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Founders Metals

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September 16, 2024 at 7:50 AM (MDT)|Broadmoor Hotel & Resort

Colin Padget

President, CEO & Director

Colin has over 10 years of experience working on and managing exploration and mining projects across several North and South American jurisdictions. He holds a Bachelor's degree in Business Administration alongside a first-class Bachelors and a Masters degrees in Geology. Prior to joining Founders as CEO, he was a Senior Geologist at Benchmark Metals and Thesis Gold.

This is an automatically generated transcript. Denver Gold Group cannot accept responsibility for mistakes, errors, omissions, or any action taken in reliance thereon. Use of this transcript is governed by Denver Gold Group’s Terms of Use.

Colin Paget is here to discuss founders and with that, the floor is yours. Colin Yes. Get connected here. Technical difficulties. OK, perfect, great. Well, thanks everybody for being here. Appreciate you coming today. So I'm glad actually to be here this first time at the Gold Forum and happy to be able to give everybody a bit of an overview as to what's going on with Antino and, and what founders have been up to for the last kind of 12 to 18 months. So it's kind of diving right into it. We're in Central Guyana Shield, northern portion of South America. The big names down there recently reunion sold Oo West to G mining. We've got G two down there as well in that area. We're a little bit further east than those guys, but in the same rocks right in Surinam, Surinam itself country about 650,000 people, a pretty small place 400 by 400 kilometers and really a goal focussed economy. Surinam has about 80% of their exports a couple of years ago were, were gold and gold related products. So, very much an interest in, in keeping the gold space alive. And that comes really out of two operating mines in the area. So Newmont has the, the Marion mine, whereas the recently picked up the Roosevelt mine. So we're looking at, you know, almost two decades of gold production at you know, industrial or major scale. There's also a large, you know, small scale mining or alluvial mining component to, to that as well. And it really speaks to the potential for the, for the area, our property, we're down in the southeastern portion. We got 200 square kilometer land package over 20,000 hectares. Those are exploitation concessions. So it gives us all the permits or rights that we need to, to do any sort of exploration work. But also to, you know, do some mining if if we were to go that route, a lot of great infrastructure pieces that come along with the project, Even with the location that we're in, I'll get into the details of that following slide. But the, the next big thing and I think a big part of our success early on has been purchasing our own drills. We're now turning three drills full time that we own diamond drill rigs with a cost, you know, it's consistently under $200 Canadian per meter all in including assays and, and everything So I'm pretty proud of that. And you know, we're, as we move forward, we're looking at adding 1/4 rake here in the next kind of 3 to 6 months. So, we kind of continue to, to build that side of the business and, and increase our productivity and our ability to, to put meters in the ground. After that, I mean, we've recently had some, we've had some success, you know, we're on the financing side as well. We've got about, we've got money in the bank left over from our most recent raise in May. And we look, we, we're well funded for finishing out the 45,000 m that we have plant for 2024. Yeah, quick corporate snapshot. 74 million shares outstanding, got a little under $7 million in the bank. On top of that, we're sitting on 6.1 million warrants, all very, very deep in the money and all of which expire here in March. So another about $4 million set to come in there. And that's, that's what keeps us finance for the year and sees us going forward from there as far as, you know, the breakdown, high net worth retail and institutional investors. That's about a 5050 split there between those two and management still sits around 15%. We've also had quite a bit of interest from on the analyst side I've had quite a few site visits here recently. But the, the guys listed here are the ones that already have coverage out. But I expect to see some more here later this fall. Really the, the progression has been, we started last March with a concurrent financing to acquire the property that was a 20 cent financing. Rob com with dynamic came in for 40 cents as a strategic partner, our strategic investor, I guess at that time. And we followed that up with about a $6 million deal at 80 cents last November and then the dollar 60 here most recently in May, which is kind of a nice little progression there with the, the doubles every time. Looking at the Guyana Shield piece, I mean, really, this is a common slide, I think on a lot of these, the presentations for companies down here. the big takeaway. So I won't belabor the point is that Atlantic Ocean is a little narrower than it should be because the, the geology really of the Periman Shield in West Africa is just the same or similar to the geology that we see in, in the Guyana Shield. And, and we all know about the, you know, the, you know, the endowment or of gold deposits or gold in the brim. And there's been a lot of exploration, a lot of work done there and there just hasn't been the same level of, of work in the Guyana Shield. And so it, I really do believe and I think a lot of other people do too that we're going to see a lot of growth in this jurisdiction in the next few years. And I think there'll be a number of tier one world class assets come out of the area and in the next 5 to 10 for sure, in terms of infrastructure. So we we've got our biggest piece really right now is is having river access. So it's pretty common progression that you go from things that are closest to the ocean. And as development happens in the country, you move inwards where there's a river that can get you there. We've got barge access to site, very well established network that we can bring everything from 40 ton haul trucks to 3, 2330 excavators, D six D eight dozers. So kind of you name it and they can come up the river. So we're not limited really there. And, and I think that helps with the future developments