Formation Metals Drills 1.75 g/t Au over 30.4 Metres Including 3.51 g/t Au over 10.5 Metres at the Advanced N2 Gold Project
Executive Summary
- Initial results from the first four drillholes of a fully‑funded 14,000 m Phase 1 program at the N2 Gold Property show high‑grade, near‑surface gold intercepts, notably 0.91 g/t Au over 42.3 m (hole N2‑25‑005) and 1.75 g/t Au over 30.4 m (hole N2‑25‑012).
- Intercepts include multiple higher‑grade sub‑intervals (e.g., 19.2 g/t Au over 0.51 m, 9.19 g/t Au over 3.55 m) that validate historic drilling and substantially reduce technical risk for an open‑pit resource.
- The company now has ~C$12.1 M of working capital, zero debt, and plans to deliver a maiden mineral resource estimate after Phase 1 (target Q3 2026), with a total 30,000 m drill program underway.
Key Details
- Hole N2‑25‑005: 0.91 g/t Au over 42.3 m (14.0–56.26 m); includes 2.04 g/t Au over 8.07 m and 1.31 g/t Au over 11.38 m.
- Hole N2‑25‑012: 1.75 g/t Au over 30.4 m (64.12–94.54 m); includes 2.02 g/t Au over 4.95 m, 3.51 g/t Au over 10.52 m, 9.19 g/t Au over 3.55 m, and 19.2 g/t Au over 0.51 m.
- Hole N2‑25‑011: 0.69 g/t Au over 7.5 m (291.0–298.5 m); includes 1.78 g/t Au over 4.13 m.
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Hole N2‑25‑013: 4.16 g/t Au over 0.5 m (144.9–145.4 m).
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Total drilling to date: 24 holes, 7,968 m; nine holes pending results.
- Phase 1 goal: 14,000 m targeting infill of shallow gaps, down‑dip extensions, and step‑outs along strike; collect core for metallurgy testing.
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Planned maiden resource estimate after ~70,000 m of drilling (target Q3 2026).
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Historic resource at N2: ~871,000 oz Au (18 Mt @ 1.4 g/t) plus 243 kt @ 7.82 g/t Au (~61,000 oz).
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Zones open for expansion: “A” Zone (>3.1 km strike untested) and “RJ” Zone (>4.75 km strike untested).
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CEO Deepak Varshney quote: “These Phase 1 results provide confirmation of the strength, continuity, and scale of the high‑grade bulk tonnage A‑Zone at N2… Two drill rigs are currently active, as we execute a targeted 14,000‑metre drill campaign designed to rapidly define the deposit.”
Notable Quotes
“These Phase 1 results provide confirmation of the strength, continuity, and scale of the high‑grade bulk tonnage A‑Zone at N2. The consistency of these intercepts continues to exceed expectations and further reinforces our confidence in the significant growth potential of this highly valuable zone.” – Deepak Varshney, CEO
All boilerplate, forward‑looking statements, and “About” sections have been omitted for brevity.