Drilling at Founders’ Antino project expands Froyo, serves up Cupcake treat

New high-grade gold results at Founders Metals’ (TSXV: FDR, US-OTC: FDMIF) Antino project in southeast Suriname have almost doubled the size of its main Froyo zone, while also putting the Cupcake zone on its plate. 

Hole 24GG015 in Froyo returned 5 metres grading 14.09 grams gold per tonne from 274 metres depth, including 15 metres at 3.51 grams gold from 173 metres depth and 7 metres grading 3.64 grams gold from 243 metres downhole. Another highlight, hole 24CU006 cut 7 metres at 3.46 grams gold from 107 metres depth.  

“With a drill-defined footprint that is 500 metres longer and 100 metres wider, the Froyo zone has almost doubled from two months ago,” Founders president and CEO Colin Padget said in a release. “The recent growth further highlights the robust nature of the gold system at Antino and the property’s potential to host world-class gold deposits.” 

The results come during Founders’ 30,000-metre drill program this year that has confirmed the strength of deposits at the Antino property, just across the Lawa River from French Guiana. 

Founders plans to release an initial resource for Antino next year as it seeks to rival Newmont’s (TSX: NGT) Merian and Zijin Mining’s Rosebel gold mines on the Guiana Shield in Suriname. The 238-sq.-km Antino is the South American country’s most advanced project on a property that’s produced 500,000 oz. of artisanal gold historically.  

Cupcake with Ginger 

Step-out drill holes 24FR080 and 24FR081 at Froyo returned 14 metres at 2.91 grams gold from 56 metres depth and 24 metres grading 1.6 grams gold from 183 metres downhole, respectively.  

Results from those holes and 24GG015 also demonstrated continuity of mineralization between Froyo, the Cupcake historical artisanal mining pit and the additional Ginger zone, showing the three are part of a larger mineralized corridor, the company said.  

Founders believes that corridor hosts several high-grade shear zones across a strike length of at least 1,400 metres.  

Having another Donut 

At the Donut zone, east of Cupcake, Founders plans a second stage of drilling in the fourth quarter to expand on the strong results in the initial drill program. It included 19 metres at 14.23 grams gold in 23DO007 and 45 metres of 2.16 grams gold in 23DO006.  

The company has almost finished the first stage of drilling at Buese, south of Antino, and expects to release results later in the month.  

Founders has said it plans to issue a preliminary economic assessment in 2026 followed by a feasibility study. 

It acquired three-quarters of the project last year from Nana Resources through an option with Orea Mining (TSX: OREA; US-OTC: OREAF). 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.

Founders’ shares were down 2.2% to $2.20 apiece on Wednesday morning in Toronto, valuing the company at $162.5 million. Its shares have traded in a 52-week range of 72¢ and $3.13.