{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"Company Interviews","title":"Formation Metals (CSE:FOMO) - 30,000m Drill Program Targets 2Moz+ Resource","html":"<iframe width=\"100%\" height=\"180\" frameborder=\"no\" scrolling=\"no\" seamless src=\"https://share.transistor.fm/e/c4fb8cef\"></iframe>","width":"100%","height":180,"duration":2261,"description":"Interview with Deepak Varshney, President & CEO of Formation Metals\nRecording date: 8th April 2026\nFormation Metals is a junior gold explorer advancing the N2 project in Quebec's Abitibi greenstone belt, a district historically responsible for over 200 million ounces of gold production. Despite sitting on an 870,000-ounce historical resource, the company currently trades at roughly $10 per ounce — a valuation gap that CEO Deepak Varshney, a geologist with deep capital markets experience, believes will close sharply once a modern resource estimate is delivered.\nThe existing resource was calculated in the 1990s using a $200 gold pit shell and a 0.5 g/t cutoff, making it technically historical and limiting market recognition. Previous operators — including Agnico Eagle, Cyprus Canada, and Minnova — treated N2 as an underground target, drilling for narrow, high-grade veins rather than the wide bulk-tonnage zones Formation Metals is now systematically proving. With gold now trading above $4,500/oz — more than five times the 2008 price when Agnico last drilled the site — the economic case has fundamentally changed.\nThe N2 project spans 8 kilometres of strike across 87 claims (~4,400 hectares) in northwestern Quebec. Formation Metals' drilling has consistently returned wide, shallow intercepts: 42.3 metres at 0.91 g/t starting just 12 metres from surface, and intercepts exceeding 150 metres of continuous mineralisation in some holes. The mineralisation begins as shallow as 9 metres vertical depth with minimal overburden, a rarity in the region. Grades of 1–2 g/t across 30-metre-thick zones are consistent across the A-zone, the primary focus, while a high-grade core delivers up to 4 g/t over 11 metres.\nThe company is executing a fully funded 30,000-metre drill program in 2026, backed by approximately $11 million in working capital. Rather than twinning historical holes drilled by majors, Formation Metals is targeting gaps in the geological model with infill and step-out...","thumbnail_url":"https://img.transistorcdn.com/1wv-MFlQAgnm-ca64e5kK4984dZB0os8-HJdRVsI74M/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS9zaG93/LzEzNTcyLzE2MjM5/NTQyMDctYXJ0d29y/ay5qcGc.webp","thumbnail_width":300,"thumbnail_height":300}