Founders finds near-surface gold at Antino in Suriname

Drilling at Founders Metals’ (TSXV: FDR; US-OTC: FDMIF) Antino project in southeast Suriname has returned strong near-surface gold mineralization as high as 8 metres grading 6.64 grams gold per tonne in the Donut zone, the company reported Thursday.   

Highlights from the first phase of this year’s drill program include the above intercept 247 metres depth in hole 24DO13, 19 metres at 1.02 grams gold from 99 metres downhole in 24DO09, and 6 metres at 3.1 grams gold from 181 metres in hole 24DO15.  

Drilling also discovered a new shear zone known as West Donut, with highlights comprising hole 24DO04, which returned 4.5 metres of 3.27 grams gold from 15.6 metres downhole; 12 metres at 0.84 gram gold from 12.6 metres in hole 24DO13; and 27 metres of 0.73 gram gold from 26.1 metres in hole 24DO14.

Located 275 km south of the capital city of Paramaribo, the air and boat-accessible Antino is just across the Lawa River from French Guiana. Past artisanal and alluvial mining at Antino has produced more than 500,000 oz. of gold, Founders says. 

“We’ve hit a second gold-bearing shear hosted in the mixed volcanic rocks to the west of Donut with near surface gold mineralization over substantial widths,” said Founders CEO Colin Padget. “Combined, these results represent an excellent first phase of drilling at Donut and our team is busy with planning follow up work.” 

New shear zone

The West Donut Shear is a steeply dipping zone of shear-hosted gold mineralization that Founders intercepted in all four drill holes. Results from 24DO04, 24DO13, 24DO14 and the previously-reported 24DO02 outlined a north-south oriented shear zone with a minimum strike length of 150 metres. The zone remains open along strike and hasn’t been drill tested below 40 metres. 

Gold mineralization at Donut sits inside a main shear near the tonalite intrusive body’s margin. Broader zones of up to 40 metres of lower-grade gold mineralization are also within the intrusive, Founders said.

The latest results from 24DO013, 24D015 and 24DO09 confirm the continuation of high-grade gold along the western and northwestern edges of the intrusive contact where shearing is most concentrated. Mineralization remains open and extends over a strike length of at least 190 metres along the western contact and at least 130 metres along the northwestern margin. Future drilling will test the eastern and southern intrusive margins. 

The Donut zones are located inside the Upper Antino portion in the northwest corner of the larger Antino property. 

Founders plans up to 30,000 metres of drilling at Antino this year and an initial resource next year.  

Antino sits on the gold-rich Guiana Shield along with Newmont’s (TSX: NGT) Merian and Rosebel mines. That shield stretches under five neighbouring countries and has been a prolific source of mining since the 19th century.  

Previously known as Avalon Works and focused on gold exploration in New Brunswick, Founders pivoted to Suriname two years ago. Last March, it earned an option from Orea Mining to acquire 75% ownership of Antino from Nana Resources, which holds the remaining 25%. 

Founders’ shares traded at $1.80 apiece on Friday, valuing the company at $113.2 million. Its shares traded in a 52-week range of 24¢ and $1.95.