Abitibi Metals drills 3.5% copper in Quebec

Abitibi Metals (CSE: AMQ; OTC: AMQFF) says its first two drill holes at the B26 polymetallic deposit in northern Quebec bode well to earn most of the project from the provincial government and develop an open-pit mine.

Drillhole 1274-24-293 intersected 22.7 metres grading 3.5% copper, 0.7 gram gold per tonne, and 6.6 grams silver from 120 metres depth including 10.6 metres at 5.4% copper, 1.3 grams gold and 9.6 grams silver, Abitibi reported on Thursday. Drillhole 1274-24-294 cut 34 metres at 3% copper, 1.5 grams gold and 6 grams silver from 135 metres depth, it said.

“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,” Abitibi CEO Jonathon Deluce said in a release. “Investigating the significant increase in grade in #293 when compared to the historical results will be a key objective of ours.”

The results support the project’s near-surface open pit potential, Abitibi said. The project feeds into the global energy transition’s need to expand copper production by nearly three times current levels by 2040, according to the International Energy Agency.

Shares in Abitibi Metals, which was known until last year as Goldseek (CSE: GSK), gained 3% on Thursday morning in Toronto to 69¢ apiece, valuing the company at $68.5 million. They’ve risen from 14¢ in November.