Abitibi Metals Corp C.AMQ

Coppy Rallies Above US$9,000/ton

[MarketMakerss]

Moving up as investors react to global supply concerns, copper is rallying above US$9,000/ton, its highest level in 11 months.

 

Ending a months-long spell of inertia, investors and traders are seemingly "warming to the idea that the worst of a global downturn is in the past, particularly for metals like copper that are increasingly used in electric vehicles and renewables." (Source: https://financialpost.com/commodities/mining/copper-surges-past-9000-supply-threats/wcm/79e5dd77-0301-4cff-8c49-4202f9acb6d5/amp/)

 

One of the Most Promising Copper & Gold Projects in North America

"With a well-capitalized treasury, strong leadership and one of the most promising copper and gold projects in North America, Abitibi is in an excellent position to realize its vision of establishing a significant metals company in the Abitibi Greenstone belt"

 

With the intersection of semi-massive and massive sulphides in extensional drilling at the high-grade B26 Polymetallic Deposit, Abitibi Metals (AMQ.c AMQFF) is well poised amid copper's rise.

 

The high-grade Polymetallic Copper B26 Deposit is located in the mineral-rich Abitibi Greenstone Belt and has an indicated resource of 6.9MT @ 2.94% Cu Eq and an inferred resource of 4.41MT @ 2.97% Cu Eq.

 

Targeting 10,000m by the end of March under the first phase of a fully funded 30,000m 2024 field season, AMQ's maiden drill program has completed 7,074m across 22 holes to date.

 

Notably, 5 holes totalling 1,803m at the Satellite West Zone are targeting a new potential extension to the B26 main Deposit

 

Highlights:

• Drillholes 1274-24-293 and 294: Rushed assays included 4.0% CuEq over 22.7m, including 6.3% CuEq over 10.6m & 4.1% CuEq over 34m including 11.4% CuEq over 10.5m with further assays pending
• Drillhole 1274-24-301: Intersection of 11m interval observed to contain 10 to 15% chalcopyrite from 248.3m within a larger interval containing sub-parallel 1 to 10cm chalcopyrite from 36m to 85.5m
• Drillhole 1274-24-335: Continuity of potential satellite zone 500m to the west of the main deposit showed indications of strong VMS system with up to 7% sphalerite observed over 15m from 43m and 5% chalcopyrite over 20m from 116.5m

 

In continuing to hit significant semi-massive and massive sulphides, AMQ's believes that drill hole 1274-24-335 may highlight the deposit's expansion potential with the continuity of the potential satellite zone showing a strong VMS system.

 

These results are significant as 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)

 

This news comes on the heels of AMQ's previous release showing some of the highest-grade intercepts in the project's history which support the open-pit potential at the deposit from drillholes 1274-24-293 and 294 including 11.4% CuEq over 10.6m beginning at 135m depth and 6.3% CuEq over 10.6m beginning at 120m depth.

 

Notably, a 333% increase was noted on AMQ's twinned hole, hinting at substantial incoming growth potential as AMQ continues to update the existing resource estimate of 7.0MT @ 2.94% Cu Eq indicated and 4.41MT @ 2.97% Cu Eq inferred

 

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.

 

Full News Release: https://ca.finance.yahoo.com/news/abitibi-metals-intersects-semi-massive-113000519.html

 

Posted on Behalf of Abitibi Metals Corp.