Abitibi Metals Corp. announced that it has successfully completed its Phase 1 maiden drill program at the B26 Polymetallic Deposit ("B26", the "Project" or the "Deposit"). 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. ("SOQUEM"), a subsidiary of Investissement Québec.

44 diamond drill holes were completed totalling 13,502 metres under the first phase of a fully funded 50,000-metre, 2024-2025 drill program. To-date, assay results from the first 10 holes have been released; assay results for the remaining 34 drill holes are expected over the coming weeks and will be released once received and compiled. The Company intends to recommence drilling activities in early June once the winter break-up concludes and Phase 2 targeting is finalized.

Highlights from the Phase 1 Program include: B26 Main Deposit: 36 holes were completed, totalling 10,469.5 metres, to evaluate the open pit potential and potential up-dip near-surface extensions of the Main Deposit to the north and infill gaps in the model. Satellite West: 5 holes were completed, totalling 1,716 metres, targeting the geometric continuity of a potential satellite zone 500 metres to the west of the Main Deposit. Eastern Extension: 3 holes were completed, totalling 1,317 metres, targeting the expansion of the main deposit to the east where 2.45% Cu Eq over 26.7 metres, including 4.74% CuEq over 11.7 metres (1274-14-167) was intercepted in historical drilling.

Phase 1 highlight intervals to date include: #1274-24-293: 2.6% CuEq over 37.0 metres beginning at 106 metres depth, including 6.3% CuEq over 10.6 metres, #1274-24-294: 2.5% CuEq over 61.3 metres beginning at 128.6 metres depth, including 11.4% CuEq over 10.6 metres, #1274-24-300: 5.35% CuEq over 8.1 metres beginning at 251.5 metres depth, #1274-24-301: 1.47% CuEq over 97.5 metres beginning at 30.5 metres depth, including 3.9% CuEq over 21.9 metres. The Company's 2024 strategy moving forward to develop B26 will be focused on five milestones: 16,500+ metres of drilling. With 13,500 metres completed, the Company anticipates drilling a further 16,500 metres in 2024 as part of the total 50,000 metres fully funded into 2025.

Updated Internal Resource & 3D Model: The Company recently announced its first 3D model of the Project, integrating data from its maiden program with the 115,000+ metres drilled by SOQUEM. The new 3D geological model represents a fundamental evolution in the understanding of the geological controls of mineralization within the B26 Deposit, and is expected to inform and improve confidence in an updated internal mineral resource estimate, which is currently underway. Gravity Survey: The Company is planning a Gravity Survey grid to cover extensions of the VMS contact to help model the geology, primarily the mafic-felsic contacts and sulphide-rich environment, in order to target new mineralized extensions and satellites close to the surface and at a moderate depth (300 to 600 metres).

This is aligned with first-year objective of improving understanding of the Project. Eventually, an integrated geophysics approach could deliver additional discoveries on the property. Evaluation of Assay Preparation: In the 2018 resource estimate, SGS recommended QAQC protocols to explain the replicability for the four metals (Au-Cu-Ag-Zn).

The Company has set up 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). The Company believes that these adjustments will help to better evaluate the higher-grade areas of the deposit as shown in the results of drillhole 1274-24-293 which represents the potential opportunity to increase the grade within areas of the deposit.

The Company is reviewing historical intercepts to determine areas for re-assaying to be able to define more precisely higher grade lenses inside the deposit Additional Sampling of Historical Core: In the 2018 resource estimate, SGS identified 8,300 metres of historical unassayed core within the mineralized corridor. The Company plans to start assaying these identified areas to complete the model and help better determine the boundaries of the deposit. The Company announced that drilling continues at the Beschefer Gold Project 7 km to the northeast of the B26 Deposit.

To date, the Company has focused drilling on the "East Zone", where 5 holes totalling 1,679 metres have been completed as of April 22, 2024 and is on track to complete 2,975 metres across 10 holes. The East Zone hosts some of the highest historical intercepts, including 55.63 g/t gold over 5.57 metres and 13.07 g/t gold over 8.75 metres. Property Highlights Include: Historical 2018 resource prepared by SGS Canada Inc. for SOQUEM Inc. that includes 254 holes over 115,311 meters, advancing the asset to a significant resource that includes, across all categories, 400 million pounds of copper, 286,000 ounces of gold, and significant zinc silver exposure.