Formation Metals Unlocks Copper-Zinc Potential at the N2 Gold Deposit with Insights from Revaluation of Historic Drill Core
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Formation Metals Unlocks Copper-Zinc Potential at the N2 Gold Deposit with Insights
from Revaluation of Historic Drill Core
Highlights:
• Base metal assays: the N2 Project drill core reanalysis indicates elevated copper and zinc
grades, suggesting base metal potential at the project.
• Results highlight polymetallic potential: N2’s volcanic -sedimentary rocks and
deformation structures formed in regional anticlinal and synclinal flexures align with a
conceptual VMS geologic model.
• Further work. Focus on exploration at the northern portion of the property through re -
interpretating the previously conducted airborne TDEM survey for targeting VMS related
anomalies, 3D geological model, IP surveys and drilling.
• CEO Deepak Varshney stated: “The work we have done thus far validates our belief that
N2 has significant polymetallic prospects. Given the data and the pedigree of the area we
are in, Formation will focus on advancing the copper potential at N2 side by side with our
fully funded maiden 5,000 metre drill program that will aim to expand on the historic
877,000 oz global resource.”
Vancouver, British Columbia / May 5, 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 it has reported encouraging base
metal assay results from the revaluation of historical drill core at its N2 Project located in Quebec’s
Casa Berardi Gold Trend.
The revaluation process has 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 at 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.
Deepak Varshney, CEO of Formation Metals, commented: “While recent focus on our N2 project
has rightfully highlighted its significant gold potential and historical 877,000 gold resource, we
also recognize the considerable untapped opportunity for base metals. Given the scale of the
property, the compelling overlap in our geological data, and the Abitibi Greenstone Belt's
established history as a hotbed for copper and other base metal mining, we see significant potential
for a robust copper deposit to exist within the N2 property alongside a gold deposit.”
Mr. Varshney continued: “Copper has never been more critical to the world's future. As the
backbone of the accelerating energy transition, it is indispensable for everything from electric
vehicles and renewable energy infrastructure to modernizing power gr ids. This surging,
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fundamental demand, coupled with various supply challenges, has clearly been reflected in the
market, with the price of copper increasing significantly over the past 12 months. This trend
underscores the essential nature of copper in achieving global decarbonization goals and highlights
the increasing value of new, reliable sources of this vital metal. We are eager to continue our
exploration efforts to fully understand the polymetallic endowments of this highly prospective
ground.”
Consistent with the Matagami region’s established copper -zinc-rich mineralization systems, the
base metal intercepts at the N2 property also predominantly reflect a copper -zinc-centric
mineralization profile. Notable regional deposits include:
• Matagami Mining Camp, produced 44 Mt at 8.77% Zn, 0.89% Cu
• Selbaie, produced 56.9 Mt at 0.87% Cu, 1.85% Zn
• B26, 11.32 Mt Indicated resource at 1.23% Cu, 1.27% Zn and 7.17Mt Inferred resource at
1.56% Cu, 0.17% Zn
• Joutel, produced 1.45 Mt at 2.4% Cu, 2.9% Zn
• Langlois, 6.1 Mt Measured and Indicated resource at 10.41% Zn, 0.72% Cu and 1.9Mt
Inferred resource at 8.42% Zn, 0.46% Cu
• Estrades, 1.5 Mt Indicated resource at 7.2% Zn, 1.06% Cu and 2.2 Mt Inferred resource at
4.72% Zn, 1.01% Cu, and produced 175Kt at 1.1% Cu, 13% Zn
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Figure 1 - Regional map highlighting notable deposits.
The company is enthusiastic about N2’s prospects and is dedicated to furthering exploration in this
highly prospective mining district. Looking ahead, management aims to craft a compelling
narrative to bolster the case for polymetallic or base metal minera lization at the property, as
existing data remains limited for a comprehensive assessment of N2’s base metal potential.
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
updated NI-43 101 compliant resource. F ormation will also look to further review historic base
metal assays from older drill cor e and undertake additional work in 2025 to assess the property’s
copper and zinc potential.
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Figure 2 - Historic Drill Holes containing >200ppm Cu-Zn intercepts according to the assay results in the database.
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Table 1 - Significant Historical Base Metal Intercepts
Qualified person
The technical content of this news release has been reviewed and approved by Mr. Babak Vakili
Azar, P.Geo., 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 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 showing long auriferous intervals
like 1.7 g/t Au over 35 m, and the “RJE” and “RJ” zones host to bonanza intercepts as high as
51.3 g/t Au over 0.8 m and 48.5 g/t over 0.5 m, respectively.
FORMATION METALS INC.
Deepak Varshney, CEO and Director
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
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.
Note 1: Readers are cautioned that the geology of nearby properties is not necessarily indicative of the geology of
the Property.
Note 2: A qualified person has not done sufficient work to classify the historical estimate as current mineral resources
or mineral reserves. The Company is not treating the historical estimate as current mineral resources or mineral
reserves.
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 the Property; the Company’ s view that the Property is well-placed to expand
through systematic exploration work with the drill bi t; 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; and the Company’ s view on the copper-zinc
potential of the Property and its prospects and any future exploration programs related to it. 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, the 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.