Potential Being More Precisely Determined
Abitibi Metals (WKN A3EWQ3 / CSE AMQ) is currently pushing ahead with drilling on the polymetallic B26 deposit. The company is in the second phase of a drilling program designed for a total length of 16,500 meters. As CEO Jon Deluce now reports, approximately half of this has been drilled.
In this phase of exploration on B26, drilling is being conducted in the resource target areas of 1) Open Pit, 2) Mid-Level, and 3) Western Plunge to further delineate mineralized zones and expand known resources. For its Phase II program, Abitibi is utilizing advanced geological insights and extensive drilling to more precisely determine the potential of the polymetallic B26 deposit.
As CEO Deluce explains, the acquisition of important new mineralization intersections, including a significant 60-meter intersection at depth in drill hole 1274-24-342, strengthens the growth potential of the Western Plunge target area. With the ten drill holes completed so far (8,086 meters), Abitibi is focusing on developing all target areas, including further delineation of the open pit resource and testing the Mid-Level and Western Plunge targets, Deluce continued. The Phase II program is crucial as the company works towards expanding the resource and validating its development strategy. The Abitibi CEO is confident that with the entire, fully funded program of 50,000 drill meters in total, they will be able to demonstrate the potential extent of the B26 deposit.
In any case, Abitibi has sufficient funds to explore B26 much more precisely as planned. $14 million is still available to complete the work planned for this year and drill another 20,000 meters in 2025. These are intended to culminate in a preliminary study to assess the economic viability of B26 – Preliminary Economic Assessment or PEA for short. This would mean Abitibi has fulfilled the conditions to acquire 80% of B26 from the semi-state-owned company SOQUENM after only about two years. Originally, they had seven years to do so.
In Detail
One of the company’s goals in the ongoing exploration work is to expand the potential open pit resources near the surface. To this end, Abitibi plans, among other things, to resample and log historical drill holes to confirm the continuity of individual zones of disseminated mineralization. These sections are not included in the current resource estimate. If the results are positive, the company will decide whether further work is needed in this area.
Apart from that, Abitibi wants to complete further drilling there to more precisely define the mineralization lenses in the potential open pit area, find extensions of the less drilled northern footwall, and test immediate extensions outside the current open pit. The company estimates that this should be completed by the end of the Phase II program.
Regarding the Mid-Level target, various programs are planned. Abitibi aims to complete 13 drill holes with a total length of 8,860 meters here. The 2018 published resource estimate included lower-grade material. This was proven below 300 meters depth at drill spacings of 100 to 200 meters. With the planned drilling, Abitibi Metals wants to establish connections here and show that higher-grade mineralization is located at depth.
Additionally, 12 extension drill holes with a length of 10,625 meters are planned, which will lie outside the current resource (inferred category). According to the company, a review of the block model below 300 meters also indicates a significant opportunity to expand historical resources, as drill coverage is inadequate and the spacing between drill holes is more than 100 meters. Abitibi recently intersected a wide section of polymetallic mineralization in drill hole 1274-24-346, supporting the company’s thesis that some of the high-grade extensions observed in the open pit resource target area extend to depth.
Not all of these drillings will be part of the ongoing Phase II drilling, however. The company will determine the order of work depending on analytical results and the visual interpretation of the obtained drill samples
Western Plunge Target
At the beginning of the second drilling phase, Abitibi Metals encountered a wide section of polymetallic disseminated and stringer mineralization between 1,440 and 1,500 meters depth in drill hole 1274-24-342. This showed quartz-chlorite veins with approximately 1-2% pyrite-chalcopyrite, which typically indicates elevated precious and base metal values.
B26: Extension of Phase 2 Drilling Program Down-Plunge; Source: Abitibi Metals
The company plans ten drill holes with a total length of approximately 12,025 meters within this target area. This will target the Western Plunge overall as well as an interpreted mineralized stockwork system at depth, where drilling has identified significant quartz veins and higher grades of structural deformation. The targets will be spaced 200 to 300 meters apart. Here too, not all drilling will be conducted as part of Phase II, and the order of the boreholes will be determined based on the information gained.
