Founders Metals (TSXV: FDR) has successfully increased their ownership in the Antino Gold project in Suriname to 70%. The increase follows the company successfully completing the second stage of an option agreement entered into back in October 2022.
The exercise of the second stage of the agreement, which increased Founder’s interest in Antino from 51%, follows the expenditure of US$10 million in exploration expenses, a milestone which was achieved back in May. Founders was then required to make a cash payment of $1.5 million, issue 95,000 shares, and deliver an internal concept study similar to a preliminary economic assessment to increase their interest to 70%.
The company now has the option to proceed to stage three, which would increase their ownership in Antino to a final 75%, or immediately enter into a joint venture with the option provider. The third stage requires the delivery of a bankable feasibility study on the project by an independent qualified professional and US$10 million in work commitments.
“Completing Stage 2 is a major derisking milestone and reflects our confidence in Antino’s exceptional potential. Additionally, we are excited to provide a detailed update in the coming days on all major exploration targets. We remain committed to maximizing shareholder value as we continue advancing the Antino Gold Project’s world class potential through our 60,000 metre 2025 drill program,” commented Colin Padget, CEO of Founders Metals.
The Antino Gold project consists of a 20,000 hectare land package within the Guiana Shield. While the Shield itself is said to be a west African analogue with a gold inventory of over 110,000 ounces, Antino itself has seen over 500,000 ounces of gold extracted from it via historic artisanal mining.
A resource estimate has not yet been established for the project publicly, however analysts are said to have the consensus that a resource in the range of 5 to 10 million ounces of gold exists on site. Exploration in 2025, which includes 60,000 metres of drilling, aims to prove those estimates correct.
Founders Metals last traded at $4.36 on the TSX.
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