Highlights: Formation has planned a 20,000 metre multi-phase drill program at its flagship N2 Gold Project near Matagami, Quebec, host to a global historic resource of ~870,000 ounces comprised of 18 Mt grading 1.4 g/t Au (~809,000 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. Phase 1 is a fully funded 10,000 metre program focusing on targets in the “A” zone, a shallow, highly continuous, low-variability historic gold deposit with ~522,900 ounces of which only ~35% of strike has been drilled (>3.1 km open), and the “RJ” zone, host to high-grade intercepts from historical drill holes as high as 51 g/t Au over 0.8 metres2, which was expanded by Agnico Eagle Mines in 2008 in the most recent drilling at the Property.
This excerpt is quoted from the original release. Read the full announcement on Accesswire.
Brief Summary
Formation Metals is set to begin a fully funded 10,000-metre drill program at its advanced N2 Gold Project near Matagami, Quebec, marking the commencement of a multi-phase 20,000-metre exploration initiative.
- The project hosts a historic resource of approximately 870,000 ounces of gold across key zones, including the “A” and “RJ” zones.
- Phase 1 targets the “A” zone, known for a shallow, continuous gold deposit with ~522,900 ounces, with only 35% of strike length explored so far.
- The “RJ” zone features high-grade gold intercepts, with historic drill holes reaching up to 51 g/t Au over 0.8 metres.
- The program is fully funded, underscoring Formation Metals’ strong financial position and commitment to expanding gold resources.
Why it matters: This drill program advances Formation Metals’ potential to increase gold resources at a historic Quebec project, offering promising upside for investors.
Frequently Asked Questions
What is the significance of Formation Metals’ new drill program at the N2 Gold Project?
Formation Metals’ new 10,000-metre drill program at the N2 Gold Project is significant because it represents a fully funded phase 1 initiative focusing on expanding known gold resources in a prolific Quebec mining area. The project hosts approximately 870,000 ounces of historic gold resources across several zones, including the highly prospective “A” and “RJ” zones, with high-grade intercepts reported. Successful drilling could increase the resource base, enhancing the value and future production potential of the project, making it attractive for investors interested in gold exploration in Canada.
How does the drill program at N2 Gold Project impact Formation Metals’ growth prospects?
The drill program at the N2 Gold Project enhances Formation Metals’ growth outlook by targeting under-explored areas within a historic gold resource hosting around 870,000 ounces. By focusing on the “A” zone, which has only 35% of the strike length drilled, and the high-grade “RJ” zone, the company aims to increase resource size and quality. This advancement could elevate Formation Metals’ profile in the competitive gold exploration sector and attract further investment, positioning the company for future development and potential production expansions.
What makes the N2 Gold Project a compelling investment opportunity?
The N2 Gold Project is compelling due to its substantial historic gold resource, multi-phase exploration plan, and high-grade intercepts in under-drilled zones, especially the “A” and “RJ” zones. Located in Quebec, a renowned mining jurisdiction, the project is supported by a fully funded 10,000-metre drill program emphasizing resource expansion. These factors, combined with Formation Metals’ strategic exploration approach, enhance the project’s potential for resource growth and long-term value creation for investors seeking exposure to gold mining in Canada.
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