The Conversation (0)
Founders Metals Inc. (TSXV: FDR,OTC:FDMIF) (OTCQX: FDMIF) (FSE: 9DL0) ("Founders" or the "Company") reports high-grade gold results from the Lower Antino Target at its Antino Gold Project ("Antino" or the "Project") in southeastern Suriname (Figure 1). Results include 6.0 metres (m) of 12.95 grams per tonne (gt) gold (Au a significant high-grade intercept at Lower Antino - while continued systematic drilling expands the mineralized system along strike.
Colin Padget, President & CEO, commented, "The 6.0 metres of 12.95 g/t gold in LA060 is an important result for Lower Antino. While the system has consistently delivered broad, lower-grade mineralization, this intercept suggests the presence of a higher-grade component - a characteristic we have been actively testing for. Additional drilling in this release continues to grow the mineralized extent of Lower Antino, and we will incorporate these results into our geological models to better define the geometry and continuity of mineralization as the program advances."
Highlights
- High-grade drill-confirmed intercept near surface at Lower Antino confirms high-grade component within the tonalite-hosted gold system:
- 6.0 m of 12.95 g/t Au from 55.0 m (LA060)
- Intercept extends mineralization approximately 250 m west of the nearest previous drilling
- Continued systematic drilling expands the mineralized system with wide intercepts along strike:
- Drilling to the east confirms continued growth of the mineralized system (LA055, LA056) (Figure 2)
- 200 m step-out to the south intersects intrusion-hosted mineralization with 18.0 m of 0.68 g/t Au from 59.1 m (LA054)
Geological Discussion
The westernmost hole in this release, LA060, intersected 6.0 m of 12.95 g/t Au from 55.0 m depth, delivering the highest-grade composite interval returned from Lower Antino drilling to date and extending mineralization approximately 250 m to the west. This result confirms the presence of a high-grade shear-related component within the broader tonalite-hosted gold system, consistent with previously reported historical high-grade channel and grab sample results, but that had not yet been confirmed by drilling.
Systematic step-out drilling to the east and south continues to expand the mineralized footprint. Holes LA055 and LA056 confirm broad, consistent gold mineralization along strike to the east, while LA054 intersected gold mineralization in a 200 m step-out to the south. Sheared and altered tonalite intrusions have been observed in multiple holes with assays pending between known mineralized corridors. Holes LA051 and LA052, the farthest south holes at Lower Antino to date, are interpreted to have been drilled east of the mineralized tonalite bodies.
Lower Antino is one of two Advanced Targets within Founders' 102,360-hectare contiguous land package, which hosts eight drill-tested gold targets across the 55 km long Antino concession. The Company currently has four diamond drill rigs operating at Antino, with two rigs at Antino North, one at Upper Antino, and one at Lower Antino, with results pending at all locations. The Company will continue to systematically advance its highest-priority targets across the district.
Figure 1: Antino Gold Project Property Map
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Figure 2: Lower Antino Plan Map
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Table 1: Drill Hole Assay Results
| Drillhole | From (m) | To (m) | Interval (m) | Au (g/t) |
| LA051 | NSA | |||
| LA052 | NSA | |||
| LA053 | NSA | |||
| LA054 | 59.10 | 77.10 | 18.00 | 0.68 |
| incl. | 59.10 | 62.10 | 3.00 | 2.70 |
| and | 243.00 | 246.00 | 3.00 | 1.71 |
| LA055 | 0.00 | 56.10 | 56.10 | 0.28 |
| incl. | 33.60 | 42.60 | 9.00 | 1.13 |
| and | 102.00 | 154.00 | 52.00 | 0.36 |
| and | 162.00 | 213.00 | 51.00 | 0.36 |
| and | 264.00 | 274.00 | 10.00 | 0.30 |
| LA056 | 0.00 | 17.10 | 17.10 | 0.38 |
| and | 102.00 | 117.00 | 15.00 | 0.27 |
| and | 218.00 | 224.00 | 6.00 | 0.21 |
| and | 241.00 | 247.00 | 6.00 | 0.46 |
| LA057 | 118.00 | 127.00 | 9.00 | 0.37 |
| and | 308.00 | 316.00 | 8.00 | 0.40 |
| LA058 | 159.00 | 165.00 | 6.00 | 0.29 |
| LA059 | 0.00 | 8.10 | 8.10 | 0.24 |
| and | 59.00 | 67.00 | 8.00 | 0.20 |
| and | 124.00 | 128.00 | 4.00 | 0.42 |
| LA060 | 55.00 | 61.00 | 6.00 | 12.95 |
| incl. | 56.00 | 59.00 | 3.00 | 25.70 |
| and | 128.00 | 132.00 | 4.00 | 2.03 |
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*Intervals are down-hole depths. True widths of mineralization are estimated to be approximately 85% of the down-hole interval based on currently available results and observations. All are diamond drill holes. Interval average grades are calculated with un-capped gold assays, as insufficient drilling has been completed to determine capping levels for higher grade gold intercepts. Intercepts are calculated using a 0.10 g/t gold cut-off grade with <5.0 m of internal dilution of zero grade, and a minimum composite length of 2.0 m. Intervals below 2.0 gram-metre or with average grade below 0.2 g/t Au are not reported.
