Founders Metals Third Drill Arrives; Begins Drilling at Buese

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Vancouver, British Columbia--(Newsfile Corp. - July 10, 2024) - Founders Metals Inc. (TSXV: FDR) (OTCQX: FDMIF) (FSE: 9DL0) ("Founders" or the "Company") announces the start of its 2024 Buese area drill program at the Antino Gold Project ("Antino" or "Project") in southeastern Suriname. The Company plans to drill up to 7,000 metres (m) at Buese in 2024 beginning with an initial 3,000 m phase 1 program. The drilling uses Founders' own recently acquired third diamond drill. The Company is focused on testing both high-grade shear zones along the margins of the Filuca intrusive and bulk-tonnage type targets hosted within the intrusive at Buese.

Highlights

  • Founders-owned third diamond drill rig now operating

  • Start of 3,000 m phase 1 drilling program at Buese

  • New induced polarization (IP) and ground magnetic surveys support previously unidentified mineralized structures confirmed with high-grade gold samples at surface

  • Channel sample grading 9.34 grams per tonne (g/t) gold (Au) over 8.0 m including 1.0 m of 42.56 g/t Au as well as previously released results of up to 113.0 g/t Au

  • Over 35,000 m2 of mapped Filuca intrusive with potentially a much larger subsurface body supported by recent geophysics

Buese Discussion

The Buese area covers over 600 hectares (ha) and is ~6 kilometres (km) southeast of Upper Antino and the Froyo Gold Zone. Buese gold mineralization is mapped over 2 kilometres along the southeastern extent of the 8+ km Antino Gold Trend. Mineralization occurs within and along the margins of the Filuca tonalite intrusion. Recently exposed outcrops by artisanal miners show that the intrusion is heavily altered (quartz/sericite/iron-carbonate/tourmaline) and hosts multiple generations of centimetre to decimetre-scale quartz ± quartz-carbonate veins throughout the exposed body. Founders' recent exploration results combined with historical auger sampling and limited past drilling of the Filuca intrusive indicate significant, previously underexplored potential for bulk-tonnage gold mineralization. This represents a similar setting and style of mineralization as the multi-million ounce Omai and Yaou gold deposits in Guyana and French Guiana, respectively.

Founders' exploration work to date includes new ground magnetic and IP geophysical surveys, auger and rock sampling, detailed mapping, and an analysis of historical drilling. From this work, Founders has defined several high-priority drill targets. Geological mapping has successfully defined over 35,000 m2 of the tonalitic Filuca intrusive and surface sampling confirms substantial gold mineralization spatially associated with an extensive quartz and quartz-carbonate stockwork vein system. The Company's channel sample results from Buese include 9.34 g/t Au over 8.0 m and 11.87 g/t Au over 12.0 m, with up to 113.0 g/t Au.