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Formation Metals Inc. ( (TSE:FOMO) ) has shared an announcement.
Formation Metals has expanded Phase 1 of its fully funded 30,000-metre drill program at the N2 Gold Project in Quebec to approximately 14,000 metres after early drilling returned multiple long intervals of target mineralization starting at shallow depths across several holes. With 13 drillholes totaling 3,879 metres completed and consistent broad mineralized zones visually comparable to historical gold-bearing intercepts, the company sees enhanced potential to define a large, low-strip, multi-million-ounce open-pit resource, supported by a strong balance sheet of roughly C$12.3 million in working capital and an exploration budget of about C$8.1 million for 2025–2026.
More about Formation Metals Inc.
Formation Metals Inc. is a North American mineral acquisition and exploration company focused on advancing its flagship N2 Gold Project in Quebec. The property hosts a significant historic gold resource across multiple zones and is being targeted for the development of a large-scale, bulk-tonnage open-pit operation, positioning the company within the emerging gold exploration hub south of Matagami, Quebec.
Average Trading Volume: 369,135
Technical Sentiment Signal: Strong Buy
Current Market Cap: C$15.05M
See more insights into FOMO stock on TipRanks’ Stock Analysis page.