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Formation Metals Announces Acquisition of N2 Property in Quebec's Casa Berardi Gold Trend, Highlighting 810,000 oz Historical Gold Resource
VANCOUVER, BC, Jan. 16, 2025 /CNW/ -- Formation Metals ("Formation" or the "Company") (CSE: FOMO), a North American mineral acquisition and exploration company,
About this update from Formation Metals Inc.
[{"type":"text","content":" VANCOUVER, BC, Jan. 16, 2025 /CNW/ -- Formation Metals (\"Formation\" or the \"Company\") (CSE: FOMO), a North American mineral acquisition and exploration company, is pleased to announce that, subject to the approval of the Canadian Securities Exchange (the \"Exchange\"), the Company has executed an option (the \"Option Agreement\"), dated January 15, 2025, for the right to purchase an undivided 100% interest in the N2 property (the \"Property\") from Wallbridge Mining Company Limited (\"Wallbridge Mining\"). The N2 property comprises 87 claims that cover ~4,400 ha of land within the Abitibi subprovince of Northwestern Quebec. The Property is just 25 km south of Matagami, Quebec and the claims are accessible year-round by provincial highways and logging roads (Fig. 1). Property Highlights The claims are situated along the Casa Berardi mine trend, which hosts numerous multiple million-ounce gold deposits (Fig. 1)[2]- ~1.5 km east of the former-producing Vezza gold mine (Nottoway Resources) - ~30 km east of the Douay gold project (511 Koz Au indicated, 2.53 Moz inferred; Maple Gold Mines) - ~120 km east of the Casa Berardi gold mine (P&P 1.3 Moz Au; Hecla Mining) The N2 property hosts two historical non 43-101 compliant resources: 18.2 Mt grading 1.48 g/t Au (~810,000 oz Au) across four zones (A, East, RJ-East, and Central) and 243 Kt grading 7.82 g/t Au (~65,000 oz Au) across the RJ zone[1]. Compilation and geophysical work by Balmoral Resources Ltd. (now Wallbridge Mining) from 2010 to 2018 generated numerous targets that have not yet been investigated with diamond drilling. The Property hosts six known zones of gold mineralization (Fig. 2), four of which yielded a historical resource of 18.2 Mt grading 1.48 g/t Au at a cut-off of 0.5 g/t Au (~810,000 oz Au; Cyprus, 1994, non-compliant with NI-43-101 standards)[1]. A separate historical geological resource estimate (non-compliant with NI 43-101) of 243,000 t grading 7.82 g/t Au (in-situ contained resource of ~67,000 ounces of gold)[1] was reported for a fifth zone, the RJ zone, located in the western part of the Property along strike to the Vezza deposit. In addition to the known zones, compilation and geophysical work by Balmoral Resources from 2010 to 2018 (Mag, EM, HEM, VTEM, and IP) generated numerous targets that have ...