Founders Metals Achieves Major Progress at Antino Gold Project in Suriname
Founders Metals is advancing its Antino gold project in Suriname, reporting impressive drill results that have attracted investor interest. The company has secured $30 million in financing for further exploration, while BMO has begun coverage with a favorable target price. Recent sampling has indicated a promising gold trend, positioning Founders favorably within the mining sector.
Founders Metals has made significant progress at its Antino gold project in Suriname, achieving high-grade drill results that have bolstered investor confidence. The exploration firm recently announced a $30 million bought deal financing led by BMO Capital Markets, which will support ongoing exploration at the Antino site. B2Gold has also maintained its stake in the company through a recent investment.
The Antino project, located 275 km from Paramaribo, has historically produced 500,000 ounces of artisanal gold. It is situated on the Guiana Shield, known for its rich mineral deposits, including nearby operations such as Newmont’s Merian and Zijin Mining’s Rosebel gold mines. Founders has seen its share price double since August, reflecting strong market interest.
BMO, which initiated coverage of Founders, set a target price of $7.50 for the shares, citing a promising valuation based on anticipated developments at Antino. Analyst Andrew Mikitchook noted that the Froyo zone, a central feature of the project, reported exceptional results, including an intercept of 38 meters grading 10.9 grams gold per tonne. Additionally, there is notable potential at the Donut target.
Founders’ sampling efforts have also yielded encouraging results, revealing a newly emerging gold trend at the Antino site. The company has commenced a 60,000-meter drill program for the year, indicating a strong start to 2025. The CEO, Colin Padget, expressed optimism about the ongoing drilling operations and the prospects for the project.
The company concluded 2024 on a high note with substantial financial backing from industry players, including a notable investment from B2Gold. The appointment of Chris Taylor, founder of Great Bear Resources and a recognized industry figure, to the Founders board further strengthens the company’s leadership and strategic direction as it moves forward with its exploration efforts.
In summary, Founders Metals is experiencing a robust start to 2025, fueled by encouraging drill results and strong financial backing. The company’s Antino project appears to have significant potential, especially with the involvement of notable industry figures. With its current funding and drill program, Founders is well-positioned to capitalize on its successes and further increase its market capitalization.
Original Source: northernminer.com
