Known mineralization to be extended
After three successful, consecutive financings totaling C$21.8 million, Abitibi Metals Corp. (CSE: AMQ; OTCQB: AMQFF; FSE: 4KG) is now putting the money to work. In parallel with ongoing drilling at its B26 polymetallic deposit in the Abitibi mining camp, Quebec, the Company has now also commenced drilling at its Beschefer gold project. Beschefer is located approximately 7 kilometers to the east along trend with the B26 deposit. In addition, the polymetallic, formerly producing Selbaie mine is located only 14 kilometers from Beschefer. And the Casa Berardi mine, operated by Hecla Mining, is just 45 kilometers away.
Abitibi is initially planning 10 drill holes with a total length of 2,975 meters. The objective of the drilling is to extend the known mineralized zone to the northeast and increase the high metal content lenses, including the Central Shallow and East zones. Highlights from previous intercepts include 4.92 g/t gold over 28.65 meters in hole BE-21-02 (including 11.39 g/t over 9.23 meters). 65 meters in hole BE-21-02 (including 11.39 g/t over 9.1 m), 55.63 g/t gold over 5.57 meters in hole BE13-038 (including 224 g/t over 1.23 m; 13.95 g/t over 0.68 m and 13.70 g/t over 0.73 m), 13.07 g/t gold over 8. 75 m in hole B12-014 (including 58.5 g/t over 1.5 m), 3.56 g/t gold over 28.4 m in hole B14-006 (including 7.42 g/t over 5.5 m) and 10.28 g/t gold over 8.00 m in hole B14-35 (including 86.74 g/t over 0.60 m). True widths in these intercepts vary between 89% and 99% of intersected widths.
Beschefer is also located 30 kilometers southwest of Wallbridge Mining Company Fenelon Gold Project. Abitibi has optioned the Beschefer project from Wallbridge and can earn 100% over a four-year period. As of December 31, 2023, the Company has incurred approximately $2 million in work expenditures on the project. The Company must reach its final option milestone and incur $3.0 million in work expenditures by February 2025 to acquire 100% of the project.
Jonathan Deluce, CEO of Abitibi, commented: “We are pleased to resume drilling at the Beschefer high-grade gold project. It is an advanced gold exploration project with significant near-term resource potential. The first 2,975 meters of drilling in 2024 will build on the four historic intercepts with metal grades in excess of 100 g/t gold, highlighted by 55.63 g/t gold over 5.57 meters and 13.07 g/t gold over 8.75 meters. We have 26 holes planned, 10 of which have been selected to test the potential of the system to extend the strike length and test the high metal content zones. With our two ongoing drill programs, we have a catalyst-rich spring ahead of us with continued drill results from both B26 and Beschefer.”
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