- Founders Metals, one of the best gold stocks in Canada of 2023, just sent shares soaring with new drill core assay results from the Antino gold project in Suriname
- The over 56 metres of new gold mineralization reaches up to 8.54 g/t gold, continuing a track record of prospective exploration results since April 2023
- Founders Metals is a mineral exploration company acquiring and advancing gold projects in the South American Guiana Shield
- Founders Metals stock added 685 per cent in 2023, and is up by 319 per cent year-over-year and by 202 per cent since inception in 2021
Founders Metals (TSXV:FDR), one of the best-performing gold stocks of 2023, just sent shares soaring with new drill core assay results from the Antino gold project in Suriname.
Founders’ flagship 20,000-ha project includes more than 30,000 metres of historical drilling, 35,000 gold-in-soil auger samples, property-wide aeromagnetic survey data, and a 2022 LiDAR survey.
The results are composed of six new gold intervals in drill hole 23FR045, further substantiating a gold-bearing shear zone parallel to the main Froyo shear, as well as the likelihood of “economically significant” gold mineralization between the structures, according to a news release.
Drill hole 23FR045’s six gold zones amount to 56.5 m of mineralization, including:
- 10.5 m of 2.81 g/t gold from 14.1 m down hole
- 5 m of 4.18 g/t gold from 30 m
- 9 m of 8.54 g/t gold from 43 m
- 13 m of 5.21 g/t gold from 62 m
- 12 m of 2.74 g/t gold from 85 m
- 7 m of 2.74 g/t gold from 136 m
“We are thrilled to see so much gold mineralization through this zone, as it really starts to fill the gap between the main Froyo structure and this emerging parallel trend,” Colin Padget, Founders Metals’ chief executive officer, said in a statement. “Additionally, these are all near-surface gold intervals, further improving the potential economics of an open-pit mining scenario. Founders’ technical team has also added several new holes to further test the extent of this mineralization, both along strike and further to depth, so I am particularly excited to be on my way to Antino next week and to see the incoming core in person.”
Core from the third gold zone down hole grading 8.54 g/t gold over 9 m. Source: Founders Metals.
The mineralized expansion follows a consistent stretch of encouraging results at Antino since optioning the project in 2021, beginning with high-grade gold samples up to 54 g/t gold in April 2023, and ending with 10 m of 24.61 g/t gold in the Froyo zone announced just one week ago.
This steady stream of positive news flow rewarded shareholders with a 685 per cent return in 2023, a 319 per cent return year-over-year, and a 202 per cent return since inception in 2021.
The company intends to fortify its path toward continued shareholder value creation with the appointment of Samuel Yik as its new chief financial officer and corporate secretary.
Yik is a commerce graduate and chartered professional accountant with more than 26 years of public company experience across natural resources, technology and transportation. He has served for more than 11 years as a CFO for publicly listed companies in Canada and the United States and occupied managerial roles in senior finance, commerce and operations in companies with market capitalizations up to C$2 billion.
Yik replaces Justin Bourassa, who resigned as CFO and corporate secretary effective Jan. 5.
Founders Metals is a mineral exploration company acquiring and advancing gold projects in the South American Guiana Shield.
Founders Metals stock (TSXV:FDR) is up by 6.38 per cent, trading at C$1.50 per share as of 10:23 am ET.
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