Highlights:
- Formation Metals will host a live investor webinar with President and CEO Deepak Varshney, P.Geo., on Tuesday, April 7, 2026, at 10:00 AM PDT (1:00 PM EDT / 7:00 PM CEST).
- Phase 1 drilling continues to exceed expectations at the N2 Gold Project, confirming a high-grade system with significant mining potential along an 8-kilometer corridor. Results include:
- N2-25-012: 1.75 g/t Au over 30.4 meters, including 3.51 g/t Au over 10.5 meters and 19.2 g/t Au over 0.51 meters
- N2-25-008: 0.95 g/t Au over 61.1 meters, including 1.68 g/t Au over 26.5 meters and 2.00 g/t Au over 14.2 meters—confirming the continuity of the main mineralization system at depth
- To date, 46 drill holes totaling 14,466 meters have been completed, with assay results pending for 39 holes, ensuring a continuous pipeline of upcoming catalysts.
- The webinar will cover the following topics: Phase 1 drill results from two active drill rigs, the path toward a maiden NI 43-101 compliant mineral resource estimate targeted for Q3 2026, exploration prospects for 877,000 ounces of historical gold resources, and the company’s overarching vision to develop a large-scale open-pit target over a strike length of more than 15 km.
- A live Q session will follow the presentation. All registered participants will receive access to the recording and presentation materials.
- The company has working capital of approximately CAD 10.5 million with no debt and is conducting a fully funded 30,000-meter drilling program.
VANCOUVER, BC / ACCESS Newswire / April 7, 2026 / Formation Metals Inc. (“Formation” or the “Company”) (CSE:FOMO)(FSE:VF1)(OTCQB:FOMTF), a North American mineral acquisition and exploration company, is pleased to announce that it will host a live investor webinar on Tuesday, April 7, 2026, at 10:00 AM PDT (1:00 PM EDT / 7:00 PM CEST).
The webinar will be hosted by Deepak Varshney, P.Geo., President CEO, and will provide investors with a comprehensive overview of the company’s flagship project, the N2 Gold Project, located in the Casa Berardi Deformation Zone within the Abitibi Greenstone Belt in Quebec—one of the world’s most prolific gold-producing regions with historical production exceeding 200 million ounces.
Webinar Details
Date: Tuesday, April 7, 2026
Time: 10:00 AM PDT | 1:00 PM EDT | 7:00 PM CEST
Registration: https://www.eventbrite.com/e/formation-metals-webinar-tickets-1985737329808
Recording: A full recording will be available to all registered participants following the event. Investors unable to attend live can register at https://fomo-cse-landing-2026.netlify.app/webinar.html to receive the recording.
Project Summary
Consisting of 87 claims totaling ~4,400 ha within the Abitibi Subprovince of northwestern Quebec, Formation’s flagship N2 Gold Project is an advanced gold project with a total historical resource of ~871,000 ounces, comprising 18 Mt grading 1.4 g/t Au (~810,000 oz Au) across four zones and 243,000 t grading 7.82 g/t Au (~61,000 oz Au) in the RJ Zone.
In total, there are six primary gold-bearing mineralization zones, each of which remains open for expansion both along strike and at depth. Compilations and geophysical work conducted by Balmoral Resources Ltd. (now Wallbridge Mining) from 2010 to 2018 yielded numerous targets that are now being tested by Formation for the first time using diamond drilling.
Historical highlights from the two highest-priority zones include:
Zone A: A shallow, highly continuous, historically known gold deposit with low variability, where ~522,900 ounces grading 1.52 g/t Au were identified. Historically, approximately 15,000 meters were drilled over a strike length of 1.65 km, with 84% of historical drill holes intersecting gold-bearing intervals, including up to 1.7 g/t Au over 35 meters.
RJ Zone: A high-grade historical gold deposit with ~61,100 ounces identified at a grade of 7.82 g/t Au, with historical intercepts of up to 51 g/t Au over 0.8 meters and 16.5 g/t Au over 3.5 meters. This zone was last drilled in 2008 by Agnico-Eagle Mines when the gold price was approximately US$800/oz. To date, only ~900 meters of strike length have been drilled, with more than 4.75 km remaining to be tested.
The Company believes that N2 possesses the potential for a large open-pit resource. This conviction is supported by several key factors:
Significant Untapped Strike Length: Zone A alone has an open strike length of more than 3.1 km (historically only ~35% drilled), while more than 4.75 km remain untapped in the RJ Zone, providing significant scope for lateral expansion of known mineralization.
Open at Depth and Along Strike: All zones remain open, with historical drilling limited to shallow depths (~350 m), leaving substantial vertical potential in a proven gold district.
Wide, Continuous Near-Surface Intercepts: Recent drilling has confirmed thick zones of target mineralization starting near the surface—ideal for large-tonnage open-pit scenarios with low strip ratios and high tonnage potential.
Regional Analogy and Provenance: N2 is located on the Casa Berardi Trend, which hosts several multi-million-ounce deposits, including Casa Berardi (over 2 Moz produced; 14.3 Mt at 2.75 g/t Au PP in reserve) and Douay (over 3 Moz in resources), and exhibits similar geological and structural settings. Nearby Vezza is an underground operation, but the shallower, wider zones at N2 suggest superior open-pit economics.
