Canadian explorer Formation Metals (CSE FOMO / Frankfurt VF1) is currently preparing for its first own gold project on their N2 Gold Project, located in the highly productive Casa Berardi gold trend in Quebec. CEO Deepak Varshney’s company has numerous historical data on N2, including a historical resource of nearly 900,000 ounces of gold. Now, however, the company has re-evaluated the old drill cores and discovered elevated copper and zinc levels! Copper levels between 200 and 4,750 ppm (parts per million) and zinc levels from 203 to 6,700 ppm were identified, particularly in the A and RJ mineralization zones!
As Formation further reports, the project area contains volcanic-sedimentary rocks hosted in regional anticlinal and synclinal structures – typical for VMS deposits (volcanogenic massive sulfide occurrences) as found in the Matagami mining district. Three main deformation structures along trends running from northwest to southeast and west-northwest to southeast control the mineralization.
As CEO Deepak Varshney emphasizes, the company now wants to explore N2’s copper potential in parallel with the planned first gold drilling campaign, which is designed for 5,000 meters in length. This campaign also aims to expand the historical gold resource of 877,000 ounces.
Potential for a Robust, Polymetallic Deposit
Formation CEO Varshney also sees the potential for a “robust” copper deposit that could be proven in addition to a gold occurrence on the N2 project. The company points out that the historical base metal drill cores show a similar copper and zinc mineralization profile to the copper and zinc-bearing mineralization systems known in the Matagami region.
These established copper and zinc systems include, for example:
– Matagami Camp: 44 million tonnes at 8.77% Zn, 0.89% Cu,
– Selbaie: 56.9 million tonnes at 0.87% Cu, 1.85% Zn,
– B26: 11.32 million tonnes (indicated) at 1.23% Cu, 1.27% Zn; 7.17 million tonnes (inferred) at 1.56% Cu, 0.17% Zn,
– Joutel: 1.45 million tonnes at 2.4% Cu, 2.9% Zn,
– Langlois: 6.1 million tonnes (measured/indicated) at 10.41% Zn, 0.72% Cu; 1.9 million tonnes (inferred) at 8.42% Zn, 0.46% Cu and
– Estrades: 1.5 million tonnes (indicated) at 7.2% Zn, 1.06% Cu; 2.2 million tonnes (inferred) at 4.72% Zn, 1.01% Cu; 175,000 tonnes production at 1.1% Cu, 13% Zn
Formation Metals now plans to focus on the northern part of the N2 project in the 2025 exploration season to expand the known historical gold occurrences and make new discoveries along already identified zones and fault systems related to the overarching deformation structures. The company intends to model mineralization zones using IP surveys (Induced Polarization) and subsequent drilling, ultimately leading to the creation of an updated NI 43-101 compliant resource estimate.
In parallel, Formation will evaluate further historical analytical data on the potential base metals present at N2 and conduct additional work throughout the year to more precisely define the property’s copper and zinc potential. Should this yield positive results, which CEO Varshney expects, there is a possibility of identifying a robust, polymetallic deposit on N2. Given the continued high potential of the gold price and the long-term and strategic importance of copper, among other things for the energy transition, the company believes this could significantly enhance the economic potential of N2!
