Formation Metals Intersects 0.95 g/t Au over 61.1 Metres, including 1.68 g/t Au over 26.5 Metres at the Advanced N2 Gold Project; Bulk-Tonnage Gold Target Identified with 8 Kilometres of Strike to Explore
Highlights:
N2-25-007:1.3 g/t Au over 22.2 metres beginning at 139.9 metres downhole, 121.2 metres vertical. Highlight interval includes 2.36 g/t Au over 10.5 metres.
N2-25-008:0.95 g/t Au over 61.1 metres beginning at 109 metres downhole, 94.4 metres vertical. Highlight interval includes 1.68 g/t Au over 26.5 metres.
N2-25-010:1.43 g/t Au over 19.4 metres beginning at 117.5 metres downhole, 101.8 metres vertical. Highlight interval includes 2.23 g/t Au over 7.0 metres.
N2-25-007, 008 and 010 confirm the downhole continuity of N2-25-005 and N2-25-012(see PR dated February 12, 2026), demonstrating that the main mineralized veining system exhibits classic pinch-and-swell, tabular-lens morphology, with widths exhibiting structural control that fluctuates between 20 and 61 metres and is up to at least 85 metres in width. The main target remains open at depth to the south, and along strike to the east and west across an 8 kilometre corridor.
Secondary and tertiary vein sets were identified above and below the primary target, indicating significant potential for a larger open-pit resource than previously indicated.
VANCOUVER, BC / ACCESS Newswire / February 24, 2026 /Formation Metals Inc. ( "Formation " or the "Company ") (CSE:FOMO)(FSE:VF1)(OTCQB:FOMTF), a North American mineral acquisition and exploration company, is pleased to announce results from drillholes N2-25-007, N2-25-008 and N2-25-010, completed as part of its on-going fully funded 30,000 metre drill program at its flagship N2 Gold Property ( "N2 " or the "Property ").
Located 25 km south of Mattagami, Quebec, N2 is 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$12.1M with zero debt.
The Company 's ongoing drilling campaign has surpassed expectations, confirming continuity of mineralization while delivering robust high-grade gold intercepts in holes N2-25-007, N2-25-008, and N2-25-010. These drillholes were designed to target mineralization in different horizons to the south and beneath N2-25-005 and N2-25-012, where the Company identified the following wide, continuous near-surface intercepts:
N2-25-005: 0.91 g/t Au over 42.3 metres beginning at 14.0 metres downhole, 9.9 metres vertical. Highlight intervals include 2.04 g/t Au over 8.1 metres and 1.31 g/t Au over 11.4 metres.
N2-25-012: 1.75 g/t Au over 30.4 metres beginning at 64.1 metres downhole, 45.3 metres vertical. Highlight intervals include 3.51 g/t Au over 10.5 metres and 19.2 g/t Au over 0.51 metres.
N2-25-007, N2-25-008, and N2-25-010 were spaced nearly fifty metres apart, and the results confirm the existence of a high-grade, bulk-tonnage system at depth, further validating the findings of the historical drilling, significantly enhancing confidence in the geological model and reducing technical risk for future development.
Significantly, aside from demonstrating the continuity of the main target veins, these drillholes also identified secondary and tertiary vein sets that sit above and below the primary target where N2-25-007 intercepted 0.45 g/t Au over 12.6 metres and 0.67 g/t Au over 18.5 metres above, and N2-25-008 and N2-25-010 respectively intercepted 0.55 g/t Au over 8.4 metres and 0.78 g/t Au over 11.5 metres below. The continuity of these sets, if demonstrated across the full 8 kilometres of strike, would have significant positive impacts on a future open pit, with a potential mining envelope being widened significantly up to approximately 80 metres in downhole mineralized accumulative thickness and about 85 metres width.
To date, 33 drillholes have been completed for a total of 10,836 metres. Assays for 20 drillholes are currently pending, providing a steady stream of upcoming catalysts as the Phase 1 program continues.
