Formation Metals (CSE: FOMO) has expanded their drill program from an initial 10,000 metre program to 30,000 metres.
The expansion follows the completion of a $8.5 million private placement conducted by the company that saw LIFE units sold at $0.37 per each, alongside flow through units that were sold at $0.41 per each.
The drill program, which is currently ongoing, is focused on Formation’s N2 Gold property, found in the Abitibi region of Quebec. The property holds a historic resource of 809,000 ounces of gold across four zones at an average grade of 1.4 g/t gold, alongside a resource of 61,000 ounces of gold at an average grade of 7.82 g/t gold within the RJ zone.
Current drilling is said to be focused on discovery drilling at high potential targets along strike to the A, RJ, and Central zones in the north of the property, with exploration building on work please completed by Wallbridge Mining from 2010 through to 2018 that generated several targets for further exploration.
In addition to discovery drilling, Formation has indicated that it also intends to conduct infill and step out drilling on previously identified targets to expand the zones identified to date.
The expanded program is now fully funded following the close of the $8.5 million financing,
Formation Metals last traded at $0.30 on the CSE.
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