Table 2: Drill Hole Locations
| Hole ID | Easting (m) | Northing (m) | Elevation (m) | Azimuth (°) | Dip (°) | Depth (m) |
| LA051 | 821874.33 | 399865.00 | 135.00 | 240.40 | -50.30 | 275.00 |
| LA052 | 821926.67 | 400017.00 | 144.55 | 240.40 | -50.00 | 251.21 |
| LA053 | 821612.00 | 400866.67 | 138.58 | 270.10 | -49.90 | 251.29 |
| LA054 | 821454.60 | 400868.00 | 159.90 | 270.00 | -50.30 | 251.15 |
| LA055 | 821885.33 | 401403.00 | 136.51 | 90.20 | -50.30 | 314.12 |
| LA056 | 822043.67 | 401403.67 | 112.89 | 90.00 | -50.00 | 353.48 |
| LA057 | 821801.00 | 401167.50 | 160.93 | 270.10 | -50.30 | 338.00 |
| LA058 | 821472.33 | 401578.67 | 130.68 | 270.30 | -50.20 | 266.15 |
| LA059 | 821068.67 | 401278.00 | 146.41 | 270.30 | -50.20 | 251.00 |
| LA060 | 820919.33 | 401273.50 | 131.64 | 270.40 | -50.30 | 290.00 |
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About Founders Metals Inc.
Founders Metals Inc. is a Canadian gold exploration company building a district-scale gold camp in southeastern Suriname. The Company controls a 102,360-hectare contiguous land package in the Guiana Shield - the largest uninterrupted package of highly prospective greenstone belt geology in the region. Founders is backed by strategic partnerships with Gold Fields and B2Gold and is executing one of the most active exploration programs in the global junior gold sector. The Company is committed to responsible exploration, strong community engagement, and disciplined capital allocation as it advances Suriname's next major gold camp.
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: +1 306 537 8903 | katiem@fdrmetals.com
Cautionary Statement Regarding Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation, including statements regarding the Company's exploration plans, anticipated drilling results, and the Company's prospects. Forward-looking information can generally be identified by words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", or variations indicating that certain actions, events or results "may", "could", "would", "might" or "will" occur or be achieved.
Forward-looking statements are based on management's current expectations and reasonable assumptions but are subject to business, market, and economic risks, uncertainties, and contingencies that may cause actual results to differ materially from those expressed or implied, including: general business and economic uncertainties; exploration results; mining industry risks; and other factors described in the Company's most recent annual management discussion and analysis. Although the Company has attempted to identify important factors that could cause actual results to differ materially, other factors may cause results not to be as anticipated. There can be no assurance that forward-looking information will prove accurate, as actual results and future events could differ materially from those anticipated. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
All material information on Founders Metals can be found at www.sedarplus.ca.
Quality Assurance and Control
Drill holes are drilled as NQ- and HQ-diameter diamond core. Core is sawed in half, with one half submitted for assay and the other retained for reference. 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 is 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/295168
