AMQ Commences Phase 2 at B26 Deposit “With our fully funded drilling program and the promising targets identified, we are confident that the upcoming months will bring significant progress and value creation for our shareholders.”
Marking a significant step forward in the development of the B26 Deposit, Abitibi Metals (AMQ.c AMQFF) commenced the Phase 2, 16,500m drill program!
Representing a significant historical resource expansion target, drilling will start with testing the western plunge of the deposit at a vertical depth of ~900m and a total hole length of 1,250m.
Notably, one drill rig has already started, with a second scheduled to join operations shortly, focused on testing several key objectives:
- Western Plunge: Area identified for its significant expansion potential with limited historical drilling
- Mid-Level Resource Growth: Significant opportunity for historical resource expansion due to insufficient drill coverage. High-priority targets at vertical depths between 300 and 625m will be a focus.
- Open Pit: Several-high priority near-surface expansion targets have been identified with the aim to expand the historical open-pit resource while optimizing the strip ratio, enhancing the economic feasibility of the project
- New Targets: Recently completed gravity survey identified new targets outside B26 Deposit which will be drilled towards the end of the program and have the potential to make a new discovery within the property as a whole.
The drilling program is fully funded with $16 million in the treasury, the program is subject to expansion based on positive results.
Emphasizing the potential for significant resource expansion and value creation, despite recent market softness, AMQ CEO Jon Deluce commented:
"We are excited to announce the arrival of the first drill rig as Abitibi initiates the Phase 2 drill program at the high-grade B26 Polymetallic Deposit. This phase is crucial as we aim to expand our historical resource base, particularly in the underexplored western plunge and mid-level sections of the deposit. With the insights gained from our recent gravity survey and Phase 1 drilling, we are well-positioned to not only enhance the open-pit and underground potential but also to identify new, high-priority targets that could significantly increase the value of the B26 Property. The addition of a second rig will accelerate our efforts, allowing us to continue advancing towards our goal of defining a world-class deposit."
Full News Release: https://abitibimetals.com/abitibi-metals-commences-phase-2-drilling-at-b26-deposit/
Posted on Behalf of Abitibi Metals Corp.