62% Increase in B26 Resource Abitibi Metals (AMQ.c AMQFF) Announces 62% Increase in Resources at B26 to 11.3 Mt Indicated at 2.13% CuEq and 7.2 Mt Inferred at 2.21% CuEq
This week, Abitibi Metals (AMQ.c AMQFF) announced the results of an updates resource estimate for the B26 deposit and maiden resource which includes 13,510 meters drilled across 44 holes from the 2024 Phase 1 drill program.
Resource Highlights:
- Indicated Resources: Increased by 62% to 11.3 Mt, grading:
- 1.23% Cu, 1.27% Zn, 0.46 g/t Au, and 31.9 g/t Ag (2.13% CuEq).
- Containing 307.9 Mlbs Cu, 316.9 Mlbs Zn, 168.2 koz Au, and 11.6 Moz Ag (532.3 Mlbs CuEq).
- Inferred Resources: Increased by 63% to 7.2 Mt, grading:
- 1.56% Cu, 0.17% Zn, 0.87 g/t Au, and 7.4 g/t Ag (2.21% CuEq).
- Containing 246.0 Mlbs Cu, 27.3 Mlbs Zn, 200.8 koz Au, and 1.7 Moz Ag (348.8 Mlbs CuEq).
- Significant Contained Metal Increase (vs. 2018 estimate):
- 38% more Cu, 15% more Zn, 29% more Au, and 22% more Ag.
- Mineralization starts near surface and remains open at depth with significant exploration potential remaining.
Strategic Plans:
- Ongoing Exploration:
- 2024 Phase 1 drilling: 13,510 meters over 44 holes contributed to this update.
- 2024 Phase 2 drilling: 16,500 meters ongoing (not included in current resource update).
- 2025 plans: Additional 20,000 meters of drilling.
- Focus on Underground-Only Model:
- Higher-grade zones make underground mining the preferred approach.
- Open-pit potential remains under evaluation for near-surface, lower-grade zones.
Financial Position:
- Fully funded with $13M to support 2024-2025 exploration programs.
- Aims to incorporate results into a Preliminary Economic Assessment.
Shareholder Impact:
- Strong resource growth supports long-term project scalability.
- Significant opportunities to keep growing the overall contained metal inventory
- Ability to bring in additional material currently outside of known resource
- Financial strength ensures continued resource expansion and project advancement.
Jonathon Deluce, CEO of Abitibi Metals stated:
"We are excited to announce this significant resource update, achieved after just one year of focused exploration at the B26 Polymetallic Deposit. We believe we are only at the beginning of defining a much larger resource at B26 and will continue to expand it through ongoing drilling, with the goal of unlocking its full value for our shareholders and stakeholders."
Full News Release: https://abitibimetals.com/abitibi-metals-announces-62-increase-in-resources-at-b26-to-11-3-mt-indicated-at-2-13-cueq-and-7-2-mt-inferred-at-2-21-cueq/
Posted on Behalf of Abitibi Metals Corp.