Abitibi Metals Corp. announce that its technical team has completed its first comprehensive 3D geological model for 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.

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 enhance confidence in mineral potential evaluation and refine drill planning initiatives currently underway. 3D Model Highlights: The footprint of the deposit extends along a strike length of 1.6 km by 0.8 km at depth, occupying a corridor of approximately 150 metres in width. Made up of three historical zones: 3.71 Mt @ 2.01% Cu, 0.1% Zn, 0.87 g/t Au, and 7 g/t Ag (indicated), 4.23 Mt @ 2.10% Cu, 0.4% Zn, 1.03 g/t Au, and 7 g/t Ag (inferred), Horizon Zn1: 2.24 Mt @ 4.98% Zn, 0.24% Cu, 99 g/t Ag, and 0.09 g/t Au (indicated), Remobilized Ag-Zn1: 0.81 Mt @ 3.02% Zn, 0.01% Cu, 138 g/t Ag, and 0.07 g/t Au (indicated).

Abitibi's technical model was prepared using Oasis montaj software by applying a kriging tool. Multiple assumptions were tested to find the best orientation to grade shells using 0.2 g/t gold, 0.3% copper and 5 g/t silver respectively. The exercise was validated using both sections and plans with drill results.

From Abitibi's technical team's review of the database and modeling work to date, the following observations have been made: Individual element: Each element (Cu, Au, Ag, Zn) was broken down during the modeling process to better understand the trends within the deposit. Plunge: Overall, the copper-gold system representing the main volume of the deposit is plunging to the west along a 40 to 50-degree trend with a 70-degree dip. The confirmed zinc-rich VMS lens marking the southern contact of the mineralized system follows a stronger plunge between 50 and 70 degrees to the west.

Lithological and Structural Controls: Ongoing modelling puts in relation the porphyritic rhyolite dome, sills, and dykes complex with the bulk of the copper-gold mineralization. Geophysics: To improve the property-wide target model, a mag inversion along the B26 corridor and property-wide gravity survey will commence shortly. Expansion Potential: Through the Oasis montaj grade modeling, section-to-section interpretation, and Phase 1 drilling observations, the Company has identified high-priority expansion targets and trends within and outside the main deposit area that will be drilled in Second Quarter and Q3.

The Company is finalizing these targets, which will be outlined in subsequent releases. Phase 1 drilling was designed to improve and expand the model by: North Bedrock /Open Pit: To evaluate the open pit potential and potential up-dip near-surface extensions of the main deposit to the north. This testing is distributed over a 1.2-kilometre strike length.

Infill Gaps: Previous drill coverage was done using 50-metre centers; infill drilling was targeted to better define high-grade and higher metal factor trends. This will assist in better-defining targets at depth for drilling throughout the remainder of the year. Strike Expansion: Drilling has been targeted to expand the strike extent of the deposit at both the Satellite West and Eastern Extension targets.

Highlights from the Phase 1 Program to-date include: B26 Main Deposit: 36 holes have been 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 have been 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 have been 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.

#1274-24-293 and #1274-24-294: Tested the geometry and validating (infill & extension) mineralization within the Main Deposit, #293 and #294 supported the Company's thesis of B26 having near-surface potential with #293 returning 2.6% CuEq over 37.0 metres beginning at 106 metres depth, including 6.3% CuEq over 10.6 metres, and #294 returning 2.5% CuEq over 61.3 metres beginning at 128.6 metres depth, including 11.4% CuEq over 10.6 metres. #1274-24-300 and #1274-23-301: Were planned to infill a central cluster of chalcopyrite stringer and quartz veining cross-cutting historical down dip holes 1274-16-238 and 1274-16-240. The two holes are separated laterally by about 150 metres.

#301 intercepted 1.47 % CuEq over 97.5 metres started under the bedrock contact from 30.5 to 128 metres downhole, representing an estimated true thickness. #300 intercepted a shorter higher-grade interval of 5.35% CuEq over 8.1 metres from 251.45 to 259.6 metres, which also contained 1.1 g/t Au. #1274-24-335 and 1274-24-334: were designed to test the continuity of a potential satellite zone 500 metres to the west of the main deposit.

Drill hole 1274-24-335 highlighted indications of a strong VMS system with local sphalerite bands and stringers with accessory chalcopyrite hosted in chert tuff. The best interval obtained from #335 with 1.05% CuEq over 8.6 metres followed by lower-grade mineralized intervals of 0.49% CuEq and 0.82% CuEq over 7.55 metres and 6.4 metres, respectively. The Company is still waiting on additional assays from #1274-24-335, and the complete hole will be reported in the next results release.

Assays from 33 holes remain pending.