The Company is pleased to announce that drilling continues at the Beschefer Gold Project 7 km to the northeast of the B26 Deposit
BESCHEFER LONG SECTION (Credit: CNW Group/Abitibi Metals Corp.)
Abitibi Metals Corp. (CSE: AMQ) (OTCQB: AMQFF) (FSE: FW0) (“Abitibi” or the “Company”) is pleased to announce that it has successfully completed its Phase 1 maiden drill program at the B26 Polymetallic Deposit (“B26”, the “Project” or the “Deposit”). On November 16th, 2023, the Company entered into an option agreement on the B26 Polymetallic Deposit to earn 80% over 7 years from SOQUEM Inc. (“SOQUEM”), a subsidiary of Investissement Québec (see news release dated November 16, 2023).
44 diamond drill holes were completed totalling 13,502 metres under the first phase of a fully funded 50,000‑metre, 2024-2025 drill program. To-date, assay results from the first 10 holes have been released; assay results for the remaining 34 drill holes are expected over the coming weeks and will be released once received and compiled. The Company intends to recommence drilling activities in early June once the winter break-up concludes and Phase 2 targeting is finalized.
Jonathon Deluce, CEO of Abitibi Metals, commented, “We are thrilled with these initial results of our maiden drill program at the B26 Polymetallic Copper Deposit. We had initially planned to drill 2,750 metres but with the continued success in drilling and support from our shareholders, we expanded our maiden program to 13,500 metres, larger than our initial total program for 2024.”
Mr. Deluce continued: “The significance of this program cannot be understated. Part of our thesis when we optioned B26 was to assess the potential open-pit component that could be added to the historical underground resource. Our strategy for this maiden program was to primarily concentrate on high-priority targets within the Main Deposit to a depth of 300 metres, and the results from #293, #294, #300 and #301, which identified significant near-surface high metal factor zones, support our thesis of assessing the open-pit potential at B26 further. With the recently completed financing bringing our total treasury to approximately $19 million, we are well-positioned to build on this maiden program with a further 36,500 metres to be drilled into 2025. I look forward to sharing the remaining results in the coming weeks as we prepare for the next phase of drilling in the Spring of 2024.”
Source: Company Press Release