- Formation Metals (FOMTF, Financial) plans a 20,000-metre multi-phase drill program at the N2 Gold Project in Quebec, with a fully funded 5,000-metre Phase 1.
- The N2 Project hosts a historic resource of approximately 870,000 ounces of gold, with significant potential for expansion.
- Formation Metals has a working capital of C$2.8M, with an additional C$1.65M raised through a flow-through private placement.
Formation Metals Inc. (FOMTF) has officially filed a 30-day notice with the local authorities in Quebec for its ambitious 20,000-metre multi-phase drill program at its N2 Gold Project. The project, which boasts a historic gold resource of approximately 870,000 ounces, consists of four zones with 18 Mt grading 1.4 g/t Au across them, and an additional separate resource in the high-grade RJ zone.
The Phase 1 drilling effort will see 5,000 metres targeted specifically at the "A" and "RJ" zones. The "A" zone alone holds around 522,900 ounces of gold, with potential for substantial exploration as only 35% of its strike length has been drilled. The "RJ" zone, known for its high-grade gold intercepts, reports grades as high as 51 g/t Au.
Formation Metals is well-positioned financially to support its exploration initiatives, with approximately C$2.8 million in available working capital and an additional C$1.65 million recently secured through a flow-through private placement. The company has also identified additional value potential from historical copper and zinc intercepts within the project area, which further enhances the exploration appeal of the N2 Gold Project.
Exploration activities for the 2025 drilling season are slated to commence in the summer, pending the final approval of the ATI permit, expected in the weeks following the announcement. The upcoming drill program is designed to expand upon known mineralization zones and explore new high-potential targets, aiming to grow the historic resource into a more significant near-surface deposit.
