Formation Metals Issues Clarification Concerning Acquisition of Historical Gold N2 Property at the Request of CIRO
Formation Metals Issues Clarification Concerning Acquisition of Historical Gold N2
Property at the Request of CIRO
Vancouver, British Columbia / May 13, 2025 – Formation Metals Inc. (“Formation” or
the “Company”) (CSE:FOMO), a North American mineral acquisition and exploration company,
has issued this clarification press release at the request of CIRO.
The Company has provided the following summary on the Project:
Comprising 87 claims totaling ~4,400 ha within the Abitibi sub province of Northwestern Quebec,
Formation’s flagship N2 Gold Project (“ N2”) 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.
Formation’s maiden drill program will focus on:
• 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 1 - Property overview summarizing historical work completed at each of the six mineralized zones and their respective
historical resource.
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
1395-8334-6198, v. 1
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.
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 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 zone 2,4) and six mineralized zones, 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 gpt 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.
Notes and References:
1. Readers are cautioned that the geology of nearby properties is not necessarily indicative of the geology of
the Property.
2. The above referenced resource estimates do not have a category, are considered historical in nature, and are
based on prior data prepared by a previous property owner, and do not conform to current CIM categories.
While the Company considers the estimates to be reliable, a qualified person has not done 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 a curren t resource. A 0.5 g/t Au cut -off was used in the
preparation of the historical estimates with a minimum 2.5 metre mining width.
Significant data compilation, re -drilling, re-sampling and data verification may be required by a qualified
person before the historical estimates can be classified as current resources. There can be no assurance that
any of the historical mineral resources, in whole or in part, will ever become economically viable. In addition,
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.
3. Needham, B. (1994), 1993 Diamond Drill Report, Northway Joint Venture, Northway Property; Cypress
Canada Inc.; 492 pages.
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
1395-8334-6198, v. 1
4. 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 news release includes "forward -looking statements" under applicable Canadian securities
legislation, including statements respecting : the Company’ s uplisting to the OTCQB and the
expected benefits and timing of same ; 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 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, econom ic, 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.