Formation Metals expands drilling program at Quebec gold project

Formation Metals has expanded its fully funded N2 drilling program to 75,000 meters at its 4,400-hectare gold project in Quebec. The company aims to prepare for its first NI 43-101 mineral resource estimate in the first quarter of 2027.

Recent drilling results in the Abitibi Gold Belt, specifically along the Casa-Berardi Deformation Zone, have highlighted the potential for large-scale open-pit mining. One notable drill hole, N2-26-033, intersected 95.6 meters of gold ore starting at a depth of 7.1 meters, with a grade of 0.98 g/t gold, including a 10-meter section at 3.14 g/t gold.

The exploration offensive is supported by a debt-free balance sheet and over 26 million CAD in working capital. The company is currently awaiting laboratory results from 49 additional drill holes.