Formation Metals Inc. (CSE: FOMO) continues to deliver the kind of drilling that defines and advances a gold project: Broad intercepts, improving continuity and a growing body of evidence pointing toward a sizeable near-surface system at N2.
Today’s news-release with fresh assays from the A-Zone add another layer of confidence to the geological model while reinforcing the scale potential of the mineralized corridor. With a well-funded drill program underway, a large number of assays still pending and a maiden resource estimate targeted for Q3, the project is steadily moving forward with clear direction and momentum.
Broad Intercepts Reinforce System Potential at the A-Zone
The latest results highlight 3 key drill holes that continue to support the A-Zone:
- N2-25-004: 40.4 m @ 0.83 g/t gold
- N2-25-006: 21.9 m @ 1.8 g/t gold
- N2-25-009: 24 m @ 1.37 g/t gold
These intercepts build directly on earlier results such as 30.4 m @ 1.75 g/t gold and 61.1 m @ 0.95 g/t gold, reinforcing the presence of a broad, laterally continuous gold system.
The consistency of these intervals across multiple drill holes continues to support FOMO’s interpretation of the A-Zone as a significant mineralized corridor with scale.
A 300 m Corridor Comes Into Focus: Continuity Strengthens the Model
One of the most important outcomes of this drilling is the confirmation of 300 m of continuous mineralization along strike. The spacing of ~55 m between holes N2-25-004, N2-25-006 and N2-25-009 provides a solid framework for assessing continuity.
Management now interprets the A-Zone as:
- 20-61 m thick
- At least 100 m wide
- Over 1.5 km in strike length
Importantly, the zone remains open in multiple directions, including along strike and at depth within a broader 5 km structural corridor that has already demonstrated mineralization.
This growing level of geological confidence is a key step toward defining a resource.
Expanding the Envelope: Multiple Vein Sets Add Depth to the Opportunity
Beyond the main intercepts, the company is increasingly identifying additional mineralized zones above and below the primary horizon.m Examples include:
N2-25-006:
- 38.6 m @ 0.66 g/t gold above
- 22.2 m @ 0.67 g/t gold below
N2-25-009:
- 42.1 m @ 0.61 g/t gold above
- 21.7 m @ 0.96 g/t gold below
These intervals suggest the presence of stacked or parallel vein systems, which could contribute to a broader mineralized footprint.
As drilling continues, this multi-layered structure could become an important factor in shaping both the size and geometry of a future resource.
Building on a Strong Foundation: Historic Resource and Modern Validation
Gold mineralization has been documented across 6 zones at the N2 Project. The historical estimate of ~871,000 ounces of gold* covers 5 of those zones (A, East, RJE, South, and RJ). The sixth zone is the hanging-wall RJ discovery identified by Agnico-Eagle Mines in 2007-2009, which is not included in the historical estimate.
Only ~35% of the A-Zone historical strike has been drill-tested. The deepest hole reached 682 m and the average drilled depth is 244 m. Historical mineralization remains documented along strike and at depth across each zone.
The N2 Project already hosts a historical resource of approximately 871,000 ounces of gold, including:
- 18 million tons @ 1.4 g/t gold across multiple zones
- 243,000 tons @ 7.82 g/t gold in the RJ-Zone
While these estimates are historical and not yet compliant with current CIM standards, they provide a meaningful starting point.
Encouragingly, FOMO reports strong alignment between its recent Phase-1 drilling and more than 55,000 m of historical drilling, with consistent results across lithology, structure and mineralization. This alignment supports the reliability of the broader dataset and strengthens the geological model moving forward.
Strong News Flow Ahead: A Pipeline of Pending Assays
The current drill campaign remains highly active, with:
- 48 holes completed (15,291 m)
- 35 holes still pending assays
This creates a steady pipeline of potential catalysts, with results expected to continue throughout the coming months.
At the same time, FOMO is advancing toward a maiden mineral resource estimate expected in Q3, which represents a key milestone for the project.
Deepak Varshney, CEO of FOMO, commented:
“The Phase 1 results continue to exceed our expectations, with N2-25-004, N2-25-006, and N2-25-009 demonstrating that the A-Zone is a significant open-pit target. The results continue to validate the 55,000+ metres of historical drilling, with drilling not only confirming the historical findings about lithology, mineralization, alteration, veining and structural features, but also notably returning higher consistency, longer auriferous composites, and more valuable mineralization footprints, strengthening the concept of an open pit deposit at N2.”
He continued:
"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 95 metres wide. Beyond confirming the consistent continuity of our main target, these drill results are very significant, revealing stacked or parallel secondary and tertiary vein sets that significantly widen the potential mineralized envelope and expand our scope for a larger-scale, multi-vein mining scenario. If this continuity holds across the full 8-kilometre strike, we are looking at a material expansion of the potential open-pit mining envelope—potentially broadening it to roughly 93 metres of accumulated downhole thickness and 100 metres in width. Comparative analysis of our recent Phase-1 drilling against historical data has exceeded our expectations, revealing strong consistency in both geological structure and mineralization tenor. This high level of repeatability validates our geological model and confirms substantial continuity of the deposit.”
