Formation Metals Files 30-Day Notice for the Commencement of the 20,000 Metre Multi-Phase Drill Program for the Advanced N2 Gold Project
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
Formation Metals Files 30-Day Notice for the Commencement of the 20,000 Metre Multi-
Phase Drill Program for the Advanced N2 Gold Project
Highlights:
• Formation has filed its 30 -day notice with the responsible municipal authorities for its
upcoming 2025 exploration activities.
• Formation 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 (~809,000 oz Au) across four zones (A, East, RJ- East, and
Central)2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au) across the RJ zone2,4.
• Phase 1 is a fully funded 5,000 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 (>3.1 km open), and the “RJ” zone, host to
high-grade intercepts from historical drill holes as high as 51 g/t Au over 0.8 metres2, which
was expanded by Agnico Eagle Mines in 2008 in the most recent drilling at the Property.
• 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 (>1 g/t Au).
• The Company has working capital of ~C$2.8M, putting it in a very strong financial position
to execute its exploration programs.
Vancouver, British Columbia / June 17, 2025 – Formation Metals Inc. (“Formation” or the
“Company”) (CSE:FOMO) (FSE:VF1) (OTC QB:FOMTF), a North American mineral
acquisition and exploration company, is pleased to announce that it has officially filed its Annual
Exploration Work Notice (“Planification Annuelle Des Travaux d’Exploration”) with the
responsible municipal authorities for its upcoming 2025 exploration activities for its planned
20,000 metre multi-phase drill program at its flagship N2 Gold Project (“N2”) in Quebec.
N2 is an advanced gold project with a global historic resource of ~870,000 ounces comprised of
18 Mt grading 1.4 g/t Au (~809,000 oz Au) across four zones (A, East, RJ-East, and Central)2,3
and 243 Kt grading 7.82 g/t Au (~61,000 oz Au) across the RJ zone 2,4 where the Company
intends on commencing its maiden 5,000 meter drill program in Summer 2025.
This filing must be completed 30-days in advance of the commencement of fieldwork and ensures
compliance with regulatory requirements and reflects the company’s continued commitment to
transparency, community engagement, and responsible mineral exploration practices. The work
program will focus on advancing key targets across Formation’s Quebec-based properties.
“Filing the Annual Exploration Work Notice marks the final regulatory step as we prepare to
commence field activities upon receipt of the ATI,” said Deepak Varshney, Chief Executive Officer
of Formation Metals.” Receipt of the ATI permit is expected in the coming weeks, allowing
Formation Metals to proceed with its exploration activities as scheduled.
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
Mr. Varshney continued: “The summer is going to be a very exciting time as we embark on our
fully funded maiden 5,000 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 believe the program designed will deliver our goal of growing N2’s historical
resource into a near-surface multi-million-ounce deposit.
We see the potential for over three million ounces of gold at N2, and our maiden 5,000- metre
drilling program will mark the beginning of Formation's pursuit of that goal. Our maiden program
will focus on building on the successes of our predecessors. The d rilling discoveries made by
Agnico-Eagle and Cypress after the initial historic resource estimate show the expansion potential
at N2. With gold at almost $3,200, over 4 times the price in 2008 when Agnico last drilled the
project, we believe that the timing is perfect for N2 and look forward to a very busy upcoming
quarter.”
The drill program is designed to focus on discovery drilling at new high-potential targets along the
mineralization strikes at the “A”, “RJ” and “Central” zones in the northern part of the property in
order to discover new auriferous trends and unlock new zones of gold mineralization. The program
will also focus on high -priority infilling and expansion targets in these zone s to significantly
enhance the project resource base (Figure 1).
Historical highlights from the top two priority zones include:
• A Zone: With a historical resource of ~522,900 gold ounces (10.7 Mt @ 1.52 g/t Au), the
“A” Zone is a shallow, highly continuous, low -variability historic gold deposit with
~15,000 metres of drilling across 55 drillholes, 84% of which intercepted gold
mineralization. The best historical intercept includes up to 1.7 g/t over 35 metres with a
metal factor of 93. ~1.65 km of strike has been drilled, with 3.1+ km of strike to be tested
as part of the 20,000 metre program.
• RJ Zone: With a historical resource of ~ 61,100 gold ounces (243 Kt @ 7.82 g/ t Au), the
“RJ” Zone is a high-grade target that was expanded upon in the last drill program in 2008
by Agnico-Eagle when gold was approximately ~$800/oz. Historically, 20,875 metres has
been drilled over 82 drillholes, with best intercepts of 48 g/t over 0.5 m etres and 16.5 g/t
over 3.6 metres. ~900 metres of strike has been drilled, with 4.75+ km of strike to be tested
as part of the 20,000 metre program.
The Company has retained Strategy Exploration Advisors (“Stratexplo”), an independent
exploration consulting firm based out of Rouyn-Noranda, Québec, as its field operations manager
for its planned 20,000 metre multi-phase drill program.
