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Founders Files NI 43-101 Technical Report on Antino Project and to Close Assignment of Antino Option on March 20, 2023
Vancouver, British Columbia--(Newsfile Corp. - March 16, 2023) - Founders Metals Inc. (TSXV: FDR)...
About this update from Founders Metals, Inc.
[{"type":"text","content":"Founders Files NI 43-101 Technical Report on Antino Project and to Close Assignment of Antino Option on March 20, 2023Vancouver, British Columbia--(Newsfile Corp. - March 16, 2023) - Founders Metals Inc. (TSXV: FDR) (the \"Company\") The Company is pleased to announce that further to its news releases dated October 24, 2022, November 10, 2022, January 24, 2023, and March 10, 2023, the Company is extending the closing to March 20, 2023, to close the concurrent financing (the \"Concurrent Financing\") of up to 16,000,000 units of the Company for gross proceeds of up to $3,200,000, to allow for additional subscribers to participate. The Company received conditional approval from the TSX Venture Exchange (the \"Exchange\") on March 14, 2023 for the increased amount of the Concurrent Financing.In connection with the extension of the scheduled closing of the Concurrent Financing, the Company is also scheduled on March 20, 2023 to complete the acquisition (the \"Acquisition\") by the Company from Orea Mining Corp. (\"Orea\") of the option to acquire up to 75% of the Antino Gold Project (the \"Property\") in Suriname from Nana Resources N.V. (\"Nana\"), which has been conditionally approved by the Exchange on January 23, 2023.The Property consists of two contiguous Right to Exploit Gold mining titles over two blocks covering a combined area of approximately 20,000 ha located in southeastern Suriname, South America, along the border between Suriname and French Guiana. In 2021, Orea was granted the right to acquire up to 75% of the Property from Nana and Lawa Resources N.V. (\"Lawa\"), a Surinamese entity wholly-owned by Nana. The Right to Exploit Gold in the Property will allow the Company to conduct exploration, drilling, and small-scale mining on the Property without any additional permits. There are no known overlapping surface rights in the Property and, apart from small-scale miners and villages along the river, no traditional landowners live in the area.The Property lies within the Precambrian crystalline basement of Suriname which consists of two high-grade metamorphic gneiss belts of Archean and Lower Proterozoic age, a likewise Lower Proterozoic volcano-sedimentary greenstone belt, and a granitoid-volcanic complex in-between. The low-grade metavolcanic and metasedimentary rocks in Suriname are known as the Marowijne Group, and o...