Formation Metals Inc. (CSE: FOMO; FSE: VF1) is kicking off its N2 gold project, 25 kilometers south of Matagami (Quebec): Forage DCB Drilling from Rouyn-Noranda has now been contracted for the upcoming drilling program — shortly before the fully funded first 10,000-meter drilling phase begins. This is part of a 20,000-meter program. N2 is considered an advanced gold project with a global historical resource of approximately 870,000 ounces, consisting of 18 million tonnes at 1.4 g/t Au (~809,000 oz) in the A, East, RJ-East, and Central zones, and 243 Kt at 7.82 g/t Au (~61,000 oz) in the RJ Zone. The company expects drilling to commence soon and plans to mobilize to the field immediately.
CEO Deepak Varshney emphasizes that precision in resource re-estimation is the top priority. With newly raised capital of over five million dollars, 10,000 meters of drilling for 2025 are fully funded — Formation’s most ambitious program to date. Given the size of the property, strong geological indicators, and the history of the Abitibi Greenstone Belt as a gold hotspot, the team is targeting a near-surface, multi-million ounce deposit. The gold price of over $3,400 provides tailwinds, more than four times the level of ~$800 per ounce in 2008, when Agnico-Eagle last drilled on the project. The historical intercepts by Agnico-Eagle and Cypress underscore the potential of N2.
Formation Metals Targets Near-Surface Multi-Million Ounce Gold Deposit
Formation Metals’ flagship project comprises 87 claims covering approximately 4,400 hectares in the Abitibi Subprovince. As mentioned, 877,000 ounces of historical resources are indicated here: 18.2 million tonnes at 1.48 g/t gold (~809,000 oz) in the A, East, RJ-East, and Central zones, and 243,000 tonnes at 7.82 g/t Au (~61,000 oz) in the RJ Zone. In total, there are six primary gold-bearing zones that are open along strike and at depth. Compilations and geophysics conducted by Balmoral Resources (now Wallbridge Mining) between 2010 and 2018 identified numerous targets that have not yet been tested by diamond drilling.
The ongoing program focuses on discovery drilling at new targets along the mineralization trends in the A, RJ, and Central zones in the northern part of the area, flanked by prioritized infill and extension drilling to significantly expand the known zones. Zone A contains ~522,900 ounces of historical resources (10.7 million tonnes at 1.52 g/t Au); approximately 15,000 meters of drilling in 55 holes intersected gold in 84% (!), with the best intercept yielding up to 1.7 g/t over 35 meters. Approximately 1.65 kilometers of strike length have been drilled, with an additional 3.1+ kilometers planned as part of the 20,000-meter program. The RJ Zone contains ~61,100 ounces of gold (243 Kt @ 7.82 g/t Au) and was last expanded by Agnico-Eagle in 2008; historically, 20,875 meters were drilled in 82 holes, with top intervals of 48 g/t gold over 0.5 meters.
Additionally, N2 holds base metal upside: A re-evaluation of historical drill cores from gold-bearing sections (>1 g/t Au) revealed 200 to 4,750 ppm copper and 203 to 6,700 ppm zinc — particularly in the A and RJ zones. Geologically, volcanic and sedimentary rocks dominate in regional anticlinal/synclinal folds; three main deformational structures along NW-SE to WNW-ESE trends, typical of VMS deposits in the Matagami region, control the mineralization.
For 2025, Formation is focusing on the northern part of N2. Planned IP surveys and drilling are intended to model mineralized zones and ideally culminate in an updated, NI 43-101 compliant resource. In parallel, historical base metal analyses will be further reviewed, and additional work on copper and zinc potential will be initiated — an exciting mix for private investors looking to leverage both gold and potential copper and zinc.