Deepak Varshney, CEO of Formation Metals, commented: "The Phase 1 results continue to exceed our expectations, with N2-25-007, N2-25-008, and N2-25-010 demonstrating that the A-Zone is a significant open-pit target. With the historic resource only comprising 1.5 kilometres of strike in the northern corridor, we have over 6 kilometres to drill at a project where we have now demonstrated the primary zone is at least 20 metres thick and about 85 metres wide. This primary zone, along side the secondary and tertiary vein systems, is a substantial target, and we are very excited to continue to execute our fully funded 30,000 metre drill program as we advance what is quickly becoming an open pit target in the Abitibi. "
Formation 's Phase 1 drilling program, comprised of 14,000 metres, is designed to:
Resource confidence and conversion:Infill shallow gaps to improve confidence in near-surface mineralization.
Resource growth: Test down-dip extensions and step-outs along strike to both east and west beyond the historic resource limits.
Metallurgy:Gather representative drill core for confirming metallurgical response and validating recoveries.
Formation is accelerating its exploration strategy with a ~70,000-metre drill program focused on defining a potential open-pit, shallow mineral resource. Two rigs are currently active, systematically targeting the 'A ' and 'RJ ' Zones across an 8-kilometre corridor, with a maiden Mineral Resource Estimate (MRE) slated for Q3 following the completion of Phase 1.
Over the coming months, the Company plans to outline a focused and exciting exploration program at N2, reflecting the broader depth of opportunities across the Project and supporting sustained, disciplined exploration activity beyond the current drilling phase.
Table. 1 - Significant Intercepts from N2-25-007, N2-25-008 and N2-25-010
Hole ID | Au (g/t) | From | To | Length (m) | Metal Index | |
N2-25-007 | 1.55 | 80.8 | 81.3 | 0.5 | 0.78 | |
0.55 | 96.5 | 106.5 | 10.0 | 5.51 | ||
Including | 2.85 | 105 | 106.5 | 1.5 | ||
0.67 | 112.2 | 130.7 | 18.5 | 12.47 | ||
Including | 1.16 | 119 | 127.1 | 8.1 | ||
1.3 | 139.9 | 162.1 | 22.2 | 28.93 | ||
Including | 2.36 | 151.1 | 161.6 | 10.5 | ||
0.48 | 243.8 | 251 | 7.2 | 3.44 | ||
Including | 1.04 | 243.8 | 245.3 | 1.5 | ||
N2-25-008 | 0.46 | 36 | 46 | 10.0 | 4.58 | |
Including | 1.33 | 37.5 | 40 | 2.5 | ||
0.95 | 109 | 170.1 | 61.1 | 57.76 | ||
Including | 1.68 | 109 | 135.5 | 26.5 | ||
and | 2.00 | 120.4 | 134.6 | 14.2 | ||
1.18 | 224.4 | 225.6 | 1.2 | 1.42 | ||
0.55 | 250.2 | 258.5 | 8.3 | 4.58 | ||
Including | 1 | 253.8 | 254.7 | 0.9 | ||
N2-25-010 | 0.33 | 23.8 | 30 | 6.2 | 2.05 | |
1.43 | 117.6 | 136.9 | 19.3 | 27.60 | ||
Including | 2.23 | 127.9 | 134.9 | 7.0 | ||
and | 4.1 | 119 | 120.3 | 1.3 | ||
0.78 | 236.7 | 248.2 | 11.5 | 8.97 | ||
Including | 1.23 | 242.8 | 248.2 | 5.4 |
Note 1: Illustrated mineralization intercepts are not directly representative of true width. Based on interpreting the angle of intersection, the estimated true width of the mineralized lens generally corresponds to 87% of the intercepted core length.
Note 2: Reported intervals are composited using a minimum cut-off grade of 0.2 g/t Au for higher-grade intervals.
Table 2 - Drillhole Information
Project Summary
Comprising 87 claims totaling ~4,400 ha within the Abitibi sub province of Northwestern Quebec, Formation 's flagship N2 Gold Project is an advanced gold project with a global historic resource of ~871,000 ounces comprised of 18 Mt grading 1.4 g/t Au (~810,000 oz Au)2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au)2.
There are six primary auriferous mineralized zones in total, each open for expansion along strike and at depth. Compilation and geophysical work by Balmoral Resources Ltd. (now Wallbridge Mining) from 2010 to 2018 generated numerous targets that are being investigated for the first time by Formation with diamond drilling.
Historical highlights from the top two priority zones include:
A Zone: a shallow, highly continuous, low-variability historic gold deposit with ~522,900 ounces identified at a grade of 1.52 g/t Au. ~15,000 metres have been drilled historically across 1.65 km of strike, with 84% of historical drillholes intercepted auriferous intervals including up to 1.7 g/t over 35 metres.
