- Formation Metals (FOMTF, Financial) initiates a 20,000-metre drill program at the N2 Gold Project in Quebec.
- Historical resources at the site estimated at 870,000 ounces of gold across multiple zones.
- Company is raising $2 million through a private placement to fund the exploration.
Formation Metals Inc. (FOMTF), a prominent North American mineral acquisition and exploration firm, has engaged StratExplo to manage an ambitious 20,000-metre multi-phase drill program at its N2 Gold Project located in the Abitibi region of Quebec. The project boasts a significant historical resource of approximately 870,000 ounces of gold distributed across several zones.
The initial focus will be on a 5,000-meter maiden drilling effort set to commence in Summer 2025. This phase will target the A Zone, which has a historical estimate of 522,900 ounces at 1.52 g/t gold, and the high-grade RJ Zone, estimated at 61,100 ounces at 7.82 g/t gold. Formation aims to expand these existing resources significantly, with a target of exceeding 3 million ounces overall.
To fuel this venture, Formation Metals has announced a flow-through private placement designed to raise up to $2 million. Each of the 5,714,285 units is priced at $0.35 and includes warrants exercisable at $0.60 over two years. These funds will support further exploration and development at the N2 property.
The N2 Project spans approximately 4,400 hectares and lies in an area known for its gold and base metal potential, with historical data revealing copper values up to 4,750 ppm and zinc values up to 6,700 ppm.
CEO Deepak Varshney expressed enthusiasm about the project’s prospects, highlighting the strategic timing and potential for significant resource expansion, especially given the current gold market conditions.
