Initial Drill Results At Elmtree Including

EDMONTON - Founders Metals Inc. reported initial drill results from the recently completed 2021 drill program at the Elmtree Gold Project in 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 m over 18 holes on the Elmtree Property. These holes intersected pervasive sulfidation 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 grams per tonne (g/t) over 24.8 m core length. In addition, gold mineralization in similarly altered, sulfide-rich zones is found locally within the hornfels sedimentary rocks surrounding the gabbro.

Throughout the 2021 program, the Company has flown an 855 line-km, 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 is 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 1063 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."