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Formation Metals Mobilizes Second Rig to Accelerate 14,000 Metre Drill Program at its Advanced N2 Gold Project
VANCOUVER, BC / ACCESS Newswire / January 29, 2026 /Formation Metals Inc. ("Formation" or the "Company") (CSE:FOMO)(FSE:VF1)(OTCQB:FOMTF), a North American mineral acquisition and exploration company, is pleased to announce the mobilization of a second ...
About this update from Formation Metals Inc.
[{"type":"text","content":"VANCOUVER, BC / ACCESS Newswire / January 29, 2026 / Formation Metals Inc. ("Formation" or the "Company") (CSE:FOMO)(FSE:VF1)(OTCQB:FOMTF), a North American mineral acquisition and exploration company, is pleased to announce the mobilization of a second drill rig to its flagship N2 Gold Property ("N2" or the "Property") to accelerate its fully funded 30,000 metre drill program.","length":420,"tagName":"p"},{"type":"text","content":"The Company has working capital of ~C$12.1M with zero debt. Inclusive of provincial tax credits from the Quebec government, Formation's exploration budget for 2025-2026 is set at ~$8.1M.","length":190,"tagName":"p"},{"type":"text","content":"N2 is host to a global historic resource of ~871,000 ounces comprised of 18 Mt grading 1.4 g/t Au (~810,000 oz Au) across four zones (A, East, RJ-East, and Central)2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au) across the RJ zone2,4.","length":237,"tagName":"p"},{"type":"text","content":"Phase 1, comprised of 14,000 metres, is designed to:","length":52,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Resource confidence and conversion: Infill shallow gaps to improve confidence in near-surface mineralization.","length":109,"tagName":"p"}]},{"val":[{"type":"text","content":"Resource growth: Test down-dip extensions and step-outs along strike to the west beyond the historic resource limits.","length":117,"tagName":"p"}]},{"val":[{"type":"text","content":"Metallurgy: Collect representative core for confirmatory test work to validate recoveries.","length":90,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":316,"olType":false},{"type":"text","content":"Targeting a conceptual open-pit resource, Formation is aiming to deliver a maiden mineral resource estimate post-Phase 1 in Q3, incorporating nearly 70,000 metres of drilling. The second rig will be deployed to systematically test priority targets at the "A" and "RJ" Zones across over eight kilometres of strike, accelerating its program while evaluating multiple discovery targets across the corridor.","length":423,"tagName":"p"},{"type":"text","content":"Over the coming months, the Company plans to outline a focused and exciting exploration program at N2, reflecting the broader depth of opportunities across the Project...