Latest news with #ColinPadget
Associated Press
21-05-2025
- Business
- Associated Press
Founders Metals Expands Upper Antino; Hits 33.0 m of 3.50 g/t Gold
Vancouver, British Columbia--(Newsfile Corp. - May 21, 2025) - Founders Metals Inc. (TSXV: FDR) (OTCQX: FDMIF) (FSE: 9DL0) ('Founders' or the 'Company') announces drill core assay results from the Antino Gold Project ('Antino' or 'Project') in southeastern Suriname (Figure 1). The Company reports high-grade gold mineralization at Upper Antino including 33.0 metres (m) of 3.50 grams per tonne (g/t) gold (Au) in drilling east of the Main Froyo Shear ('Froyo'). Additional drilling results extend gold mineralization north 125 m, increasing total strike length of Froyo to ~1.7 kilometres (Figure 2). Drilling Highlights Colin Padget, President & CEO, commented, 'These results clearly demonstrate Upper Antino's growth potential in multiple directions. Gold mineralization continues eastward over substantial intervals while our step-out drilling has successfully expanded the northern boundary by 125 metres. The two broad intervals in hole FR114 align well with our mineralization and structural models and suggest there is potential to 'connect-the-dots' between Froyo and Donut. Additionally, while we have seen some increases in assay turnaround times and have been focusing on certain corporate items, we anticipate releasing additional results from our earlier-stage exploration targets along-side a comprehensive overview in the coming weeks.' Drilling continues to expand Upper Antino gold mineralization and Figure 4 provides a 12-month snapshot showing the growth of the mineralized footprint over that time. In this release, drill hole FR114 intersecting 33.0 m of 3.50 g/t Au, is one of several holes planned to target further eastward growth of Froyo gold mineralization and determine if additional parallel zones link Froyo with the Donut target. Drillhole FR101 intercepted two distinct zones of mineralization with the shallower 22.50 m interval of 0.5 g/t Au beginning at 27.60 m and potentially a new shear as the deeper 12 m of 1.51 g/t Au aligns well with the previously reported 8.0 m of 2.08 g/t Au in hole FR095. These are encouraging intercepts indicating additional northward potential and drill holes are planned further north to continue testing these structures. About Founders Metals Inc. Founders Metals is a Canadian-based exploration company focused on advancing the Antino Gold Project located in Suriname, South America, in the heart of the Guiana Shield. Antino is 20,000 hectares and has produced over 500,000 ounces of gold from surface and alluvial mining to date 1. The Company is fully financed for up to 60,000 metres of drilling in 2025. 1 2022 Technical Report - Antino Project; Suriname, South America. K. Raffle, BSc, P. Geo & Rock Lefrançois, BSc, Table 1: Drill Hole Assay Results *Intervals are down-hole depths. True widths of mineralization are estimated to be approximately 85% of the down-hole interval based on preliminary results and observations. All are diamond drill holes. Table 2: Drill Hole Location The coordinate reference system is WGS 84, UTM zone 21N (EPSG 32621) [ This image cannot be displayed. Please visit the source: ] Figure 1: Antino Property Map To view an enhanced version of this graphic, please visit: [ This image cannot be displayed. Please visit the source: ] Figure 2: Plan Map To view an enhanced version of this graphic, please visit: [ This image cannot be displayed. Please visit the source: ] Figure 3: Cross-Section To view an enhanced version of this graphic, please visit: [ This image cannot be displayed. Please visit the source: ] Figure 4: Upper Antino Gold Footprint - 12-month Snapshot To view an enhanced version of this graphic, please visit: Quality Assurance and Control Samples were analyzed at FILAB Suriname, a Bureau Veritas Certified Laboratory in Paramaribo, Suriname (a commercial certified laboratory under ISO 9001:2015). Samples are crushed to 75% passing 2.35 mm screen, riffle split (700 g) and pulverized to 85% passing 88 µm. Samples were analyzed using a 50 g fire assay (50 g aliquot) with an Atomic Absorption (AA) finish. For samples that return assay values over 5.0 grams per tonne (g/t), another cut was taken from the original pulp and fire assayed with a gravimetric finish. Founders Metals inserts blanks and certified reference standards in the sample sequence for quality control. External QA-QC checks are performed at ALS Global Laboratories (Geochemistry Division) in Lima, Peru (an ISO/IEC 17025:2017 accredited facility). A secure chain of custody is maintained in transporting and storing of all samples. Drill intervals with visible gold are assayed using metallic screening. Rock chip samples from outcrop/bedrock are selective by nature and may not be representative of the mineralization hosted on the project. Qualified Persons The technical content of this news release has been reviewed and approved by Michael Dufresne, an independent qualified person as defined by National Instrument 43-101. ON BEHALF OF THE BOARD OF DIRECTORS, Per: " Colin Padget ' Colin Padget President, Chief Executive Officer, and Director Contact Information Katie MacKenzie, Vice President, Corporate Development Tel: 306 537 8903 | [email protected] Cautionary Statement Regarding Forward-Looking Information This press release contains 'forward-looking information' within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the use of proceeds from the Company's recently completed financings and the future or prospects of the Company. Generally, forward-looking information can be identified by the use of forward-looking terminology such as 'plans', 'expects' or 'does not expect ", 'is expected ", 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates' or 'does not anticipate', or 'believes', or variations of such words and phrases or state that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'occur' or 'be achieved'. Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market, and economic risks, uncertainties, and contingencies that may cause actual results, performance, or achievements to be materially different from those expressed or implied by forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, other factors may cause results not to be as anticipated, estimated, or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management discussion and analysis. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws. All material information on Founders Metals can be found at To view the source version of this press release, please visit
Yahoo
08-05-2025
- Business
- Yahoo
Founders Metals Completes Work Commitment Milestone for Antino Option Agreement
Vancouver, British Columbia--(Newsfile Corp. - May 8, 2025) - Founders Metals Inc. (TSXV: FDR) (OTCQX: FDMIF) (FSE: 9DL0) ("Founders" or the "Company") is pleased to announce it has completed the expenditure requirements for Stage 2 of its Option Agreement on the Antino Gold Project in Suriname. The Company has submitted an audited report demonstrating that it has completed the required US$10,000,000 in exploration and development expenditures stipulated in the amended and restated Option Agreement with Lawa Gold N.V. ("Lawa") and Nana Resources N.V. ("Nana"). Upon completing Stage 2, Founders will increase its ownership stake in the Antino Project to 70% (51% from Stage 1 plus an additional 19% from Stage 2). To finalize Stage 2, Founders expects to deliver all payments and the outstanding internal concept study on the project, by month's end (Table 1). "Reaching this major milestone ahead of schedule demonstrates our commitment to rapidly advancing the Antino Gold Project," said Colin Padget, CEO of Founders Metals. "The exploration results to date have exceeded our expectations, and the internal concept study currently being finalized will provide valuable insights into the project's world-class economic potential." Table 1: Summary of Founders' requirements under Stage 2 of the Option Agreement Requirement Details Status Work Expenditures US$10,000,000 Completed Cash Payment US$1,500,000 In Progress - expected completion in the coming weeks Share Issuance 95,000 common shares of FDR Concept Study Delivery of an internal concept study (similar to a preliminary economic assessment) by an independent qualified professional Stock Options and RSU Grant The Company also announces that, pursuant to its Option and RSU Plans, it has granted a total of 2,950,000 Stock Options ('Options') and 1,380,000 Restricted Share Units ("RSUs") to directors, officers, employees, and consultants of the Company. The Options are exercisable at a price of C$4.70 per share and expire five years from the date of grant. Options and RSUs will 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. About Founders Metals Inc. Founders Metals is a Canadian-based exploration company focused on advancing the Antino Gold Project located in Suriname, South America, in the heart of the Guiana Shield. Antino is 20,000 hectares and has produced over 500,000 ounces of gold from surface and alluvial mining to date1. The Company is fully financed for up to 60,000 metres of drilling in 2025. 1 2022 Technical Report - Antino Project; Suriname, South America. K. Raffle, BSc, P. Geo & Rock Lefrançois, BSc, ON BEHALF OF THE BOARD OF DIRECTORS Per: "Colin Padget" Colin PadgetPresident, Chief Executive Officer, and Director Contact Information Katie MacKenzie, Vice President, Corporate DevelopmentTel: 306 537 8903 | katiem@ Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release. Cautionary Statement Regarding Forward-Looking Information This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the use of proceeds from the Company's recently completed financings and the future or prospects of the Company. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect ", "is expected ", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market, and economic risks, uncertainties, and contingencies that may cause actual results, performance, or achievements to be materially different from those expressed or implied by forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, other factors may cause results not to be as anticipated, estimated, or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management discussion and analysis. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws. To view the source version of this press release, please visit Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Globe and Mail
22-03-2025
- Business
- Globe and Mail
Founders Metals Hits 72.0 m of 2.29 g/t Gold at Van Gogh; Extends Mineralization from Surface to 200 m Vertical Depth
