- Formation Metals (OTCPK:FOMTF) expands maiden drill program at N2 Gold Project to 7,500 metres, fully funded.
- Historic gold resource of ~870,000 ounces, with significant expansion potential in unexplored zones.
- Strong financial position with C$2.6M in working capital and additional C$2.1M raised for exploration.
Formation Metals Inc. (OTCPK:FOMTF) has announced an expansion of its maiden drill program at the N2 Gold Project in Quebec, increasing the scope to a fully funded 7,500 metres. This endeavor is part of a broader 20,000-metre multi-phase program aimed at leveraging the project's historic resource potential of approximately 870,000 ounces of gold.
The initial phase of the program will target the expansion in the "A" zone, which currently holds an estimated 522,900 ounces of gold, with only 35% of its strike length drilled. The "RJ" zone, another key focus area, is noted for high-grade intercepts reaching up to 51 g/t Au.
To support the exploration efforts, Formation Metals has completed two concurrent private placements, totaling C$2.1 million, adding to its substantial working capital of C$2.6 million. The company has also identified significant base metal potential in the N2 project, with notable historic copper and zinc intercepts, further enriching the project's prospects.
The commencement of drilling is anticipated to begin in July 2025, following the filing of a mandatory 30-day exploration notice with local authorities. This strategic expansion is poised to potentially enhance Formation Metals' portfolio, marking significant advancement in uncovering mineral resources in the prolific mining region of Quebec.
