Christmas in the Jungle: Founders Metals Hits 36.0 m of 2.21 g/t Gold & 67.0 m of 1.26 g/t Gold from Surface in New Da Vinci Discovery
Rhea-AI Summary
Founders Metals Inc. (TSXV: FDR) announces significant drill results from its new Da Vinci prospect at the Antino Gold Project in Suriname. The first five drill holes revealed substantial gold mineralization from surface, including notable intersections of 36.0 metres of 2.21 g/t gold and 67.0 metres of 1.26 g/t gold. The discovery shows two northwest-striking, sub-parallel shears with characteristics similar to the Upper Antino Froyo Zone.
The drilling program, initially planned for three holes, has been expanded to twelve holes, with additional results expected in early Q1 2025. The company has confirmed mineralization over 100m of strike and 180m vertical depth, with visual confirmation suggesting extension to over 250m strike and ~200m vertical depth. Founders Metals has secured funding for 60,000 metres of drilling in 2025.
Positive
- All five initial drill holes intersected significant gold mineralization from surface
- Best intersections include 67.0m @ 1.26 g/t Au and 36.0m @ 2.21 g/t Au
- Drilling program expanded from 3 to 12 holes due to positive results
- Secured funding for 60,000 metres of drilling in 2025
- Mineralization confirmed over 100m strike length with potential extension to 250m
Negative
- True widths of mineralization currently unknown
- Additional assay results pending, creating uncertainty about overall deposit size
News Market Reaction – FDMIF
On the day this news was published, FDMIF gained 15.47%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Vancouver, British Columbia--(Newsfile Corp. - December 11, 2024) - Founders Metals Inc. (TSXV: FDR) (OTCQX: FDMIF) (FSE: 9DL0) ("Founders" or the "Company") announces drill core assay results from the newly discovered Da Vinci prospect ("Da Vinci") at the Antino Gold Project ("Antino" or "Project") in southeastern Suriname (Figure 1). The Company reports results from the first five holes at Da Vinci where gold mineralization occurs from surface over two broad shear zones including, 21 metres (m) of 3.24 grams per tonne (g/t) gold (Au) within a broader 67.0 m of 1.26 g/t Au and 36.0 m of 2.21 g/t Au.
Highlights
- New Discovery - drilling confirms from surface gold mineralization in two parallel shears over 100 m of strike and 180 m vertical depth in the first five holes at Da Vinci (Figure 3)
- DV001 - 28.5 m of 1.30 g/t Au including 10.5 m of 2.39 g/t Au
- DV002 - 67.0 m of 1.26 g/t Au including 21.0 m of 3.24 g/t Au
- DV003 - 36.0 m of 2.21 g/t Au
- DV004 - 15.6 m of 1.18 g/t Au from surface
- DV005 - 47.0 m of 1.07 g/t Au including 10.5 m of 3.40 g/t Au from surface
- Two northwest-striking, sub-parallel shears with similar structural characteristics as the Upper Antino Froyo Zone (Figure 4)
- Visual confirmation in additional drill holes pending assays of similar quartz and sulphide-rich zones that extend strike to over 250 m and ~200 m vertical depth
- Initial three-hole drilling plan expanded to twelve holes, with additional results expected in early Q1 2025
Founders' President and CEO, Colin Padget, commented, "The results from Da Vinci are spectacular. They not only affirm our confidence in Antino's Tier 1 potential but also validate our unwavering commitment to focus on exploration in 2025. The first five drill holes all intersected substantial intervals of gold mineralization, and our team is more eager than ever to continue drilling in the new year and continue uncovering what has all the hallmarks of another major gold system. 2024 has been transformational for Founders with continuous growth at Upper Antino, successful initial drilling programs at Buese and Lower Antino, and now this new discovery at Da Vinci. With 60,000 metres of fully funded drilling in 2025, we're set for an exciting year ahead."
