Founders Metals Stock Price, News & Analysis

Founders Metals Inc. (TSXV: FDR) reports significant drill results from its Antino Gold Project in Suriname, highlighting 23.0 metres of 5.00 g/t gold at the Froyo Gold Zone. The company has extended gold mineralization by 180 meters and completed over 40,000 meters of drilling this year.

Key drilling highlights include broad, high-grade gold mineralization continuing north in Froyo with 4.0m of 15.34 g/t Au and 10.0m of 4.23 g/t Au. The Froyo zone now has a drill-defined strike length of ~1.6 km and a ~300m wide mineralized footprint, with gold mineralization extending to 275m depth and remaining open in all directions.

The company also announced new exploration targets at Lawa North and South, extending 13 km, and the Da Vinci target situated 4 km southeast of Buese, with initial drilling results expected by year-end.

Founders Metals (TSXV: FDR, OTCQX: FDMIF) has announced positive metallurgical test results for its Antino Gold Project in Suriname. The testing revealed excellent gold extraction rates averaging 94.9% for fresh rock and 95.3% for saprolite. The optimal primary grind size of P80 at 50 μm achieved 95.0% gold recovery. Comminution tests showed medium hardness levels consistent with other Guiana Shield gold deposits, with Bond Ball Mill Work Index averaging 13.2 kWh/t. The study also demonstrated negligible concentrations of deleterious elements and low acid consumption. Testing of historical tailings samples showed an average gold recovery of 96.8%.

Founders Metals (TSXV: FDR) (OTCQX: FDMIF) announces significant drill results from its Lower Antino maiden drill program in Suriname. The company reports 81.9 metres of 1.01 g/t gold, including 26.0 metres of 2.36 g/t gold within a broader >200m wide zone of anomalous gold. The discovery was made in unweathered rock approximately 100m down-dip of a historical auger gold anomaly.

Based on these preliminary results, Founders has expanded its Phase 1 Lower Antino drill program from 1,500m to 4,500m. The mineralization occurs within a sheared tonalitic intrusive containing up to 15% disseminated pyrite. Recent channel sampling revealed grades up to 21 g/t Au, with historical grab samples reported up to 340 g/t Au.

Founders Metals has successfully closed a strategic investment from B2Gold Corp., raising C$12.1 million through the issuance of 4,400,000 common shares at C$2.75 per share. This represents 5.0% of Founders' outstanding shares. An investor rights agreement grants B2Gold the right to maintain its pro rata interest up to 9.9% through future financings. B2Gold has committed to acquire an additional 1,170,000 shares over 12 months. The proceeds will fund exploration and development at the Antino Gold Project in Suriname in 2025. Agentis Capital received a 4% commission as finders for the offering.

Founders Metals Inc. (TSXV: FDR) (OTCQX: FDMIF) has announced a C$12.1 million investment from B2Gold Corp. at C$2.75 per share. This Strategic Investment, combined with a previously announced C$20 million bought deal private placement, will raise a total of C$32.1 million, fully funding Founders' planned 2025 budget. Upon completion, B2Gold will own 5.0% of Founders' issued and outstanding common shares on a non-diluted basis.

The investment validates Founders' Antino Gold Project and provides access to B2Gold's expertise in exploring and developing world-class mining assets. The deal includes an investor rights agreement, allowing B2Gold to increase ownership up to 9.9% and collaborate on technical aspects and new prospects in the Guiana Shield. The Strategic Investment is expected to close in Q4 2024, subject to customary conditions and regulatory approvals.

Founders Metals Inc. (TSXV: FDR) (OTCQX: FDMIF) has announced two significant developments:

1. Chris Taylor has joined as a new Independent Director. Taylor, a structural and economic geologist with over 20 years of experience, is known for his role in Great Bear Resources' major gold discovery and its subsequent C$1.8 billion acquisition by Kinross Gold. He has been granted 300,000 stock options at an exercise price of C$2.55 per common share.

2. The company has fulfilled the share issuance requirements to exercise the first stage of its Antino Option, acquiring a 51% interest in the Antino Gold Project. This was achieved by issuing 1,140,000 common shares to Nana Resources N.V. at a deemed price of C$2.69 per share, following a previous issuance of 475,000 shares in March 2023.

Founders Metals Inc. (TSXV: FDR) (OTCQX: FDMIF) has announced drill core assay results from its 2024 drill program at the Antino Gold Project in Suriname. The Phase 1 Buese drill program, covering 3,500 meters, revealed significant gold mineralization:

- High-grade, shear-hosted gold: 78.0 m of 2.35 g/t Au, including 20.0 m of 7.65 g/t Au
- Broad, intrusion-hosted gold: 16.5 m of 1.64 g/t Au, and 110.0 m of 0.34 g/t Au
- Tailings from historical mining: 15.6 m of 0.45 g/t Au from surface

The results confirm both high-grade and bulk-tonnage mineralization styles at Buese. A 7,500 m Phase 2 drill program is now underway to determine the strike extent of gold mineralization within the 4 km² surface anomaly. The company also noted potential in the tailings from over 100 years of artisanal mining, with plans for further exploration and metallurgical work.

Founders Metals Inc. (TSXV: FDR) (OTCQX: FDMIF) announces significant drill results from its 2024 program at the Antino Gold Project in Suriname. The company has extended the Froyo Gold Zone by 500 meters northward, connecting it with the historical Cupcake pit. Key highlights include:

- Drill hole 24GG015: 5.0 m of 14.09 g/t Au, 15.0 m of 3.51 g/t Au, and 7.0 m of 3.64 g/t Au
- Drill hole 24CU006: 7.0 m of 3.46 g/t Au
- Drill hole 24FR080: 14.0 m of 2.91 g/t Au
- Drill hole 24FR081: 24.0 m of 1.60 g/t Au

The Froyo zone's drill-defined footprint has nearly doubled in size. Founders plans a second phase of drilling at the Donut target in Q4 2024, following strong initial results including 19.0 m of 14.23 g/t Au and 45.0 m of 2.16 g/t Au.

Founders Metals Inc. (TSXV: FDR) (OTCQX: FDMIF) has exercised its right to acquire 51% of the Antino Gold Project in southeastern Suriname. The company has also amended and restated the option agreement with Nana Resources N.V., simplifying the earn-in process. Key changes include the removal of a 43-101 Resource requirement in Option 1 and a Preliminary Economic Assessment in Option 2. The company is actively drilling in three locations: Upper Antino, Buese, and Lower Antino. The updated agreement outlines three stages for increasing ownership:

1. Option 1 (51%): Cash payments of $1.65M USD, $6M USD in exploration expenses, and issuing 1,615,000 shares.
2. Option 2 (70%): Additional $1.5M USD, $10M USD in exploration, 95,000 shares, and a concept study.
3. Option 3 (75%): $10M USD in exploration and a bankable feasibility study.