Further exploration results in the near future
Abitibi Metals (CSE:AMQ; OTCQB:AMQFF; FSE:FW0) continues to systematically expand the near-surface footprint of its B26 polymetallic deposit in the Abitibi mining camp in Quebec with a series of successful drill holes this spring. Among others, Abitibi Metals reported 97.5 meters of 1.47% Cu Eq near surface. Results from #301 support the open pit potential for large tonnages with a high grade core and tested the true width of mineralization. Results from #335 confirmed and expanded the copper potential of the “Satellite West” zone located 500 meters west of the main deposit.
The Company first secured the advanced B26 project (IND: 7.0 MT @ 2.94% CuEq % INF: 4.4 MT @ 2.97% CuEq) on November 16, 2023 through an option agreement with SOQUEM Inc. a subsidiary of state-owned Investissement Québec. Abitibi can acquire 80% of the project over a period of seven years. At the same time, SOQUEM received a 9.9% share of Abitibi’s capital when the option was signed. To secure a 50% interest in the project, Abitibi must first invest CAD 7.5 million in exploration. For the 80% earn-in, Abitibi must present a PEA and invest a further CAD 7 million in exploration. In a series of successful capital increases since the end of last year, Abitibi has raised a total of CAD 21.8 million. The current cash balance of approximately CAD 19 million would be sufficient to pay the entire earn-in today.
Mineralized zone extended
Abitibi Metals is currently completing its winter drilling program at the deposit, with 13,500 metres to be drilled as part of the first phase of a fully funded 30,000-metre field season in 2024. Highlights from the now released series of holes 1274-24-297 to 301, 334 and 335 are: #297 – 0.70% CuEq over 32.5 meters, starting at 52.3 meters downhole; #299 – 1.04% CuEq over 10.4 meters, starting at 33 meters downhole; #300 – 5.35% CuEq over 8.1 meters, starting at 251 meters downhole; #301 – 1.47% CuEq over 97.5 meters, starting at 30.5 meters downhole, including 3.9% CuEq over 21.8 meters; and #335 – 1.05% CuEq over 8.6 meters, starting at 125.4 meters.
Jonathon Deluce, CEO of Abitibi Metals, commented: “We are pleased to announce the second results from our maiden drill program at the B26 polymetallic deposit. Near surface results from hole #301 were excellent with 1.47% CuEq over 97.5 meters, including 3.9% CuEq over 21.8 meters. This hole extends the mineralized zone and is consistent with our objective to better define the high-grade core while evaluating the potential for near-surface bulk tonnage. Drill holes 297 and 299 have successfully extended the system up dip and brought the mineralization closer to the surface of bedrock.”
In addition to the high-grade B26 polymetallic deposit, the company’s portfolio includes the Beschefer Gold Project, where historic drilling has identified four historic intercepts with metal grades in excess of 100 g/t gold. Of particular note are intercepts of 55.63 g/t gold over 5.57 meters and 13.07 g/t gold over 8.75 meters. Abitibi’s well-filled coffers mean that drilling is also currently taking place on the Bescheffer project. The company is expected to publish further exploration results in the near future.
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