Bottom Line
FOMO is steadily building a stronger technical case at N2. The latest results add to a growing pattern of broad mineralized intervals, improving continuity and increasing confidence in the scale of the A-Zone.
Just as importantly, the program is beginning to show that mineralization may extend across a wider envelope than previously recognized, with multiple vein sets adding further depth to the exploration story.
With a substantial number of assays still pending, a fully funded drill campaign underway and a maiden resource estimate expected in Q3, N2 continues to move forward with clear momentum.
The project is becoming better defined with each round of drilling, and the combination of width, continuity, expansion potential and strong infrastructure in a proven jurisdiction gives FOMO a solid foundation for the next stage of advancement.
Interview
On April 8, 2026, Crux Investor recorded an interview with Deepak Varshney, President & CEO of Formation Metals:
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More InformationWebinar
On April 8, 2026, Zimtu Capital published a recorded webinar featuring Deepak Varshney:
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More InformationCompany Details
Formation Metals Inc.
#1245 – 300 Granville Street
Vancouver, BC, V6C 1V4 Canada
Phone: +1 778 899 1780
Email: info@formationmetalsinc.com
www.formationmetalsinc.com
CUSIP: 34638F / ISIN: CA34638F1053
Shares Issued & Outstanding: 97,802,458
Canada Symbol (CSE): FOMO
Current Price: 0.385 CAD (04/15/2026)
Market Capitalization: 38 Million CAD
Germany Symbol / WKN: VF1/ A3D492
Current Price: 0.227 EUR (04/16/2026)
Market Capitalization: 22 Million EUR
Stephan Bogner
Contact
Rockstone News & Research
Stephan Bogner (Dipl. Kfm., FH)
Müligässli 1, 8598 Bottighofen
Switzerland
Phone: +41-71-5896911
Email: info@rockstone-news.com
Disclaimer and Information on Forward Looking Statements: Rockstone, Zimtu Capital Corp. (“Zimtu“) and Formation Metals Inc. (“FOMO“; “the Company“) caution investors that any forward-looking information provided herein is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors. The reader is referred to the FOMO‘s public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through its documents filed on SEDAR at www.sedarplus.ca. All statements in this article, other than statements of historical fact, should be considered forward-looking statements. This article contains forward-looking statements within the meaning of applicable Canadian securities laws. Forward-looking statements include, but are not limited to, statements regarding: The interpretation of Phase-1 drill results at the N2 Gold Project, including the potential thickness, continuity, geometry, scale and grade distribution of mineralization; the expectation that additional pending assays may further confirm continuity, expand the mineralized envelope along strike and at depth or identify higher-grade domains; the expectation that continued drilling, geological interpretation and modeling may support the preparation of a future NI 43-101 compliant mineral resource estimate and subsequent updates; the potential for further drilling to extend known zones, expand the mineralized corridor or identify additional targets within the broader property; the expectation that metallurgical sampling and test work may validate assumptions regarding recoveries and variability; statements regarding the conceptual potential for near-surface or open-pit mineralization and bulk-tonnage scenarios; and the expected timing of ongoing results and milestones, including the Company’s stated objective of delivering a maiden mineral resource estimate in Q3 2026. Forward-looking statements are based on management’s current expectations, assumptions and beliefs as of the date of publication and involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied. Readers are cautioned not to place undue reliance on forward-looking statements. Key risks and uncertainties include, but are not limited to: Exploration and Geological Risk: Mineral exploration is inherently speculative. Subsequent drilling may return lower grades, narrower intervals, reduced continuity or different geometries than currently interpreted. Geological models may evolve as additional data are incorporated, and future results may materially alter current interpretations. Sampling, Assay and QA/QC Risk: Assay results may be impacted by coarse gold or nugget effects, sampling bias, analytical variability, QA/QC issues, laboratory constraints or delays in turnaround time. Reported drill intervals may not represent true widths, and interpretations may change as modeling advances. Historical Data and Verification Risk: The N2 Project contains historical mineral resource estimates and extensive historical data that are non-current and not compliant with NI 43-101 standards. There is no assurance that historical estimates will be verified, reproduced or converted into current mineral resources. Verification work may materially change interpretations of tonnage, grade, geometry, continuity or metallurgical response. Mineral Resource Estimate Risk: Any future mineral resource estimate will depend on assumptions including geological domaining, cut-off grades, density, recovery assumptions, compositing methods and geostatistical inputs. Mineral resource estimates are inherently uncertain and may change with new data or revised assumptions. Metallurgical and Technical Risk: Metallurgical performance, recoveries, grind characteristics and variability may differ from expectations and could impact technical or development assumptions. Additional geotechnical, hydrological and environmental data may influence future development concepts. Conceptual Development Risk: References to near-surface or open-pit potential and