Founders Metals drills 24.8 metres of 2.06 g/t gold at Elmtree, New Brunswick
Founders Metals Inc. [FDR-TSXV] reported initial drill results from the company’s recently completed 2021 drill program at its Elmtree gold project 20 km northeast of Bathurst, northeastern New Brunswick.
The 2021 drilling and exploration program focused on confirming and expanding historical gold mineralization at the Elmtree gold project. The company drilled 2,311 metres over 18 holes on the Elmtree property. These holes intersected pervasive sulphidation in the iron-rich gabbroic host and abundant quartz/quartz-carbonate veining or brecciation. Gold mineralization has been identified in holes EMT21-006 to EMT21-009 with intersections such as 2.06 g/t gold over 24.8 metres core length. In addition, gold mineralization in similarly altered, sulphide-rich zones is found locally within the hornfels sedimentary rocks surrounding the gabbro.
Significant highlights of the initial Elmtree drill results include drill hole EMT21-006 with 9 metres of 2.11 g/t Au. Drill hole EMT21-007 returned 59 metres of 1.14 g/t gold and hole EMT21-009 returned 24.8 metres of 2.06 g/t gold.
Throughout the 2021 program, the company has flown an 855-line-kme, high-resolution drone magnetics survey, collected 3,715 ionic leach soil samples and more than 160 rock grab samples. The soil and rock results are expected in early 2022. Once received, the 2021 surface sampling results will be combined with the geophysical data to generate additional drill targets on the property. Structural data collected from oriented core are also being combined with the latest geophysical data to construct a detailed structural model of the gold deposit.
John Williamson, CEO, said, “The 2021 exploration program has delineated widespread gold mineralization across the 1,063-hectare property. Detailed soil and geophysical data indicate the potential for additional gold mineralization. Early drill results show that the grade and continuity of the gold deposit are commensurate with historical work. We look forward to receiving the remaining results and planning for 2022.”
The road-accessible Elmtree project consists of three expansion-ready gold deposits and numerous additional exploration targets. Founders Metals is a member of the Metals Group of companies.