Formation Metals Commences Fully Funded 10,000 Metre Drill Program at the Advanced N2 Gold Project
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
Formation Metals Commences Fully Funded 10,000 Metre Drill Program at the Advanced
N2 Gold Project
Highlights:
• Formation has commenced a fully funded 10,000 metre multi -phase drill program at its
flagship N2 Gold Project near Matagami, Quebec, host to a global historic resource of
~870,000 ounces comprised of 18 Mt grading 1.5 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 will target 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.
• The Company has working capital of ~C$5.0M with zero debt, putting it in a very strong
financial position to execute its exploration programs. Inclusive of provincial tax credits
from the Quebec government, Formation’s exploration budget for 2025- 2026 is set at
~$5.7M.
Vancouver, British Columbia / September 25, 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 commenced drilling at its
flagship N2 Gold Property (“N2” or the “Property”), located 25 km south of Matagami, Quebec.
The Company is completing a fully funded 10,000 metre drill program at N2, an advanced gold
project with a global historic resource of ~870,000 ounces comprised of 18 Mt grading 1.5 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.
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
Figure 1 – Photo showing drill set-up on PDDH-25-001.
Deepak Varshney, CEO of Formation Metals, stated, “Drilling N2 is a enormous milestone for
Formation. With the price of gold accelerating through all-time highs weekly, the timing could not
be better for Formation to be drilling such a large high-quality historical gold deposit.”
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
Mr. Varshney continued: “Building on the success of our predecessors, this fully funded 10,000
metre drill program will be critical in our goal of developing N2 into a near-surface multi-million-
ounce deposit. With gold breaking $3,800, 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
field season.”
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 . 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.
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 auriferous zones identified to-date (Figure 1).
Historical highlights from the top two priority zones include:
• A Zone: A shallow, highly continuous, low-variability historic gold deposit with ~522,900
ounces identified at a grade of 1.52 g/t Au. ~15,000 metres have been drilled historically
across 1.65 km of strike, with over 3.1 km of strike remaining to be tested. 84% of historical
drillholes intercepted auriferous intervals including up 1.7 g/t over
35 m.
• RJ Zone: a high-grade historic gold deposit with ~61,100 ounces identified at a grade of
7.82 g/t Au, with high-grade intercepts from historical drill holes as high as 51 g/t Au over
0.8 metres and 16.5 g/t Au over 3.5 metres2. This zone was the target of the most recently
drilling at the Property by Agnico- Eagle Mines in 2008, when the price of gold was
~US$800/oz. Only ~900 metres of strike has been drilled, with 4.75+ km of strike
remaining to be tested.
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
Figure 2 - PDDH design for the complete 20,000 metre Drill Program.
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
Figure 3 - 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 plans to concentrate its efforts on the northern part of
N2, targeting gold deposit expansion and discovery along identified zones and fault systems
associated with the main deformation features (specifically WNW-ESE trend), with IP surveys and
drilling planned to model mineralized zones that will hopefully contribute to an 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.
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
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.
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 1.5 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 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 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 goal of
delivering 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 Ressources naturelles et des Forets (MERN); the Company’ s view that the
Property has the potential for over three million ounces of gold; the 10,000-metre drilling program
marking the beginning of the Company’ s pursuit of that goal ; and statements respecting the
Offerings and the expected use of proceeds therefrom. 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 forwa rd-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, polit ical 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.