Founders Metals Provides Details on Upcoming 2023 Drill Program
Vancouver, June 1, 2023 - Founders Metals Inc. (TSXV: FDR) ("Founders" or the "Company") announces its 2023 plan for up to 10,000 m of diamond drilling at the Antino Gold Project in southeastern Suriname. The program will focus on expanding the known gold mineralization at the Froyo Zone in the Upper Antino Area, in addition to testing a range of new, highly prospective targets marking a significant step towards unlocking the project's vast mineral potential (Figure 1).
The Company's newly acquired diamond drill rigs (see press release May 11, 2023) have now arrived in Suriname and crews are transporting them to Antino for setup and to begin this year's drilling campaign. The 2023 program is separated into two phases, with phase one drilling expected to commence by late June. Founders is also completing minor camp upgrades to streamline logging and core processing.
Founders Metals' CEO & Director, Colin Padget, stated, "Our strategy involves deploying one drill that will operate continuously to delineate and enhance the existing gold mineralization at Antino, while the second rig will concentrate on testing very compelling exploration targets. By adopting this approach, we can simultaneously advance the development of substantial gold resources in the established zones, while also exploring numerous promising new targets, with excellent discovery potential, within our extensive and largely unexplored land area. Also, with assay turnaround times of under two weeks, we'll be able to keep people up to date on progress and results."
Phase One Highlights
- Resource expansion in the well-established high-grade Froyo Zone (Figures 2 and 3)
- Up to 7,000 metres (m) targeting infill, down-dip, and along-strike expansion
- Enhance understanding of the deposit's geology and mineralization patterns to delineate additional gold mineralization in that area
- Expand high-grade gold mineralization to the northwest and southeast using updated structural interpretation and modest step-outs from historical holes including, ADH-071 that intersected 12 m of 4.98 grams per tonne (g/t) gold (Au)
- Complete a high-resolution ground geophysical survey (Magnetics & IP) over Upper Antino
- Comprehensive relog of historical drill core
Phase Two Highlights
- Up to 3,000 m testing numerous new high-potential exploration drill targets
- Several targets with high-grade mineralization from surface along kilometre-scale structural trend (Figure 2)
- Potentially broad, intrusion-hosted mineralization (Figures 2&4)
- >15 areas with anomalous high-grade gold at surface coincident with geophysical anomalies and primary mineralized trend
- All within the road-accessible Buese, and Upper & Lower Antino prospect areas
- New target definition with the use of extensive soil, rock, and auger sample grids
- Detailed structural mapping of high-priority target areas (Figure 2)
Figure 1 - Antino Overview Map
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Figure 2 - Map of the Upper Antino Area
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Figure 3 - Longsection of main Froyo Zone
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Figure 4 - Example of extensive gold-bearing stockwork quartz veining in intrusive rocks from the Buese area.
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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.
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. Exploration work on the project includes, over 30,000 m of historical drilling, 35,000 gold-in-soil auger samples, property-wide aeromagnetic survey data, and a 2022 LiDAR survey. 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.
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 | daveb@fdrmetals.com
Nick Stajduhar, Director
Tel: 780 701 3216 | nicks@fdrmetals.com
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.sedar.com.
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