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Abitibi Metals Outlines Expansion Model at the B26 Polymetallic Deposit
Highlights: The Phase II drill program is underway with one rig currently on site for a planned program incorporating 16,500 metres of drilling. This program is
About this update from Abitibi Metals Corp
[{"type":"text","content":"Highlights: The Phase II drill program is underway with one rig currently on site for a planned program incorporating 16,500 metres of drilling. This program is supported by a successful Phase I which indicated considerable expansion potential with targets organized in three exploration environments: 1) western plunge (down-dip) extension; 2) mid-level target; and 3) open-pit model optimization. The Company remains well funded, with approximately $15.5 million to complete the remaining 16,500 metres planned for the 2024 work program as well as an additional 20,000 metres in 2025, which will form the foundation of an updated resource estimate and PEA to complete the B26 option. August 27, 2024 / London, Ontario – Abitibi Metals Corp. (CSE:AMQ) (OTCQB:AMQFF) (FSE:FW0) (“Abitibi” or the “Company”) is pleased to announce the Company’s expansion model at the B26 Polymetallic Deposit (\"B26\", the \"Project\" or the \"Deposit\") where Abitibi recently commenced its’ Phase II drill program of 16,500 metres. 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). Abitibi remains well funded, with approximately $15.5 million to complete the 2024 work program as well as an additional 20,000 meters in 2025, which will be incorporated into an updated resource estimate and then a Preliminary Economic Assessment to complete the B26 option. Jonathon Deluce, CEO of Abitibi Metals, stated, \"The on-going Phase II drill program at the B26 Deposit marks a pivotal step in our exploration strategy. We are particularly excited about the potential of the western plunge, where deeper drilling could significantly increase the contained metal inventory. Abitibi’s review of historical data and Phase I drilling results suggests significant expansion opportunities following lateral trends, and at depth where previous drilling encountered copper-gold mineralization with widely spaced holes.” Western Plunge (Down-Dip) Extension After reviewing results from Phase I drilling, which includes refining the geological model for B26, the Company will continue focusing on developing existing targets to demonstrate the high-grade potential of the deposit. Phase II drilling will focus on expanding the historical resource...