Founders Metals drills 12 metres of 19.2 g/t gold in Suriname, stock surges

Initial drill results from Founders Metals‘ (TSXV: FDR) Antino project in southeastern Suriname have confirmed the presence of high-grade gold mineralization, sending the junior’s stock up by 8.5% this morning.

The early results are highlighted by drill hole 23FRDD003, which cut 12 metres of 19.22 grams gold per tonne, including 3 metres of 29.9 grams gold and 2.7 metres of 22.37 grams gold. Another drill hole, 23FRDD001, returned 4.5 metres of 9.92 grams gold.

According to Founders, the new gold intercepts are potential down-dip and along strike extensions of previously reported high-grade surface grab samples with gold assays of up to 57.84 grams gold.

The aim of its 2023 program, comprising up to 10,000 metres of drilling, is to expand several high-grade historical gold zones to depth and along strike within the more than 8-km-long main Antino shear corridor, as well as a series of proximal high-priority targets including previously overlooked intrusion-hosted bulk-tonnage targets.

“The 2023 Antino drill program is off to a great start with smooth drilling, proven fast turnaround on assays, and these terrific early results. A 12-metre interval of 19.22 g/t gold near surface and in rock below the saprolite demonstrates the tenor of high-grade gold mineralization at Antino and the potential for open-pit mining,” Founders’ CEO Colin Padget commented.

“With gold mineralization occurring over more than 8 kilometres of strike along the main Antino shear and artisanal mining workings extending another several kilometres to the property’s edge, we see real potential for growth toward becoming a world-class Guiana Shield gold asset,” he added.

Ongoing drilling continues to focus on extending the upper Antino area’s Froyo zone to depth and along strike.

Currently at the resource definition stage, the 238 sq.km. Antino property is the most advanced gold exploration project in Suriname, within an area where historical surface/alluvial gold mining has produced over 500,000 ounces of gold to date.

Shares of Founders Metals surged by 8.5% by 11:10 a.m. ET following the drill results to a high of 38¢ apiece. The Vancouver-headquartered gold junior has a market capitalization of $16.4 million.