Founders Metals hits new high on Antino results

Shares of Founders Metals (TSXV: FDR; US-OTC: FDMIF) surged to a record intra-day high Monday after the company announced promising assay results from its 2024 drill program at its flagship Antino gold project in southeast Suriname.

Founders Metals’ stock eased to $2.37 apiece near closing after reaching $2.45 earlier in the session. Its market capitalization is $166.5 million.

The new results are highlighted by an interval of 6 metres grading 5.31 grams gold per tonne, including 10 metres of 12.05 grams and 4 metres of 29.36 grams, Founders said in a release. A separate hole also returned 28 metres grading 3.35 grams, 7 metres of 13.52 grams and 6 metres of 6.89 grams.

The two holes have expanded the previously identified gold mineralization 150 metres to the east of the main Froyo shear, the company said. This area has been known for near-surface intervals of extensive, high-grade gold mineralization including historical grab samples of up to 28.5 grams gold, it said.

Founders Metals CEO Colin Padget said these results confirm the multiple, robust gold-bearing structures parallel to the main Froyo shear, and continue to demonstrate the potential for growth. Drilling results from late June also reported intercepts that pointed to a new gold-bearing shear further east of Froyo.

Maiden resource

Founders says it’s planning to release an initial resource for the Antino project next year, having only entered the project in late 2022. It started drilling last year.

The 2024 drilling campaign, which is fully funded for up to 30,000 metres, began in January with the objective of expansion and resource definition within the Froyo gold zone. In late 2023, the company had reported a gold interval of 10 metres grading 24.61 grams in this area.

Founders is the project operator and is eligible to earn up to a 75% interest for a combined payment of approximately US$3.2 million and exploration expenditures of up to US$26 million, as well as completing a bankable feasibility study.