Abitibi Metals Corp C.AMQ

Arrival of Second Drill at B26 Deposit

[MarketMakerss]

Today, Abitibi Metals (AMQ.c AMQFF) announced the arrival of a second drill on-site at the B26 Polymetallic Deposit!

 

AMQ is currently completing its winter drill program at the deposit, targeting a minimum of 10,000m by the end of March under the first phase of a fully funded 30,000m 2024 field season.

 

The B26 Project is an advanced-stage, high-grade Polymetallic Copper Deposit located in the mineral-rich Abitibi Greenstone Belt in Quebec with an indicated resource of 7.0MT @ 2.94% Cu Eq and an inferred resource of 4.4MT @ 2.97% Cu Eq.

 

Jonathon Deluce, CEO of Abitibi Metals, commented,

“We are very excited to announce the arrival of a second drill at the B26 Polymetallic Deposit. This strategic decision stems from the very promising visual observations made from the first 5 holes drilled, underscoring our commitment to thoroughly assess all our Phase 1 objectives before the onset of winter breakup.”

“This initial phase of our drill program aims to test the open-pit potential at the B26 Deposit with the goal of increasing near-surface tonnage over a 1.2-kilometre strike length. As the program progresses, we will then shift focus to advancing and expanding the existing high-grade underground resource. The current drilling is starting to demonstrate the potential of the B26 Deposit, and positive results should add blue sky potential and value to an already advanced copper-gold resource at the Project.”

 

To date, five holes have been completed on the B26 Main Deposit target, totalling 1,477 meters.

 

Drilling in the first phase is broken down between 3 targets along strike, testing the first 300 vertical metres:

1. B26 Main Deposit: Key objective of drilling to evaluate open pit potential and potential up-dip near surface extensions of the main deposit to the north
2. Satellite West: Targeting the geometric continuity of a potential satellite zone 500m to the west of the main deposit
3. Eastern Extension: Targeting the expansion of the main deposit to the east where 2.45% Cu Eq over 26.7 meters, including 4.74% CuEq over 11.7 metres, was intercepted in historical drilling
4.  

Strategically located in Canada amid a global scramble to secure the strategic minerals required for greener technology, AMQ is strongly positioned for long-term growth as copper is on track for a substantial deficit later this year, fueled by challenging supply streams, including the forced shutdown of First Quantum Minerals US$10B mine in Panama. (Source: https://financialpost.com/opinion/closure-first-quantum-panama-copper-mine-threatens-e-transition)

 

Throughout 2023, AMQ successfully executed a number of milestones, including bringing on strategic investors in Frank Giustra and Greg Chamandy as well as numerous other high-value partners and shareholders, thus reaching its financing goals and raising over $14M.

 

Plus, with inside ownership at 20% and the Deluce Family holding an additional 13%, AMQ's primary stakeholders hold a total of 33% of the company and demonstrate a strong alignment with shareholders.

 

Full News Release: https://abitibimetals.com/abitibi-metals-strengthens-operations-with-second-drill-at-the-b26-deposit/

 

Posted on Behalf of Abitibi Metals Corp.