Founders Metals Hits at Buese; Intercepts 20 m of 7.65 g/t Gold

Rhea-AI Summary

Founders Metals Inc. (TSXV: FDR) (OTCQX: FDMIF) has announced drill core assay results from its 2024 drill program at the Antino Gold Project in Suriname. The Phase 1 Buese drill program, covering 3,500 meters, revealed significant gold mineralization:

- High-grade, shear-hosted gold: 78.0 m of 2.35 g/t Au, including 20.0 m of 7.65 g/t Au
- Broad, intrusion-hosted gold: 16.5 m of 1.64 g/t Au, and 110.0 m of 0.34 g/t Au
- Tailings from historical mining: 15.6 m of 0.45 g/t Au from surface

The results confirm both high-grade and bulk-tonnage mineralization styles at Buese. A 7,500 m Phase 2 drill program is now underway to determine the strike extent of gold mineralization within the 4 km² surface anomaly. The company also noted potential in the tailings from over 100 years of artisanal mining, with plans for further exploration and metallurgical work.

Positive

• Significant gold mineralization discovered: 78.0 m of 2.35 g/t Au, including 20.0 m of 7.65 g/t Au
• Confirmation of both high-grade and bulk-tonnage mineralization styles at Buese
• 7,500 m Phase 2 drill program already underway
• Potential additional resource in tailings from historical mining
• Broad mineralization zones: 110.0 m of 0.34 g/t Au and 139.0 m of 0.30 g/t Au

Negative

• None.

Vancouver, British Columbia--(Newsfile Corp. - September 24, 2024) - Founders Metals Inc. (TSXV: FDR) (OTCQX: FDMIF) (FSE: 9DL0) ("Founders" or the "Company") announces drill core assay results from its fully-funded 2024 drill program at the Antino Gold Project ("Antino" or the "Project") in southeastern Suriname. The Company is pleased to report results from its 3,500-metre (m) Phase 1 Buese drill program. The drilling was designed to test high-grade, shear-hosted gold mineralization as well as intrusion-hosted, bulk-tonnage style targets across one kilometre (km) of strike within the broader, multi-kilometre (km) scale gold system. Results confirm both mineralization styles at Buese and a 7,500 m follow-up drill program is underway.

Highlights

• High-grade, shear-hosted gold (Au) mineralization including:
  • 78.0 m of 2.35 grams per tonne (g/t) Au, including 20.0 m of 7.65 g/t Au (24BU011)
• Broad, intrusion-hosted gold mineralization including:
  • 16.5 m of 1.64 g/t Au, and 110.0 m of 0.34 g/t Au (24BU007)
• Tailings from historical gold mining intercepted in first 5 to 15 metres from several drill holes along a 200 m transect. Highlights include:
  • 15.6 m of 0.45 g/t Au from surface in tailings material (24BU002)
  • ~2 km² area containing tailings with minimum depth 5 m

President & CEO, Colin Padget, commented "With only twelve drill holes into Buese, we are thrilled with the Phase 1 results as they clearly demonstrate Buese's potential and confirm both the high-grade and bulk-tonnage mineralization we originally outlined in our July 10, 2024 release. Buese remains a high-priority target for Founders, with a 7,500 m, Phase 2 drill program already underway that aims to determine the strike extent of gold mineralization within the more than 4 km² surface anomaly from auger sampling. Today's drill results underline the scale of gold mineralization at Antino and further supports the property's potential to host multiple, substantial gold deposits."

Buese Mineralization Styles

The regional scale structure at Buese hosts two distinct mineralization styles including high-grade shear-hosted gold mineralization that is present within and along the margins of tonalitic intrusive rocks, and broad gold-bearing zones within the intrusive that are associated with high-density quartz veining, albite alteration, and sericitization. The dominant intrusive body (the "Filuca Intrusive" or "Intrusive") at Buese is a northwest, tonalitic body coincident with the broader regional tectonic fabric. The Filuca Intrusive was intersected in drill hole 24BU007 with 16.5 m of 1.64 g/t Au and 110.0 m of 0.34 g/t Au, and in 24BU001 with 139.0 m of 0.30 g/t Au. Shearing and multiple generations of quartz veining exist along the margins of and within the Filuca Intrusive which drill hole 24BU011 demonstrates grading 2.35 g/t Au over 78.0 m, including a higher-grade central zone of 7.65 g/t Au over 20.0 m. Surface mapping and sampling delineate a strike length of over 1.5 km for the Filuca intrusive with compelling evidence from geophysical data suggesting multiple repeating units over an area of several square kilometres (Figure 3).

Tailings Opportunity

Buese is the site of over 100 years of artisanal mining history. The tailings from surficial mining operations have been extensively deposited throughout the Buese area. Though not targeted for tailings, drill holes 24BU001, 24BU002, 24BU006 and 24BU007 intercepted up to 15 m of tailings from surface with consistent 0.25 g/t Au to 0.45 g/t Au. Given the typically low (<30%) gold recovery from artisanal mining methods and the seemingly ubiquitous presence of gold mineralized tailings material, the reported intervals provide additional early support for a robust gold system. Founders continues to explore the tailings opportunities across the Project and is planning a more focused exploration effort to better define overall property-wide abundance and grade. The results of this work will be considered for potential inclusion of tailings in a future resource or economic study. Metallurgical work on tailings is currently in progress on the property, and preliminary results are expected in Q4 2024.

