Upper Antino Drilling Highlights
- New discovery 1.2 km west of Upper Antino:
- 53.1 m of 1.21 g/t Au from surface (FR217) – new discovery targeted by a surficial geochemical anomaly
- More than a kilometre beyond the known mineralized footprint of Upper Antino, opening a new target in previously untested ground within the Antino land package. Follow-up drilling is underway.
- High-grade gold across multiple zones at Upper Antino:
- 9.0 m of 12.21 g/t Au from 408.0 m (FR230) approximately 320 m vertical depth and 37.0 m of 3.27 g/t Au from 209.0 m (FR230)
- Additional high-grade gold intersected in northern follow-up drilling:
- 3.0 m of 29.17 g/t Au from 101.0 m (FR219)
- 100 m up-dip extension of high-grade from infill drilling:
- 33.0 m of 2.15 g/t Au from 85.0 m (FR225)
- Shallow mineralization on the main shear that links the near-surface zone to the deeper high-grade intercepts, reinforcing grade continuity from surface to depth
Colin Padget, President & CEO, commented, “Today’s results demonstrate further growth of the gold system at Upper Antino. To the west, we have made an entirely new discovery more than a kilometre beyond our previous drilling, with 53.1 m of 1.21 g/t gold from surface on a target that wasn’t on the map four months ago. At Upper Antino itself, drill hole FR230 hit multiple zones of high-grade gold mineralization including 9.0 m of 12.21 g/t gold at 320 m vertical depth, further demonstrating continuity of grade to deeper levels. Several of the largest gold deposits in the Guiana Shield carry a significant amount of gold at depth, and Upper Antino shows that same potential. With the rainy season now underway, we are concentrating our Upper Antino drill metres where site access remains strongest – on resource-definition and infill drilling across the established core of the system, while continuing to test its growth to depth.”
Geology Discussion
New Discovery
Targeting overlapping, newly acquired geophysical and auger geochemical anomalies west of Upper Antino, discovery hole FR217 intersected 53.1 m of 1.21 g/t Au from surface (Figure 1). The gold mineralization appears associated with a zone of quartz-carbonate veining, pervasive sericite alteration and locally up to 10% sulphide within steeply NW-trending shears along the mapped contact between two volcanic units. Along-strike follow-up drilling is currently underway.
Upper Antino
At Upper Antino, diamond drillhole FR230 tested along-strike and down-dip extensions of multiple parallel structures in the southeast area of Upper Antino, intersecting several gold-bearing zones. The resulting FR230 intercepts – 9.0 m of 12.21 g/t Au, 37.0 m of 3.27 g/t Au, 3.0 m of 5.53 g/t Au, and 2.0 m of 7.21 g/t Au – are consistent with the parallel structures shown to control gold mineralization at Upper Antino (Figure 2). In the central part of Upper Antino, drillhole FR225 returned 33.0 m of 2.15 g/t Au from 85.0 m, extending high-grade mineralization approximately 100 m up-dip from previously released results. Additionally, follow-up exploration drilling at Upper Antino’s current northern extent returned 3.0 m of 29.17 g/t Au (FR219), indicating renewed potential for high-grade gold mineralization in this more distal part of the Upper Antino gold system.
Several step-out holes drilled to the northwest of the main Upper Antino mineralized area returned no significant gold, though they intersected visible shear structures interpreted to extend from the Upper Antino system. Gold at Upper Antino is concentrated in discrete, plunging high-grade shoots within northwest-trending shear zones, and these holes are interpreted to have tested the shear corridor between, or off the plunge of, these shoots rather than the shoots themselves. The mineralized structures are interpreted to continue along strike, supported by the high-grade gold intersected in FR219 (3.0 m of 29.17 g/t Au) at the northern end of the area, and the Company is using this structural framework to target the projected positions of high-grade shoots in subsequent drilling.
