Formation Metals Secures $8.26M for N2 Gold Project Drilling

Formation Metals Inc. has landed $8.26 million from its private placement initiative, supporting its extensive 20,000-meter drill program at the N2 Gold Project in Quebec. The endeavor targets zones like "A" and "RJ," known for historic gold deposits, with gold prices now significantly higher than in past drilling periods.

Phase 1, launched in September, spans 10,000 meters primarily in the "A" zone. This area boasts a historical yield of 522,900 ounces of gold but remains largely unexplored. In contrast, the "RJ" zone has shown high-grade gold concentrations, historically exhibiting intercepts reaching 51 g/t Au over short meters.

With no debt and sufficient working capital, Formation’s exploration budget for 2025-2026 is about $8.1 million, inclusive of Quebec tax credits. This financial backing ensures extensive exploration and potential expansion of gold resources across the project zones.