Formation Metals Further Validates Open Pit Potential at N2 Gold Project: Intersects Over 100 Metres of Near Surface Target Mineralization in Three New Drillholes
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Formation Metals Further Validates Open Pit Potential at N2 Gold Project: Intersects Over 100 Metres of Near
Surface Target Mineralization in Three New Drillholes
Highlights:
• Significant mineralized sections were intercepted in N2-25-006, N2-25-009 and N2-25-011 drilled in the “A”
zone, where the Company is targeting a multi -million ounce conceptual open-pit resource; the Company’s
maiden drill program is focused on assessing the first three hundred metres vertical.
o N2-25-006: 102.6 metres of target mineralization intercepted beginning at 15.3 metres downhole, with
multiple intervals over 10 metres in width including up to 23.4 metres.
o N2-25-009: 135.7 metres of target mineralization intercepted beginning at 23.3 metres downhole, with
multiple intervals over 30 metres in width including up to 43.4 metres.
o N2-25-011: 166.8 metres of target mineralization intercepted beginning at 60 .0 metres downhole, with
multiple intervals over 20 metres in width including up to 70.6 metres.
The intense quartz-carbonate veining and sulfide mineralization (pyrite/arsenopyrite) in sheared and brecciated
zones observed visually is directly comparable to the material that yielded long gold intervals in historical
drilling including 245-91-151, which intercepted 1.7 g/t Au over 35.0 metres.
• N2-25-003 and N2-25-008 build on the Company’s findings at N2-25-001 and N2-25-013, where the Company
identified visible gold including within a 30.8 metre interval (see press release dated November 26, 2025)
and N2-25-003 and N2-25-008, where the Company identified 152.9 and 208.8 metres of similar shallow target
mineralization (see press release dated December 2, 2025).
• The Company is undertaking a fully funded 30,000 metre drill program at its flagship N2 Gold Project in
Quebec, host to a global historic resource of ~871,000 ounces comprised of 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 Kt grading 7.82 g/t Au
(~61,000 oz Au) across the RJ zone 2,4. Phase 1, consisting of 10,000 metres, commenced on September 25,
2025. In addition to the “RJ” Zone, Phase 1 targets 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).
• The Company has working capital of ~C$13.4M with zero debt. Inclusive of provincial tax credits from the
Quebec government, Formation’s exploration budget for 2025-2026 is set at ~$8.1M.
Vancouver, British Columbia / December 11, 2025 – Formation Metals Inc. (“Formation” or the “Company”)
(CSE:FOMO) (FSE:VF1) (OTCQB:FOMTF), a North American mineral acquisition and exploration company, is
pleased to provide an update from the fully funded 30,000 metre drill campaign underway at its flagship N2 Gold
Property (“N2” or the “Property”), located 25 km south of Matagami, Quebec.
The Company is pleased to announce that it has intercepted significant sections of target mineralization in three (3)
additional drillholes as part of its Phase 1 drill campaign at N2.
The long sections of mineralization correlate with the findings of the 55,000 plus metres of historical drilling at N2,
including 245-91-151, which intercepted 1.7 g/t Au over 35.0 metres, positively increasing the potential of intercepting
long auriferous intervals. The forms of mineralization observed at N2-25-006, N2-25-009, and N2-25-011 also correlate
with intervals observed in N2-25-001, N2-25-003, N2-25-008, and N2-25-013, demonstrating the continuous nature of
the deposit.
Deepak Varshney, CEO of Formation Metals, stated, “The consistency of this deposit observed within this drill campaign
has been spectacular. Building a bulk tonnage open-pit resource requires finding repeatable mineralization across long
strikes and widths, and the target mineralization we are observing fits what Formation is focused on its maiden drill
campaign.”
Mr. Varshney continued: The thick continuous zones of mineralization observed significantly expand the potential for a
large-scale, low-strip multi-million ounce open pit development. With 30,000 metres fully funded and nearly 14 million
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in working capital, Phase 1 is the first step on our journey to realizing this conceptual model and we look forward to
sharing further updates in the coming weeks.”
