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Abitibi Metals Announces Commencement of Drilling at B26 Deposit (Ind: 7.0MT @ 2.94% Cu Eq & Inf: 4.4MT @ 2.97% Cu Eq)
January 23, 2024 – TheNewswire - London, Ontario – Abitibi Metals Corp. (CSE:AMQ) (OTC:AMQFF) (FSE:FW0) (“Abitibi” or the “Company”) is pleased to announce that
About this update from Abitibi Metals Corp
[{"type":"text","content":"January 23, 2024 – TheNewswire - London, Ontario – Abitibi Metals Corp. (CSE:AMQ) (OTC:AMQFF) (FSE:FW0) (“Abitibi” or the “Company”) is pleased to announce that drilling has commenced at the high-grade B26 Polymetallic Copper Deposit (“B26” or the “Project”). The drill program is the first undertaken by Abitibi at the Project and represents a significant milestone for the Company following the closing of its recent financings, totalling $14.37 million. 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 release dated November 16, 2023). Jonathon Deluce, CEO of Abitibi Metals stated: “We are excited to announce the arrival of the first drill rig as Abitibi initiates the maiden drill program at the high-grade B26 Polymetallic Copper Deposit. With a robust treasury of $15 million, the upsizing of our recent financings is a clear mandate from our shareholders to accelerate our drilling and drive growth of the existing deposit and Abitibi will be aggressive in deploying our fully funded 30,000 metres across 2024 as we enter a transformative period for the Company. Abitibi intends to drill a minimum of 10,000 metres in this first quarter targeting a rapid expansion of the high-grade resource and we look forward to sharing further updates as drilling advances. Upon positive feedback from the field, we will be ready to mobilize a second drill.” Figure 1 – Left, central Section showing expansion targets at depth3. Right, plan view showing lateral expansion targets laterally and along strike3. An initial 10,000-metre drill campaign is planned for the first phase of the fully funded 30,000-metre 2024 field season. The primary objective of the initial drilling will be to delineate the open-pit potential of the B26 Deposit while concurrently advancing and expanding the existing resource with a focus on high-metal factor trends within the first 300-metre vertical. During the program, the Company will continue to develop the 3D model, integrating the improvement points identified in the 2018 resource and inputting information from the progress of the current drill program. The Company is also reviewing the history of geophysical surveys done on the Property to evaluate the signature of the B26 deposit and identify the best approaches to assist with extr...