- Founders Metals (TSXV:FDR) has revealed it will exercise its right to acquire 51 per cent of the Antino Gold Project in southeastern Suriname
- Acquiring the Antino Gold Project will be crucial for advancing and derisking the project
- The company is now actively drilling across three locations on the project, including Upper Antino, Buese and Lower Antino
- Shares of Founder Metals are up 0.42 per cent to C$2.37 as of 9:54 am ET
Founders Metals (TSXV:FDR) has revealed it will exercise its right to acquire 51 per cent of the Antino Gold Project in southeastern Suriname.
In a news release, the company stated acquiring the Antino Gold Project will be crucial for advancing and derisking the project.
“The restated agreement adds clarity and removes the mineral resource estimate and subsequent preliminary economic assessment conditions for completing Option 1 and Option 2, respectively,” Colin Padget, CEO of Founders Metals, said in a statement. “For Founders, the changes simplify and potentially accelerate our timeline through the next earn-in stage. We are particularly excited to strengthen our partnership with Nana Resources towards our mutual goal of developing Antino into a world-class deposit.”
Now that the company has exercised its right to acquire the project, Founders Metals is actively drilling across three locations on the project including Upper Antino, Buese and Lower Antino.
Under the option to acquire 51 per cent of the project, the company will make cash payments totalling US$1.65 million over a period of three years.
The company also has the option to acquire a 19 per cent additional interest for a total of 70 per cent ownership, Founders Metals will be required to incur $10 million in exploration expenses and issue 95,000 shares.
Founders Metals also has an option to acquire an additional 5 per cent for a total of 75 per cent of the project within three years of completing the second option by incurring a minimum of $10 million in exploration expenses and completing a bankable feasibility study on the project.
With headquarters out of Vancouver, Founders Metals is an exploration company focused on advancing the Antino Gold Project located in Suriname, South America.
Shares of Founder Metals (TSXV:FDR) are up 0.42 per cent to C$2.37 as of 9:54 am ET.
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