Business
Founders Metals Increases Confidence in Regional Exploration Targets at Antino
Vancouver, British Columbia--(Newsfile Corp. - August 26, 2024) - Founders Metals Inc. (TSXV: F...
About this update from Founders Metals, Inc.
[{"type":"text","content":"Founders Metals Increases Confidence in Regional Exploration Targets at AntinoVancouver, British Columbia--(Newsfile Corp. - August 26, 2024) - Founders Metals Inc. (TSXV: FDR) (OTCQX: FDMIF) (FSE: 9DL0) (\"Founders\" or the \"Company\") provides a corporate update and outlines regional exploration targets at the Antino Gold Project (\"Antino\" or \"Project\") in southeastern Suriname. The Company's surficial team is successfully developing key targets for future surface exploration and drilling, including Lower Antino, Lawa, and the Southern Froyo Extension. Founders intends to expand its drill program to include an initial 1,500 metres (m) at Lower Antino, commencing mid-September. Founders' Management and Board of Directors (\"Insiders\") recently sold Company shares for taxation purposes connected with the exercise of Restricted Share Units and resulting tax implications due to the Company's stock price appreciation over the last 18 months. Founders' management organized a block trade with an existing institutional shareholder at market value ensuring no undue pressure on the stock. The related insider transactions will be filed on SEDI later today.HighlightsLower AntinoLower Antino is a high-priority target with over 25% of Founders grab samples grading >0.3 grams per tonne (g/t) gold (Au) and up to 20.4 g/t Au Historical results include auger samples with up to 49.3 g/t Au and very high-grade grab sample results, including two samples collected from shear-zone hosted quartz veins grading 144 g/t Au and 340 g/t Au Auger sampling reveals new >2.5 kilometre (km) gold trend hosting similar structures and geological features as the Froyo Gold Trend in Upper AntinoGround preparation underway for Lower Antino drilling to start in mid-SeptemberLawaNew prospect identified by Founders in May 2024Completely unexplored area with three major gold-mineralized trends including two large intrusions along separate structures over a combined 2.7 km strike lengthSouthern Froyo ExtensionRecent grab sample of 57.4 g/t Au collected 1,500 m southeast of Froyo indicating the potential for repeat zones of high-grade gold mineralization similar to Froyo along the broader +10 km Antino gold trend that extends from Upper Antino to Buese\"Our regional exploration work continues to highlight the scale of the gold system at Antino and underscores ...