01:30 PM EDT, 06/27/2024 (MT Newswires) -- Founders Metals ( FDMIF ) , down 3% at last look, on Thursday released drill-core assay results from its 2024 drill program at the Antino Gold Project in southeastern Suriname.

The new mineralization shows "excellent continuity" to depth from the previously identified shear-hosted mineralization at Froyo, the company said. According to the statement, drill holes 24FR066 and 24FR067 extend the Froyo Zone by 85 m with intercepts in 24FR067 of 24.0 m of 5.06 g/t Au and 11.7 m of 2.37 g/t Au, highlighting two substantial shears.

"The geology suggests that the Froyo Zone comprises multiple NW-striking shears with meaningful gold grades and intercepts. The abundance of gold-bearing structures indicates a robust regional gold system, and we see major potential for further discoveries," chief executive Colin Padget said in a release.

The company's shares were last seen down $0.06 to $1.97 on the TSX Venture Exchange.

Price: 1.97, Change: -0.06, Percent Change: -2.96