RJ Zone: a high-grade historic gold deposit with ~61,100 ounces identified at a grade of 7.82 g/t Au, with high-grade intercepts from historical drill holes as high as 51 g/t Au over 0.8 metres and 16.5 g/t Au over 3.5 metres2. This zone was the target of the most recently drilling at the Property by Agnico-Eagle Mines in 2008, when the price of gold was ~US$800/oz. Only ~900 metres of strike has been drilled, with 4.75+ km of strike remaining to be tested.
The Company 's internal view is that the N2 Project has the potential to host a potential open pit resource. This optimism is driven by several key factors:
Significant Undrilled Strike Length: The "A " Zone alone has >3.1 km of strike open (only ~35% drilled historically), while the RJ Zone has >4.75 km remaining untested - offering substantial room for lateral expansion of known mineralization.
Open at Depth and Along Strike: All zones remain open, with historical drilling limited to shallow depths (~350 m), leaving considerable vertical upside in a proven gold camp.
Wide, Continuous Near-Surface Intercepts: Recent drilling has confirmed thick zones (100-200+ m) of target mineralization starting near surface, ideal for bulk-tonnage open-pit scenarios with low strip ratios and high tonnage potential.
Regional Analogy and Pedigree: Located in the Casa Berardi trend, which hosts multiple multi-million-ounce deposits (e.g., Casa Berardi >2 Moz produced and 14.3 Mt @ 2.75 g/t Au P&P in reserve, Douay >3 Moz in resources (10 Mt @ 1.59 g/t Au indicated, and 76.7 Mt @ 1.02 g/t Au inferred), N2 shares similar geology and structural controls. Nearby Vezza produced from higher-grade underground mining, but N2 's shallower, wider zones suggest superior open-pit economics.
Untested Targets: Compilation work identified numerous geophysical anomalies (IP, EM, VTEM) that remain undrilled, providing discovery potential beyond known zones.
Rising Gold Prices and Economic Viability: At current gold prices, lower-grade bulk-tonnage deposits become highly attractive, enhancing the project 's upside.
Strategically located 25 km south of the mining town of Matagami, Quebec, this prime location provides year-round access via provincial highways and logging roads, proximity to skilled labor, power infrastructure, and established mining services in a jurisdiction known for its gold production exceeding 200 million ounces historically. The project lies along the Casa Berardi mine trend, which hosts multiple million-ounce gold deposits, and is situated approximately 1.5 km east of the former-producing Vezza gold mine operated by Nottaway Resources from 2013 to 2019 producing over 100,000 ounces of gold via underground methods.
The region 's robust infrastructure supports toll milling opportunities, with potential access to nearby processing facilities such as those at Casa Berardi or other Abitibi mills, enabling cost-effective development without the need for on-site mill construction.
The Company also believes that N2 has significant base metal potential, where it recently completed a revaluation process which revealed significant copper and zinc intercepts within historic drillholes known to have significant gold grades (>1 g/t Au). Assay results range from 200 to 4,750 ppm and 203 ppm to 6,700 ppm, for copper and zinc, respectively, indicating strong potential for elevated base metal (Cu-Zn) concentrations across the property, specifically at the A and RJ zones. Property wide geology at N2 features volcanic and sedimentary rocks formed in regional anticlinal and synclinal flexures. Three principal deformation structures, oriented along the known NW-SE to WNW-ESE structural trends typical of VMS deposits in the Matagami region, function as critical geologic controls for mineralization on the property.
Qualified person
The technical content of this news release has been reviewed and approved by Mr. Babak V. Azar, P.Geo., géo (OGQ#10876) an independent contractor and a qualified person as defined by National Instrument 43-101. Historical reports provided by the optionor were reviewed by the qualified person.
Quality Assurance and Quality Control
The quality assurance and quality control protocols include insertion of blank or standard samples (accredited by Canadian Resource Laboratories) every 10 samples on average during the analytical process. The gold analyses were completed by fire assay (FA) method with an atomic absorption and ICP finish on 50 grams of materials at the Laboratoire Expert Inc. in Rouyn-Noranda, Quebec, Canada and AGAT Laboratories Ltd in Val d 'Or, Quebec, Canada. The repeats were carried out by FA followed by gravimetric testing on each sample containing 10.0 g/t gold or more. Total gold analyses (metallic sieve) were carried out on the samples which presented a great variation of their gold contents or the presence of visible gold.
