Formation Metals Commences Fully Funded 10,000 Metre Drill Program at the Advanced N2 Gold Project
Formation Metals (OTCQB:FOMTF) has launched a fully funded 10,000-metre drill program at its flagship N2 Gold Project near Matagami, Quebec. The project hosts a historic resource of approximately 870,000 ounces of gold, with 18 Mt grading 1.5 g/t Au across four zones and 243 Kt grading 7.82 g/t Au in the RJ zone.
Phase 1 will focus on the "A" zone, containing ~522,900 ounces with only 35% of strike drilled, and the "RJ" zone, which features high-grade intercepts up to 51 g/t Au. The company maintains a strong financial position with ~C$5.0M working capital and zero debt, with a 2025-2026 exploration budget of ~$5.7M including Quebec tax credits.
The property also shows significant base metal potential, with historic drill holes revealing copper and zinc intercepts ranging from 200-4,750 ppm and 203-6,700 ppm respectively.
Formation Metals (OTCQB:FOMTF) ha avviato un programma di trivellazione completamente finanziato di 10.000 metri nel suo progetto di punta N2 Gold vicino a Matagami, in Québec. Il progetto ospita una risorsa storica di circa 870.000 once d'oro, con 18 Mt a 1,5 g/t Au distribuite su quattro zone e 243 kt a 7,82 g/t Au nella zona RJ.
Phase 1 si concentrerà sulla zona "A", contenente ~522.900 once con solo il 35% della traccia di trivellazione esplorata, e sulla zona "RJ", che presenta intercetti ad alto grado fino a 51 g/t Au. L'azienda mantiene una solida posizione finanziaria con circa C$5,0 milioni di capitale circolante e debiti pari a zero, con un budget esplorativo 2025-2026 di ~5,7 milioni di dollari canadesi inclusi i crediti d'imposta del Québec.
La proprietà mostra anche un significativo potenziale per metalli di base, con sondaggi storici che rivelano intercetti di rame e zinco che variano da 200-4.750 ppm e 203-6.700 ppm, rispettivamente.
Formation Metals (OTCQB:FOMTF) ha lanzado un programa de perforación completamente financiado de 10.000 metros en su proyecto insignia N2 Gold, cerca de Matagami, Quebec. El proyecto alberga un recurso histórico de aproximadamente 870.000 onzas de oro, con 18 Mt a 1,5 g/t Au distribuidas en cuatro zonas y 243 Kt a 7,82 g/t Au en la zona RJ.
La Fase 1 se centrará en la zona "A", que contiene ~522.900 onzas con solo el 35% de la superficie de perforación explorada, y la zona "RJ", que presenta interceptos de alto grado de hasta 51 g/t Au. La compañía mantiene una posición financiera sólida con ≈ C$5,0 M de capital de trabajo y sin deuda, con un presupuesto de exploración 2025-2026 de ~5,7 M de dólares canadienses incluido créditos fiscales de Quebec.
La propiedad también muestra un potencial significativo de metales base, con huecos de perforación históricos que revelan interceptos de cobre y zinc que oscilan entre 200-4.750 ppm y 203-6.700 ppm, respectivamente.
Formation Metals (OTCQB:FOMTF)은 매타가미 주리그 Quebec 인근의 주요 N2 골드 프로젝트에서 1만 미터의 시추 프로그램을 전액 자금 지원으로 시작했습니다. 이 프로젝트는 약 87만 온스의 금의 역사적 자원을 보유하고 있으며, 네 개 지역에 걸쳐 18 Mt가 1.5 g/t Au, RJ 구역에 243 kt가 7.82 g/t Au인 것으로 기록되어 있습니다.
1단계는 35%의 오픈된 스커링 만으로 약 522,900 온자를 포함하는 "A" 구역과 고품위 인터셉트가 최대 51 g/t Au인 RJ 구역에 초점을 맞춥니다. 회사는 약 C$5.0M의 운전자본 및 부채 제로의 견고한 재정 상태를 유지하고 있으며, 퀘벡 세액 크레딧을 포함한 2025-2026 탐사 예산은 약 5.7M 캐나다 달러입니다.
이 부지는 역사적 드릴 홀이 구리 및 아연 인터섹트에서 각각 200-4,750 ppm 및 203-6,700 ppm으로 나타나며, 기본 금속 가능성도 크게 보이고 있습니다.
Formation Metals (OTCQB:FOMTF) a lancé un programme de forage entièrement financé de 10 000 mètres sur son projet phare N2 Gold près de Matagami, au Québec. Le projet abrite une ressource historique d’environ 870 000 onces d’or, avec 18 Mt à 1,5 g/t d’or sur quatre zones et 243 kt à 7,82 g/t d’or dans la zone RJ.
