Articles from Formation Metals Inc.

Southward step-out N2-26-15A extended the A-Zone 200 metres to the south and returned:N2-26-15A: 2.53 g/t Au over 11.8 metres beginning at 350.6 metres downhole, 341.6 metres vertical, including 5.42 g/t Au over 5.1 metres; and 1.41 g/t Au over 20.6 metres beginning at 499.1 metres downhole, 486.3 metres vertical, including 2.63 g/t Au over 5.5 metres and 1.78 g/t Au over 7.2 metres.The hole returned two distinct sets of results: the deeper intervals extend the main vein set down-dip and remain open, and the shallower intervals sit in a vein set back to the south that had not previously been identified at the A-Zone.Mineralized envelope now exceeds 300 metres. With this extension the A-Zone envelope widens from the approximately 100 metres previously modelled to more than 300 metres across strike, and it remains open.Every direction tested to date has returned gold. Phase 1 has now stepped out 200 metres west (N2-26-021 and N2-26-022) and 200 metres south (N2-26-15A), and both step-outs returned auriferous intervals. No direction tested to date has closed off the A-Zone.First effective test of the ground south of the A-Zone. The area has seen very little historical drilling. Formation is drilling it on a revised structural model, targeting both the down-dip projection of the main veins and parallel structures to the south. N2-26-15A is the first hole in that ground to return assays that demonstrate a 200-metre southward extension of the northern auriferous horizon. It also indicates a 150-metre eastward extension potential in the southern auriferous horizon of the A-Zone, east of hole N2-25-013, where visible gold was found as evidence of auriferous potential in southern horizons (Figure 1).The Company is undertaking a fully funded 75,000 metre drill program at its flagship N2 Property in Quebec, host to a global historic resource of ~871,000 ounces comprised of 18 Mt grading 1.4 g/t Au (~810,000 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.The Company has working capital of ~C$26.3M with zero debt.

Step-out confirms the A-Zone stays open and is laterally continuous toward the high-grade RJ corridor, with up to 8 km of strike to expand to