bulk-tonnage scenarios are conceptual in nature. Key parameters such as strip ratio, capital costs, operating costs and economic thresholds have not yet been established and may ultimately determine that the project is not economically viable. Permitting and Regulatory Risk: Exploration activities are subject to permitting, environmental requirements and regulatory approvals. Delays, additional conditions or regulatory changes could affect timelines, costs and program scope. Financing Risk: While the current drill program is described as fully funded, further exploration and technical work will require additional capital. There is no assurance that such funding will be available on favorable terms. Operational Risk: Exploration activities may be impacted by weather conditions, seasonal limitations, contractor performance, equipment availability, labor constraints or unforeseen technical challenges. Environmental and Title Risk: Exploration activities may encounter environmental considerations requiring mitigation. Mineral titles and permits, while believed to be in good standing, may be subject to disputes, third-party claims or changes in land access regulations. Commodity Price and Macroeconomic Risk: Project economics and strategic interest are sensitive to gold prices and broader macroeconomic conditions, which are volatile and beyond the Company’s control. Strategic and M&A Risk: Any references to potential strategic partnerships, joint ventures, acquisitions or corporate transactions are speculative. There is no assurance that the project will attract strategic partners or acquirers regardless of exploration success. Market Volatility Risk: The Company may experience significant market volatility unrelated to exploration results, driven by broader market conditions, sector sentiment and liquidity constraints typical of junior exploration companies. Caution to readers: Forward-looking statements are not guarantees of future performance. Actual results may differ materially due to the risks and uncertainties described above and in the Company’s public disclosure filings. Mineralization in similar rocks or nearby deposits is not necessarily indicative of mineralization on the Company’s properties and historical work and data have not necessarily been independently verified and should not be relied upon as current.
Disclosure of Interest and Advisory Cautions: Nothing in this report should be construed as a solicitation to buy or sell any securities mentioned. Rockstone, its owners and the author of this report are not registered broker-dealers or financial advisors. Before investing in any securities, you should consult with your financial advisor and a registered broker-dealer. Never make an investment based solely on what you read in an online or printed report, including Rockstone’s report, especially if the investment involves a small, thinly-traded company that isn’t well known. The author of this report, Stephan Bogner, is paid by Zimtu Capital Corp. (“Zimtu”), a TSX Venture Exchange listed investment company. Part of the author’s responsibilities at Zimtu is to research and report on companies in which Zimtu has an investment. So while the author of this report is not paid directly by Formation Metals Inc. (“FOMO“), the author’s employer Zimtu Capital Corp. will benefit from volume and appreciation of FOMO‘s stock prices. The author also owns equity of FOMO, and he also owns equity of Zimtu Capital Corp. and thus will benefit from volume and price appreciation of these stocks. FOMO pays Zimtu Capital Corp. to provide this report and other services. FOMO has signed an agreement with Zimtu Capital Corp. (TSX.V: ZC) (FSE: ZCT1) (“Zimtu”) whereby Zimtu will provide marketing services under its ZimtuADVANTAGE program, effective August 1, 2025, for an initial term of 12 months at a cost of $12,500 per month. The program is designed to provide opportunities, guidance, marketing and assistance. Services include investor presentations, email marketing, lead generation campaigns, blog posts, digital campaigns, social media management, Rockstone reports & distribution, video news releases and related marketing & awareness activities. Zimtu is based in Vancouver, at Suite 1450 – 789 West Pender Street, Vancouver, BC V6C 1H2. Zimtu may be reached at 604.681.1568, or info@zimtu.com. Overall, multiple conflicts of interests exist. Therefore, the information provided in this report should not be construed as a financial analysis or recommendation but as an advertisement. Rockstone’s and the author’s views and opinions regarding the companies that are featured in the reports are the author‘s own views and are based on information that was received or found in the public domain, which is assumed to be reliable. Rockstone and the author have not undertaken independent due diligence of the information received or found in the public domain. Rockstone and the author of this report do not guarantee the accuracy, completeness, or usefulness of any content of this report, nor its fitness for any particular purpose. Lastly, Rockstone and the author do not guarantee that any of the companies mentioned in the report will perform as expected, and any comparisons that were made to other companies may not be valid or come into effect. Please read the entire disclaimer carefully. If you do not agree to all of the Disclaimer, do not access this website or any of its pages including this report in form of a PDF. By using this website and/or report, and whether or not you actually read the Disclaimer, you are deemed to have accepted it. Information provided is educational and general in nature. Data, tables, figures and pictures, if not labeled or hyperlinked otherwise, have been obtained from Formation Metals Inc., Tradingview, Stockwatch, and the public domain.