Figure 1: Property Scale Plan Map

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7574/224355_c59ef59a34431904_001full.jpg

Figure 2: Buese Plan Map

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7574/224355_c59ef59a34431904_002full.jpg

Note: Historical drill assay data is not currently suitable for use in a mineral resource estimation and does not meet the Company's criteria for use in released materials. Data deficiencies include, unverifiable collar locations, a lack, or failure, of QA/QC in historical laboratory analysis, and insufficient legacy drill core available for relogging/resampling efforts. The data instead serves as a complimentary data set to Founders' own modern exploration efforts.

Figure 3: Geology Schematic of Buese

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7574/224355_c59ef59a34431904_003full.jpg

Table 1: Assay Results

Hole ID	From (m)	To (m)	Core Length* (m)	Au (g/t)
24BU001	35.00	174.00	139.00	0.30
and	236.00	249.00	13.00	0.30
and	271.00	275.00	4.00	0.40
and	364.00	375.00	11.00	0.35
24BU002	71.10	85.00	13.90	0.23
and	144.00	151.00	7.00	0.78
24BU003	129.00	132.00	3.00	0.33
24BU004	215.00	231.00	16.00	1.08
and	265.00	284.00	19.00	0.41
and	302.00	325.00	23.00	0.48
24BU005	247.00	252.00	5.00	0.37
and	273.00	316.50	43.50	0.36
24BU006	86.00	91.00	5.00	0.50
and	118.00	122.00	4.00	0.63
24BU007	6.60	23.10	16.50	1.64
and	166.00	276.00	110.00	0.34
24BU008				NSA
24BU009	12.60	14.10	1.50	4.29
and	139.00	174.00	35.00	0.41
and	186.00	193.00	7.00	0.67
24BU010				NSA
24BU011	162.00	240.00	78.00	2.35
incl	186.00	206.00	20.00	7.65
24BU012	135.00	139.00	4.00	0.47
Tailings
24BU001	0.00	6.60	6.60	0.25
24BU002	0.00	15.60	15.60	0.45
24BU006	0.00	5.10	5.10	0.35
24BU007	0.00	6.60	6.60	0.34

 

*Intervals are estimated to represent 85% or more of true width based on current drill data

Table 2: Drill Hole Locations

Hole ID	Easting* (m)	Northing* (m)	Elevation (m)	Azimuth (°)	Dip (°)	Depth (m)
24BB001	821640.6	396982.7	114.9	0	-60	464.0
24BB002	821825.7	396933.4	118.4	0	-60	374.1
24BB003	821868.0	397137.8	113.9	180	-50	146.0
24BB004	821560.5	397487.2	117.1	250	-50	407.0
24BB005	821486.8	397579.1	121.6	260	-50	365.0
24BB006	821776.1	396952.5	117.4	250	-50	122.0
24BB007	821775.1	396952.0	117.4	310	-50	350.0
24BB008	821308.8	397692.4	116.1	250	-50	299.0
24BB009	822467.2	397118.1	132.9	210	-45	275.0
24BB010	821850.8	397103.5	114.0	200	-45	74.1
24BB011	821263.9	397407.0	162.9	60	-50	301.9
24BB012	821953.3	396861.0	113.6	0.1	-45.1	176.0

 

*The coordinate reference system is WGS 84, UTM zone 21N (EPSG 32621)

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 drilled 10,000 metres in 2023 and is fully financed for drilling in 2024.

¹2022 Technical Report - Antino Project; Suriname, South America. K. Raffle, BSc, P. Geo & Rock Lefrançois, BSc, P.Geo.

Quality Assurance and Control

Results from 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 10.0 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
katiem@fdrmetals.com, 1.306.537.8903

Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/224355

FAQ

What were the key gold intercepts reported by Founders Metals (FDMIF) at the Buese target?

Founders Metals reported key gold intercepts at Buese including 78.0 m of 2.35 g/t Au (including 20.0 m of 7.65 g/t Au) in high-grade shear-hosted mineralization, and 16.5 m of 1.64 g/t Au and 110.0 m of 0.34 g/t Au in broad, intrusion-hosted mineralization.

What is the size of the Phase 2 drill program announced by Founders Metals (FDMIF) for the Buese target?

Founders Metals announced a 7,500 meter Phase 2 drill program for the Buese target at the Antino Gold Project.

What potential additional resource did Founders Metals (FDMIF) identify at the Buese target?

Founders Metals identified potential additional resources in the tailings from over 100 years of artisanal mining at Buese, with drill intercepts showing up to 15.6 m of 0.45 g/t Au from surface in tailings material.

When are preliminary metallurgical results for tailings expected from Founders Metals (FDMIF)?

Founders Metals expects preliminary metallurgical results for tailings from the Antino Gold Project in Q4 2024.