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 executing one of the most active exploration programs in the global junior gold sector and is backed by a strategic partnership with Gold Fields Limited. 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: +1 604 712 1790 | katiem@fdrmetals.com
Figure 1: Upper Antino Plan Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7574/302493_founders1.jpg
Figure 2: Upper Antino Section
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https://images.newsfilecorp.com/files/7574/302493_founders2.jpg
Table 1: Antino Assay Results
| Drillhole | From (m) | To (m) | Interval (m) | Au (g/t) |
| FR230 | 86.00 | 90.00 | 4.00 | 0.81 |
| and | 137.00 | 144.00 | 7.00 | 0.20 |
| and | 197.00 | 203.00 | 6.00 | 0.21 |
| and | 209.00 | 246.00 | 37.00 | 3.27 |
| and | 287.00 | 289.00 | 2.00 | 7.21 |
| and | 341.00 | 344.00 | 3.00 | 5.53 |
| and | 408.00 | 417.00 | 9.00 | 12.21 |
| FR229 | 95.00 | 110.00 | 15.00 | 0.76 |
| and | 117.00 | 126.00 | 9.00 | 0.73 |
| and | 135.00 | 153.00 | 18.00 | 0.42 |
| and | 209.00 | 216.00 | 7.00 | 0.70 |
| and | 225.00 | 234.00 | 9.00 | 2.72 |
| incl. | 227.00 | 233.00 | 6.00 | 3.99 |
| FR228 | 78.60 | 86.10 | 7.50 | 0.56 |
| and | 195.00 | 209.00 | 14.00 | 0.23 |
| and | 224.00 | 226.00 | 2.00 | 0.62 |
| and | 238.00 | 240.00 | 2.00 | 0.86 |
| and | 259.00 | 262.00 | 3.00 | 0.83 |
| FR227 | 0.00 | 9.60 | 9.60 | 0.21 |
| and | 185.00 | 191.00 | 6.00 | 0.35 |
| and | 205.00 | 216.00 | 11.00 | 0.46 |
| and | 254.00 | 256.00 | 2.00 | 1.97 |
| FR225 | 0.00 | 5.10 | 5.10 | 0.62 |
| and | 85.00 | 118.00 | 33.00 | 2.15 |
| incl. | 107.00 | 118.00 | 11.00 | 5.89 |
| FR224 | 0.00 | 9.60 | 9.60 | 1.24 |
| incl. | 6.60 | 9.60 | 3.00 | 2.93 |
| and | 81.00 | 90.00 | 9.00 | 0.64 |
| FR222-FR223 | NSA | |||
| FR219 | 101.00 | 104.00 | 3.00 | 29.17 |
| FR218 | NSA | |||
| FR217 | 0.00 | 53.10 | 53.10 | 1.21 |
| Incl. | 44.10 | 48.60 | 4.50 | 3.96 |
| and | 62.10 | 89.10 | 27.00 | 0.21 |
| FR216 | 0.00 | 6.60 | 6.60 | 0.24 |
| FR214-FR215 | NSA | |||
| FR213 | 0.00 | 12.60 | 12.60 | 0.44 |
| FR212 | 21.60 | 26.10 | 4.50 | 0.23 |
| FR211 | NSA | |||
| FR210 | 3.00 | 5.10 | 2.10 | 0.68 |
| FR208 | 172.00 | 181.00 | 9.00 | 0.57 |
| and | 206.00 | 213.00 | 7.00 | 0.27 |
| and | 242.00 | 245.00 | 3.00 | 0.94 |
| FR201 | 70.00 | 72.00 | 2.00 | 0.51 |
| FR200 | 240.00 | 248.00 | 8.00 | 0.20 |
| FR199 | NSA | |||
| FR198 | 27.60 | 33.60 | 6.00 | 0.59 |
| and | 62.10 | 68.10 | 6.00 | 0.70 |
| FR197 | 304.00 | 306.00 | 2.00 | 0.84 |
| FR196 | 15.60 | 21.60 | 6.00 | 0.35 |
| and | 105.00 | 107.00 | 2.00 | 0.50 |
| FR194-FR195 | NSA | |||
| FR193 | 155.00 | 161.00 | 6.00 | 0.48 |
| FR190-192 | NSA | |||
* Intervals are down-hole depths. True widths of mineralization are estimated to be approximately 75% of the down-hole interval based on currently available results and observations. True width of the FR217 intercept is unknown at this time pending additional drilling to establish orientation. All are diamond drill holes. Average grades are calculated with un-capped gold assays, as insufficient drilling has been completed to determine capping levels for higher grade gold intercepts. Average widths 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. Nothing included in table <1 gram * metre.
