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The latest announcement is out from Formation Metals Inc. ( (TSE:FOMO) ).
Formation Metals Inc. has finalized its team for a fully funded 10,000-metre drill program at its N2 Gold Project in Quebec, with plans to commence drilling shortly. The company is in a strong financial position with over C$5.3 million in working capital and no debt, enabling it to pursue an aggressive exploration strategy. The initial phase of the drill program will focus on the ‘A’ and ‘RJ’ zones, targeting a historic resource of approximately 870,000 ounces of gold. This initiative is part of a larger 20,000-metre multi-phase program aimed at confirming and expanding the known gold resources, potentially leading to the development of a significant gold deposit. The timing of the program is considered favorable due to the current high gold prices, and the company is optimistic about achieving its goal of establishing a multi-million-ounce deposit at N2.
More about Formation Metals Inc.
Formation Metals Inc. is a North American mineral acquisition and exploration company focused on the development of its flagship N2 Gold Project located in Quebec, Canada. The company is engaged in exploring gold resources and aims to capitalize on the rich geological potential of the Abitibi Greenstone Belt, a region known for its prolific gold mining history.
Average Trading Volume: 189,782
Technical Sentiment Signal: Buy
Current Market Cap: C$14.46M
For a thorough assessment of FOMO stock, go to TipRanks’ Stock Analysis page.