Geology Discussion
The Da Vinci discovery displays several key geological features that are similar in nature to those associated with other gold zones on the property including Upper Antino's Froyo Zone, Lower Antino, and areas within Buese. These features at Da Vinci include:
- Multiple subparallel northwest-striking shear zones, with at least two so far at Da Vinci
- Stronger, more frequent shearing at lithological contacts
- Dip-slip shearing (latest movement)
- Main folding event occurs before both shearing and mineralizing event
- Local late refolding with northeast axial traces
- Higher gold grades associated with brittle overprinting (e.g., brecciation, extensional veins, and fractures with sulphide infill)
- Hydrothermal ankerite and sericite alteration
At Antino there are numerous other untested areas of interest with these same characteristics, and many include additional gold-in-auger anomalies or geophysical anomalies underscoring the potential for many more new discoveries over the 200 km2 property. The recognition of these common features will help guide the Company's future exploration efforts.
Figure 1: Property Scale Plan Map with Auger Samples
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https://images.newsfilecorp.com/files/7574/233321_658ea76bd49acb34_001full.jpg
Figure 2: Da Vinci Prospect
Aerial view of the Da Vinci prospect showing scale of historical artisanal workings. There has been no organized mining here since 2017, leaving the abandoned camp infrastructure available for Founders to refurbish and most of the free-digging saprolite gold mineralization preserved.
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https://images.newsfilecorp.com/files/7574/233321_658ea76bd49acb34_002full.jpg
Figure 3: Da Vinci Plan Map
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https://images.newsfilecorp.com/files/7574/233321_658ea76bd49acb34_003full.jpg
Figure 4: Da Vinci Section Looking Northwest
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https://images.newsfilecorp.com/files/7574/233321_founders121124fig4.jpg
Figure 5: Core Photos for DV002 Interval 197.0 m - 218.0 m with Gold Assays Labelled
Interval demonstrates the excellent widespread grade distribution
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Table 1: Assay Results
| Hole ID | From (m) | To (m) | Core Length* (m) | Au (g/t) |
| DV001 | 71.10 | 99.60 | 28.50 | 1.30 |
| including | 72.60 | 83.10 | 10.50 | 2.39 |
| DV002 | 151.00 | 218.00 | 67.00 | 1.26 |
| including | 197.00 | 218.00 | 21.00 | 3.24 |
| DV003 | 72.60 | 108.60 | 36.00 | 2.21 |
| DV004 | 0.00 | 15.60 | 15.60 | 1.18 |
| DV005 | 0.00 | 47.10 | 47.10 | 1.07 |
| including | 18.60 | 29.10 | 10.50 | 3.40 |
| and | 122.10 | 125.00 | 2.90 | 0.74 |
| and | 137.00 | 144.00 | 7.00 | 0.37 |
*Intervals represent down-hole depths with true widths of mineralization currently unknown
Table 2: Drill Hole Locations
| Hole ID | Easting* (m) | Northing* (m) | Elevation (m) | Azimuth (°) | Dip (°) | Depth (m) |
| DV001 | 824705.9 | 394339.0 | 189.3 | 26.5 | -50.3 | 221.0 |
| DV002 | 824705.9 | 394339.0 | 189.3 | 31.5 | -70.3 | 305.0 |
| DV003 | 824706.5 | 394340.9 | 189.5 | 30.0 | -55 | 206.1 |
| DV004 | 824704.1 | 394342.1 | 189.4 | 210.9 | -50.5 | 200.0 |
| DV005 | 824605.8 | 394350.5 | 186.9 | 32.7 | -49.8 | 271.8 |
*The coordinate reference system is WGS 84, UTM zone 21N (EPSG 32621)
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 date1. The Company will complete 45,000 metres of drilling in 2024 and is fully financed for up to 60,000 metres in 2025.
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
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/233321
FAQ
What are the main gold intersections reported in Founders Metals' (FDMIF) Da Vinci discovery?
How much drilling is planned for Founders Metals (FDMIF) in 2025?
What is the current strike length of the Da Vinci discovery by FDMIF?
When will Founders Metals (FDMIF) release additional Da Vinci drilling results?
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