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Formation Metals to Commence Maiden Mineral Resource Estimate Inclusive of Nearly 70,000 Metres of Drilling Following Completion of Ongoing Phase 1 Drill Program at the Advanced N2 Gold Project
Estimate to Incorporate New Drilling Results and Extensive Historical Data, Targeting Significant Resource Growth Highlights: Formation is undertaking a fully funded 30,000-metre drill program at its flagship N2 Gold Project in Quebec, host to a global ...
About this update from Formation Metals Inc.
[{"type":"text","content":"Estimate to Incorporate New Drilling Results and Extensive Historical Data, Targeting Significant Resource Growth","length":113,"tagName":"p"},{"type":"text","content":"Highlights:","length":11,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Formation is undertaking a fully funded 30,000-metre drill program at its flagship N2 Gold Project in Quebec, 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":341,"tagName":"p"}]},{"val":[{"type":"text","content":"Formation's Phase 1 drill program was expanded to approximately 14,000 metres based on the results of the fieldwork to-date, which includes the following significant intervals that have material visually comparable to long gold intervals in historical drilling including 245-91-151, which intercepted 1.7 g/t Au over 35.0 metres:","length":333,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"N2-25-008: 208.8 metres of target mineralization was intercepted beginning at 28.6 metres downhole, with multiple intervals over 40 metres in width including up to 70.0 metres.","length":176,"tagName":"p"}]},{"val":[{"type":"text","content":"N2-25-011: 166.8 metres of target mineralization was intercepted beginning at 60.0 metres downhole, with multiple intervals over 20 metres in width including up to 70.6 metres.","length":176,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":352,"olType":false}]},{"val":[{"type":"text","content":"Following the completion of Phase 1, nearly 70,000 metres will have been drilled at N2, the majority of which will be incorporated into Formation's maiden mineral resource estimate. The Company is targeting a conceptual open pit resource following the completion of all drilling.","length":283,"tagName":"p"}]},{"val":[{"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"}]}],"tagName":"ul","bulletedList":true,"length":1499,"olType":false},{"type":"text","content":"VANCOUVER, BC / ACCESS Newswire / January 22, 2026 / Formatio...