LONDON - Abitibi Metals Corp. (CSE: AMQ) (OTC: AMQFF) (FSE: FW0) ('Abitibi' or the 'Company') is pleased to announce results from the first two holes of the maiden drill program currently underway at the B26 Polymetallic Deposit ('B26', the 'Project' or the 'Deposit').
The Company is currently completing its winter drill program at the Deposit, where a minimum of 10,000 metres is targeted by the end of March under the first phase of a fully funded 30,000-metre 2024 field season. On November 16th, 2023, the Company entered into an option agreement on the B26 Polymetallic Deposit to earn 80% over 7 years from SOQUEM Inc.
Jonathon Deluce, CEO of Abitibi Metals, commented, 'We are pleased to announce these results from the first two holes of our maiden drill program at the B26 Polymetallic Deposit. These are some of the highest-grade intercepts in the Project's history and show a way to potentially increase the grade of our block model. 294 is an excellent example of a gap in the current drill-grid where we have been able to add a new high-grade intercept and confirm the down-dip continuity of high-grade lenses, while 293 exceeds the grade reported in historical drilling, suggesting potential for grade improvement within the deposit. Investigating the significant increase in grade in 293 when compared to the historical results will be a key objective of ours moving forward in order to revise our strategy and review other potential opportunities for grade improvement within the deposit.'
Mr. Deluce continued: 'This is the start of a very exciting period where we drill over 40 holes at the B26 Polymetallic Deposit. With the lower half of these two holes still pending and assays from the balance of the program still to come, Abitibi will be communicating regularly, and we anticipate providing updates over the next 3 months. We are very pleased that these results support the near-surface open pit potential of the B26 Polymetallic Deposit, and we look forward to announcing the results of our holes targeting the northern bedrock interface in the coming weeks.'
Abitibi Metals strategic investor, Greg Chamandy, commented, 'This is a superb start for Abitibi Metals, as the results highlight the exceptionally high grade of the deposit and demonstrate the open-pit potential. With a well-capitalized treasury, strong leadership and one of the most promising copper and gold projects in North America, Abitibi is in an excellent position to realize its vision of establishing a significant metals company in the Abitibi Greenstone belt and I look forward to seeing the remainder of a very successful maiden drill program at B26.'
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-degree. 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.
About Abitibi Metals Corp
Abitibi Metals Corp. is a Quebec-focused mineral acquisition and exploration company focused on the development of quality base and precious metal properties that are drill-ready with high-upside and expansion potential. Abitibi's portfolio of strategic properties provides target-rich diversification and includes the option to earn 80% of the high-grade B26 Polymetallic Deposit (Ind: 7.0MT @ 2.94% Cu Eq & Inf: 4.4MT @ 2.97% Cu Eq) and the Beschefer Gold Project, where historical drilling has identified 4 historical intercepts with a metal factor of over 100 g/t gold highlighted by 55.63 g/t gold over 5.57 metres and 13.07 g/t gold over 8.75 metres amongst four modelled zones.
About SOQUEM
SOQUEM, a subsidiary of Investissement Quebec, is dedicated to promoting the exploration, discovery and development of mining properties in Quebec. SOQUEM also contributes to maintaining strong local economies. Proud partner and ambassador for the development of Quebec's mineral wealth, SOQUEM relies on innovation, research and strategic minerals to be well-positioned for the future.
The Company also maintains an active presence on various social media platforms to keep stakeholders and the general public informed and encourages shareholders and interested parties to follow and engage with the Company through the following channels to stay updated with the latest news, industry insights, and corporate announcements:
Copper Equivalent values were calculated using metal prices of $4.00/lb Cu, $1.50/lb Zn, $20.00/ounce Ag and $1,800/ounce Au. Metal recoveries of 100% are applied in the copper equivalent calculation.
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 B26 Project or otherwise. Forward-looking information is necessarily based upon estimates and assumptions, which are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company's control and many of which, regarding future business decisions, are subject to change. These uncertainties and contingencies can affect actual results and could cause actual results to differ materially from those expressed in any forward-looking statements made by or on the Company's behalf. Although Abitibi has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. All factors should be considered carefully, and readers should not place undue reliance on Abitibi's forward-looking information. Generally, forward-looking information can be identified by the use of forward-looking terminology such as 'expects,' 'estimates,' 'anticipates,' or variations of such words and phrases (including negative and grammatical variations) or statements that certain actions, events or results 'may,' 'could,' 'might' or 'occur. Mineral exploration and development are highly speculative and are characterized by a number of significant inherent risks, which may result in the inability of the Company to successfully develop current or proposed projects for commercial, technical, political, regulatory or financial reasons, or if successfully developed, may not remain economically viable for their mine life owing to any of the foregoing reasons, among others. There is no assurance that the Company will be successful in achieving commercial mineral production and the likelihood of success must be considered in light of the stage of operations.
Contact:
Tel: +1 519-900-9063
Email: info@abitibimetals.com
ABITIBI METALS CORP. 
