Abitibi Metals drills 2.5% CuEq near surface at B26 deposits, Quebec

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Abitibi Metals Corp. [CSE-AMQ; OTCQB-AMQFF; FSE-FW0] reported results from the first four holes of the maiden drill program currently underway at the B26 Polymetallic Deposit, Quebec. The property is located 5 km south of the Selbaie mine and about 90 km due west of Matagami and is accessed by a 7-km gravel road.

The company is currently completing its winter drill program at the Deposit, where a minimum of 12,000 metres is targeted by the end of March under the first phase of a fully funded 30,000-metre 2024 field season. On November 16h, 2023, the company entered into an option agreement on the B26 Polymetallic Deposit to earn 80% over 7 years from SOQUEM Inc.

Jonathon Deluce, CEO of Abitibi Metals, commented, “We are pleased to announce these results from the first four holes of our maiden drill program at the B26 Polymetallic Deposit. The results from the non-rushed portions of #293 and #294 represent a low-grade halo around the high-grade core of the deposit and support having bulk tonnage potential. The B26 Deposit is a highly mineralized system, and this low-grade material also provides leverage in a higher copper price environment. In response to the high-grade core of #294, 3 holes have been added to test the expansion potential down-dip and along strike.”

Highlights: The company received the non-rush portions of drill hole 1274-24-293 & 294, which intersected the following complete intervals:

#293 – 1.1% CuEq over 9.5 metres beginning at 63 metres depth;

#293 – 2.6% CuEq over 37.0 metres beginning at 106 metres depth, including 6.3% CuEq over 10.6 metres;

#294 – 1.5% CuEq over 11.9 metres beginning at 70.4 metres depth;

#294 – 2.5% CuEq over 61.3 metres beginning at 128.6 metres depth, including 11.4% CuEq over 10.6 metres.

The company has added 3 holes to follow up on #294 to test the expansion potential down-dip and along strike.

The results from #293 and #294 support the occurrence of lower grades outside of the high-grade core of the deposit, which adds to the surface open-pit potential of the B26 Deposit. The company has identified low-grade near-surface targets starting at or close to bedrock in each of the 4 holes reported. The results from #295 and #296 are in line with the company’s objective of testing the north bedrock interface to complete the model to assess the potential updated pit-shell model.

The maiden program has been expanded to drill a minimum of 12,000 metres, with 8,839 metres completed across 29 holes to date.

Drillholes 1274-24-293 and 1274-24-294 were designed to test the geometry and validate (infill & extension) of mineralization in historical hole B26-40 at the intersection with historical hole 1274-16-224 (3.05% CuEq over a length of 48.1 metres) on section 652900E. Hole 1274-16-224 was drilled to the south at 180°. Hole 1274-24-293 was planned to reproduce historical hole B26-40 and extend the hole to cover the entire mineralized structure to the north. Hole 1274-24-294 is an undercut, drilled at about 20 metres down-dip of 1274-24-293 in a 70-metre gap in the model.

Hole 1274-24-294 illustrates a variant of the same type of mineralization with a higher fraction of quartz veining showing different episode of mineralization. This environment can be related to gold enrichment observed from 136.2 to 146.3 metres (4.8 g/t Au and 8.1% Cu over 10.6 metres).

Overall, the style of mineralization observed in the two holes close together could follow a braided deformation pattern which can explain part of the grade variations observed. On the section drilled, the interlacing of veins creates a lens structure that can be followed from hole to hole 150 metres vertically.

Holes 1274-24-295 & 1274-24-296 were designed to intercept the copper-bearing structure up-dip close to surface on section 653150 where there was no historical drilling to cover the surface extension of the B26 Zone. Mineralized intervals correspond to the extension of the stringer zones closer to the surface under around 25 metres of overburden. This is in line with the Company’s objective of testing the north bedrock interface to complete the model in order to assess the potential updated pit-shell model.

Drilling continues at the project with 8,839 metres completed to date amongst 29 holes with three rigs currently active. Within the additional holes completed to date, the company continues to see positive visuals in both the infill and extension targets.

Abitibi’s portfolio of strategic properties provides target-rich diversification and includes the option to earn 80% of the high-grade B26 Polymetallic Deposit (Indicated: 7.0MT at 2.94% CuEq and Inferred: 4.4MT at 2.97% CuEq) and the Beschefer Gold Project, where historical drilling has identified 4 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.

SOQUEM is a subsidiary of Investissement Québec.

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