Founders Metals (TSXV: FDR) says assays from its Antino gold project in southeast Suriname show potential for significant gold mineralization between two zones.
Drilling intercepted six gold intervals in one hole, 23FR045, to expand the new parallel zone beside the Froyo gold zone, the company said on Friday.
It cut 10.5 metres grading 2.81 grams gold per tonne from 14.1 metres down hole; 5 metres of 4.18 grams from 30 metres; 9 metres of 8.54 grams from 43 metres; 13 metres of 5.21 grams from 62 metres; 12 metres of 2.74 grams from 85 metres; and 7 metres of 2.74 grams from 136 metres.
“These are all near surface gold intervals further improving the potential economics of an open-pit mining scenario,” president and CEO Colin Padget said in a release. “Founders’ technical team has also added several new holes to further test the extent of this mineralization, both along strike and further to depth.”
Founders plans to issue its first Antino resource estimate next year as it vies to rival Newmont’s (TSX: NGT) Merian and Zijin Mining’s Rosebel gold mines on the Guiana Shield in Suriname. The company is starting a 30,000-metre drill program this year at the 238-sq.-km Antino, the South American country’s most advanced project on a property that’s produced 500,000 oz. of artisanal gold historically.
More assays
Initial drilling is testing the parallel gold zone to depth and along strike at the site on the Marowijne Greenstone Belt across the Lawa River from French Guiana. The program targets expansion and resource definition within the Froyo gold zone plus exploration across unmapped concessions areas. Fast lab turnaround times should provide a steady flow of drill results every two to three weeks, Padget said.
Founders has said it plans to issue a preliminary economic assessment in 2026 followed by a feasibility study.
The company acquired three-quarters of the project last year from Nana Resources through an option with Orea Mining (TSX: OREA). Nana retains a quarter. Previous holders drilled more than 32,000 metres historically. An assay issued in November, the highest grade so far, showed 3 metres grading 99.51 grams including 1 metre of 231.92 grams from 25 metres depth.
The Guiana Shield occupies a chunk of the continent’s northeast, stretching from Colombia to Guiana and including parts of Venezuela and Brazil. Rosebel produced 5.6 million oz. of gold from 2004 to 2021 for Iamgold (TSX: IMG; NYSE: IAG) before Zijin bought it in late 2022 for $360 million.
Shares in Founders Metals gained 5% to C$1.48 apiece at mid-Friday in Toronto, valuing the company at C$75.6 million. It’s traded in a 52-week range of C$0.20 to C$1.78.
