Founders’ gold results expand high-grade zone at Antino in Suriname

Drilling by Founders Metals (TSX-V: FDR)(US-OTC: FDMIF) has returned results as high as 46 metres grading 3.59 grams gold per tonne at its Antino project in southeast Suriname.

That result, from 174 metres depth in hole FR120 of the Main Froyo Shear target, demonstrated the continuity of high-grade domains at Antino, Founders said on Monday. Adjacent hole FR122 returned 24 metres at 2.03 grams gold from 26 metres depth.

“Ongoing drilling testing continuity and growth of high-grade domains within Froyo, hit [F120’s strong results], and we are continuing to see success in our eastward steps toward Donut,” Founders President and CEO Colin Padget said in a release. “Early results from our deep drilling program nearly double the vertical depth of the Froyo Zone to over 500 metres from surface, substantially increasing the expansion potential at Upper Antino.”

Building on success

The latest results, come amid a productive period of more than 18 months for Founders. The company has discovered multiple high-grade intersections at Antino and in January it secured a $30-million bought deal financing and gained a 5% shareholding from B2Gold (TSX: BTO) for $2.6 million.

Founders shares gained 0.3% to $2.96 apiece on Monday morning in Toronto, for a market capitalization of about $302 million. The stock has traded in a 12-month range of $2.20 to $6.25.

Extending gold system

Other highlights reported Monday – part of a 60,000-metre drill program for 2025 – include 8 metres at 2.25 grams gold from 597 metres depth in hole FR115; 13 metres at 2.1 grams gold from 468 metres depth in FR123; and 21 metres grading 0.73 gram gold from 458 metres in FR118.

Drilling in parallel shears between the Froyo and Donut targets returned 28 metres at 1.18 grams gold from 332 metres in FR126 and 11 metres grading 2.32 grams gold from 397 metres depth in FR123.

To follow up on strong results reported in June, Founders has started a second stage of drilling at the Maria Geralda target, southeast of Upper Antino. Up to 2,000 metres are planned.

Exploration is also ongoing at other targets including Van Gogh, Da Vinci, Lawa and Parbo, with crews performing geological mapping, rock sampling and auger drilling. Follow-up drilling is expected to start at those spots in the fourth quarter.

Located 275 km south of the Suriname capital, Paramaribo, Antino is just across the Lawa River from French Guiana. The property has produced 500,000 oz. of artisanal gold historically, Founders says. The project also sits on the Guiana Shield, which extends to neighbouring South American countries and hosts Newmont’s (TSX: NGT) Merian and Zijin Mining’s Rosebel gold mines.