Last week, Abitibi Metals (AMQ.c AMQFF) announced the first two holes of the maiden drill program currently underway at its high-grade Polymetallic B26 Copper Deposit in the mineral-rich Abitibi Greenstone Belt which saw 10.6m at 11.4% CuEq within 34m at 4.1% CuEq near surface:
These results are among the highest grade in the project history, supporting the open pit potential at the Deposit with additional assay results anticipated in coming weeks and throughout 2024.
Notably, a 333% increase was noted on AMQ's twinned hole, hinting at substantial incoming growth potential as AMQ continues to update the existing resource estimate of 7.0MT @ 2.94% Cu Eq indicated and 4.41MT @ 2.97% Cu Eq inferred
These first two drill holes are from AMQ's winter drill program where a minimum of 10,000m is targeted by the end of March under the first phase of a fully funded 30,000m 2024 field season. So far, over 6,000m across 20 holes have been completed to date.
Jonathon Deluce, CEO of Abitibi Metals, commented:
"These are some of the highest-grade intercepts in the Project's history and show a way to potentially increase the grade of our block model"
"Investigating the significant increase in grade in #293 when compared to the historical results will be a key objective of ours moving forward in order to revise our strategy and review other potential opportunities for grade improvement within the deposit."
"This is the start of a very exciting period where we drill over 40 holes at the B26 Polymetallic Deposit. With the lower half of these two holes still pending and assays from the balance of the program still to come, Abitibi will be communicating regularly, and we anticipate providing updates over the next 3 months. We are very pleased that these results support the near-surface open pit potential of the B26 Polymetallic Deposit, and we look forward to announcing the results of our holes targeting the northern bedrock interface in the coming weeks."
Furthermore, AMQ's Strategic Investor, Greg Chamandy, commented:
"This is a superb start for Abitibi Metals, as the results highlight the exceptionally high grade of the deposit and demonstrate the open-pit potential. With a well-capitalized treasury, strong leadership and one of the most promising copper and gold projects in North America, Abitibi is in an excellent position to realize its vision of establishing a significant metals company in the Abitibi Greenstone belt and I look forward to seeing the remainder of a very successful maiden drill program at B26."
Boasting a tightly held, warrant-free structure with significant insider ownership and a share count below 100M, AMQ's narrative is clear amid growing momentum and a catalyst filled 2024.
Posted on Behalf of Abitibi Metals Corp.