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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According to §34b WpHG and §48f Abs. 5 BörseG (Austria) we would like to point out that GOLDINVEST Consulting GmbH and/or partners, clients or employees of GOLDINVEST Consulting GmbH hold shares in Abitibi Metals and therefore a conflict of interest exists. GOLDINVEST Consulting GmbH also reserves the right to buy or sell shares in the company at any time. In addition, GOLDINVEST Consulting GmbH is remunerated by Abitibi Metals for reporting on the company. This is another clear conflict of interest.

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