from future development standpoint as well. Beyond that, we are very fortunate to inherit as part of this project camp that at the time was rustic. We'll call it. but it, but the bones were there and we were able to, you know, spruce it up and we now have capacity for about 100 people, 6065 people on site at any given time. And along with that camp came a 1.3 kilometer long airstrip that's commercially serviced, commercially maintained. And those things really were, what got us moving quickly at the start. Having the commercial piece is really important to us. Basically depends a little bit on how much you weigh. But 100 to 100 and $50 you can buy a commercial plane ticket in the capital and 45 to 50 minutes later, they'll drop you off at our main camp. which is a pretty incredible thing after that. There's been mining here in this area. You can see in the map here that there's a, a pretty sizable alluvial footprint. All that disturbance is, is a product of that alluvial work over the last 100 150 years. That's led to a, a pretty impressive road network throughout the, the entire property, so we can get pretty much wherever we want to go, pretty easily. And that's another thing that kind of helps us move quickly on the ground and, and get the work done that we have. So zooming in, I'm gonna just kind of start big picture here with the property. So the outline here is the 200 square kilometers concession and then go into kind of each area in detail and, and kind of cover over what we've been doing and, and what's coming up in the future. So the big areas Upper Anino is where all of our drill results to date have come from. historic work was focused on Upper Anino and Boise in the center. And then where more recently, actually just a few days ago, started drilling at Lower Anino. So right now, three rigs, we've got one in each of those kind of three main camps. The thing I like to point out on this slide though, you know, from a prospect standpoint is really just the scale of this Auger anomaly. So these are historic Augers, 35,000 of them only cover about half of the actual la land area or of the property. But the scale of the anomalies is what's really impressive. And these are, you know, the number of gram plus Auger samples, many of these down 15 m are, is, is really really quite impressive. Boise is the second place we've gone to drill, you know, that's following up on some historic drilling, but also, you know, just following up on this trend is, you know, what is now, certainly more than 10 kilometers. Some recent light, our data shows that you know, with some alluvial working and evidence of working from the past work that it continues likely across the property for more than 15 kilometers. Lastly, in terms of where we're drilling and work we're doing lower. Anino has an augur and all with a scale that surpasses even that of upper Antino. And we're really excited to be started drilling there. On top of the, you know, the success we've had at upper Anino and the, the results are the things we're starting to see come out of Boise. So just to really kinda drive it home, I'm gonna zoom in just here on Oper Anino, here with the next next couple of slides to show you what, what that's looked like. this map here. Well, first most recent press release put out earlier, mid last week. We're looking at now over 1.4 kilometers of drill defined structure mineralization at Upper Antino and that's here in the, in a froyo to what we call cupcake. All of this area here has been pretty well defined by us, I'd say at this point and it gives us a lot of opportunity for growth. Much of that has come out of some fairly recent work. And we're excited that, you know, basically every hole in the last few months has been a hole that's expanded the si the size of the footprint of, of this deposit. So, and the results have kind of spoken for themselves, you know, some of our recent stuff has been, you know, 45 m of 5 g. you know, 16/14, we've had a lot of really fantastic success and we're sitting right now, just with the upper anino stuff, you know, over 1800 plus gram meter products. We just got the, this verify thing going and I really like it because it's a, it's fantastic way to just show people kind of what that looks like and, and what our thinking is on the ground and how things have, have evolved. So this view right here is basically upper tino. So we've got our camp airstrip and then what we have here and it's very similar actually to what they have at Marion. the nuances mine, which is about 100 and 60 kilometers north of us. But in the same package of rocks is this big anti form. you know, we kind of defined this structure fairly early on. But earliest on we were focused on this area here for scale, you know, from the runway to kind of the end of that line, we start to about a kilometer, 1.2 kilometers. We've since done some drilling down here to further extend it across the runway. But then things got really exciting for us. When we started actually stepping out to the east and trying to basically to hit this main structure deeper down. We did that we started to come across these sub parallel or parallel shears. And what we now see having stepped quite a ways across this area is that they continue across one of the historic pits here, this was known as Cupcake. Our last press release was Froyo Eats Cupcake. And we've really taken that over and made it all part of the same structure and there are some sizable intervals in this, this, these parallel zones that that 45 m of five actually comes from, from this area right here. We're now with the most recent release over here, you know, almost 450 m across strike in an area that originally we were just following a single structure kind of Northwest Southeast. So it really takes it from what would have been a, you know, you know, subvert or 7580 degree dip, you know, single hybrid structure with would be a very high strip ratio from an open pits point to, you know, much more favorable open pit scenario for mining and, and something that as we put this together really starts to, to line up quite well with, you know, if you have a look at the, the Marion cross sections, there's a lot of similarities there in terms of rocks structure, just the, the scale of their pits and kind of seems to be a bit of what we're progressing towards. So it's really something to check out. So right now, we're, you know, well defined