Founders Metals has signed a definitive agreement to acquire 100% of a previously announced 36,000 hectare (ha) exploration concession located west of its Antino gold project in south-eastern Suriname, South America.
This move comes after the company signed a letter of intent (LoI) last month.
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With this acquisition, the total project area increases to 56,000ha and enables the company to resume north-westward expansion drilling at Upper Antino.
Drilling had previously halted at the former concession boundary, despite historical auger gold anomalies indicating significant potential for resource growth.
The company has also released new drill core assay results from its ongoing 60,000m drill programme, which have extended the strike length of Upper Antino gold mineralisation to more than 2,500m.
Notable intercepts include 17m of 3.06 gram per tonne (g/t) gold in hole FR157 and a broader near-surface interval of 60m of 0.85g/t gold from a depth of only 8.1m in hole FR172.
Founders Metals president and CEO Colin Padget said: “This is a transformational period for Founders – over the past two weeks, we have closed a C$50m [$35.48m] strategic investment from Gold Fields, expanded the Antino land package to 56,000ha, and with today’s results, demonstrated excellent along-strike, progressive growth of gold mineralisation at Upper Antino.
“With a strong cash position, a proven exploration team and clear ability to operate efficiently in Suriname, Founders is well positioned to systematically explore our ever-growing land package of highly prospective geology with the proven potential to host multi-million-ounce gold deposits.
“Our four drills are currently turning at Da Vinci, Lower Antino, Parbo and Upper Antino, with Van Gogh drilling planned to begin shortly. Results from Maria Geralda and Parbo are expected in the coming weeks, followed by results from other priority targets through Q4 [fourth quarter] and into early 2026.”
Drilling highlights include a 250m extension of parallel gold mineralisation between the Froyo and Donut areas, with an intercept of 14m of 1.88g/t gold from a depth of 225m in hole FR154.
At the Froyo zone, drilling has demonstrated vertical continuity along multiple structures, including 7m of 11.74g/t gold from 197m, 19m of 1.18g/t gold from 133m and 4m of 5.10g/t gold from 109m in hole FR173.
