Rallying to its highest level in 14 months, investors are flocking to copper amid rising supply risks and hopes for a global recovery in demand.
Establishing a Diversified Metals Company in Quebec
"I think we've been able to really accelerate and position in a tougher market, but really, we are setting the stage for what we think is a very strong copper and commodity market that I think assets and opportunities like B26 will really stand out, given the demand for critical metals, and especially in a jurisdiction like Quebec..."
Located in the Abitibi Greenstone Belt in Quebec, Abitibi Metals (AMQ.c AMQFF) is developing a new high-grade polymetallic copper deposit, the B26 Deposit, with an indicated resource of 6.9MT @ 2.94% Cu Eq and an inferred resource of 4.41MT @ 2.97% Cu Eq.
AMQ is in the process of completing its winter drill program with 8,839m completed across 29 holes for the first phase of a fully funded 30,000m field season with highlights including:
- 2.5% CuEq over 61.3 metres near surface, including 11.4% CuEq over 10.6 metres;
- 2.6% CuEq over 37.0 metres beginning at 106 metres depth, including 6.3% CuEq over 10.6 metres;
Aggressively Advancing Exploration with Third Drill Rig On-Site
With the number one priority to test the open pit, AMQ's key targets will test the extension and expansion potential as well as test the system at depth.
Targeting the completion of over 12,000m across three priority targets by the end of March for the first phase, a recently secured third rig is focused on advancing drilling at AMQ's priority target, the "Eastern Extension", an extension of the main deposit where 2.32% Cu Eq over 89.5 metres*, including 3.98% CuEq over 22.5 metres was intercepted in historical drilling.
With the first phase of drilling demonstrating the robust nature of the B26 Deposit, AMQ has established a solid foundation and technical vision for a 3D model, resource expansion and the de-risking of the project.
Executing Strategic Objectives & Accelerating Earn in Plan with Financings
Led by the Deluce family, AMQ recently upsized its current $3M private placement to $5M at $0.86/share. Upon closing, this results in a budget of $15M, marking the fulfillment of 7 years worth of work commitments over two years and enabling the drilling of ~50,000m.
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. With results and assays still pending from this drill program, AMQ plans to regularly communicate with investors, anticipating providing multiple updates over the next three months.
Posted on Behalf of Abitibi Metals Corp.