Founders Metals Drills 14.03 g/t Gold over 13.0 metres and 12.34 g/t Gold over 8.0 Metres; Extends Froyo Gold Zone by 50 Metres

November 30, 2023
217

Founders Metals Inc.

TSXV: FDR | FSE: 9DL0

Founders Metals Inc. announces drill core assay results from the Antino Gold Project in southeastern Suriname.

Highlights

  • Gold mineralization extended over 50.0 m into Froyo-Ginger Connector Zone
  • Drillhole FR038 intersects three distinct gold zones (Table 1, Figures 1-2), including:
    • 7.6 metres (m)* of 4.50 grams per tonne (g/t) gold (Au) from surface
    • 9.0 m* of 3.04 g/t Au from 63.0 to 72.0 m
    • 13.0 m* of 14.03 g/t Au from 77.0 to 90.0 m (Figure 3)
  • 8.0 m of 12.34 g/t Au from 78.0 to 86.0 m in drill hole FR040
  • All Connector Zone holes intersected significant intervals of quartz/sulphide and assays are pending
Figure 1. Upper Antino area plan map. Long section line corresponds to Figure 2.

“This release includes the first results from the previously undrilled 150 metre gap connecting the Froyo and Ginger prospect areas. The excellent, high-grade gold intervals reported in this release show impressive continuity of gold mineralization along strike. We are also very excited about the addition of from surface gold in saprolite such as the 7.6 m of 4.5 g/t Au at the top of FR038, as it broadens the gold mineralized footprint further east.”

Colin Padget, Founders’ CEO and President
Figure 2. Updated Froyo-Ginger Long Section
Drillhole From (m)To (m)Interval (m)*Au (ppm)
23FR0373.614.110.53.42
and58.063.05.03.31
23FR0384.011.67.64.5
and
and
63.0
77.0
72.0
90.0
9.0
13.0
3.04
14.03
23FR0395.111.16.02.12
and69.071.02.01.51
23FR0404.010.06.01.16
and78.086.08.012.34
*Intervals are core length and estimated to represent 85% or more of true width based on current drill data
Table 1. Drilling results highlights
Figure 3. Representative interval from drill hole FR038 showing highest-grade gold zone with excellent grade distribution over the interval.

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. 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.

Figure 4. The Antino Gold Project

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.

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

Founders Metals Contact Information

Dave Burwell, VP, Corporate Development
Tel: 403 410 7907 | [email protected]

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