Formation Metals (WKN A3D492 / CSE FOMO) acquired the N2 gold project in Quebec earlier this year, where major gold companies such as Wallbridge Mining and Agnico Eagle had already conducted exploration work. A historical resource, not compliant with current standards, of nearly 900,000 ounces of gold has already been identified. Formation now aims to significantly expand this – and is initiating the next steps!
After the company has now reviewed and evaluated the extremely extensive data treasure left behind by the project’s former operators, it is now proceeding to conduct its first own drilling program on the promising project, which is located in the famous Casa Berardi trend, home to numerous gold deposits each containing several million ounces of gold.
Initial Drilling of 5,000 Meters in Length Planned
Formation initially plans to drill a total length of 5,000 meters on the property, which spans 87 claims covering a total area of about 4,400 hectares in the Abitibi region. The historical resource of 877,000 ounces of gold consists of 18.2 million tons at 1.48 g/t gold (~810,000 ounces of gold) distributed across four zones named (A, East, RJ-East and Central) as well as 243,000 tons at 7.82 g/t gold (~67,000 ounces of gold) in the RJ Zone.
According to the company, there are a total of six primary gold-bearing mineralized zones that can be expanded along strike and at depth – already providing ample expansion potential. Furthermore, the compilation and geophysical work conducted by Balmoral Resources (now Wallbridge Mining) from 2010 to 2018 revealed numerous targets that have never been investigated with diamond drilling, thus also showing potential for additional ounces of gold…
Initially Focusing on Two Targets
According to CEO Deepak Varshney, Formation Metals will initially focus on two zones with its first own drilling on N2. This includes the A-Zone, which features a near-surface, very continuous historical gold deposit with minor variations and contains numerous interrupted and consecutive gold-bearing sections. Here, 84% of historical drilling encountered gold with grades of up to 1.7 g/t gold over 35 meters! And only about 35% of the strike length has been tested with drilling at all. This means that 3.1 kilometers (!) are still open for extensions of the mineralization!
Formation plans to conduct further drilling on the RJ-Zone, where historical drill holes yielded up to 51 g/t gold over 0.8 meters. Agnico Eagle last drilled there in 2008, expanding the zone.
Permitting Process Initiated
To begin its own drilling as soon as possible, Formation has now initiated the permitting process. To this end, discussions have already been started with the affected First Nations and government representatives. The goal is to start the first own drilling on N2 in June!
Formation CEO Deepak Varshney commented: “2025 has started exceptionally well for Formation Metals with the completion of an option agreement to acquire the N2 Gold Property from Wallbridge Mining. With a confirmed gold system containing a historical gold resource of nearly 900,000 ounces and multiple areas with significant exploration potential for new gold deposit discoveries, N2 is well-positioned to expand through systematic drill-based exploration work.”
He continued: “Our initial program will focus on building upon the successes of our predecessors. The drill discoveries made by Agnico Eagle and Cypress subsequent to the initial historical resource estimate demonstrate the expansion potential at N2. With the gold price at $3,400, nearly five times the price in 2008 when Agnico last drilled the project, we believe the timing is perfect for a multi-million ounce near-surface deposit in a safe jurisdiction like Quebec. We see potential for over 3 million ounces of gold at N2, and this 5,000-meter drill program marks the beginning of Formation’s pursuit of that goal.”
Conclusion: We can only agree with CEO Varshney’s words! The timing could hardly be more favorable to further develop an advanced project like N2, which already has significant – albeit historical – resources, through drilling. The ambitious target of 3 million ounces of gold could fuel investors’ imagination, especially with a gold price now even approaching $3,500 – particularly, of course, if the very first drilling were to be crowned with success. Naturally, as with other such companies, exploration carries high risks; that’s the nature of the business. However, these are offset by high opportunities – in our view, especially with Formation. We will definitely stay tuned!
