Abitibi Metals drills 1.78% CuEq over 57.2 metres at B26 deposit, Quebec

Abitibi Metals Corp. [CSE-AMQ; OTCQB-AMQFF; FSE-FW0] reported results from the eastern extension target of the B26 polymetallic deposit, Quebec. Abitibi Metals is fully financed with $17.5 million to complete the remaining 16,500 metres planned for the 2024 work program, as well as an additional 20,000 metres in 2025, which will be incorporated into a preliminary economic assessment to complete the option. On November 16, 2023, the company entered into an option agreement on the B26 deposit to earn 80% over seven years from SOQUEM Inc.

Jonathon Deluce, CEO, commented: “We are very excited to announce results from the eastern sector of the B26 deposit, where we have now successfully expanded the deposit and demonstrated that it is further open to the east. Our drilling continues to intercept holes, which support our thesis of building on both the open-pit and underground historical resource through this program. With 1.78% CuEq (copper equivalent) over 57.2 metres in No. 320 and 1.35% over 19.75 metres in No. 336, we have successfully identified targets both to the east (No. 320) and west (No. 336) for the company to build on in phase 2 in addition to our targets at depth.”

Deluce continued: “With $17.5 million in our treasury, we remain in an excellent position as the copper market becomes very exciting. High-grade assets like the B26 project in Quebec, located in a world-class jurisdiction, represent an exceptional opportunity. We are very excited about today’s news of successful extensional drilling, showcasing the growth potential of this exciting copper/gold project.”

The B26 main deposit has a continuous strike length of 1 km and mineralization has been drilled to 850 metres in vertical depth with limited drill coverage below 500 metres. This batch of results focuses on four holes, all collared on section 653350, which is the easternmost drilled section of the deposit.

Hole 1274-24-314 was drilled approximately 10 metres above historical hole 1274-13-91 with the objective to exceed the length by more than 100 metres and explore the deposit footwall area. Tabulated results are from the upper part of the hole. A weak anomaly detected from 183.5 to 194.5 metres could indicate a potential mineralized structure about 100 metres north of main sulphides lenses.

In the main sector, hole 1274-24-323 was drilled to the northwest to cross the mineralized structure in between sections. Drilling was successful to intercept a thick stacking of chalcopyrite lenses from 133 to 161.85 metres, returning 1.89% CuEq over 28.45 metres, beginning at 133.4 metres, including 6.48% CuEq over 5.25 metres.

The main zone is followed by disseminated mineralization down to 281 metres well into the B26 footwall. Observations highlighted so far consist of a strong intensity of silicification and sericitization in the lower part of the hole, expanding northward as an exploration target.

The best intercept in drill hole 1274-24-320 was 1.78% CuEq over 57 metres, beginning at 235.8 metres, including higher-grade intervals between 3 and 4.5% CuEq over two to 13 metres length. This hole was drilled following a north-to-northeast direction. The mineralization was intersected approximately 75 metres to the northeast of the known mineralization and at a vertical depth of about 200 metres. Refer to original press release for complete assays.

Abitibi Metals is a Quebec-focused mineral acquisition and exploration company focused on the development of quality base and precious metal properties that are drill ready with high upside and expansion potential.

Abitibi’s portfolio of strategic properties provides target-rich diversification and includes the option to earn 80% of the high-grade B26 polymetallic deposit, which hosts a historical resource estimate of seven million tonnes at 2.94% CuEq (indicated) and 4.4 Mt at 2.97% CuEq (inferred), and the Beschefer gold project, where historical drilling has identified four historical intercepts with a metal factor of over 100 g/t gold highlighted by 55.63 g/t gold over 5.57 metres and 13.07 g/t gold over 8.75 metres amongst four modelled zones.