Formation Metals Inc. provided an update from the fully funded 30,000 metre drill campaign underway at its N2 Gold Property (?N2? or the ?Property?), located 25 km south of Matagami, Quebec. The Company announced that it has intercepted significant sections of target mineralization in three (3) additional drillholes as part of its Phase 1 drill campaign at N2.
The long sections of mineralization correlate with the findings of the 55,000 plus metres of historical drilling at N2, including 245-91-151, which intercepted 1.7 g/t Au over 35.0 metres, positively increasing the potential of intercepting long auriferous intervals. The forms of mineralization observed at N2-25-006, N2-25-009, and N2-25-011 also correlate with intervals observed in N2-25-001, N2-25-003, N2-25-008, and N2-25-013, demonstrating the continuous nature of the deposit. Drillhole N2-25-006: Intercepted 102.6 metres of mineralized section, 33.10% of the 310-metre drillhole.
Drillhole N2-25-009: Intercepted 135.7 metres of mineralized section, 44.34% of the 306-metre drillhole. Drillhole N2-25-011: Intercepted 166.8 metres of mineralized section, 31.58% of the 528-metre drillhole. All three drillholes were found to have a significant correlation in terms of lithological intervals and sequences, alteration products and mineralization forms and variety between the geological features along these holes and those of surrounding historic drill holes.
The mineralized sections of N2-25-006 are within the sheared and deformed mafic to intermediate volcanic and less intermediate volcaniclastics and medium grained clastic sediments (sandstone & wacke) rock formations associated with quartz carbonate veins and veinlets (sheared, brecciated and stockwork) and the main alteration products of sericitization and less carbonatization (calcite & ankerite) and silicification dominantly including pyrite, arsenopyrite and less pyrrhotite mineralization in different forms of disseminated, cluster, stringer, semi-massive and fracture filling. The longest mineralized section along this hole is a 23.4 metre section from 228.6 to 252 metres within intermediate volcanic and volcaniclastic intervals in which pyrite and arsenopyrite are the dominant mineralization in forms of disseminated, stringer, cluster and fracture filling associated with brecciated and stockwork veining system and the main alteration products of chloritization, sericitization and less carbonatization. The mineralized sections of N2-25-009 are within the sheared and deformed mafic to intermediate volcanic and less fine to medium grained graphitic clastic sediments (mudstone) rock formations associated with quartz carbonate veins and veinlets and the main alteration products of chloritization, sericitization and less carbonatization and silicification dominantly including pyrite, arsenopyrite and less pyrrhotite mineralization in different forms of disseminated, cluster, stringer and fracture filling.
The longest mineralized section along this hole is a 43.4 metre section from 23.3 to 66.7 metres downhole within mafic volcanic intervals in which pyrite is the dominant mineralization in forms of disseminated, stringer, cluster and fracture filling associated with the main alteration products of chloritization and less carbonatization. Pyrrhotite is the minor sulfide in this mineralized section. The mineralized sections of N2-25-011 were within the sheared and deformed mafic to intermediate volcanic, fine to medium grained graphitic clastic sediments (mudstone and wacke) and less mafic and felsic intrusion rock formations associated with quartz carbonate veins and veinlets (brecciated and sheared) and the main alteration products of chloritization, sericitization, carbonatization and less silicification and epidotization dominantly including pyrite and less arsenopyrite mineralization in different forms of disseminated, cluster, fracture filling and less stringer.
The longest mineralized section along this hole is a 70.6 metre section downhole from 303.0 to 373.6 metres within mafic volcanic intervals in which pyrite is the dominant mineralization in forms of mostly disseminated and less stringer, cluster and fracture filling associated with quartz carbonate veins and veinlets and the main alteration products of epidotization, chloritization and carbonatization. Comprising 87 claims totaling ~4,400 ha within the Abitibi sub province of Northwestern Quebec, Formation's 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) 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, 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 have not yet been investigated with diamond drilling.
The drilling at N2 is designed to focus on discovery drilling at new high-potential targets along the mineralization strikes at the ?A?, ?RJ? and ?Central? zones in the northern part of the Property in order to discover new auriferous trends and unlock new zones of gold mineralization.
The program will also focus on high-priority infilling and expansion targets in these zones to significantly enhance the auriferous zones identified to-date. 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 over 3.1 km of strike remaining to be tested.
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 recentldrilling at the Property by Agnico-Eagle Mines in 2008, when the price of gold was ~USD 800/oz.
Only ~900 metres of strike has been drilled, with 4.75+ km of strike remaining to be tested. 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 promoted base metal (Cu-Zn) concentrations across the property, specifically at the A and RJ zones.