over this, we extended another 500 m north to give us that 1.4 kilometers, just in the last release, there's quite a lot of opportunity. I think here in the hinge of this fold, there's not been any work done up there whatsoever. And then there's the, you know, the obvious opportunity here to the, to the southeast immediately. And then more recently, about a kilometer and a half long strike to the southeast. This way, we, we've had some high grade grab samples up to 57 g per ton that you know, are part of that 10 kilometer plus strike length towards, towards Boise, towards the southeast. So a lot of opportunity for this to continue to grow. Now Boise and maybe just very quickly back up to give you a remind you kind of where that is. Boise is down here in the center part of the property. So I'm gonna zoom into that and then, and we'll finish with lower Anino and, and a bit on the structure of the agreement we have for the property. So with Boise, you know, there's been some historic drilling diamond drilling historically focused mostly on these high grade shear zones. We've taken a bit of a different approach to Boise where we're looking at both the high grade shears of which, you know, we've sampled, you know, up to basically effectively 12 m of 12, up to 100 and 13 g per ton. you know, 9 m of 8 g those are our samples and there's some pretty impressive historic ones as well. But we're taking not just the high grade sheer approach, but we're also looking at this from a bulk tonnage target., what we found or what's been exposed for us. That wasn't there historically, when, when the last people were there doing some work, is, is really, you know, pretty impressive or sizable intrusive tonite bodies that have a lot of really high density veining and are mineralized., wherever the shears come through, mineralization comes with them and, and the intrusive rocks here make a great host for, you know, providing that kind of disseminated or almost stock work type mineralization. But very much shear related and give you a sense of scale here and I'll, I'll draw something on just to show you what that looks like in a sec sense of scale. That's a 40 ton haul truck,, tailings from some of the artisanal working. And then the area here really, when we do tours, people are always quite impressed with the upper antino piece and Froyo and all of that. But when you drive a long strike, you know, 35 40 minutes on an A TV. And then you show up in, in camp or the Boise camp area and, and you see this, that's really what I think what drives home the scale piece for people. And I, I've always found it to be very impressive myself. The, the model here or kind of what we're after is really, you know, that this is one of the shears that's that, you know, volcanic and volcanic sedimentary rocks and that's up to 100 and 13 g per ton over here, kind of sitting along that sheer in contact with the intrusive rocks. And that's this thing that's exposed. And we're fortunate to have that there. Our GEO S call it the, the best out crop in Surinam, which they might, they might be right, because it's usually a lot of satellite and a lot of mud. So it's nice to actually be able to put your hand on a real rock and measure it. But the really great thing about this intrusive stuff is that you do have those shears coming through as high strain zones and where the sh shes come through. You know, even in this, we're sampling, you know, up to 70 plus grams per ton. So those are the high grade numbers. The drilling that we've done, you know, we've been testing both in the intrusive but also coming through those shears. And, you know, we're excited about what we're seeing with the drill bit. So, looking forward to getting results out for that over the likely sometime next week. This is what we're expecting, but certainly by the end of the month. So that's, that's really the model for, for Boise and there's quite a bit of scale there. Laurentino is the last one I'll touch on. This is our most recent, you know, drilling target or drill ready target. Just got going a few weeks, a few days actually ago here. And I like this because we've been very successful. We've been able to do a lot of consistent surface exploration that follows up on just what is an absolutely phenomenal historical anomaly. So we, we've been able to do collect quite a number of these, you know, 15 to 18 m wide shear zones, you know, in different areas across this, this entire area. You know, the, the one in the photo here, 18 m of gram and a half. It's, it's nice to see that scale. And it's similar to some of the things historically that were found over at Frail before the drilling tapped into some of the highest grade rocks on the property to date here too. We see some similarities with the actual structures themselves. So these northwest verging folds or, or sorry oriented folds, the same kind of northwest overall structures. And then it actually sits this Antino this creek here, the sheer zone is actually the same that cross cutts or comes right through Frey and upper Antino. So a lot of similarities, you know, very high grade a anomaly that's, you know, multiple kilometers in scale. And then on top of it, we do get some of these northwest structures that it's been mostly our a work and sampling work that's put together, you know, over two kilometer 2.5 kilometers strike length in this where, you know, even further to the south than that, there's some artisanal work that points us in the right direction, I think for stuff there. As well as, you know, some historical, you know, underground which is in SAR a little, a little scary but some historical underground work there too that points potentially some pretty high grade stuff. Lastly just a quick touch on kind of where we're at in terms of the progress on on the option agreement. So our the option ors are Cerys family that we work with as partners on the ground. We helped a lot with the logistics side. We're now through stage one, have 51% of the property. And stage two is coming up pretty quickly. at this point that spend commitment for stage two, we expect to have covered probably April or so next year. And then after that, it's gonna onward through stage three. And and I think there is actually potential to negotiate or to work towards 100% deal here likely in the not too in future. Great. I'll, I'll stop it there.


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