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Formation Metals Inc. ( (TSE:FOMO) ) just unveiled an announcement.
Formation Metals Inc. has successfully closed a $2.33 million funding round, increasing its exploration budget to approximately $5.1 million. This financial boost allows the company to expand its maiden drill program at the N2 Gold Project to a fully funded 10,000 metres, part of a larger 20,000 metre multi-phase drill initiative. The N2 Gold Project, with a historic resource of around 870,000 ounces of gold, is strategically positioned in the Abitibi Greenstone Belt, a region renowned for gold mining. The company aims to complete its $5 million work commitment to earn 100% of the N2 Gold Project within two years, significantly ahead of schedule. This expansion reflects Formation Metals’ commitment to advancing its exploration efforts and positions it strongly within the industry, potentially delivering a substantial gold deposit.
More about Formation Metals Inc.
Formation Metals Inc. is a North American mineral acquisition and exploration company. It focuses on the exploration and development of mineral properties, with a particular emphasis on gold projects. The company is actively engaged in advancing its N2 Gold Project located near Matagami, Quebec, which is part of the prolific Abitibi Greenstone Belt known for its rich gold deposits.
Average Trading Volume: 240,134
Technical Sentiment Signal: Strong Sell
Current Market Cap: C$13.86M
For a thorough assessment of FOMO stock, go to TipRanks’ Stock Analysis page.