On track to uncover hundreds of millions of pounds of copper, Abitibi Metals (AMQ.c AMQFF) has commenced drilling at the B26 Copper Project today located in Quebec, Canada.
Slated to be completed over the next 8-10 weeks, this is the first drill program undertaken by AMQ at the Project, representing a significant milestone following the closing of its recent financings, totalling $14.37M.
An initial 10,000m drill campaign is planned for the first phase of the fully funded 30,000m 2024 field season, with the primary objective to initially delineate the open-pit potential; of the deposit, while concurrently advancing and expanding the existing resource with a focus on high-metal factor trends within the first 300m vertical.
Additionally, AMQ will continue to develop the 3D model alongside reviewing the history of geophysical surveys done on the Property to evaluate the signature of the deposit and identify thebest approaches.
Jonathon Deluce, CEO of Abitibi Metals stated:
“We are excited to announce the arrival of the first drill rig as Abitibi initiates the maiden drill program at the high-grade B26 Polymetallic Copper Deposit. With a robust treasury of $15 million, the upsizing of our recent financings is a clear mandate from our shareholders to accelerate our drilling and drive growth of the existing deposit and Abitibi will be aggressive in deploying our fully funded 30,000 metres across 2024 as we enter a transformative period for the Company. Abitibi intends to drill a minimum of 10,000 metres in this first quarter targeting a rapid expansion of the high-grade resource and we look forward to sharing further updates as drilling advances. Upon positive feedback from the field, we will be ready to mobilize a second drill.”
Comprising 66 claims covering over 3,300 hectares in the prolific Abitibi Greenstone Belt, the project boasts an indicated resource of 7.0MT @ 2.94% Cu Eq and an inferred resource of 4.4MT @ 2.97% Cu Eq.
Providing a substantial opportunity to develop a copper, zinc, gold and silver Polymetallic Deposit in a region with a rich history of base and precious metal production, the B26 Copper Deposit has never been owned by a public company, thus, substantial real price discovery remains.
AMQ has a 7-year option to earn 80% from SOQUEM Inc. which includes 9.9% Equity, a $14M work commitment and $400k cash.
With a strike length of 1km and depth extent of 0.8km, both of which are open to expansion, AMQ is focused on delivering shareholder value with an aggressive exploration approach and has brought together a top-notch team for this maiden program, including Shane Williams, Eric Kallio and professional geologist Martin Demers to lead the team.
Management Team & Capital Structure
"With the key man and his expert team at the helm, and a compelling project in the midst of a copper boom, Abitibi Metals finds itself in a prime position, benefitting from a critical commodity tailwind.
Tightly held by the Deluce Family who commands the majority of the 90M outstanding shares and is known for significant contributions to the mining industry, AQM's CEO Jon Deluce is a noteworthy executive who brings a wealth of experience & influence.
With robust financial backing for the venture due to Deluce's success & executive connections to financiers worldwide, AMQ has almost $15M in cash secured through two strategic financings, one of which was upsized following the participation of Frank Giustra and Greg Chamandy joining the investor roster, while avoiding unnecessary dilution.
Demonstrating the immense potential for growth in this story, AMQ experienced a significant surge in value on substantial trading volume following securing the option for the B26 deposit. This saw an impressive day-one re-rating of 88%, indicating the substantial impact of this strategic move.
Posted on Behalf of Abitibi Metals Corp.