First Two Drill Holes in Ongoing 30K Metre Campaign Among Highest-Grade in Project History, Support Open Pit Potential at B26 Polymetallic Deposit,
Highlights:
- Drillhole 1274-24-293 intersected 4.0% CuEq over 22.7 metres, including 6.3% CuEq over 10.6 metres beginning at 120 metres depth;
- Drillhole 1274-24-294 intersected 4.1% CuEq over 34 metres, including 11.4% CuEq over 10.6 metres beginning at 135 metres depth;
- Results represent some of the highest-grade intercepts in the project's history and support the near-surface open-pit potential of the B26 Polymetallic Deposit;
- Maiden 10,000-metre drill program ongoing, with 6,088 metres completed across 20 holes to date;
Abitibi Metals will display drill core from these holes at PDAC,March 3-6, 2024 ; and- Additional assay results are anticipated in the coming weeks and throughout 2024.
Abitibi Metals strategic investor,
Table 1: Significant Intercepts
Hole ID | From (m) | To (m) | Length (m) | CuEq (%) | Cu (%) | Au (g/t) | Ag (g/t) |
1274-24-293 | 120 | 142.7 | 22.7 | 4.0 | 3.5 | 0.69 | 6.6 |
Including | 120.4 | 131 | 10.6 | 6.3 | 5.4 | 1.28 | 9.6 |
Including | 120.4 | 122.7 | 2.3 | 8.2 | 5.1 | 4.5 | 9.2 |
1274-24-294 (Note 3) | 135.3 | 169.3 | 34.0 | 4.1 | 3.0 | 1.5 | 6.0 |
Including | 136.2 | 146.3 | 10.6 | 11.4 | 8.1 | 4.8 | 13.3 |
Including | 139.7 | 142.2 | 2.65 | 22.4 | 11.8 | 15.9 | 20.9 |
Note 1: The intercepts above are not necessarily representative of the true width of mineralization. The local interpretation indicates core length corresponding to 75 to 80% of the mineralized lens' true width. Note 2: Copper equivalent values calculated using metal prices of Note 3: Results received to date represent rushed intervals only. Mineralized intervals are open with two overlimit results for copper still outstanding. |
Drillholes 1274-24-293 and 1274-24-294 were designed to test the geometry and validate (infill & extension) of mineralization in historical hole B26-40 at the intersection with historical hole 1274-16-224 (3.05% CuEq over a length of 48.1 metres) on section 652900E. Hole 1274-16-224 was drilled to the south at 180°. Hole 1274-24-293 was planned to reproduce historical hole B26-40 and extend the hole to cover the entire mineralized structure to the north. Hole 1274-24-294 is an undercut, drilled at about 20 metres down-dip of 1274-24-293 in a 70-metre gap in the model.
The results obtained in both holes are associated with well-defined mineralization composed of a network of nearly massive chalcopyrite veins hosted in sheared chlorite-sericite alteration assemblage developed with varied intensity in felsic tuffs. The grade within the first 140 metres of 1274-24-293 was significantly better than historical hole B26-40 with a 22.7 metre interval in 1274-24-293 grading 4.0% CuEq from 120 to 142.7 metres whereas the same approximate interval of 24.6 metres from 115.5 to 140.1 metres graded 1.2% CuEq in B26-40. This represents an opportunity to investigate other areas in the deposit where the grade could be understated. The Company is awaiting assays from the remainder of the hole.
Table 2: Comparison to Duplicated Historical Hole
Hole ID | From (m) | To (m) | Length (m) | CuEq (%) | Cu (%) | Au (g/t) | Ag (g/t) |
1274-24-293 | 120 | 142.7 | 22.7 | 4.0 | 3.50 | 0.69 | 6.6 |
B26-40 (Note 1) | 115.5 | 140.1 | 24.6 | 1.2 | 1.10 | 0.10 | 2.7 |
Change | 333 % | 318 % | 690 % | 244 % |
Note 1: Hole B26-40 is historical, results can not be linked to a QAQC procedure.
Hole 1274-24-294 illustrates a variant of the same type of mineralization with a higher fraction of quartz veining associated with local tectonic breccia. This environment can be related to gold enrichment observed from 136.2 to 146.3 metres (4.8 g/t Au and 8.1% Cu over 10.1 metres).
Overall, the style of mineralization observed in the two holes close together could follow a braided deformation pattern which can explain part of the grade variations observed. On the section drilled, the interlacing of veins creates a lens structure that can be followed from hole to hole 150 metres vertically.
This preliminary study done by duplicating while extending a historical hole and undercutting mineralized intervals supports the results representing a higher grade than the block model and historical intercepts surrounding these holes. The purpose of drilling a close-range key mineralized interval was both to infill the drill pattern and document the precision of assays.
Outlook:
In the 2018 Resource estimate, SGS recommended the QAQC protocol to explain the replicability for the four metals (Au-Cu-Ag-Zn). The Company has set up for this program a series of assaying protocols with the objective to control QAQC issues from the beginning of the project. As a result, samples are crushed finer with 95% of particles passing 1.7 mm and a large split of 1 kg is pulverized down to 106 µm (150 mesh). Other measures put in place include the automatic re-assaying of gold results above 3 g/t by metallic screening and the use of sodium peroxide fusion in mineralized intervals interval corresponding to a target grade above 0.5% Cu.
The Company believes that these adjustments will help to better evaluate the higher-grade areas of the deposit as shown in the results of hole 1274-24-293 which represents the potential opportunity to increase the grade within areas of the deposit. As a result of these developments, the Company will:
- Review the historical core to determine any areas which require re-assaying to test for higher grades.
- Review historical intercepts to determine areas to duplicate to confirm whether there is a similar increase in grade.
The Company will further revise its strategy to determine follow-up holes for 1274-24-294 to test the down-dip and lateral expansion potential of this high-grade lens.
Drilling continues at the project with 6,088 metres completed to date amongst 20 holes with two rigs currently active. The Company will potentially bring on a third drill in March to finish off the winter season. Within the additional holes completed to date, the Company continues to see positive visuals in both the infill and extension targets.
Table 3: Drill Hole Information
Drill hole number | Target | UTM East | UTM North | Elevation | Azimuth | Dip | Length (m) Drilled |
1274-24-293 | B26 Main | 652950 | 5513385 | 276 | 360 | -52 | 291 |
1274-24-294 | B26 Main | 652950 | 5513385 | 276 | 360 | -56 | 310 |
The core logging program is run by Explo-Logik in
Samples preparation duplicates, varied standards, and blanks are inserted into the sample stream.
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Source 1: Fayard, Q, Mercier-Langevin, P., Wodicka, N., Daigneault, R., & Perreault, S. (2020). The
Source 2: Rapport Technique NI 43-101 Estimation des Ressources Projet B26,
Source 3: Fayard, Q. (2020). CONTRÔLES VOLCANIQUES, HYDROTHERMAUX ET STRUCTURAUX SUR LA NATURE ET LA DISTRIBUTION DES MÉTAUX USUELS ET PRÉCIEUX DANS LES ZONES MINÉRALISÉES DU PROJET B26, COMPLEXE VOLCANIQUE DE BROUILLAN, ABITIBI,
Copper Equivalent values were calculated using metal prices of
Forward-looking statement:
This news release contains certain statements, which may constitute "forward-looking information" within the meaning of applicable securities laws. Forward-looking information involves statements that are not based on historical information but rather relate to future operations, strategies, financial results or other developments on the
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