Founders Metals Inc. (TSXV: FDR,OTC:FDMIF) (OTCQX: FDMIF) (FSE: 9DL0) (“Founders” or the “Company”) is pleased to announce the signing of a binding letter of intent (the “LOI”) to acquire a 100% interest in a 36,000 hectare (ha) exploration concession immediately adjacent to the Company’s Antino Gold Project (“Antino”) in southeastern Suriname (figure 1). The acquisition nearly triples the Founders’ land position to approximately 56,000 ha (560 km2) of highly promising land within the Guiana Shield greenstone belt (Figure 2).
Acquisition highlights
- Strategic expansion: The acquisition of 36,000 hectares expands the company’s total land package to 56,000 hectares (approximately 10x the size of Manhattan)
- Potential Expansion of Upper Antino: High-grade gold mineralization along a 1,000-metre strike, supported by historical Auger data
- Multiple high-grade shear zones identified: Recent grip sample1 results from individual shear zones (Figure 3) along a trend of more than 3 km include 26.01 grams/ton (g/t) gold (Au), 36.84 g/t Au, 11.44 g/t Au and 70.93 g/t Au
- Substantial historical exploration database including:
- Airborne geophysics
- 1,860 line-km of aeromagnetic and radiometric survey data (150 m line spacing)
- 1,877 historical drill samples
- High-grade anomaly extending immediately northwest of Upper Antino
- Robust historic gold anomaly of 5 km x 2.5 km in the north that has never been tested with drills
- More than 10 years of active research including detailed rock mapping, trenching, channel sampling, metallurgical testing, etc.
- Airborne geophysics
Colin Padget, President & CEO, commented: “Acquiring this property is transformational for the founders. We have nearly tripled our land position to 56,000 hectares and gained control of a district-level opportunity in one of the world’s most underexplored gold belts. What excites me most is the quality of the targets we have just added. We have immediate opportunities to expand Upper Antino’s high-grade gold mineralization over an extension of 1,000 meters, supported by historic The northern part of the new area is home to a kilometer-long network of high-quality cutters plus a separate drilling anomaly – larger than Upper Antino – that has never seen a drill hole. This acquisition gives us both near-term catalysts and long-term district potential as a premier explorer in Suriname and the Guiana Shield.
Binding declaration of intent
The new concession includes a single exploration right covering much of an area historically explored by Canarc Resources between 1996 and 2007. The founders have entered into an LOI with a corporate Surinamese private company to acquire 100% of the exploration rights to the property. Under the terms of the LOI, Founders retains the exclusive right to conduct legal due diligence for a period of 90 days prior to executing a definitive purchase agreement. Entering into the definitive agreement remains entirely at the discretion of Founders Metals.
About founders Metals Inc.
Founders Metals is a Canadian-based exploration company focused on advancing the Antino Gold Project in Suriname, South America, in the heart of the Guiana Shield. Antino covers 56,000 hectares and has produced more than 500,000 ounces of gold to date from historic surface and alluvial mining2. The company is systematically advancing one of Suriname’s most promising gold exploration and development opportunities with drilling-confirmed potential at the district level. Founders is committed to responsible exploration, community engagement and delivering long-term value to shareholders through technical excellence and strategic growth in the Guiana Shield.
1Grab samples are not representative of the actual nature of mineral occurrence and are used only to measure and identify the distribution of the precious minerals present along this trend.
2Technical Report 2022 – Antino Project; Surname, South America. K. Raffle, BSC, P. Geo & Rock Lefrançois, BSC, P.GEO.
ON BEHALF OF THE BOARD OF DIRECTORS,
By: “Colin Padget”
Colin Padget
President, CEO and Director
Cautionary Note Regarding Forward-Looking Information
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation, including statements regarding the use of proceeds from the Company’s recently completed financings and the Company’s prospects. Forward-looking information generally can be identified by words such as ‘plans’, ‘expects’, ‘is expected’, ‘budget’, ‘scheduled’, ‘estimates’, ‘predicts’, ‘intends’, ‘anticipates’, ‘believes’ or variations indicating that certain actions, events or results ‘may’, ‘could’, ‘could’, ‘could’ 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 could cause actual results to differ materially from those expressed or implied, including: general business and economic uncertainties; exploration results; risks to the mining industry; 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 to be 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 the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
All material information about Founders Metals can be found at www.sedarplus.ca.
Qualified persons
The technical contents of this press release have been reviewed and approved by Michael Dufresne, M.Sc., P.Geol., P.Geo., an Independently Qualified Person as defined by National Instrument 43-101.
Qualified assurance and control
Samples were analyzed at FILAB Suriname, a Bureau Veritas Certified Laboratory in Paramaribo, Suriname (a commercially certified laboratory under ISO 9001:2015). Samples are ground to 75% through a 2.35 mm sieve, split (700 g) and pulverized to 85% through 88 µm. Samples were analyzed using a 50 g burn test (50 g aliquot) with an atomic absorption (AA) finish. For samples yielding test values greater than 5.0 grams per tonne (g/t), another portion of the original pulp was taken and fired with a gravimetric finish. Founders Metals inserts blanks and certified reference standards into the sample array for quality control. External QA-QC controls 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 the transport and storage of all samples. Drilling intervals containing visible gold are tested using metallic screening. Crushed samples from outcrops/soils are selective in nature and may not be representative of the mineralization occurring within the project.
Figure 1: Suriname map
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Figure 2: Extended Antino ownership package
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Figure 3: Mineralized shear zones in northern New Antino Area
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/272714
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