Articles from Formation Metals Inc.

Gold starts in the first sample below a thin overburden cover and runs for 95.6 metres. N2-26-033 extends the A-Zone's northern auriferous horizon 25 metres north over the upper 100 metres of the hole and up to 50 metres north at depth. Drilling into this previously untested ground shows that the horizon potentially remains open to the north.Highlights:Thick, continuous gold from 7 metres below surface. N2-26-033, drilled north of the A-Zone, returned 0.98 g/t Au over 95.6 metres beginning at 8.4 metres downhole (7.1 metres vertical), including 3.14 g/t Au over 10.0 metres from 8.4 metres.New ground, open to the north. The hole extends mineralization beyond the northern limit of the historical wireframes and joins Phase 1 holes N2-25-005 (0.91 g/t Au over 42.3 metres from 9.9 metres vertical) and N2-25-012 (1.75 g/t Au over 30.4 metres from 45.3 metres vertical) on the same northern horizon.The Company is undertaking a fully funded 75,000 metre drill program at its flagship N2 Property in Quebec, host to a global historic resource of ~871,000 ounces comprised of 18 Mt grading 1.4 g/t Au (~810,000 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.Across the A-Zone, 84% of historical drillholes intercepted gold, reflecting a highly continuous, low-variability system that this northward extension drilling is now confirming across strike.This hole sits beyond the northern edge of the western historic core of the A-Zone (historical resource of ~0.5 Moz at ~1.5 g/t Au). Formation will continue stepping out north toward the main deformation zone, where the horizon remains open.The Company has working capital of ~C$26.3M5 with zero debt.

Step-out confirms the A-Zone stays open and is laterally continuous toward the high-grade RJ corridor, with up to 8 km of strike to expand to

Southward step-out N2-26-15A extended the A-Zone 200 metres to the south and returned:N2-26-15A: 2.53 g/t Au over 11.8 metres beginning at 350.6 metres downhole, 341.6 metres vertical, including 5.42 g/t Au over 5.1 metres; and 1.41 g/t Au over 20.6 metres beginning at 499.1 metres downhole, 486.3 metres vertical, including 2.63 g/t Au over 5.5 metres and 1.78 g/t Au over 7.2 metres.The hole returned two distinct sets of results: the deeper intervals extend the main vein set down-dip and remain open, and the shallower intervals sit in a vein set back to the south that had not previously been identified at the A-Zone.Mineralized envelope now exceeds 300 metres. With this extension the A-Zone envelope widens from the approximately 100 metres previously modelled to more than 300 metres across strike, and it remains open.Every direction tested to date has returned gold. Phase 1 has now stepped out 200 metres west (N2-26-021 and N2-26-022) and 200 metres south (N2-26-15A), and both step-outs returned auriferous intervals. No direction tested to date has closed off the A-Zone.First effective test of the ground south of the A-Zone. The area has seen very little historical drilling. Formation is drilling it on a revised structural model, targeting both the down-dip projection of the main veins and parallel structures to the south. N2-26-15A is the first hole in that ground to return assays that demonstrate a 200-metre southward extension of the northern auriferous horizon. It also indicates a 150-metre eastward extension potential in the southern auriferous horizon of the A-Zone, east of hole N2-25-013, where visible gold was found as evidence of auriferous potential in southern horizons (Figure 1).The Company is undertaking a fully funded 75,000 metre drill program at its flagship N2 Property in Quebec, host to a global historic resource of ~871,000 ounces comprised of 18 Mt grading 1.4 g/t Au (~810,000 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.The Company has working capital of ~C$26.3M with zero debt.