Formation Metals Advances N2 Gold Project with Fully Funded Drilling

Formation Metals Inc. has mobilized its team for the commencement of a 10,000-metre drill program at its N2 Gold Project near Matagami, Quebec. This marks the first phase of a planned 20,000-metre multi-phase drilling initiative. The N2 Project boasts an historic resource of approximately 870,000 ounces of gold.

Phase 1 will target the "A" and "RJ" zones—areas with significant historical gold deposits. With working capital of approximately C$5.3 million and no debt, the company is in a strong position to execute this exploration plan. The total exploration budget, inclusive of tax credits, is estimated at $5.7 million.

The company has also closed its final tranche of a private placement, securing gross proceeds of $403,845. The funds are intended for fieldwork, supporting N2's exploration efforts. Formation believes in the potential for significant new gold deposits and intends to focus on high-priority zones for further drilling.