Formation Metals Announces 20,000 Metre Multi-Phase Drill Program for the Advanced N2 Gold Project
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
Formation Metals Announces 20,000 Metre Multi-Phase Drill Program for the Advanced
N2 Gold Project
Vancouver, British Columbia / May 20, 2025 – Formation Metals Inc. (“Formation” or the
“Company”) (CSE:FOMO) (FSE:VF1) (OTCPK:FOMTF), a North American mineral
acquisition and exploration company, is pleased to announce plans for executing a 20,000 metre
multi-phase drill program at its flagship N2 Gold Project (“ N2”) in Quebec, 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 zone2,4.
The first 5,000 metres of the drill program is fully funded and is intended to commence this
summer.
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 through the recent exploration permit (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 formally submitted its Application for Autorisation de Travaux d’exploration à
Impacts (ATI) to the Ministère des Ressources naturelles et des Forets (MERN) following
discussions with all necessary parties and anticipates receiving its ATI permit within the next 30
to 40 days, after which it intends on commencing its maiden drill program at N2.
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
Deepak Varshney, CEO of Formation Metals, commented: “We are thrilled to unveil our drill plans
for the N2 Project. Given the scale of the property, the compelling geological data, and the Abitibi
Greenstone Belt's established history as a hotbed for gold m ining, we believe that a program of
this scale will deliver our goal of growing N2’s historical resource into a near -surface multi -
million-ounce deposit.”
Mr. Varshney continued: “We see the potential for over three million ounces of gold at N2, and our
fully funded 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
drilling discoveries made by Agnico-Eagle and Cypress after the initial historic resource estimate
show the expansion potential at N2. With gold at $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.”
Figure 1 - PDDH design for 20,000m Drill Program
Qualified person
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
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 ~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.
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 est imates as a current 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.
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:
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
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.