Founders Metals Reports Significant Gold Discovery at Antino Gold Project
News related to:Founders Metals Inc · 1 min read
Founders Metals Inc. has announced significant drilling results from its Upper Antino-Froyo Zone at the Antino Gold Project in southeastern Suriname. Drill hole FR256 returned 54.0 metres of 8.45 grams per tonne (g/t) gold from 303.0 metres, including 24.0 metres of 17.42 g/t gold. This discovery is on a parallel structure approximately 100 metres east of the high-grade zone intersected in FR249, which returned 28.0 metres of 14.27 g/t gold.
The results also show that the FR249 zone was extended approximately 75 metres down-dip, with 11.0 metres of 3.59 g/t gold from 464.0 metres. Additionally, shallow drilling has intersected mineralization near the surface, with 16.5 metres of 4.21 g/t gold from 30.6 metres in drill hole FR264.
The company also announced that it has granted a total of 115,000 stock options ("Options") and 74,725 restricted share units ("RSUs") to officers and employees of the company. The Options are exercisable at a price of C$8.20 per share and expire five years from the date of grant. The Options and 43,375 of the RSUs vest over a period of three years, with one-third vesting on each of the first, second, and third anniversaries from the date of grant. The remaining 31,350 RSUs vest on the first anniversary of the date of grant.
Founders Metals Inc. is a Canadian gold exploration company building a district-scale gold camp in southeastern Suriname. The company owns a 100% royalty-free interest in the Antino Gold Project, a 102,360-hectare contiguous land package representing the largest uninterrupted package of highly prospective greenstone belt geology in the Guiana Shield. The company is executing one of the most active exploration programs in the global junior gold sector and is backed by a strategic investment from Gold Fields Limited.
The company's ongoing drilling program is expected to continue to identify new structures and extend known zones at depth, reinforcing the scale and high-grade potential of the gold system at Upper Antino.