La phase 1 portera sur la zone « A », contenant environ ~522 900 onces avec seulement 35 % du strike foré, et sur la zone « RJ », qui présente des intercepts à haute teneur allant jusqu’à 51 g/t d’or. La société bénéficie d’une solide situation financière avec environ 5,0 M$ CA de fonds de roulement et aucune dette, avec un budget d’exploration 2025-2026 d’environ 5,7 M$ CA, incluant les crédits d’impôt du Québec.
La propriété montre également un potentiel important en métaux de base, des forages historiques révélant des intercepts de cuivre et de zinc allant respectivement de 200 à 4 750 ppm et de 203 à 6 700 ppm.
Formation Metals (OTCQB:FOMTF) hat ein vollständig finanziertes 10.000-Meter-Bohrprogramm an seinem Flaggschiff-N2-Gold-Projekt in der Nähe von Matagami, Québec, gestartet. Das Projekt beherbergt eine historische Ressource von ca. 870.000 Unzen Gold, mit 18 Mt bei 1,5 g/t Au über vier Zonen und 243 kt bei 7,82 g/t Au in der RJ-Zone.
Phase 1 wird sich auf die Zone „A“ konzentrieren, die ~522.900 Unzen enthält, wobei nur 35% des Streichens gebohrt wurden, sowie auf die Zone „RJ“, die hochgradige Intercepts bis zu 51 g/t Au aufweist. Das Unternehmen hält eine starke finanzielle Position mit etwa C$5,0 Mio. Working Capital und Schuldenfreiheit, bei einem Explorationsbudget für 2025-2026 von ca. 5,7 Mio. CAD einschließlich Québec-Steuergutschriften.
Die Liegenschaft zeigt auch erhebliches Potenzial für Basismetalle, historische Bohrlöcher zeigen Kupfer- und Zinker intercepts von 200–4.750 ppm bzw. 203–6.700 ppm.
Formation Metals (OTCQB:FOMTF) أطلقت برنامج حفر ممول بالكامل بمقدار 10,000 متر في مشروع N2 Gold الرائد بالقرب من ماتاغامي، كيبيك. يضم المشروع موردًا تاريخيًا يُقدر بحوالي 870,000 أوقية من الذهب، مع 18 Mt بتقييم 1.5 g/t Au موزعة على أربع مناطق و243 Kt بتقييم 7.82 g/t Au في منطقة RJ.
المرحلة 1 ستركز على منطقة "A"، التي تحتوي على ~522,900 أوقية مع كَسف 35% فقط من المسار المعمق، ومنطقة "RJ" التي تتميز بنِهج عالِة الدرجة حتى 51 g/t Au. تحافظ الشركة على مركز مالي قوي بـ حوالي 5.0 مليون دولار كندي من رأس المال العامل وبدون ديون، مع ميزانية استكشاف 2025-2026 تبلغ ~5.7 مليون دولار كندي بما فيها ائتمانات ضريبية من كيبيك.
الملكية تُظهر أيضًا إمكانات كبيرة للمعادن الأساسية، مع حُوَف حفر تاريخية تُظهر اعتراضات من النحاس والزنك تتراوح بين 200-4,750 ppm و203-6,700 ppm على التوالي.
Formation Metals (OTCQB:FOMTF) 已在其旗舰 N2 金矿项目（位于魁北克省马塔加米附近）启动了一个全额资助的 1万米钻探计划。该项目拥有约 87万盎司黄金的历史资源，在四个区段中累计为 18 Mt 的品位为 1.5 g/t Au，在 RJ 区的品位为 7.82 g/t Au 的 243 千吨。
第一阶段将重点放在包含约 522,900 盎司 的“A”区，且仅对106%条带钻探了35%，以及具有最高品位段的 RJ 区，拦截高品位可达到 51 g/t Au。公司保持强劲的财务状况，拥有 约 C$5.0 百万的营运资金并且无负债，2025-2026 年的勘探预算约为 5.7 百万美元，其中包含魁北克的税收抵免。
该地块还显示出显著的基础金属潜力，历史钻孔显示铜和锌的截距分别为 200-4,750 ppm 和 203-6,700 ppm。
- Fully funded 10,000-metre drill program with strong working capital of C$5.0M and zero debt
- Historic resource of ~870,000 ounces of gold across multiple zones
- High-grade gold intercepts up to 51 g/t Au in the RJ zone
- Additional base metal potential with significant copper and zinc intercepts
- Strategic location in Quebec with provincial tax credits supporting exploration budget
- Resource estimates are historical and not NI 43-101 compliant
- Only 35% of the A zone's strike length has been drilled to date
- Base metal concentrations require further assessment and validation
Highlights:
Formation has commenced a fully funded 10,000 metre multi-phase drill program at its flagship N2 Gold Project near Matagami, Quebec, host to a global historic resource of ~870,000 ounces comprised of 18 Mt grading 1.5 g/t Au (~809,000 oz Au) across four zones (A, East, RJ-East, and Central)2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au) across the RJ zone2,4.