Vancouver, British Columbia--(Newsfile Corp. - March 17, 2025) - Founders Metals Inc. (TSXV: FDR) (OTCQX: FDMIF) (FSE: 9DL0) ("Founders" or the "Company") announces further assay results from preliminary drilling at Van Gogh, the most recent high-grade gold discovery at its Antino Gold Project ("Antino" or "Project") in southeastern Suriname (Figure 1). The Company reports 72.0 metres (m) of 2.29 grams per tonne (g/t) gold (Au) extending gold mineralization to approximately 200.0 m vertical depth from surface at Van Gogh. The drilling follows up on the 28.5 m of 7.12 g/t Au interval from 18 m down hole in the first hole reported on February 20 th (news release). Highlights Drill hole VG004 intercepts 72.0 m of 2.29 g/t Au from 177.0 m down hole (Figure 2) Gold mineralization extended from surface (channel - 17.8 m of 5.68 g/t Au), through saprolite zone (VG001 - 28.5 m of 7.12 g/t Au), and into fresh rock down to 200.0 m vertical depth (VG004 - 72.0 m of 2.29 g/t Au) Mineralized interval potentially broadens with depth from surface Completely original discovery with no current or historical artisanal mining within 1.5 km of Van Gogh target area With the success at Da Vinci and Van Gogh, Founders is committed to allocating up to 50% of its 2025 drill metres to high-priority targets in brand new areas 5 th diamond drill operational by mid-year "The latest Van Gogh results further support the tier 1 discovery potential that Antino and our 2025 exploration program represents. Van Gogh is emerging as another key discovery, with characteristics most like Upper Antino," said Colin Padget, President & CEO. "Founders' focus this year is on unlocking the property's full potential and building value for shareholders through systematic discovery and the ongoing expansion of our earlier successes. To this end, we currently have four drills turning full-time and a fifth rig will be operational by mid-year." Geology and Drilling Discussion Van Gogh is 2.0 km from Lawa and 3.8 km from Da Vinci, and forms part of an emerging multi-kilometre northwest oriented gold trend extending through the Maria Geralda target to Lower Antino, and sub-parallel to the main Antino Shear Zone spanning 15+ km from Upper Antino to Da Vinci (Figure 1). Gold mineralization at Van Gogh is hosted within a subvertical mylonite zone with estimated true widths ranging ~25-50+ metres. The mineralized zones comprise broad intervals of intensely sheared, highly silicified country rock containing multiple generations of quartz veining. In VG004, the gold-bearing intervals contain up to 15% sulphide (pyrite) and coincide with moderate to strong sericite-chlorite-ankerite alteration. Drill holes VG002 and VG003 were drilled to test the along-strike continuity of the saprolite (oxide)-hosted gold mineralization from previously reported channel (17.8 m of 5.68 g/t Au) and drilling (VG001, 28.5 m of 7.12 g/t Au) results but are interpreted to have gone over the top of the mineralized structure. VG002 and VG003 logging shows similar broad-scale shearing to that observed deeper in holes VG001 and VG004, however lacked the characteristic sulphide content commonly associated with significant gold mineralization at Antino. In VG004, the steeply dipping gold mineralization occurs in fresh rock over a much broader interval than in the saprolite above (Figure 2), which may have been transported (i.e., slumped) several metres downslope. Follow-up drilling focuses on extending the broad, fresh rock, gold-bearing interval VG004 and incorporates newly acquired downhole structural and surficial mapping data. About Founders Metals Inc. Founders Metals is a Canadian-based exploration company focused on advancing the Antino Gold Project located in Suriname, South America, in the heart of the Guiana Shield. Antino is 20,000 hectares and has produced over 500,000 ounces of gold from surface and alluvial mining to date 1. The Company is fully financed for up to 60,000 metres of drilling in 2025. 1 2022 Technical Report - Antino Project; Suriname, South America. K. Raffle, BSc, P. Geo & Rock Lefrançois, BSc, Table 1: Drill Hole Assay Results Hole ID From (m) To (m) Interval* (m) Au (g/t) VG004 177.0 249.0 72.0 2.29 and 262.0 271.0 9.0 1.51 VG003 NSA VG002 NSA *Intervals are down-hole depths. True widths of mineralization are estimated to be approximately 85% of the down-hole interval based on preliminary results and observations. Table 2: Drill Hole Location Hole ID Easting (m) Northing (m) Elevation (m) Azimuth (°) Dip (°) Depth (m) VG004 828148.7 395941.3 151.0 259.7 -55.1 343.9 VG003 828066.3 395866.5 135.6 80.0 -49.9 284.1 VG002 828013.0 395949.0 115.2 79.9 -50.1 251.0 The coordinate reference system is WGS 84, UTM zone 21N (EPSG 32621) Figure 1: Property Scale Map with Auger Samples and Van Gogh Drilling Results To view an enhanced version of this graphic, please visit: Figure 2: Van Gogh Cross-Section To view an enhanced version of this graphic, please visit: Figure 3: Van Gogh Core Photos To view an enhanced version of this graphic, please visit: Core photos of Van Gogh drill hole VG004 showing excellent grade distribution throughout the interval from 177.0 m (upper left, left column) to 249.0 m (bottom right, right column). Quality Assurance and Control Samples were analyzed at FILAB Suriname, a Bureau Veritas Certified Laboratory in Paramaribo, Suriname (a commercial certified laboratory under ISO 9001:2015). Samples are crushed to 75% passing 2.35 mm screen, riffle split (700 g) and pulverized to 85% passing 88 µm. Samples were analyzed using a 50 g fire assay (50 g aliquot) with an Atomic Absorption (AA) finish. For samples that return assay values over 5.0 