Drillhole N2-25-006: Intercepted 102.6 metres of mineralized section, 33.10% of the 310-metre drillhole.
Drillhole N2-25-009: Intercepted 135.7 metres of mineralized section, 44.34% of the 306-metre drillhole.
Drillhole N2-25-011: Intercepted 166.8 metres of mineralized section, 31.58% of the 528-metre drillhole.
All three drillholes were found to have a significant correlation in terms of lithological intervals and sequences, alteration
products and mineralization forms and variety between the geological features along these holes and those of surrounding
historic drill holes. Some of longest intervals along the mentioned three drill holes are included in the table below (Fig. 1)
Figure 1 – Summary of the longest mineralized intervals within N2-25-006, N2-25-009, and N2-25-011.
The mineralized sections of N2 -25-006 are within the sheared and deformed mafic to intermediate volcanic and less
intermediate volcaniclastics and medium grained clastic sediments (sandstone & wacke) rock formations associated with
quartz carbonate veins and veinlets (sheared, brecciated and stockwork) and the main alteration products of sericitization
and less c arbonatization (calcite & ankerite) and silicification dominantly including p yrite, arsenopyrite and less
pyrrhotite mineralization in different forms of disseminated, cluster, stringer, semi-massive and fracture filling (Fig. 2).
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Figure 2- Forms of Mineralization intercepted along the drill hole N2-25-006.
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The longest mineralized section along this hole is a 23.4 metre section from 228.6 to 252 metres within intermediate
volcanic and volcaniclastic intervals in which pyrite and arsenopyrite are the dominant mineralization in forms of
disseminated, stringer, cluster and fracture filling associated with brecciated and stockwork veining system and the main
alteration products of chloritization, sericitization and less carbonatization (Fig. 3).
Figure 3 - The longest mineralized section along drillhole N2-25-006.
The mineralized sections of N2-25-009 are within the sheared and deformed mafic to intermediate volcanic and less fine
to medium grained graphitic clastic sediments ( mudstone) rock formations associated with quartz carbonate veins and
veinlets and the main alteration products of c hloritization, sericitization and less carbonatization and s ilicification
dominantly including pyrite, arsenopyrite and less pyrrhotite mineralization in different forms of disseminated, cluster,
stringer and fracture filling (Fig. 4).
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Figure 4 - Forms of mineralization intercepted along drillhole N2-25-009.
The longest mineralized section along this hole is a 43.4 metre section from 23.3 to 66.7 metres downhole within mafic
volcanic intervals in which pyrite is the dominant mineralization in forms of disseminated, stringer, cluster and fracture
filling associated with the main alteration products of chloritization and less carbonatization. Pyrrhotite is the minor
sulfide in this mineralized section (Fig 5).
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Figure 5 - The longest mineralized section along drillhole N2-25-009.
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The mineralized sections of N2 -25-011 were within the sheared and deformed mafic to intermediate volcanic , fine to
medium grained graphitic clastic sediments ( mudstone and wacke) and less mafic and felsic intrusion rock formations
associated with quartz carbonate veins and veinlets (brecciated and sheared) and the main alteration products of
chloritization, sericitization, carbonatization and less silicification and epidotization dominantly including pyrite and less
arsenopyrite mineralization in different forms of disseminated, cluster, fracture filling and less stringer. (Fig. 6).
Figure 6 - Forms of mineralization intercepted along drillhole N2-25-011.
The longest mineralized section along this hole is a 70. 6 metre section downhole from 303.0 to 373.6 metres within
mafic volcanic intervals in which pyrite is the dominant mineralization in forms of mostly disseminated and less stringer,
cluster and fracture filling associated with quartz carbonate veins and veinlets and the main alteration products of
epidotization, chloritization and carbonatization (Fig. 7).
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Figure 7 - The longest mineralized section along drillhole N2-25-011.