Phase 1 will target the "A" zone, a shallow, highly continuous, low-variability historic gold deposit with ~522,900 ounces of which only ~
35% of strike has been drilled (>3.1 km open), and the "RJ" zone, host to high-grade intercepts from historical drill holes as high as 51 g/t Au over 0.8 metres2, which was expanded by Agnico Eagle Mines in 2008 in the most recent drilling at the Property.The Company has working capital of ~C
$5.0M with zero debt, putting it in a very strong financial position to execute its exploration programs. Inclusive of provincial tax credits from the Quebec government, Formation's exploration budget for 2025-2026 is set at ~$5.7M .
VANCOUVER, BC / ACCESS Newswire / September 25, 2025 / Formation Metals Inc. ("Formation" or the "Company") (CSE:FOMO)(FSE:VF1)(OTCQB:FOMTF), a North American mineral acquisition and exploration company, is pleased to announce that it has commenced drilling at its flagship N2 Gold Property ("N2" or the "Property"), located 25 km south of Matagami, Quebec.
The Company is completing a fully funded 10,000 metre drill program at N2, an advanced gold project with a global historic resource of ~870,000 ounces comprised of 18 Mt grading 1.5 g/t Au (~809,000 oz Au) across four zones (A, East, RJ-East, and Central)2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au) across the RJ zone2,4.
Figure 1 - Photo showing drill set-up on PDDH-25-001.
Deepak Varshney, CEO of Formation Metals, stated, "Drilling N2 is a enormous milestone for Formation. With the price of gold accelerating through all-time highs weekly, the timing could not be better for Formation to be drilling such a large high-quality historical gold deposit."
Mr. Varshney continued: "Building on the success of our predecessors, this fully funded 10,000 metre drill program will be critical in our goal of developing N2 into a near-surface multi-million-ounce deposit. With gold breaking
Comprising 87 claims totaling ~4,400 ha within the Abitibi sub province of Northwestern Quebec, Formation's flagship N2 Gold Project is an advanced gold project with a global historic resource of 877,000 ounces. There are six primary auriferous mineralized zones in total, each open for expansion along strike and at depth. Compilation and geophysical work by Balmoral Resources Ltd. (now Wallbridge Mining) from 2010 to 2018 generated numerous targets that have not yet been investigated with diamond drilling.
The drill program is designed to focus on discovery drilling at new high-potential targets along the mineralization strikes at the "A", "RJ" and "Central" zones in the northern part of the Property in order to discover new auriferous trends and unlock new zones of gold mineralization. The program will also focus on high-priority infilling and expansion targets in these zones to significantly enhance the auriferous zones identified to-date (Figure 1).
Historical highlights from the top two priority zones include:
A Zone:A shallow, highly continuous, low-variability historic gold deposit with ~522,900 ounces identified at a grade of 1.52 g/t Au. ~15,000 metres have been drilled historically across 1.65 km of strike, with over 3.1 km of strike remaining to be tested.
84% of historical drillholes intercepted auriferous intervals including up 1.7 g/t over
35 m.RJ Zone:a high-grade historic gold deposit with ~61,100 ounces identified at a grade of 7.82 g/t Au, with high-grade intercepts from historical drill holes as high as 51 g/t Au over 0.8 metres and 16.5 g/t Au over 3.5 metres2. This zone was the target of the most recently drilling at the Property by Agnico-Eagle Mines in 2008, when the price of gold was ~US
$800 /oz. Only ~900 metres of strike has been drilled, with 4.75+ km of strike remaining to be tested.
Figure 2 - PDDH design for the complete 20,000 metre Drill Program.
Figure 3 - Property overview summarizing historical work completed at each of the six mineralized zones and their respective historical resource.
The Company also believes that N2 has significant base metal potential, where it recently completed a revaluation process which revealed significant copper and zinc intercepts within historic drillholes known to have significant gold grades (>1 g/t Au). Assay results range from 200 to 4,750 ppm and 203 ppm to 6,700 ppm, for copper and zinc, respectively, indicating strong potential for elevated base metal (Cu-Zn) concentrations across the property, specifically at the A and RJ zones. Property wide geology at N2 features volcanic and sedimentary rocks formed in regional anticlinal and synclinal flexures. Three principal deformation structures (Figure 1), oriented along the known NW-SE to WNW-ESE structural trends typical of VMS deposits in the Matagami region, function as critical geologic controls for mineralization on the property.