Stratexplo crews will be responsible for conducting surface exploration at N2, including field
logistics, sample collection and dispatch, geological mapping and interpretation, exploration
targeting and advising as per National Instrument 43-101 collection and reporting guidelines.
These responsibilities are in addition to Stratexplo’s on-going work as the Company’s permitting
manager, where they recently facilitated Formation’s submission for its Application for
Autorisation de Travaux d’exploration à Impacts (ATI) to the Ministère des Ressources naturelles
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
et des Forets (MERN), and were responsible for the submission of its Planification Annuelle Des
Travaux d’Exploration.
The ATI submission was completed following discussions with all necessary parties and the
Company anticipates receiving its ATI permit within the next 20 to 30 days, after which it intends
on commencing its maiden drill program at N2.
Figure 1 - PDDH design for 20,000m Drill Program
Comprising 87 claims totaling ~4,400 ha within the Abitibi sub province of Northwestern Quebec,
Formation’s flagship N2 Gold Project is an advanced gold project with a global historic resource
of 877,000 ounces: 18.2 Mt grading 1.48 g/t Au (~810,000 oz Au) across four zones (A, East,
RJ-East, and Central)2,3 and 243 Kt grading 7.82 g/t Au (~67,000 oz Au) across the RJ zone2,4.
There are six primary auriferous mineralized zones in total, each open for expansion along strike
and at depth. Compilation and geophysical work by Balmoral Resources Ltd. (now Wallbridge
Mining) from 2010 to 2018 generated numerous targets that have not yet been investigated with
diamond drilling. There are two primary focuses for Formation:
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
• the “A” zone, a shallow, highly continuous, low -variability historic gold deposit with
numerous intermittent and consecutive auriferous intervals (84% of historical drill holes
intercepted Au up to 1.7 g/t over 35 m )2, of which only ~35% of strike has been drilled
(>3.1 km open); and
• the “RJ” zone, host to high-grade intercepts from historical drill holes as high as 51 g/t Au
over 0.8 metres2, which was expanded by Agnico Eagle Mines in 2008 in the most recent
drilling at the Property.
Figure 2 - Property overview summarizing historical work completed at each of the six mineralized zones and their respective
historical resource.
The Company also believes that N2 has significant base metal potential, where it recently
completed a revaluation process which revealed significant copper and zinc intercepts within
historic drillholes known to have significant gold grades (>1 g/t Au). Assay results range from 200
to 4,750 ppm and 203 ppm to 6,700 ppm, for copper and zinc, respectively, indicating strong
potential for elevated base metal (Cu-Zn) concentrations across the property, specifically at the A
and RJ zones. Property wide geology a t N2 features volcanic and sedimentary rocks formed in
regional anticlinal and synclinal flexures. Three principal deformation structures (Figure 1),
oriented along the known NW-SE to WNW-ESE structural trends typical of VMS deposits in the
Matagami region, function as critical geologic controls for mineralization on the property.
For the 2025 exploration season, Formation Metals will concentrate its efforts on the northern part
of its N2 Project targeting gold deposit expansion and discovery along identified zones and fault
systems associated with the main deformation features (spe cifically WNW-ESE trend), with IP
surveys and drilling planned to model mineralized zones that will eventually contribute to an
N2 Gold Project – Target Summary
Five key mineralized zones, offering significant explora�on poten�al
• A Zone: 55 drillholes, 14,693 m, 84% intercepted Au up to
1.7 g/t over 35 m with a metal factor of 93; 1.65 km strike
drilled, 3.1 km+ strike open
• RJ Zone: 82 drillholes, 20,875 m, 76% intercepted Au up to
48 g/t over 0.5 m / 16.5 g/t over 3.6 m; metal factor 60;
900 m strike drilled, 4.75 km+ strike open
• Central Zone: 29 drillholes, 6,090 m, 62% intercepted Au up to
1.35 g/t over 18.5 m; 1.1 km strike drilled, 5 km+ strike open
• RJE Zone: 17 drillholes, 3,816 m, 76% intercepted Au up to
51.26 g/t over 0.8 m; 300 m strike drilled, 1.7 km+ strike open
• East Zone: 14 drillholes, 2,474 m, 93% intercepted Au up to
11.3 g/t over 0.6 m; 300 m strike drilled, 1.95 km+ strike open
OuncesAu GradeTon nag eZone
522,9001.5210.7 MtA
102,6251.142.8 MtCentral
190,2042.042.9 MTRJE
30,3831.89500 KtEast
61,0957.82243 KtRJ
Notes: 1) 0.5 g/t c utoff; 2) 2.5 metre mining width, 3 ) historical resource es�mate
CSE: FOMO | OTCPK: FOMTF | FSE: VF1
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
updated NI-43 101 compliant resource. Formation will also look to further review historic base
metal assays from older drill core and undertake additional work in 2025 to assess the property’s
copper and zinc potential.
