Drilling Highlights
- Growth-focused drilling expands high-grade gold mineralization in parallel structures (Figures 2 & 3):
- 33.0 m of 3.50 g/t Au and 19.0 m of 0.84 g/t Au (FR114)
- 13.0 m of 2.00 g/t Au (FR082)
- 4.0 m of 5.92 g/t Au (FR105)
- Broad gold zones and 125 m northward extension:
- 41.9 m of 1.06 g/t Au (FR099)
- 12.0 m of 1.51 g/t Au and 22.5 m of 0.50 g/t Au (FR101), extending gold mineralization north in two parallel mineralized zones
Colin Padget, President & CEO, commented, “These results clearly demonstrate Upper Antino’s growth potential in multiple directions. Gold mineralization continues eastward over substantial intervals while our step-out drilling has successfully expanded the northern boundary by 125 metres. The two broad intervals in hole FR114 align well with our mineralization and structural models and suggest there is potential to ‘connect-the-dots’ between Froyo and Donut. Additionally, while we have seen some increases in assay turnaround times and have been focusing on certain corporate items, we anticipate releasing additional results from our earlier-stage exploration targets along-side a comprehensive overview in the coming weeks.”
Drilling continues to expand Upper Antino gold mineralization and Figure 4 provides a 12-month snapshot showing the growth of the mineralized footprint over that time. In this release, drill hole FR114 intersecting 33.0 m of 3.50 g/t Au, is one of several holes planned to target further eastward growth of Froyo gold mineralization and determine if additional parallel zones link Froyo with the Donut target. Drillhole FR101 intercepted two distinct zones of mineralization with the shallower 22.50 m interval of 0.5 g/t Au beginning at 27.60 m and potentially a new shear as the deeper 12 m of 1.51 g/t Au aligns well with the previously reported 8.0 m of 2.08 g/t Au in hole FR095. These are encouraging intercepts indicating additional northward potential and drill holes are planned further north to continue testing these structures.
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 date1. The Company is fully financed for up to 60,000 metres of drilling in 2025.
1 2022 Technical Report – Antino Project; Suriname, South America. K. Raffle, BSc, P. Geo & Rock Lefrançois, BSc, P.Geo.
Table 1: Drill Hole Assay Results
| Hole ID | From (m) | To (m) | Interval* (m) | Au (g/t) |
| FR114 | 201.00 | 206.00 | 5.00 | 0.47 |
| and | 220.00 | 253.00 | 33.00 | 3.50 |
| and | 361.00 | 380.00 | 19.00 | 0.84 |
| FR109 | NSA | |||
| FR108 | 24.00 | 30.00 | 6.00 | 0.22 |
| FR106 | NSA | |||
| FR105 | 372.00 | 376.00 | 4.00 | 5.92 |
| and | 439.00 | 451.00 | 12.00 | 0.28 |
| FR101 | 27.60 | 50.10 | 22.50 | 0.50 |
| and | 306.00 | 318.00 | 12.00 | 1.51 |
| FR100 | 0.00 | 8.10 | 8.10 | 0.31 |
| and | 110.00 | 112.00 | 2.00 | 2.41 |
| FR099 | 29.10 | 71.00 | 41.90 | 1.06 |
| and | 212.00 | 224.00 | 12.00 | 0.38 |
| FR098 | 67.00 | 78.00 | 11.00 | 0.32 |
| FR097 | 84.00 | 95.00 | 11.00 | 0.86 |
| and | 133.00 | 155.00 | 22.00 | 0.26 |
| FR096 | 0.00 | 14.10 | 14.10 | 0.35 |
| and | 206.00 | 212.00 | 6.00 | 1.09 |
| FR094 | 99.00 | 111.00 | 12.00 | 0.79 |
| and | 217.00 | 223.00 | 6.00 | 0.61 |
| FR085 | 340.00 | 356.00 | 16.00 | 0.46 |
| and | 287.00 | 288.00 | 1.00 | 13.70 |
| FR084 | 92.10 | 96.60 | 4.50 | 0.72 |
| and | 152.00 | 157.00 | 5.00 | 2.22 |
| FR083 | NSA | |||
| FR082 | 14.10 | 20.10 | 6.00 | 0.47 |
| and | 297.00 | 314.00 | 17.00 | 0.50 |
| and | 396.00 | 409.00 | 13.00 | 2.00 |
| EV003 | 142.00 | 146.00 | 4.00 | 3.23 |
| EV002 | 166.00 | 171.00 | 5.00 | 1.69 |
| EV001 | NSA |
*Intervals are down-hole depths. True widths of mineralization are estimated to be approximately 85% of the down-hole interval based on preliminary results and observations. All are diamond drill holes.
Table 2: Drill Hole Location
| Hole ID | Easting (m) | Northing (m) | Elevation (m) | Azimuth (°) | Dip (°) | Depth (m) |
| FR114 | 817305.40 | 401269.27 | 150.73 | 250.20 | -55.10 | 578.03 |
| FR109 | 816949.97 | 401985.23 | 174.91 | 260.00 | -50.40 | 305.00 |
| FR108 | 817340.15 | 402062.76 | 240.08 | 260.00 | -49.60 | 171.60 |
| FR106 | 817242.90 | 402026.11 | 243.03 | 259.80 | -50.00 | 285.40 |
| FR105 | 817348.54 | 401449.94 | 205.99 | 250.40 | -50.00 | 551.00 |
| FR101 | 817140.66 | 402020.24 | 222.27 | 259.80 | -50.00 | 332.00 |
| FR100 | 817181.50 | 401652.99 | 152.07 | 259.90 | -60.00 | 302.10 |
| FR099 | 817020.28 | 401616.99 | 159.05 | 260.40 | -69.80 | 317.06 |
| FR098 | 816803.12 | 401776.65 | 161.39 | 259.70 | -50.10 | 259.98 |
| FR097 | 816854.85 | 401713.07 | 160.50 | 259.80 | -50.50 | 293.14 |
| FR096 | 816927.39 | 401661.02 | 161.00 | 260.00 | -50.00 | 314.04 |
| FR094 | 817042.86 | 401766.69 | 160.99 | 260.00 | -45.00 | 317.00 |
| FR085 | 817235.12 | 401493.15 | 209.93 | 250.20 | -49.80 | 472.96 |
| FR084 | 817339.38 | 400826.82 | 208.16 | 240.00 | -55.00 | 362.00 |
| FR083 | 817163.75 | 401453.62 | 214.58 | 249.60 | -49.80 | 371.01 |
| FR082 | 817249.02 | 401415.71 | 206.01 | 250.10 | -50.00 | 439.80 |
| EV003 | 817458.20 | 401129.11 | 162.83 | 235.63 | -56.10 | 259.66 |
| EV002 | 817475.32 | 400916.25 | 199.46 | 229.91 | -50.84 | 275.04 |
| EV001 | 817397.23 | 401073.51 | 176.66 | 233.97 | -52.20 | 278.12 |
The coordinate reference system is WGS 84, UTM zone 21N (EPSG 32621)
Figure 1: Antino Property Map
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Figure 2: Plan Map
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Figure 3: Cross-Section
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Figure 4: Upper Antino Gold Footprint – 12-month Snapshot
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Quality Assurance and Control
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 5.0 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
Tel: 306 537 8903 | [email protected]
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.
The issuer is solely responsible for the content of this announcement.
