Shares of Founders Metals (TSXV: FDR) surged to an all-time high Monday after the company announced promising assay results from its 2024 drill program at its flagship Antino gold project in southeastern Suriname.
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 high-grade gold interval of 10. metres at 24.61 grams per tonne (g/t) gold in this area.
The new results are highlighted by another high-grade interval of 6 metres at 5.31 g/t gold, including 10 metres of 12.05 g/t and 4 metres of 29.36 g/t. A separate hole also returned 28 metres of 3.35 g/t, 7 metres of 13.52 g/t and 6 metres of 6.89 g/t.
According to Founders, the two holes have successfully expanded the previously identified gold mineralization 150 metres to the east of the main Froyo shear. This area has been known for near-surface intervals of extensive, high-grade gold mineralization including historical grab samples of up to 28.5 g/t 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.
The Antino project is currently in the resource definition stage, and the company is targeting initial resource estimate sometime next year, having only entered the project in late 2022 and started drilling last year.
Founders is the project operator and is eligible to earn up to a 75% interest for a combined payment of approximately $3.2 million and exploration expenditures of up to $26 million, as well as completing a bankable feasibility study.
Founders Metals’ stock traded at C$2.39 on the TSX Venture Exchange by press time, having reached a peak of C$2.45 earlier in the session. Its market capitalization was an estimated C$161.9 million ($118 million).
