Abitibi Metals boosts B26 resources by 62% and 63%

Abitibi Metals (CSE: AMQ; OTCQB: AMQFF) updated the indicated tonnage by 62% and the inferred tonnage by 63% at its B26 polymetallic deposit. The project is located 90 km west of Matagami, Que., and 5 km south of the old Selbaie copper-zinc-gold-silver mine.

The indicated resource now stands at 11.3 million tonnes grading 1.23% copper, 1.27% zinc, 0.46 g/t gold, and 31.9 g/t silver (2.13% copper equivalent or 3.39 g/t gold equivalent).

The inferred resource stands at 7.2 million tonnes at 1.56% copper, 0.17% zinc, 0.87 g/t gold and 7.4 g/t silver (2.21% copper equivalent or 3.51 g/t gold equivalent).

The numbers in Abitibi’s first resource estimate have a significant increase in total metal: 38% increase in contained copper, 15% increase in contained zinc, 29% increase in contained gold, and 22% increase in contained silver, compared to the 2018 estimate.

"We are excited to announce this significant resource update, achieved after just one year of focused exploration at the B26 polymetallic deposit, said CEO Jonathon Deluce. “We believe we are only at the beginning of defining a much larger resource at B26 and will continue to expand it through ongoing drilling."

Mineralization starts near surface and remains open at depth and laterally. Results from the ongoing 16,500-metre phase two drill program are not included in these estimates. The company is fully funded with $13 million to complete the phase two drilling and an additional 20,000 metres in 2025, all of which will be incorporated into a preliminary economic assessment to complete Abitibi’s option of the B26 deposit and bring its ownership to 80%.

"Following an in-depth evaluation of both open pit and underground scenarios for the B26 deposit, we are currently seeing greater value in pursuing an underground-only model. However, we continue to see strong merit in the open-pit potential,” said Deluce, “particularly given the promising lower-grade, near-surface halo. We plan to conduct further work to better understand and outline this zone, which could enhance the resource's versatility and add significant optionality in the future."

Additional information and news about the B26 deposit is posted on www.AbitibiMetals.com.