On bets that a substantial supply shortage is incoming, copper price surged to its highest-ever level, exceeding $11,000/ton extending a months-long rally. (Source: https://www.mining.com/web/copper-price-hits-record-above-11000-on-bets-that-shortage-looms/)
As several developments in 2024 have emboldened copper bulls and drawn in a rising tide of speculative money, investors and analysts are predicting surging usage in fast-growing sectors including Evs, renewable energy and artificial intelligence.
7MT of 2.9% Copper in The Abitibi Greenstone Belt Opportunity
Last week, Abitibi Metals (AMQ.c AMQFF) announced the drilling of 13.15m at 4.82% CuEq at the B26 Deposit, 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.
Highlights:
- 1.31% CuEq over 23.55 metres beginning at 114.15 metres depth, including 5.4% CuEq over 2.75 metres.
- 2.68% CuEq over 25.5 metres beginning at 189.0 metres depth, including 4.82% CuEq over 13.15 metres.
These results, from the 13,500m maiden drill program completed under the first phase of a fully funded 30,000m 2024 field season improved on the grades identified in historical drilling as the drillholes infilled the mineralization on the eastern side of the B26 Main Deposit close to the limit of the known deposit.
Assay results from additional eastern extensional holes where AMQ saw. Positive intervals are still pending.
Notably, AMQ remains well funded with $18M to complete the remaining 16,500m planned for the 2024 work program, as well as an additional 20,000m in 2025; the results of which will be incorporated into a PEA to complete the B26 option.
AMQ CEO, Jonathon Deluce, commented,
"We are excited to announce results from the eastern sector of the B26 Deposit, intercepting 2.68% CuEq over 25.5 metres in #313. We have successfully better defined the mineralized zone at the eastern limit of the B26 Deposit. These are the starting results from the eastern drilling where extensional holes are still outstanding from #315, 320-323, where we have seen positive visuals. With the copper price continuing to break out, projects like B26, located in the world-class jurisdiction of Quebec, stand out globally for their potential to deliver critical metals at a time when there is a clear rising need for copper."
Of the 44 diamond drill holes completed in this phase, a range of assays 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.
For more information, refer to Mining.com's latest feature on AMQ's new copper area: https://www.mining.com/abitibi-metals-probes-new-copper-area-at-b26-in-quebec/
Latest News Release: https://abitibimetals.com/abitibi-metals-drills-13-15-metres-at-4-82-cueq-in-eastern-drilling-at-the-b26-deposit/
Posted on Behalf of Abitibi Metals Corp.