Business
Abitibi Metals Provides Operational Update and Outlines Its 16,500 Metre Phase II Exploration Strategy at B26
Highlights: Phase 2 Drill Program Well Underway: The Company continues to progress on its 16,500 metre Phase II drill program at the High-Grade B26 Polymetallic
About this update from Abitibi Metals Corp
[{"type":"text","content":"Highlights: Phase 2 Drill Program Well Underway: The Company continues to progress on its 16,500 metre Phase II drill program at the High-Grade B26 Polymetallic Deposit, having completed 10 holes across 8,086 metres to date. Open Pit Development: The Company plans to conduct re-sampling and re-logging of historical drill holes to verify the continuity and potential extensions of mineralized zones that were not included in the historical mineral resource estimate. Significant Mineralization Encountered at Depth: Phase II continues to show mineralization which extended over 60 metres at depth in hole 1274-24-342, which is an important up to 400 metre step-out to test the western-plunge downdip. This new hole highlights veinlets with approximately 1-2% disseminated chalcopyrite-pyrite, which is usually indicative of copper-gold mineralization and economic levels of base and precious metals. October 23, 2024 / TheNewswire / London, Ontario –Abitibi Metals Corp. (CSE:AMQ) (OTCQB:AMQFF) (FSE:FW0) (“Abitibi” or the “Company”) is pleased to provide an update on the 16,500-metre Phase II drill program at the B26 Polymetallic Deposit (“B26”, the “Project” or the “Deposit”) that is currently underway. Abitibi Metals is fully funded with $14.0 million to complete the remaining 2024 work program and an additional 20,000 metres 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 release dated November 16, 2023). “We are very encouraged by the progress we see in Phase II of our exploration at the B26 Deposit,” stated Jonathon Deluce, CEO and President of Abitibi Metals. “The addition of key mineralization intercepts, including the significant 60-metre interval at depth in hole 1274-24-342, reinforces the growth potential of the deposit’s Western Plunge. With 10 holes completed to date, we remain focused on advancing all target areas, including further delineating the open-pit resource and testing the Mid-Level and Western Plunge targets. This Phase II program is critical as we work toward expanding the resource and validating our development strategy. With a fully funded program totalling 50,000 metres and significant ta...