Formation Metals names Salman as Senior Strategic Advisor
Formation Metals Inc. [FOMO-CSE, FOMTF-OTCPK, VF1-FSE] has announced the appointment of Terry Salman to the company’s Advisory Board as its Senior Strategic Advisor. Salman is the founder and CEO of Salman Partners Inc. and ranks among the most recognized financiers in the Canadian resource sector, having raised more than $20 billion for over 400 exploration and mining companies.
He is joining the company as it advances its flagship N2 Property located 25 kilometres south of Matagami, Quebec. Towards a maiden resource estimate.
The appointment of Salman comes as Formation moves from drilling into resource definition at N2, where a fully funded 75,000-metre drill program is underway. A maiden resource estimate prepared in accordance with National Instrument 43-101 standards of disclosure is targeted for the first quarter of 2027.
Formation shares were unchanged Tuesday at 30.5 cents and trade in a 52-week range of 51 cents and 24.5 cents.
The N2 property consists of 87 claims that cover 4,400 hectares of land within the Abitibi sub province of Northwestern Quebec. The property is approximately 1.5 kilometres east of the former-producing Vezza gold mine, which produced over 100,000 ounces of gold from 2013 to 2019. The claims are accessible year-round by provincial highways and logging roads. They sit within range of grid power, skilled labour and established mining services.
“N2 is exactly the kind of asset the sector needs – an advanced, district-scale gold project in the Abitibi region near other recent discoveries, with historical ounces behind it and a great deal of untested ground still to drill,’’ said Salman.
N2 hosts a global historic resource of 871,000 ounces of gold, consisting of 18 million tonnes of grade 1.4 g/t gold (810,000 ounces) across four zones (A, East, RJ-East, and Central) and 243,000 tonnes of grade 7.82 g/t (61,000 ounces) at the RJ Zone. Six mineralized zones are known to exist on the property, each open for expansion along strike and at depth, along a mineralized corridor with a potential of up to 8.0 kilometres of strike.
In a press release on January 16, 2025, Formation said it had executed an option to purchase a 100% interest in the N2 property from Wallbridge Mining Co. Ltd. [WM-TSX, WC7-FWB] Formation said it could exercise the option by paying $550,000 cash and issuing 4.0 million common shares. It also pledged to complete $5.0 million worth of work expenditures over a period of six years. Balmoral Resources, which merged with Wallbridge in 2020, acquired the property in 2010. Thereafter, Balmoral conducted a property-wide VTEM, data compilation and IP orientation survey of 14.4 kilometres that covered three known horizons of mineralization. Formation said the results of these surveys showed a strong correlation between between chargeability response and known gold mineralization, and emphasized chargeability anomalies along trend from gold mineralization where no drilling had been previously conducted.