Untapped Targets: Compilation work has identified numerous geophysical anomalies (IP, EM, VTEM) that have not yet been drill-tested and offer discovery potential beyond the known zones.
- Rising Gold Prices and Economic Viability: At current gold prices, lower-grade, high-tonnage locations become highly attractive, significantly increasing the project’s upside potential.
Strategically located 25 km south of Matagami, Quebec, N2 benefits from year-round accessibility via provincial roads and logging trails, proximity to a skilled workforce, power infrastructure, and established mining services in an area with historical gold production of more than 200 million ounces. The project lies along the Casa Berardi mining trend and is situated approximately 1.5 km east of the past-producing Vezza gold mine, which produced over 100,000 ounces from underground operations between 2013 and 2019. The region’s infrastructure offers toll-milling opportunities with potential access to nearby processing facilities at Casa Berardi or other Abitibi mills, enabling cost-effective development without the need to construct an on-site mill.
The Company also believes that N2 has significant base metal potential, having recently completed a reassessment process that revealed significant copper and zinc intercepts in historical drill holes known to contain substantial gold grades (>1 g/t Au). Assay results for copper range between 200 and 4,750 ppm and for zinc between 203 ppm and 6,700 ppm, suggesting strong potential for elevated base metal concentrations (Cu-Zn) across the property, particularly in Zones A and RJ. The geological setting across the N2 property is characterized by volcanic and sedimentary rocks formed in regional anticlinal and synclinal folds. Three main deformation structures running along the known NW-SE to WNW-ESE structural trends, typical of VMS deposits in the Matagami region, act as crucial geological controls for mineralization on the property.
Qualified Person
The technical content of this press release has been reviewed and approved by Mr. Babak V. Azar, P.Geo., géo (OGQ#10876), an independent contractor and a Qualified Person as defined by National Instrument 43-101.
About Formation Metals Inc.
Formation Metals Inc. is a North American mineral acquisition and exploration company focused on developing high-quality, drill-ready properties with significant upside and expansion potential. Formation’s flagship is the N2 Gold Project, an advanced gold project with a global historical resource of ~871,000 ounces (18 Mt grading 1.4 g/t Au (~810,000 oz Au) across four zones (A, East, RJ-East, and Central)2,3 and 243,000 t grading 7.82 g/t Au (~61,000 oz Au) in the RJ Zone2,4) as well as six mineralized zones, each open for expansion along strike and at depth, including the “A” Zone, where only ~35% of the strike has been drilled ( >3.1 km open), and the “RJ” Zone, which featured historical high-grade intercepts of up to 51 g/t Au over 0.8 meters.
FORMATION METALS INC.
Deepak Varshney, CEO and Director
For further information, please call 778-899-1780, email dvarshney@formationmetalsinc.com, or visit www.formationmetalsinc.com.
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Notes and References:
- Readers are cautioned that the geology of adjacent properties is not necessarily indicative of the geology of the property.
- The resource estimates mentioned above are non-categorized, considered historical, and based on prior data prepared by a previous property owner; they do not comply with current CIM categories. Although the Company considers the estimates reliable, a Qualified Person has not performed sufficient work to classify the historical estimates as current resources in accordance with current CIM categories, and the Company is not treating the historical estimates as current resources. A cutoff grade of 0.5 g/t Au with a minimum mining width of 2.5 meters was used in preparing the historical estimates. Comprehensive data compilation, re-drilling, re-sampling, and data verification by a Qualified Person may be required before the historical estimates can be classified as current resources. There is no guarantee that the historical mineral resources, in whole or in part, will ever become economically viable. Furthermore, mineral resources are not mineral reserves and do not have demonstrated economic viability. The Company is not aware of any more recent estimates prepared for the N2 property.
- Needham, B. (1994), 1993 Diamond Drill Report, Northway Joint Venture, Northway Property; Cypress Canada Inc.; 492 pages.
- Guy K. (1991), Exploration Summary May 1, 1990 to May 1, 1991 Vezza Joint Venture Northway Property; Total Energold; 227 pages
Forward-Looking Statements:
This press release contains “forward-looking statements” within the meaning of applicable Canadian securities laws, including statements regarding: the Company’s plans for the property and the expected timing and scope of the drilling program on the property; the Company’s goal to develop a near-surface multi-million-ounce deposit on the property; and the Company’s planned 30,000-meter drilling program. Such forward-looking information reflects management’s current beliefs and is based on a number of estimates and/or assumptions made by the Company as well as information currently available to the Company. While these are considered reasonable, they are subject to known and unknown risks, uncertainties, and other factors that may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Readers are cautioned that such forward-looking statements are neither promises nor guarantees and are subject to known and unknown risks and uncertainties, including, but not limited to, general business, economic, competitive, political, and social uncertainties, uncertain and volatile equity and capital markets, lack of capital, actual results of exploration activities, environmental risks, future prices of base and other metals, operating risks, accidents, labor disputes, delays in obtaining regulatory approvals and licenses, and other risks in the mining industry.
The Company is currently in the exploration stage. Exploration is inherently highly speculative, involves many risks, requires significant expenditures, and may not lead to the discovery of mineral deposits that can be mined profitably. Furthermore, the Company currently has no reserves on its properties. Consequently, no assurance can be given that such forward-looking statements will prove to be accurate, and actual results and future events may differ materially from those anticipated in such statements.