Marketing Agreement
The Company has engaged Altura Media Co. Inc., of Maple Ridge, B.C., to provide certain marketing and investor awareness services in accordance with the policies of the Canadian Securities Exchange and applicable legislation. Under the terms of the agreement, Altura will deliver strategic advertising, public relations and investor communications services to the company for an initial six-month term commencing effective immediately. These services will be focused on enhancing the Company 's visibility and engagement within domestic and foreign markets, and include a full suite of services, including digital advertising, content creation and shareholder communications support. The company has agreed to pay Altura a fee of up to $250,000, based on the scope of services provided during the term of the engagement. The agreement includes provisions for fee adjustments, early termination and extension of the engagement, should it be determined to be in the best interests of the company. Altura (including its directors and officers) is an arm 's-length party to the Company, and, to the best of the company 's knowledge, neither Altura nor any related parties hold or have the right to acquire securities of the Company, and the Company will not issue any securities to Altura as compensation for its services. Altura has a business address at 1055 West Georgia St., Suite 1500, Vancouver, B.C., V6E 4N7, and may be contacted via e-mail at contact@alturamedia.co or by telephone at 778-988-5503.
About Formation Metals Inc.
Formation Metals Inc. is a North American mineral acquisition and exploration company focused on the development of quality properties that are drill-ready with high-upside and expansion potential. Formation 's flagship asset is the N2 Gold Project, an advanced gold project with a global historic resource of ~871,000 ounces (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) and six mineralized zones, each open for expansion along strike and at depth including the "A " zone, of which only ~35% of strike has been drilled (>3.1 km open), and the "RJ " zone, host to historical high-grade intercepts as high as 51 g/t Au over 0.8 metres.
FORMATION METALS INC.
Deepak Varshney, CEO and Director
For more information, please call 778-899-1780, email dvarshney@formationmetalsinc.com or visit www.formationmetalsinc.com.
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Notes and References:
Readers are cautioned that the geology of nearby properties is not necessarily indicative of the geology of the Property.
The above referenced resource estimates do not have a category, are considered historical in nature, and are based on prior data prepared by a previous property owner, and do not conform to current CIM categories.
While the Company considers the estimates to be reliable, a qualified person has not done sufficient work to classify the historical estimates as current resources in accordance with current CIM categories and the Company is not treating the historical estimates as a current resource. A 0.5 g/t Au cut-off was used in the preparation of the historical estimates with a minimum 2.5 metre mining width.
Significant data compilation, re-drilling, re-sampling and data verification may be required by a qualified person before the historical estimates can be classified as current resources. There can be no assurance that any of the historical mineral resources, in whole or in part, will ever become economically viable. In addition, mineral resources are not mineral reserves and do not have demonstrated economic viability. The Company is not aware of any more recent estimates prepared for the N2 Property.
Needham, B. (1994), 1993 Diamond Drill Report, Northway Joint Venture, Northway Property; Cypress Canada Inc.; 492 pages.
Guy K. (1991), Exploration Summary May 1, 1990 to May 1, 1991 Vezza Joint Venture Northway Property; Total Energold; 227 pages.
Forward-looking statements:
This news release includes "forward-looking statements " under applicable Canadian securities legislation, including statements respecting but not limited to: the Company 's plans for the Property and the expected timing and scope of the drilling program at the Property; and the Company 's planned 30,000-metre drilling program. Such forward-looking information reflects management 's current beliefs and is based on a number of estimates and/or assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Readers are cautioned that such forward-looking statements are neither promises nor guarantees and are subject to known and unknown risks and uncertainties including, but not limited to, general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of available capital, actual results of exploration activities, environmental risks, future prices of base and other metals, operating risks, accidents, labour issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry.
The Company is presently an exploration stage company. Exploration is highly speculative in nature, involves many risks, requires substantial expenditures, and may not result in the discovery of mineral deposits that can be mined profitably. Furthermore, the Company currently has no reserves on any of its properties. As a result, there can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.
SOURCE:Formation Metals Inc.
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