Abitibi Metals Commences Phase 2 Drilling at B26 Deposit

NewMediaWire
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LONDON, Ontario - (NewMediaWire) - August 13, 2024 - Abitibi Metals Corp. (CSE:AMQ) (OTCQB:AMQFF) (FSE:FW0) ("Abitibi" or the "Company") is pleased to announce the commencement of Phase 2 drilling at its high-grade B26 Polymetallic Deposit ("B26" or the "Deposit"). The initial program size is 16,500 metres, subject to expansion based on positive results and visuals observed throughout the program. 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).

The Phase 2 drilling program is a significant step forward in the development of the B26 Deposit. One drill rig has already started, with a second drill scheduled to join the operations shortly. This phase will focus on testing multiple objectives:

  1. Western Plunge: The western plunge of the deposit, an area identified for its significant expansion potential with limited historical drilling.

  2. Mid-Level Resource Growth: A review of the block model below the 300-metre level indicates a significant opportunity for historical resource expansion due to insufficient drill coverage. The Company has identified high-priority targets at vertical depths between 300 and 625 metres, which will be a focus of this phase of drilling.

  3. Open Pit: Following the strong near-surface results from Phase 1 and insights from the Company's internal resource models, several high-priority near-surface expansion targets have been identified. These targets aim to expand the historical open-pit resource while optimizing the strip ratio, enhancing the economic feasibility of the project.

  4. New Targets: The Company continues to process the recently completed gravity survey to best define new targets outside of the B26 Deposit highlighting similar characteristics. These stand-alone targets will be drilled towards the end of the Phase 2 drill program and have the potential to make a new discovery within the B26 Property as a whole.

Jonathon Deluce, CEO of Abitibi Metals stated: "We are excited to announce the arrival of the first drill rig as Abitibi initiates the Phase 2 drill program at the high-grade B26 Polymetallic Deposit. This phase is crucial as we aim to expand our historical resource base, particularly in the underexplored western plunge and mid-level sections of the deposit. With the insights gained from our recent gravity survey and Phase 1 drilling, we are well-positioned to not only enhance the open-pit and underground potential but also to identify new, high-priority targets that could significantly increase the value of the B26 Property. The addition of a second rig will accelerate our efforts, allowing us to continue advancing towards our goal of defining a world-class deposit."

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