Royal Helium Ltd. V.RHC

AMQ Provides Update on B26 Drill Program

[MarketMakerss]

Today, Abitibi Metals (AMQ.c AMQFF) provided an update on its drill program currently underway at the B26 Polymetallic Deposit, resulting in over double the average volume in the two hours since the market opened

 

AMQ's B26 Deposit is a high-grade Polymetallic Copper Deposit in the mineral-rich Abitibi Greenstone Belt with an indicated resource of 6.9MT @ 2.94% Cu Eq and an inferred resource of 4.41MT @ 2.97% Cu Eq.

 

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

 

To date, 14 holes have been completed, totalling 4,275m with drilling in the first phase is split between three targets along strike testing the first 300 vertical metres:

1. B26 Main Deposit: 11 holes completed totalling 3,159m with the key objective to evaluate open pit potential & potential up-dip near-surface extensions of the main deposit to the north
2. Satellite West: 3 holes completed totalling 1,116m and targeting the geometric continuity of a potential satellite zone 500m to the west of the main deposit
3. Eastern Extension: Drilling to commence at the end of February subject to ground conditions & targeting the expansion of the main deposit to the east where 2.45% Cu Eq over 26.7m, including 4.74% CuEq over 11.7m was intercepted in historical drilling.

 

Assays are currently pending and a possible third rig may be added, as detailed by AMQ CEO Jonathon Deluce:

"Drilling continues to be positive with visuals supporting our objective of successfully testing the open-pit potential at the B26 Deposit with the goal of increasing near-surface tonnage over a 1.2-kilometre strike length. We are currently reviewing the possibility of adding a third drill in order to continue the momentum of these positive developments. We are eagerly awaiting the assay results from the over-limit tests to finalize and announce the results of our first two holes 1274-24-293 & 1274-24-294 next week."

 

Stand-out highlights are Hole 1274-24-300 which "interesected a stacking of stringer and disseminated chalcopyrite and pyrite zones over more than 264m. Notably, there is an interval over 8 metres from 251 meters to 259 meters that hosts approximately 20% chalcopyrite mineralization." and Hole 1274-24-301 where observations "indicate strong sub-parallel chalcopyrite stringer from 50 to 85 metres which includes one interval showing chalcopyrite concentration above 10% from 49 to 59 metres and an interval with 20% chalcopyrite from 81 to 85 metres."

 

This is significant because chalcopyrite is the most important and major source of copper metal and the mineral in the purest form contains 34.5% Cu. Thus, with multiple intercepts of 10% to 20% Chalcopyrite, AMQ could be sitting on 6.9% Cu grade. (Source: https://twitter.com/airic101/status/1760675924524380182)

 

Throughout 2023, AMQ bolstered its value creation through the successful execution of 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 almost $15M.

 

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.

 

For more information, check out "A Canadian Mining Story Unfolding in Real Time: The Hunt for Critical Metals", which details AMQ's potential to be a 'once-in-a-decade' story: https://braydensutton.substack.com/p/a-canadian-mining-story-unfolding

 

Full News Release: https://www.newswire.ca/news-releases/abitibi-metals-provides-drill-program-update-at-the-high-grade-b26-polymetallic-deposit-ind-7-0mt-2-94-cu-eq-amp-inf-4-4mt-2-97-cu-eq--814632225.html

 

Posted on Behalf of Abitibi Metals Corp.