grams per tonne (g/t), another cut was taken from the original pulp and fire assayed with a gravimetric finish. Founders Metals inserts blanks and certified reference standards in the sample sequence for quality control. External QA-QC checks are performed at ALS Global Laboratories (Geochemistry Division) in Lima, Peru (an ISO/IEC 17025:2017 accredited facility). A secure chain of custody is maintained in transporting and storing of all samples. Drill intervals with visible gold are assayed using metallic screening. Rock chip samples from outcrop/bedrock are selective by nature and may not be representative of the mineralization hosted on the project. Qualified Persons The technical content of this news release has been reviewed and approved by Michael Dufresne, a qualified person as defined by National Instrument 43-101. ON BEHALF OF THE BOARD OF DIRECTORS, Per:" Colin Padget" Colin Padget President, Chief Executive Officer, and Director Contact Information Katie MacKenzie, Vice President, Corporate Development Tel: 306 537 8903 | katiem@ Cautionary Statement Regarding Forward-Looking Information This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the use of proceeds from the Company's recently completed financings and the future or prospects of the Company. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect ", "is expected ", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market, and economic risks, uncertainties, and contingencies that may cause actual results, performance, or achievements to be materially different from those expressed or implied by forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, other factors may cause results not to be as anticipated, estimated, or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management discussion and analysis. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws. All material information on Founders Metals can be found at
Yahoo
24-02-2025
- Business
- Yahoo
Founders Metals Closes C$2.6M Financing with B2Gold
Vancouver, British Columbia--(Newsfile Corp. - February 24, 2025) - Founders Metals Inc. (TSXV: FDR) (OTCQX: FDMIF) (FSE: 9DL0) ("Founders" or the "Company") announces that it has closed its previously announced investment from B2Gold Corp. ("B2Gold") of 484,239 common shares of the Company (the "Shares") at a price of C$5.30 per Share for aggregate gross proceeds of ~C$2.6 million (the "Investment"). Colin Padget, Founders' President & CEO commented, "We are pleased to have B2Gold's ongoing support for Founders and the Antino Gold Project. Combined with the recent bought deal financing, Founders is now fully financed for the foreseeable future and further ramp-up of our aggressive exploration and drilling plans. Our 2025 plan remains focused on expanding what we know and continuing to make new discoveries like the recently announced high-grade gold intercept at Van Gogh." The Shares are subject to a four month hold period from the date of issue. Furthermore, pursuant to the Investor Rights Agreement, B2Gold is required to purchase 1,170,000 Shares in the open market during the 12-month period following their initial investment that closed on November 5, 2024. The Company intends to use the net proceeds of the Investment for ongoing exploration and development work in 2025 at the Antino Gold Project and for general corporate purposes. In connection with the Investment, the Company paid Agentis Capital Mining Partners a fee equal to 4% of the aggregate gross proceeds of the Shares sold under the Investment. The Investment is subject to final acceptance of the TSX Venture Exchange. None of the Shares have been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. About Founders Metals Inc. Founders Metals is a Canadian-based exploration company focused on advancing the Antino Gold Project located in Suriname, South America, in the heart of the Guiana Shield. Antino is 20,000 hectares and has produced over 500,000 ounces of gold from surface and alluvial mining to date1. The Company is fully financed for up to 60,000 metres of drilling in 2025. 1 2022 Technical Report - Antino Project; Suriname, South America. K. Raffle, BSc, P. Geo & Rock Lefrançois, BSc, ON BEHALF OF THE BOARD OF DIRECTORS Per: "Colin Padget" Colin PadgetPresident, Chief Executive Officer, and Director Contact Information Katie MacKenzie, Vice President, Corporate DevelopmentTel: 306 537 8903 | katiem@ Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release. Cautionary Statement Regarding Forward-Looking Information This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the use of proceeds from the Company's recently completed financings and the future or prospects of the Company. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect ", "is expected ", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market, and economic risks, uncertainties, and contingencies that may cause actual results, performance, or achievements to be materially different from those expressed or implied by forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, other factors may cause results not to be as anticipated, estimated, or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management discussion and analysis. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws. Not for distribution to U.S. news wire services or dissemination in the United States To view the source version of this press release, please visit Sign in to access your portfolio
