Formation Metals Expands N2 Gold Project with $2.33M Funding

Formation Metals has successfully secured $2.33 million to expand its exploration at the N2 Gold Project in Quebec, which hosts a historic resource of approximately 870,000 ounces of gold. The fundraising supports a 20,000-meter multi-phase drill program, with the initial phase now growing to a fully funded 10,000 meters. The focus is on targeting the "A" and "RJ" zones, known for their promising gold grades.

The company has raised its exploration budget to about $5.1 million, including provincial tax credits, enabling an aggressive pursuit of its exploration goals. The program's primary aim is to discover new zones of gold mineralization and expand on promising historical findings. The property spans 4,400 hectares within Quebec's prolific Abitibi Greenstone Belt.

CEO Deepak Varshney expressed confidence in advancing the company's most ambitious drill program. He highlighted the program's timing and financial backing as critical factors in achieving early objectives for the N2 Gold Project.