Abitibi Metals (CSE: AMQ; OTCQB: AMQFF) announced the commencement of its fully funded phase 3 drill program, totaling approximately 20,000 metres at the B26 polymetallic deposit located in Québec. This program follows the company's recently announced mineral resource estimate of 11.3 million tons at 2.13% copper equivalent (indicated) and 7.2 million tons at 2.21% copper equivalent (inferred).
On November 16, 2023, the company entered into an option agreement on the B26 Deposit to earn up to 80% ownership over seven years from SOQUEM. SOQUEM is a subsidiary of Investissement Quebec. The agency is dedicated to promoting the exploration, discovery and development of mining properties in Quebec.
The company has planned that the phase 3 drill program to further define and expand high-grade zones within the B26 deposit, with a primary focus on increasing tonnage and grade in areas of limited drilling. This work builds upon the success of previous campaigns, which returned some of the highest-grade intercepts in the project's history — including 10.6 metres at 11.4% copper equivalent, within 61.3 metres at 2.5% copper equivalent (1274-24-294), near surface.
Work teams have already begun an initial 2,500 metres across four drill holes of the 20,000-metre program, targeting 300 to 500 metres depth continuity within interpreted high-grade mineralized lenses. Additionally, the company has begun airborne and downhole EM geophysics, with further details to be announced in a further press release.
Abitibi Metals will be strategically prioritizing the remaining 17,500 metres of drilling based on the success of these initial drill results, new geophysical data and a complete geological re-evaluation and interpretation of the deposit. A key focus of the additional 17,500 metres in phase 3 will be step-out drilling to test the large-scale expansion potential of the deposit.
Jonathon Deluce, CEO of Abitibi Metals, said: "We are very excited to launch our fully funded 2025 phase 3 drill program at the high-grade B26 polymetallic deposit. This program represents a pivotal step in advancing our goal of developing an economic deposit with significant upside. Our key focus is expanding high-grade copper-gold mineralization within and beyond the current footprint of the deposit, while also testing new high-priority targets across the broader property. Previous results have highlighted B26's exceptional grade profile, and with global demand for critical minerals accelerating, we believe this is a strategic time to advance one of Quebec’s most promising emerging polymetallic deposits. With the recent closing of our $10 million no-warrant financing, we are fully funded through 2027 and well-positioned to deliver long-term value alongside a strong base of existing and new shareholders who believe in our long-term vision of establishing a significant metals company in the Abitibi greenstone belt."
More information is posted on www.AbitibiMetals.com.
2 Comments
Donald Boucher
How do you calculate your copper equivalent value that was quoted in the PR?
Joseph Quesnel
You can contact investor relations for Abitibi Metals.