The Times Australia
News From Asia

.

Founders Metals Intersects 38.0 Metres of 10.90 g/t Gold at Froyo

Vancouver, British Columbia - Newsfile Corp. - March 22, 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 in southeastern Suriname.

The Company reports 38.0 metres of 10.90 grams per tonne (g/t) gold (Au) from its furthest northwest Froyo drillhole to date, 24GG04. The interval contains the previously released gold vein photos (March 4th release; Figure 2 below) and is one of Antino's best gold intercepts at over 410 gram-metres per tonne (gm/t). Due to the abundance of coarse gold, samples have been resubmitted for metallic screening.

Highlights

  • Hole 24GG04 intercepts 38.0 m of 10.90 g/t Au from 149.0 m down hole, with metallic screening results pending (Table 1, Figures 1&2)
  • Results are from Founders' furthest northwest drilling at the Froyo Gold Zone
  • Gold mineralization remains open toward high-grade historical auger sampling results (Figure 1)
* Intervals are reported at a cut-off grade of 0.3 g/t Au using 5 metres minimum length and 5 metres maximum internal dilution.


Figure 1: Upper Antino plan map centred on the Froyo Gold Zone. Cross-section line A-A' corresponds to Figure 2.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7574/202777_589341ce54ea8885_001full.jpg

Colin Padget, Founders CEO commented, "Today's results are some of the best we've seen at Antino, and are yet another example of the exceedingly high-grade, near surface gold mineralization at Froyo. Additionally, we have submitted samples for metallic screening to determine gold concentrations using a much larger sample volume. This method can capture coarser gold than fire assay. We expect the result soon.

We are also pleased to report that our primary assay lab in Paramaribo has renewed its commitment of two-to-three-week turnaround times on assays. Though assays have often come back much faster, we recognize that with additional drilling, more surface sampling, targeted multi-element geochemistry, and metallic screening of select drill core, we can more reasonably expect two-to-three-week timelines."



Figure 2: A-A' Cross-section through latest Froyo Gold Zone drill results.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7574/202777_589341ce54ea8885_002full.jpg

Table 1: Drilling Results and Highlights. Results shown for ADH071 are historical.

Hole ID From
(m)
To(m) Core Length* (m) Au (g/t)
24GG03 128.00 137.00 9.00 1.58
24GG04 134.00 139.00 5.00 1.8
and 149.00 187.00 38.00 10.9
ADH071 53.50 55.00 1.50 25.01
and 63.50 75.50 12.00 4.99

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



Figure 3: (left) gold vein in drill core from hole 24GG04. (right) Drill core from hole 24GG04 showing typical textures within mineralized zones at Froyo. Core locally contains up to 35% pyrrhotite and pyrite within a zone of high-intesity shearing.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7574/202777_founders_figure3.png



Figure 4: Antino Gold Project property map.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7574/202777_589341ce54ea8885_005full.jpg

About Founders Metals Inc.

Founders Metals is a Canadian exploration company with properties in North and South America. The Company focuses on acquiring and advancing gold projects in the Guiana Shield. Its flagship asset is the 20,000 ha Antino Gold Project in Suriname, where artisanal surface/alluvial mining has produced over 500,000 gold ounces to date1. Using its diamond drilling equipment, the Company drilled over 10,000 m in 2023 and is fully financed for up to 30,000 m in 2024.

1 2022 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 Vancouver, Canada (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., a 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

Founders Metals Contact Information
Dave Burwell, Manager, Investor Relations
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.sedarplus.ca.

The issuer is solely responsible for the content of this announcement.

Times Magazine

Headless CMS in Digital Twins and 3D Product Experiences

Image by freepik As the metaverse becomes more advanced and accessible, it's clear that multiple sectors will use digital twins and 3D product experiences to visualize, connect, and streamline efforts better. A digital twin is a virtual replica of ...

The Decline of Hyper-Casual: How Mid-Core Mobile Games Took Over in 2025

In recent years, the mobile gaming landscape has undergone a significant transformation, with mid-core mobile games emerging as the dominant force in app stores by 2025. This shift is underpinned by changing user habits and evolving monetization tr...

Understanding ITIL 4 and PRINCE2 Project Management Synergy

Key Highlights ITIL 4 focuses on IT service management, emphasising continual improvement and value creation through modern digital transformation approaches. PRINCE2 project management supports systematic planning and execution of projects wit...

What AI Adoption Means for the Future of Workplace Risk Management

Image by freepik As industrial operations become more complex and fast-paced, the risks faced by workers and employers alike continue to grow. Traditional safety models—reliant on manual oversight, reactive investigations, and standardised checklist...

From Beach Bops to Alpine Anthems: Your Sonos Survival Guide for a Long Weekend Escape

Alright, fellow adventurers and relaxation enthusiasts! So, you've packed your bags, charged your devices, and mentally prepared for that glorious King's Birthday long weekend. But hold on, are you really ready? Because a true long weekend warrior kn...

Effective Commercial Pest Control Solutions for a Safer Workplace

Keeping a workplace clean, safe, and free from pests is essential for maintaining productivity, protecting employee health, and upholding a company's reputation. Pests pose health risks, can cause structural damage, and can lead to serious legal an...

The Times Features

Tricia Paoluccio designer to the stars

The Case for Nuturing Creativity in the Classroom, and in our Lives I am an actress and an artist who has had the privilege of sharing my work across many countries, touring my ...

Duke of Dural to Get Rooftop Bar as New Owners Invest in Venue Upgrade

The Duke of Dural, in Sydney’s north-west, is set for a major uplift under new ownership, following its acquisition by hospitality group Good Beer Company this week. Led by resp...

Prefab’s Second Life: Why Australia’s Backyard Boom Needs a Circular Makeover

The humble granny flat is being reimagined not just as a fix for housing shortages, but as a cornerstone of circular, factory-built architecture. But are our systems ready to s...

Melbourne’s Burglary Boom: Break-Ins Surge Nearly 25%

Victorian homeowners are being warned to act now, as rising break-ins and falling arrest rates paint a worrying picture for suburban safety. Melbourne residents are facing an ...

Exploring the Curriculum at a Modern Junior School in Melbourne

Key Highlights The curriculum at junior schools emphasises whole-person development, catering to children’s physical, emotional, and intellectual needs. It ensures early year...

Distressed by all the bad news? Here’s how to stay informed but still look after yourself

If you’re feeling like the news is particularly bad at the moment, you’re not alone. But many of us can’t look away – and don’t want to. Engaging with news can help us make ...