Formation Metals Acquires N2 Property in Quebec’s Casa Berardi Gold Trend

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HOUSTON, TEXAS (Editors at Energy Analytics Institute, 16.Jan.2025) — Formation Metals, a North American mineral acquisition and exploration company, executed an option dated 15 Jan. 2025, for the right to purchase an undivided 100% interest in the N2 property from Wallbridge Mining Company Limited.

The deal is subject to the approval of the Canadian Securities Exchange, Formation Metals said 16 Jan. 2025 in an official statement.

The N2 property comprises 87 claims that cover ~4,400 ha of land within the Abitibi subprovince of Northwestern Quebec. The property is just 25km south of Matagami, Quebec and the claims are accessible year-round by provincial highways and logging roads

Property Highlights

—The claims are situated along the Casa Berardi mine trend, which hosts numerous multiple million-ounce gold deposits]
– ~1.5km east of the former-producing Vezza gold mine (Nottoway Resources)
– ~30 km east of the Douay gold project (511 Koz Au indicated, 2.53 Moz inferred; Maple Gold Mines)
– ~120 km east of the Casa Berardi gold mine (P&P 1.3 Moz Au; Hecla Mining)

—The N2 property hosts two historical non 43-101 compliant resources: 18.2 Mt grading 1.48 g/t Au (~810,000 oz Au) across four zones (A, East, RJ-East, and Central) and 243 Kt grading 7.82 g/t Au (~65,000 oz Au) across the RJ zone[1].

—Compilation and geophysical work by Balmoral Resources Ltd. (now Wallbridge Mining) from 2010 to 2018 generated numerous targets that have not yet been investigated with diamond drilling.

Figure 2: Geology and gold zones of the N2 claims; Geology after SIGEOM, 2024

The property hosts 6 known zones of gold mineralization, 4 of which yielded a historical resource of 18.2 Mt grading 1.48 g/t Au at a cut-off of 0.5 g/t Au (~810,000 oz Au; Cyprus, 1994, non-compliant with NI-43-101 standards). 

A separate historical geological resource estimate (non-compliant with NI 43-101) of 243,000 t grading 7.82 g/t Au (in-situ contained resource of ~67,000 ounces of gold) was reported for a fifth zone, the RJ zone, located in the western part of the property along strike to the Vezza deposit. 

In addition to the known zones, compilation and geophysical work by Balmoral Resources from 2010 to 2018 (Mag, EM, HEM, VTEM, and IP) generated numerous targets that have not yet been investigated with diamond drilling. The property has not been drilled since 2008, and all known zones of gold mineralization remain open for expansion at depth and along strike.

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By Editors at Energy Analytics Institute. © 2025 Energy Analytics Institute (EAI). All Rights Reserved.

ENERGY ANALYTICS INSTITUTE (EAI) https://energy-analytics-institute.org

Energy Analytics Institute (EAI), formerly LatinPetroleum.com, is a Houston-established private organization with a satellite presence in Calgary, Mexico City and Venezuela where it operates under Editores LatinPetroleum SA. Since 1999, EAI has been a leader in energy news coverage of Latin America in particular. Coverage, run out of Latin America, now spans the world and encompasses nearly all energy and energy-related sectors.

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