For the 2025 exploration season, Formation plans to concentrate its efforts on the northern part of N2, targeting gold deposit expansion and discovery along identified zones and fault systems associated with the main deformation features (specifically WNW-ESE trend), with IP surveys and drilling planned to model mineralized zones that will hopefully contribute to an updated NI-43 101 compliant resource. Formation will also look to further review historic base metal assays from older drill core and undertake additional work in 2025 to assess the property's copper and zinc potential.
Qualified person
The technical content of this news release has been reviewed and approved by Mr. Babak Vakili Azar, P.Geo., an independent contractor and a qualified person as defined by National Instrument 43-101. Historical reports provided by the optionor were reviewed by the qualified person. The information provided has not been verified and is being treated as historic.
About Formation Metals Inc.
Formation Metals Inc. is a North American mineral acquisition and exploration company focused on the development of quality properties that are drill-ready with high-upside and expansion potential. Formation's flagship asset is the N2 Gold Project, an advanced gold project with a global historic resource of ~870,000 ounces (18 Mt grading 1.5 g/t Au (~809,000 oz Au) across four zones (A, East, RJ-East, and Central)2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au) across the RJ zone2,4) and six mineralized zones, each open for expansion along strike and at depth including the "A" zone, of which only ~
FORMATION METALS INC.
Deepak Varshney, CEO and Director
For more information, please call 778-899-1780, email info@formationmetalsinc.com or visit www.formationmetalsinc.com.
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Notes and References:
Readers are cautioned that the geology of nearby properties is not necessarily indicative of the geology of the Property.
The above referenced resource estimates do not have a category, are considered historical in nature, and are based on prior data prepared by a previous property owner, and do not conform to current CIM categories.
While the Company considers the estimates to be reliable, a qualified person has not done sufficient work to classify the historical estimates as current resources in accordance with current CIM categories and the Company is not treating the historical estimates as a current resource. A 0.5 g/t Au cut-off was used in the preparation of the historical estimates with a minimum 2.5 metre mining width.
Significant data compilation, re-drilling, re-sampling and data verification may be required by a qualified person before the historical estimates can be classified as current resources. There can be no assurance that any of the historical mineral resources, in whole or in part, will ever become economically viable. In addition, mineral resources are not mineral reserves and do not have demonstrated economic viability. The Company is not aware of any more recent estimates prepared for the N2 Property.
Needham, B. (1994), 1993 Diamond Drill Report, Northway Joint Venture, Northway Property; Cypress Canada Inc.; 492 pages.
Guy K. (1991), Exploration Summary May 1, 1990 to May 1, 1991 Vezza Joint Venture Northway Property; Total Energold; 227 pages.
Forward-looking statements:
This news release includes "forward-looking statements" under applicable Canadian securities legislation, including statements respecting: the Company's plans for the Property and the expected timing and scope of the 2025 drilling program at the Property; the Company's goal of delivering a near-surface multi-million-ounce deposit the Property; the Company's anticipated timeline with respect to the Application for Autorisation de Travaux d'exploration à Impacts (ATI) to the Ministère des Ressources naturelles et des Forets (MERN); the Company's view that the Property has the potential for over three million ounces of gold; the 10,000-metre drilling program marking the beginning of the Company's pursuit of that goal; and statements respecting the Offerings and the expected use of proceeds therefrom. Such forward-looking information reflects management's current beliefs and is based on a number of estimates and/or assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Readers are cautioned that such forward-looking statements are neither promises nor guarantees and are subject to known and unknown risks and uncertainties including, but not limited to, general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of available capital, actual results of exploration activities, environmental risks, future prices of base and other metals, operating risks, accidents, labour issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry.
The Company is presently an exploration stage company. Exploration is highly speculative in nature, involves many risks, requires substantial expenditures, and may not result in the discovery of mineral deposits that can be mined profitably. Furthermore, the Company currently has no reserves on any of its properties. As a result, there can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.
SOURCE: Formation Metals
View the original press release on ACCESS Newswire
FAQ
What is the size of Formation Metals' (FOMTF) historic gold resource at the N2 Project?
How much is Formation Metals' 2025-2026 exploration budget for the N2 Gold Project?
What are the highest-grade gold intercepts reported at Formation Metals' RJ zone?
Where is Formation Metals' N2 Gold Project located?
What is Formation Metals' current financial position?
