Formation Metals Accelerates Drilling at N2 Gold Project

Formation Metals Inc., a North American mineral acquisition and exploration company, has mobilized a second drill rig for its N2 Gold Property. This action aims to accelerate the company's fully funded 30,000-metre drill program.

The company has a working capital of approximately C$12.1 million, with an exploration budget of ~$8.1 million for 2025-2026. The N2 project features a historic resource of approximately 871,000 ounces of gold, distributed across several zones.

The 14,000-metre Phase 1 focuses on increasing resource confidence, testing resource growth, and conducting metallurgical studies. The introduction of a second rig targets priority areas, aiming for a maiden mineral resource estimate in Q3.

Significant mineralization has been intercepted in recent drillings, with wide and shallow zones favorable for open-pit mining scenarios. CEO Deepak Varshney stated the campaign is progressing well, with assay results expected soon.