralization in the Froyo Gold Zone. Rapid assay turnaround times allow Founders to continuously share results and demonstrate the incremental growth of this high-grade gold zone to depth and along strike.

Highlights

  • Drillhole 23FR009 intersects 9.00 metres (m) core length of 11.10 grams per tonne (g/t) gold (Au) including 6 m of 15.92 g/t Au and 4.25 m of 19.29 g/t Au (Table 1, Figures 1&2)
  • Drillhole 23FR010 returns 12.20 m core length of 8.75 g/t Au (Table 1, Figures 1&2)
  • Highest grade assay to date from Drillhole 23FR007 at 0.95 m of 115 g/t Au
  • The new gold intercepts demonstrate continuity of high-grade gold to depth and along strike (Figure 2)
  • Over 3200 m of drilling to date with now consistent drill core recovery in saprolite zones above 90%
DrillholeFrom (m)To (m)Interval (m)*Au (ppm)
23FR001
and
43.00
51.50
46.00
52.50
3.00
1.00
1.32
2.01
23FR00323.0029.006.001.78
23FR007
Incl
Incl
47.50
48.00
54.00
54.95
53.00
54.95
7.45
5.00
0.95
15.22
No Recovery**
115.00
23FR009
incl
83.00
87.00
92.00
91.25
9.00
4.25
11.10
19.29
23FR010
incl
95.00
97.00
98.00
98.00
3.00
1.00
7.12
19.10
23FR011
incl
76.00
80.00
89.00
85.00
12.20
5.00
8.75
17.59
Table 1: Drilling Results
*Intervals are core length. At this early stage of exploration true widths are unknown.
**No recovery over interval; core length consistent with along strike historical interval of 11.3 m of 2.12 g/t Au; treated as zero in interval calculation.

“These latest results are excellent and demonstrate continuity of the high-grade gold mineralization at Antino. We are continuing to build on these results in the near-term but with our recent IP survey in hand and ground magnetics underway we are excited to soon start testing the high-priority drill targets coming out of the new data. We will be releasing details of this upcoming work soon.”

Colin Padget, Founders’ President and CEO
Figure 1: Froyo Main area long section
Figure 2: Map of Froyo Main and Antino camp area

Founders Metals’ ongoing 2023 exploration program consists of up to 10,000 metres of diamond drilling, ground-based geophysical surveys, bedrock and structural mapping, surface geochemical surveying, and prospecting. The program aims to expand several high-grade historical gold zones to depth and along strike within the more than 8-kilometre-long Main Antino Shear Corridor as well as a series of proximal high-priority targets including previously overlooked intrusion-hosted bulk-tonnage targets.

Figure 3: Antino Gold Project area map

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 date1.

1 2022 Technical Report – Antino Project; Suriname, South America. K. Raffle, BSc, P. Geo & Rock Lefrançois, BSc, P.Geo.
*Portions of interval returned <50% drill core recovery in saprolite overburden
**Historic interval returned 62.00 m of 9.59 g/t Au; remaining unmined interval 32.00 m of 13.56 g/t Au

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 Vancouver, Canada (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.

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

Founders Metals Contact Information
Dave Burwell, Manager, Investor Relations
Tel: 403 410 7907 | daveb@fdrmetals.com

Nick Stajduhar, Director
Tel: 780 701 3216 | nicks@fdrmetals.com

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MiningIR hosts a variety of articles from a range of sources. Our content, while interesting, should not be considered as formal financial advice. Always seek professional guidance and consult a range of sources before investing.
James Hyland, MiningIR
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