* NSA means No Significant Assays.
Table 2: Antino Drillhole Locations
| Drillhole | Easting (m) | Northing (m) | Elevation (m) | Azimuth (°) | Dip (°) | Depth (m) |
| FR230 | 817339.67 | 401061.50 | 172.95 | 250.30 | -55.20 | 506.13 |
| FR229 | 817429.00 | 400783.00 | 204.46 | 240.10 | -50.00 | 361.05 |
| FR228 | 817410.00 | 400868.00 | 211.47 | 240.20 | -49.80 | 434.29 |
| FR227 | 817438.67 | 400822.67 | 205.38 | 239.80 | -50.20 | 413.00 |
| FR225 | 816953.74 | 401149.37 | 183.37 | 240.00 | -50.00 | 176.03 |
| FR224 | 816955.41 | 401111.45 | 173.63 | 239.90 | -50.20 | 161.00 |
| FR223 | 816955.19 | 401086.04 | 168.56 | 240.10 | -50.20 | 152.05 |
| FR222 | 816966.68 | 401059.49 | 166.71 | 240.20 | -50.20 | 163.00 |
| FR219 | 816848.87 | 402185.51 | 231.96 | 260.30 | -70.30 | 352.00 |
| FR218 | 815699.00 | 401376.33 | 243.18 | 260.20 | -50.30 | 212.08 |
| FR217 | 815846.25 | 400548.86 | 312.88 | 260.00 | -50.10 | 209.00 |
| FR216 | 815964.51 | 400576.95 | 289.47 | 260.30 | -50.40 | 266.02 |
| FR215 | 815271.50 | 401739.50 | 270.48 | 260.30 | -50.20 | 206.00 |
| FR214 | 815381.00 | 401757.33 | 257.46 | 260.10 | -50.10 | 230.00 |
| FR213 | 815465.67 | 401332.33 | 254.53 | 259.90 | -50.20 | 221.06 |
| FR212 | 815587.79 | 401351.80 | 232.78 | 260.10 | -50.20 | 200.05 |
| FR211 | 816128.76 | 400941.86 | 240.71 | 260.00 | -50.30 | 209.00 |
| FR210 | 816246.50 | 400960.92 | 238.46 | 260.10 | -50.10 | 230.00 |
| FR208 | 816311.66 | 401840.28 | 186.24 | 260.10 | -50.00 | 269.00 |
| FR201 | 816606.23 | 401615.01 | 173.99 | 260.00 | -50.00 | 203.05 |
| FR200 | 816726.03 | 401923.98 | 183.63 | 259.90 | -50.00 | 341.00 |
| FR199 | 816688.91 | 401676.75 | 189.07 | 260.00 | -50.20 | 218.00 |
| FR198 | 816729.30 | 401626.91 | 208.69 | 260.30 | -50.30 | 206.00 |
| FR197 | 816774.20 | 401840.89 | 163.77 | 260.00 | -50.10 | 317.00 |
| FR196 | 816533.03 | 401883.61 | 164.91 | 260.00 | -50.40 | 212.00 |
| FR195 | 816527.65 | 402038.97 | 170.71 | 259.90 | -50.30 | 200.00 |
| FR194 | 816654.93 | 402042.01 | 166.02 | 260.10 | -50.30 | 203.00 |
| FR193 | 817505.42 | 400586.87 | 211.54 | 269.90 | -50.30 | 215.07 |
| FR192 | 817385.51 | 400589.53 | 214.34 | 270.00 | -50.00 | 114.60 |
| FR191 | 817386.86 | 400589.47 | 214.30 | 270.10 | -50.40 | 128.00 |
| FR190 | 817286.37 | 400589.47 | 215.32 | 270.00 | -50.00 | 212.00 |
*The coordinate reference system is WGS 84, UTM zone 21N (EPSG 32621).
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. Diamond drill core is HQ diameter through oxide intervals and predominantly NQ diameter in deeper drilling. All samples are half core, split using a diamond saw. 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.
Cautionary Statement Regarding Forward-Looking Information
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation, including statements regarding long term value creation 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.
The issuer is solely responsible for the content of this announcement.