The Company is also pleased to announce that it has closed the first tranche of its non -brokered
private placement (the “Private Placement”) raising gross proceeds of $1,645,450.10 through the
issuance of 4,701,286 flow-through units (each a “Unit”) at $0.35 per Unit. Each Unit consists of
one flow-through common share (each a “ FT Share”) of the Company, and each FT Share shall
qualify as a “flow -through share” as defined in section 66(15) of the Income Tax Act (Canada),
and one transferable common share purchase warrant (each a “Warrant ”), with each Warrant
entitling the holder to purchase one additional common share (a “Warrant Share”) at an exercise
price of $0.60 per Warrant Share for a period of two (2) years from the date of closing of the Private
Placement (the “Expiry Date”). The Company paid finder’s fees of $115,181.51 cash and 329,090
finder’s warrants (each a “Finder’s Warrant”) to arm’s length parties, in accordance with
applicable securities laws and the policies of the Canadian Securities Exchange (“ CSE”). The
Finder’s Warrants are non-transferable and exercisable at $0.60 per Share until the Expiry Date.
The securities issued in connection with the Private Placement are subject to a four-month statutory
hold period expiring on October 14, 2025. The securities are not subject to the Exchange Hold (as
defined under CSE Policy 1 Interpretation and General Provisions which definition became
effective May 22, 2025), required in certain circumstances in accordance with Policy 6
Distributions and Corporate Finance of the CSE. The Company intends to use the net proceeds
from the Private Placement for exploration on its N2 Property located in Quebec. The Private
Placement remains subject to approval of the CSE.
The Company is also pleased to announce that it has entered into advertising and investor
awareness campaigns with H&N Consultants LLC (“H&N”) and Virtus Media Group, LLC
(“Virtus”). H&N (address: 8329 Harrison Avenue, Munster, Indiana 46321 United States; e-mail:
[email protected]) will provide marketing services for a term of six months commencing for
a total budget of US$100,000. Virtus (address: 1809 Redwood Lane, Munster, IN 463215166; e -
mail: [email protected]) will provide marketing serv ices for a term of six months
commencing for a total budget of US$75,000. Both H&N and Virtus are independent companies
that will provide strategic digital media services, marketing (including awareness campaigns) and
data analytical services to the company. The Company will not issue any securities as
compensation for the services. As of the date hereof, to the Company’s knowledge, neither Virtus
nor H&N own any securities of the Company and they both have an arm’s-length relationship with
the Company.
Qualified person
The technical content of this news release has been reviewed and approved by Mr. Babak Vakili
Azar, P.Geo., an independent contractor and a qualified person as defined by National Instrument
43-101. Historical reports provided by the optionor were reviewed by the qualified person. The
information provided has not been verified and is being treated as historic non- compliant
intercepts.
About Formation Metals Inc.
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
Formation Metals Inc. is a North American mineral acquisition and exploration company focused
on the development of quality properties that are drill -ready with high- upside and expansion
potential. Formation’s flagship asset is the N2 Gold Project, an advanced gold project with a global
historic resource of ~870,000 ounces (18 Mt grading 1.4 g/t Au (~809,000 oz Au) across four
zones (A, East, RJ-East, and Central)2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au) across
the RJ zone 2,4) and six mineralized z ones, each open for expansion along strike and at depth
including the “A” zone, of which only ~35% of strike has been drilled (>3.1 km open), and the
“RJ” zone, host to historical high-grade intercepts as high as 51 g/t Au over 0.8 metres.
FORMATION METALS INC.
Deepak Varshney, CEO and Director
For more information, please call 778 -899-1780, email [email protected] 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.
Forward-looking statements:
This news release includes "forward -looking statements" under applicable Canadian securities
legislation, including statements respecting: the Company’ s plans for the Property and the
expected timing and scope of the 2025 drilling program at the Property; the Company’ s view that
timing is perfect for a near -surface multi -million-ounce deposit the Property; the Company’ s
anticipated timeline with respect to the Application for Autorisation de Travaux d’exploration à
Impacts (ATI) to the Ministère des Ressour ces naturelles et des Forets (MERN); the Company’ s
view that the Property has the potential for over three million ounces of gold and the 5,000-metre
drilling program marking the beginning of the Company’ s pursuit of that goal. Such forward-
looking information reflects management's current beliefs and is based on a number of estimates
and/or assumptions made by and information currently available to the Company that, while
considered reasonable, are subject to known and unknown risks, uncertainties, and other factors
that may cause the 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 available capital,
actual results of exploration activities, environmental risks, future prices of base and other metals,
operating risks, accidents, labour issues, delays in obtaining governmental approvals and permits,
and other risks in the mining industry.
The Company is presently an exploration stage company. Exploration is highly speculative in
nature, involves many risks, requires substantial expenditures, and may not result in the discovery
of mineral deposits that can be mined profitably. Furthermore, t he Company currently has no
reserves on any of its properties. As a result, there can be no assurance that such forward-looking
statements will prove to be accurate, and actual results and future events could differ materially
from those anticipated in such statements.
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
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