Founders Metals has made an electrifying discovery in Suriname, cutting through high-grade zones that have sent ripples through the mining world. The company achieved remarkable results, with highlights such as 10.5 meters grading at 2.81 grams of gold per tonne from 14.1 meters down the hole. These incredible finds are set to revolutionize the economic outlook, with President and CEO Colin Padget expressing excitement over the near-surface gold intervals that could enhance the potential for an open-pit mining scenario.
Targeting a resource estimate for next year, Founders is poised to challenge the dominance of Newmont’s Merian and Zijin Mining’s Rosebel gold mines on the Guiana Shield in Suriname. The company is embarking on a 30,000-metre drill program this year, marking a significant step forward for its 238-sq.-km Antino project, which boasts a historical production of 500,000 oz. of artisanal gold.
New Assays Unveiled
The company’s initial drilling efforts are focused on testing the parallel gold zone to depth and along strike at the Marowijne Greenstone Belt, positioning Founders to expand and define resources within the Froyo gold zone while exploring unmapped concessions areas. Padget also highlighted fast lab turnaround times, which are expected to yield a continuous flow of drill results every two to three weeks.
Looking ahead, Founders intends to issue a preliminary economic assessment in 2026, followed by a feasibility study.
Notably, Founders acquired three-quarters of the Antino project last year from Nana Resources through an option with Orea Mining. Nana retains a quarter. This move comes after previous holders drilled more than 32,000 meters historically. In November, an assay revealed the highest grade to date, demonstrating 3 meters grading at 99.51 grams, including 1 meter of 231.92 grams from 25 meters depth.
The Guiana Shield, stretching across a significant portion of the continent’s northeast, holds strategic importance. Rosebel, which was acquired by Zijin from Iamgold, produced 5.6 million oz. of gold from 2004 to 2021, underscoring the immense potential within this region.
Following these exhilarating developments, shares in Founders Metals jumped 5% to C$1.48 apiece at mid-Friday in Toronto, valuing the company at C$75.6 million. The company’s 52-week trading range stands at C$0.20 to C$1.78, showcasing the significant strides taken.
