Today, Formation Metals Inc. (CSE: FOMO) announced one of the most attention-grabbing developments an exploration company can deliver: Visible gold in drill core.
The discovery was made in hole N2-26-24 during Phase-1 of the company’s Winter 2026 drilling program at the N2 Gold Project in Quebec, part of its fully funded 30,000 m campaign.
This matters not only because visible gold is a powerful sign of a fertile mineralizing system, but also because of where the hole was drilled. N2-26-24 was designed as a 400 m step-out to the south of previously successful drilling in the A-Zone corridor.
The result now suggests that mineralization may continue significantly farther south than previously understood, potentially widening the footprint of the A-Zone in a meaningful way.
Visible Gold: Strong Signal from the Drill Bit
Visible gold is always a strong visual and geological signal. In this case, FOMO reported fine-grained visible gold at a depth of approximately 151.1 m, hosted in a 1 cm quartz-ankerite-pyrite stockwork veinlet. The mineralization is associated with disseminated pyrite in a schistose, moderately ankeritized, weakly sericitized chloritized basalt, matching the style of mineralization already observed in the gold-hosting A and RJ Zones.
In exploration, visible gold does not replace assays, but it does elevate market interest and confidence because it points to an active and potentially robust gold-bearing system. It is particularly meaningful here because the occurrence is tied directly to a large step-out hole targeting expansion.
A 400 m Step-Out with Bigger Implications
Hole N2-26-24 was drilled to test the potential for the A-Zone to widen southward and downward beneath the northern corridor. The location is highly significant because it sits 400 m away from and structurally below previously reported intercepts from holes such as N2-25-007, N2-25-008 and N2-25-010, including:
- 22.2 m @ 1.3 g/t gold
- 61.1 m @ 0.95 g/t gold
- 19.4 m @ 1.43 g/t gold
Based on this geometry, FOMO believes the mineralization in the A-Zone may extend more than 400 m farther south, significantly enhancing the extension potential of the northern mineral envelope.
This interpretation is further supported by historical hole 154-08-10, located midway between the northern corridor and the new visible-gold discovery. That historic hole returned gold-bearing intercepts, suggesting that the system remains open at depth and that the new hole may be linking previously separate areas into one larger mineralized trend.
Strong Existing Drill Support in the Northern Corridor
The new visible gold hole also gains weight from the company’s recently reported intercepts in the northern corridor of the A-Zone. FOMO highlighted several robust intercepts from its current program, including:
- 21.9 m @ 1.8 g/t gold, including 4.8 m @ 3.4 g/t gold (N2-25-006)
- 61.1 m @ 0.95 g/t gold, including 26.5 m @ 1.68 g/t gold (N2-25-008)
- 24 m @ 1.37 g/t gold, including 13.3 m @ 2.05 g/t gold (N2-25-009)
- 30.4 m @ 1.75 g/t gold, including 10.5 m @ 3.51 g/t gold and 0.51 m @ 19.2 g/t gold (N2-25-012)
These results confirm continuity and thickness in the northern part of the A-Zone. The new discovery in N2-26-24 now adds a second layer of upside by pointing to possible widening and strong vertical continuation (down-dip) of the system to the south.
A Larger Structural System may be Emerging
FOMO states that N2-26-24 extends the known northern mineralized footprint of the A-Zone and demonstrates strong down-dip continuity. More importantly, it suggests the A-Zone may be part of a larger and more robust structural system than previously modeled.
That is a major shift in interpretation. Rather than merely extending known mineralization along strike, the company may now be demonstrating that the A-Zone has substantial lateral and vertical growth potential. In practical terms, that increases the chance that future drilling could materially expand the size of the deposit and improve the conceptual scale of a future open pit.
The company believes up to 8 km of strike may be mineralized along the A-Zone corridor.
Management Sees Potential to Nearly Triple the Width
FOMO-CEO Deepak Varshney commented:
“Our maiden program at N2 continues to deliver significant surprises. Identifying a new set of shallow mineralized veins over four hundred metres south suggests that there is a strong potential to expand the deposit and almost triple the width of the potential open pit. These results show that even with almost 71,000 metres drilled at N2, there is a long way to go to fully understand the size and significance of the system, and while our focus remains on extending the A-Zone along strike to the east and west, there is ample opportunity to expand the deposit laterally as well.”
That quote is important because it frames the result in development terms, not just exploration terms. Management is explicitly linking the visible gold discovery to the possibility of a materially wider open-pit scenario.
A Fully Funded Program with Plenty of Newsflow Ahead
FOMO is in a strong position to continue testing this thesis aggressively. The company is currently undertaking a fully funded 30,000 m drill program at N2. So far, it has completed 48 holes totaling 15,516 m, with assays pending for 34 holes. That gives the company a steady pipeline of potential catalysts through Q2.
Financially, FOMO also appears well prepared to keep advancing the project, with ~10.5 million CAD in working capital and zero debt.
Bottom Line
Today, FOMO has delivered a compelling exploration update at N2. The visible gold discovery in N2-26-24 is significant on its own, but the real importance lies in the broader implication: The A-Zone may extend 400 m farther south and could represent a much wider and more continuous mineralized system than previously thought.
If follow-up drilling and pending assays continue to support this model, the latest discovery could mark an important step toward defining a substantially larger gold system at N2.
Company 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: 0.40 CAD (04/20/2026)
Market Capitalization: 39 Million CAD
Germany Symbol / WKN: VF1/ A3D492
Current Price: 0.247 EUR (04/21/2026)
Market Capitalization: 24 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 recent and ongoing drill results at the N2 Gold Project, including the significance of visible gold and its implications for grade distribution, continuity, geometry and overall scale of mineralization; the expectation that extensional drilling, including recent 400 m step-out holes, may expand, widen or connect known mineralized zones along strike and at depth; the expectation that pending assays may confirm continuity, extend mineralization southward 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 Company’s objective of advancing toward a maiden mineral resource estimate; the potential for further drilling to extend known zones, define a larger or district-scale mineralized system or identify additional targets; statements regarding the conceptual potential for near-surface or open-pit mineralization and bulk-tonnage scenarios; the expectation that metallurgical work may validate recovery assumptions; and statements regarding potential strategic interest, partnerships or corporate transactions. 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. Exploration and Geological Risk: Mineral exploration is inherently speculative. Visible gold occurrences, while encouraging, do not guarantee economic grades or continuity. Subsequent drilling may return lower grades, narrower intervals 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 or laboratory delays. Visible gold can contribute to grade variability. 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 or continuity. Mineral Resource Estimate Risk: Any future mineral resource estimate will depend on assumptions including geological domaining, cut-off grades, density, recovery assumptions 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 and variability may differ from expectations and could impact development assumptions. Additional geotechnical, hydrological and environmental data may influence future project design. Conceptual Development Risk: References to near-surface or open-pit potential, bulk-tonnage scenarios and expanded mineralized footprints 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 or at all. 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. The cover image of Michael Dehn is sourced from his LinkedIn profile.
