The title of the article "Copper is so hot that a mining firm turned down a $39 billion takeover bid because it was too low" summarizes the copper market well.
Amid prices near two year highs, and heading higher, copper is a hot commodity as it plays a major role in the renewable energy transition, from its use in cars, solar panels, wind turbines and power lines.
With big copper mining operations in South America, Anglo American turned town a $39 billion acquisition bid because the price wasn’t high enough and as "there’s absolutely no doubt whatsoever that increased demand is going to be reflected in copper". If you anticipate higher price action, a deal like this is worht waiting out. (Source: https://www.mining.com/abitibi-metals-probes-new-copper-area-at-b26-in-quebec/) 7MT of 2.9% Copper in The Abitibi Greenstone Belt Opportunity
Following the completion of the first phase of its maiden 50,000m drill program, Abitibi Metals (AMQ.c AMQFF) has continued to release promising results from its B26 Polymetallic Deposit with yesterdays results showing 19.75m at 1.35% CuEq.
The B26 Deposit is a new high-grade polymetallic copper deposit in Quebec's 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.
500 Metre Step Out Drilled in the Western Extension
Confirming and extending the copper and zinc-VMS potential of the "Satellite West" zone located 500m to the west of the main deposit, the results from the latest two drill results are:
Representing a new expansion target with no historical drill coverage, these new results demonstrate that the felsic volcanic complex hosting the mineralization is open to the northwest.
Of the 44 diamond drill holes completed, totalling 13,502m under the first phase of a fully funded 50,000m 2024-2025 drill program, assays from 30 holes remain pending and are expected over the coming weeks.
This includes a hole where AMQ intercepted a 106.5-metre interval beginning at 83 metres depth with copper mineralization concentrated in separate 0.4 to 4-metre bands with 10% to 60% chalcopyrite.
AMQ remains well funded with $18.5M to complete the remaining 16,500m planned for the 2024 work program which is expected to recommence in early June, as well as for the additional 20,000m in 2025; both of which will be incorporated into a PEA.
Jonathon Deluce, CEO of Abitibi Metals, commented, "We are very excited to announce the results from the Satellite West target, which has outlined a new northwest expansion target with no historical drill coverage. The near-surface results from #335 are excellent and represent a 26.9 metre VMS Zinc-Silver lens with a strong Copper-Gold lens at depth, which intercepted 1.35% CuEq over 19.75 metres. These holes align with our objective of identifying new targets outside the Main Deposit, and we will add this target as a priority for further evaluation under Phase 2. We look forward to releasing additional drill results over the coming days."
Posted on Behalf of Abitibi Metals Corp.