Business
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
Highlights: Indicated resources increased by 62% to 11.3 Mt from 6.9 Mt: Indicated resources now grade 1.23% copper ("Cu"), 1.27% zinc ("Zn"), 0.46 g/t gold ("A
About this update from Abitibi Metals Corp
[{"type":"text","content":" Highlights: Indicated resources increased by 62% to 11.3 Mt from 6.9 Mt: Indicated resources now grade 1.23% copper (\"Cu\"), 1.27% zinc (\"Zn\"), 0.46 g/t gold (\"Au\") and 31.9 g/t silver (\"Ag\") or 2.13% copper equivalent (\"CuEq\") Indicated resources contain 307.9 million pounds (\"Mlbs\") Cu, 316.9 Mlbs Zn, 168.2 thousand ounces (\"koz\") Au and 11.6 million ounces (\"Moz\") Ag or 532.3 Mlbs of CuEq Inferred resources increased by 63% to 7.2 Mt from 4.4 Mt: Inferred resources now grade 1.56% Cu, 0.17% Zn, 0.87 g/t Au and 7.4 g/t Ag or 2.21% CuEq Inferred resources contain 246.0 Mlbs Cu, 27.3 Mlbs Zn, 200.8 koz Au and 1.7 Moz Ag or 348.8 Mlbs of CuEq. Significant Increase in Total Contained Metal: 38% increase in contained Cu, 15% increase in contained Zn, 29% increase in contained Au and 22% increase in contained Ag relative to the 2018 Resource estimate 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.\" Mineralization Starts Near Surface and Remains Open at Depth: The B26 Polymetallic Deposit remains open at depth and laterally. The ongoing 16,500 metre Phase 2 drill program has not been included in this resource update and initial results will be announced next week. LONDON, ON, Nov. 13, 2024 /CNW/ - Abitibi Metals Corp. (CSE: AMQ) (OTCQB: AMQFF) (WKN: A3EWQ3) (\"Abitibi\" or the \"Company\") is pleased to announce the results of an updated resource estimate for the B26 polymetallic deposit (\"B26\", the \"Project\" or the \"Deposit\") and maiden resource published by Abitibi Metals which includes 13,510 meters drilled across 44 holes from the 2024 Phase 1 drill program. The Company is fully funded with $13.0 million to complete the remaining 2024 Phase 2 work program and an additional 20,000 metres of diamond drilling in 2025, which will be incorporated into a Preliminary Economic Assessment to complete the option. On November 16th, 2023, the Company entered into an option agreement on the B26 Deposit to earn 80% over 7 years from SOQUEM Inc. (see news r...