February 22, 2024

Founders Metals Hits 15.0 metres of 8.18 g/t Gold & 26.0 metres of 5.52 g/t Gold in Latest Antino Drilling

February 5, 2024
135

Founders Metals Inc.

TSXV: FDR | OTCQX: FDMIF | FSE: 9DL0

Founders Metals Inc. announces drill core assay results from its fully-funded 2024 drill program at the Antino Gold Project in southeastern Suriname. The Company reports results for a further two holes from the Froyo Gold Zone with highlight down hole intervals of 15.0 metres (m) of 8.18 grams per tonne (g/t) gold (Au) and 26.0 m of 5.52 g/t Au. Drill holes 048 and 049 intercept gold mineralization over multiple zones starting from surface with 297.2 and 190.2 total gram-metres per tonne (gm/t), respectively.

Highlights

  • Drill hole 23FR048 intercepts gold over five zones starting from surface (Fig 1; Table 1):
    • 6.6 m of 2.07 g/t Au from 0.0 m down hole
    • 12.0 m of 3.92 g/t Au from 12.6 m
    • 18.0 m of 2.68 g/t Au from 33.0 m
    • 15.0 m of 8.18 g/t Au from 63.0 m
    • 6.0 m of 10.94 g/t Au from 145.0 m
  • Drill hole 23FR049 intercepts gold over four zones starting from surface including 26.0 m of 5.52 g/t Au from 44 m down hole (Fig 1; Table 1)

Table 1 – Highlight diamond drill intervals*.

Hole IDFrom (m)To (m)Core length (m)Au (g/t)
24FR0480.06.66.62.07
12.624.612.03.92Hole 48 – Total gram*metre per tonne  
33.051.018.02.68
63.078.015.08.18297.2
145.0151.06.010.94
  
24FR0490.68.68.02.49
44.070.026.05.52Hole 49 – Total gram*metre per tonne
88.091.03.07.02
140.0143.03.01.87190.2
        
*Intervals are core length and estimated to represent 85% or more of true width based on current drill data
Figure 1. Upper Antino area plan map. Interval highlights from this release are labelled and upcoming/pending drill holes are marked in bold. Shaded box around A-A’ line shows drilling extent included in Figure 2 cross section (+/- 25 m).

Colin Padget, Founders’ CEO, commented, “We continue to define and expand the impressive gold mineralization at Froyo, and these two holes are further evidence of a much broader gold system than previously recognized by earlier explorers on the property. We are adding ounces with every drill hole and as we continue drilling at Froyo, our focus is expansion and efficient resource definition work. We are also set to begin drill testing some new Upper Antino targets as part of our larger 2024 exploration plans.”

Drill hole 048 and 049 intercepted multiple zones of intense silicification and local sericitization. Tourmaline and Fe-carbonate are commonly associated with elevated gold grades. Pyrrhotite and pyrite content ranges from 5 – 20% within the gold zones. The apparent orientation and overall character of these intervals is similar to the main Froyo Gold Zone.

Figure 2. Cross section A-A’ (see Figure 1 for location).

About Founders Metals Inc.

Founders Metals is a Canadian exploration company with properties in North and South America. The Company focuses on acquiring and advancing gold projects in the Guiana Shield. Its flagship asset is the 20,000 ha Antino Gold Project in Suriname, where artisanal surface/alluvial mining has produced over 500,000 gold ounces to date1. Using its diamond drilling equipment, the Company drilled over 10,000 m in 2023 and is fully financed for up to 30,000 m in 2024.

1 2022 Technical Report – Antino Project; Suriname, South America. K. Raffle, BSc, P. Geo & Rock Lefrançois, BSc, P.Geo.

Map of the Antino Gold Project concession area showing gold concentrations from historical auger sampling. Most of the property remains unexplored.

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, Corporate Development Manager
Tel: 403 410 7907 | daveb@fdrmetals.com

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