Goldseek changes name, outlines Quebec drill plan.
Goldseek Resources Inc. [CSE-GSK, GSK.CN-CNSX, OSKKF-OTC] has changed its name and symbol to Abitibi Metals Corp. [AMQ-CSE]. The shares, which closed at 10 cents on October 12, 2023, are scheduled to begin trading on October 16, 2023.
The announcement comes after Goldseek released an exploration and corporate update, including plans for a fall drill program at its flagship Beschefer Project in Quebec
The Beschefer Project is located 30 kilometres southwest of Wallbridge Mining Co. Ltd.’s [WM-TSX, WC7-FWB] 100%-owned Fenelon gold property and has been described as Goldseek’s flagship project going forward.
Under an agreement with Wallbridge, Goldseek can earn a 100% interest in the project. Goldseek agreed to exercise the 4.0-year option by delivering on $3 million worth of work commitments and issuing 4.0 million shares.
The Beschefer Project covers approximately 962 acres and is located in the Northern Abitibi Greenstone Belt, 14 kilometres east of the past-producing polymetallic Selbaie Mine, 45 kilometres northeast of the Casa Berardi Mine and 30 kilometres from Wallbridge’s Fenelon Gold property.
Historically, the area has mainly been explored for volcanogenic massive sulfide deposits similar to the Matagami camp and Selbaie Mine.
Gold mineralization was discovered in the B-14 Zone in 1995 by Billiton Canada Inc. and the Beschefer Project saw very limited exploration prior to the involvement of Excellon in 2011, which completed approximately 17,000 metres up to 2013. There has been limited exploration since 2013, with the exception of 1,600 metres drilled by Wallbridge in 2018.
Goldseek President and CEO Jon Deluce has said he believes the Beschefer project harbours significant near-term resource potential. It is part of a portfolio that includes assets in Ontario and Quebec.
“We are excited to resume drilling at the Beschefer Project, which has 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,” Deluce said. “We are in the final stages of refining our drill targets, focused on expanding the high-metal factor zones and the strike length of the system.”
Deluce went to say that pausing drilling was a tough decision, a moved that was undertaken to prudently manage capital during these challenging market conditions.
Goldseek is currently designing a 2,500-metre follow-up drill program aimed at extending high-metal factor trends and the gold system’s strike length. This drill program will concentrate on the Central Shallow and East Zones, which host the project’s highest metal factor intercepts.
AS of June 30, 2023, the company had spent $2 million on work expenditures at the project, and is on track to achieve its final option milestone of incurring $3.0 million in work expenditures by February 2025.
Meanwhile, the company has granted Mabel Ventures the option to earn a 51% interest in the Bonanza Project, which covers 93 claims in Quebec’s Urban Barry Gold Camp.