Founders Metals Inc. (TSXV: FDR) announced exceptionally high grade intercepts at the Buese area on the Antino Gold Project in Suriname, including gold concentrates of 113 of gold per ton (g/t) over 1 meter.
On Friday, the company also announced potential bulk tonnage exploration targets in the Buese area, which hosts gold mineralization over two kilometres at the southeastern extent of the over 8 kilometer Antino Gold Trend.
Founders Metals discovery of exceptionally high grade intercepts is surrounded by a larger section of rock that contains a lower amount of gold (2.4 grams of gold per ton) and extends for 11 meters. Additionally, the 11-meter section does not include the extremely high-grade gold sample.
Prior to the discovery, historical drilling had identified areas with high-grade gold mineralization stretching over a distance of two kilometers.
The company also conducted diamond drilling, which revealed a 12 meter section of rock with a high gold content of 7.80 grams of gold per ton, and another section of 22.5 meters with 2.95 grams of gold per ton. These rocks are part of a larger shear zone that trends in a northwest direction.
“Although our current primary focus for the ongoing drill program and exploration work remains the Upper Antino area, these initial high-grade channel results underscore the substantial potential of the Buese zone,” said Colin Padget, Founders’ CEO.
“With gold mineralization defined over more than two kilometres through historical drilling and auger sampling, the Founders team is looking forward to drill-testing the high-grade shear zone and potential bulk-tonnage intrusive targets, which is planned for towards the end of the current 10,000 m program.”
Founders Metals shares rose 6.6 per cent to $0.97 on Friday on the TSX Venture Exchange.
Buese area plan map showing the dominant high-grade gold trend in historical auger sampling and the location of Founders’ recent channel sampling. Image via Founders Metals.
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Suriname possesses significant gold opportunities
Suriname boasts abundant gold deposits, both in the form of alluvial and hard rock sources. This rich geological endowment has naturally drawn the attention of mining companies and individual prospectors eager to tap into this valuable resource.
In Suriname, there is one significant large-scale gold mining operation known as the Rosebel Gold Mine, which is jointly owned by the Government of Suriname and IAMGOLD Corporation (NYSE: IAG) (TSX: IMG).
Additionally, the government of Suriname granted approval for the development of a second major mining venture called the Merian Gold Project on June 7, 2013. This project represents a partnership between Newmont Mining Corporation (TSX: NGT) (NYSE: NEM) and Alcoa World Alumina and Chemicals. The Merian Gold Project is situated approximately 60 kilometers to the south of Moengo, along the Marowijne River.
Aside from these large-scale operations, the government estimates that there are approximately 20,000 small-scale gold mining operators in the country. It’s worth noting that only 115 of these operators were officially registered by the government in 2009. Locally, these small-scale miners are commonly referred to as “porknokkers.” The economic challenges faced by many in Suriname have led some individuals to turn to small-scale and often illegal gold mining as a means of income generation.
The environmental impact of these mining activities has raised issues, with environmental damage being a notable concern in the country due to the use of mercury in small scale mining operations.
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