Formation Metals Inc has planned a 20,000 metre multi-phase drill program at its flagship N2 Gold Project in Quebec, host to a global historic resource of ~870,000 ounces comprised of 18 Mt grading 1.4 g/t Au across four zones and 243 Kt grading 7.82 g/t Au across the RJ zone.
Phase 1 has been expanded to a fully funded 7,500 metre program targeting expansion targets in the A zone, a shallow, highly continuous, low-variability historic gold deposit with ~522,900 ounces of which only ~35% of strike has been drilled.
The RJ zone, host to high-grade intercepts from historical drill holes, which was expanded by Agnico Eagle Mines in 2008 in the most recent drilling at the Property. Formation anticipates commencing its drill program in July. The Company filed its 30-day notice with the responsible municipal authorities for its upcoming 2025 exploration activities on June 17, 2025.
Formation will also focus on N2’s significant base metal potential, where it recently completed a revaluation process which revealed significant copper and zinc intercepts within historic drillholes with significant gold grades.
“We are very excited to commence our maiden drill program at N2” said Deepak Varshney, Chief Executive Officer of Formation. “Filing the Annual Exploration Work Notice marked the final regulatory step as we prepare to commence field activities upon receipt of the ATI. Based on our on-going review and planning for Phase 1, we feel comfortable in expanding our maiden drill program to a fully funded 7,500 metres. We anticipate receiving the ATI permit shortly, allowing us to proceed with our exploration activities as scheduled.”
Varshney continued: “The summer is going to be a very exciting time as we embark on our fully funded maiden 7,500 metre drill program at N2. Given the scale of the property, the compelling geological data, and the Abitibi Greenstone Belt’s established history as a hotbed for gold mining, we are hopeful that the program will deliver our goal of delivering a near-surface multi-million-ounce deposit at N2.”
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