Formation Metals Expands Phase 1 Drill Program at N2 Gold Project

Formation Metals Inc. is expanding its Phase 1 drill program to 14,000 metres at the N2 Gold Project in Quebec. This decision follows promising mineral intercepts in initial drilling, including intervals exceeding 100 meters of target mineralization. The company’s full 30,000-metre drill project is fully funded. Assays from 3,879 metres of completed drilling will soon be released, with notable mineralization identified in multiple holes.

The N2 Gold Project hosts a historic resource estimate of approximately 871,000 ounces. Phase 1 focused on assessing 300-metre vertical targets at the "A" and "RJ" zones. Initial results are promising, showing significant mineral continuity. Formation Metals is equipped with around C$12.3 million in working capital, supporting its exploration initiatives with no current debt burden.

CEO Deepak Varshney highlighted the deposit’s consistency, indicating potential for large-scale, low-strip mining. He emphasized the importance of finding repeatable mineralization, crucial for developing an extensive open-pit resource.