Founders Metals Hits 72.0 m of 2.29 g/t Gold at Van Gogh; Extends Mineralization from Surface to 200 m Vertical Depth
Highlights
Drill hole VG004 intercepts 72.0 m of 2.29 g/t Au from 177.0 m down hole (Figure 2)
Gold mineralization extended from surface (channel - 17.8 m of 5.68 g/t Au), through saprolite zone (VG001 - 28.5 m of 7.12 g/t Au), and into fresh rock down to 200.0 m vertical depth (VG004 - 72.0 m of 2.29 g/t Au)
Mineralized interval potentially broadens with depth from surface
Completely original discovery with no current or historical artisanal mining within 1.5 km of Van Gogh target area
With the success at Da Vinci and Van Gogh, Founders is committed to allocating up to 50% of its 2025 drill metres to high-priority targets in brand new areas
5 th diamond drill operational by mid-year
"The latest Van Gogh results further support the tier 1 discovery potential that Antino and our 2025 exploration program represents. Van Gogh is emerging as another key discovery, with characteristics most like Upper Antino," said Colin Padget, President & CEO. "Founders' focus this year is on unlocking the property's full potential and building value for shareholders through systematic discovery and the ongoing expansion of our earlier successes. To this end, we currently have four drills turning full-time and a fifth rig will be operational by mid-year."
Geology and Drilling Discussion
Van Gogh is 2.0 km from Lawa and 3.8 km from Da Vinci, and forms part of an emerging multi-kilometre northwest oriented gold trend extending through the Maria Geralda target to Lower Antino, and sub-parallel to the main Antino Shear Zone spanning 15+ km from Upper Antino to Da Vinci (Figure 1). Gold mineralization at Van Gogh is hosted within a subvertical mylonite zone with estimated true widths ranging ~25-50+ metres. The mineralized zones comprise broad intervals of intensely sheared, highly silicified country rock containing multiple generations of quartz veining.
In VG004, the gold-bearing intervals contain up to 15% sulphide (pyrite) and coincide with moderate to strong sericite-chlorite-ankerite alteration.
Drill holes VG002 and VG003 were drilled to test the along-strike continuity of the saprolite (oxide)-hosted gold mineralization from previously reported channel (17.8 m of 5.68 g/t Au) and drilling (VG001, 28.5 m of 7.12 g/t Au) results but are interpreted to have gone over the top of the mineralized structure. VG002 and VG003 logging shows similar broad-scale shearing to that observed deeper in holes VG001 and VG004, however lacked the characteristic sulphide content commonly associated with significant gold mineralization at Antino. In VG004, the steeply dipping gold mineralization occurs in fresh rock over a much broader interval than in the saprolite above (Figure 2), which may have been transported (i.e., slumped) several metres downslope. Follow-up drilling focuses on extending the broad, fresh rock, gold-bearing interval VG004 and incorporates newly acquired downhole structural and surficial mapping data.
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 date 1. The Company is fully financed for up to 60,000 metres of drilling in 2025.
1 2022 Technical Report - Antino Project; Suriname, South America. K. Raffle, BSc, P. Geo & Rock Lefrançois, BSc, P.Geo.
Table 1: Drill Hole Assay Results
Hole ID From (m) To (m) Interval* (m) Au (g/t)
VG004 177.0 249.0 72.0 2.29
and 262.0 271.0 9.0 1.51
VG003 NSA
VG002 NSA
*Intervals are down-hole depths. True widths of mineralization are estimated to be approximately 85% of the down-hole interval based on preliminary results and observations.
Table 2: Drill Hole Location
Hole ID Easting (m) Northing (m) Elevation (m) Azimuth (°) Dip (°) Depth (m)
VG004 828148.7 395941.3 151.0 259.7 -55.1 343.9
VG003 828066.3 395866.5 135.6 80.0 -49.9 284.1
VG002 828013.0 395949.0 115.2 79.9 -50.1 251.0
The coordinate reference system is WGS 84, UTM zone 21N (EPSG 32621)
Figure 1: Property Scale Map with Auger Samples and Van Gogh Drilling Results
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7574/244795_plan%20map1.png
Figure 2: Van Gogh Cross-Section
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https://images.newsfilecorp.com/files/7574/244795_e8e02d3c04668ad6_002full.jpg
Figure 3: Van Gogh Core Photos
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https://images.newsfilecorp.com/files/7574/244795_e8e02d3c04668ad6_003full.jpg
Core photos of Van Gogh drill hole VG004 showing excellent grade distribution throughout the interval from 177.0 m (upper left, left column) to 249.0 m (bottom right, right column).
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. 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
Contact Information
Katie MacKenzie, Vice President, Corporate Development
Tel: 306 537 8903 | katiem@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.
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