44 diamond drill holes were completed totalling 13,502 metres under the first phase of a fully funded 50,000‑metre, 2024-2025 drill program. To-date, assay results from the first 10 holes have been released; assay results for the remaining 34 drill holes are expected over the coming weeks and will be released once received and compiled. The Company intends to recommence drilling activities in early June once the winter break-up concludes and Phase 2 targeting is finalized.
Highlights from the Phase 1 Program include:
- B26 Main Deposit: 36 holes were 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 were 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 were 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.
- Phase 1 highlight intervals to date include:
- #1274-24-293: 2.6% CuEq over 37.0 metres beginning at 106 metres depth, including 6.3% CuEq over 10.6 metres
- #1274-24-294: 2.5% CuEq over 61.3 metres beginning at 128.6 metres depth, including 11.4% CuEq over 10.6 metres
- #1274-24-300: 5.35% CuEq over 8.1 metres beginning at 251.5 metres depth
- #1274-24-301: 1.47% CuEq over 97.5 metres beginning at 30.5 metres depth, including 3.9% CuEq over 21.9 metres
The Company's 2024 strategy moving forward to develop B26 will be focused on five milestones:
- 16,500+ metres of drilling. With 13,500 metres completed, the Company anticipates drilling a further 16,500 metres in 2024 as part of the total 50,000 metres fully funded into 2025.
- Updated Internal Resource & 3D Model: The Company recently announced its first 3D model of the Project, integrating data from its maiden program with the 115,000+ metres drilled by
SOQUEM . 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 inform and improve confidence in an updated internal mineral resource estimate, which is currently underway. Gravity Survey : The Company is planning aGravity Survey grid to cover extensions of the VMS contact to help model the geology, primarily the mafic-felsic contacts and sulphide-rich environment, in order to target new mineralized extensions and satellites close to the surface and at a moderate depth (300 to 600 metres). This is aligned with our first-year objective of improving our understanding of the Project. Eventually, an integrated geophysics approach could deliver additional discoveries on the property.- Evaluation of Assay Preparation: In the 2018 resource estimate, SGS recommended QAQC protocols to explain the replicability for the four metals (Au-Cu-Ag-Zn). The Company has set up a series of assaying protocols with the objective to control QAQC issues from the beginning of the project. As a result, samples are crushed finer with 95% of particles passing 1.7 mm and a large split of 1 kg is pulverized down to 106 µm (150 mesh). The Company believes that these adjustments will help to better evaluate the higher-grade areas of the deposit as shown in the results of drillhole 1274-24-293 which represents the potential opportunity to increase the grade within areas of the deposit. The Company is reviewing historical intercepts to determine areas for re-assaying to be able to define more precisely higher grade lenses inside the deposit
- Additional Sampling of Historical Core: In the 2018 resource estimate, SGS identified 8,300 metres of historical unassayed core within the mineralized corridor. The Company plans to start assaying these identified areas to complete the model and help better determine the boundaries of the deposit.
The Company is pleased to announce that drilling continues at the
Located within the prolific
Abitibi is the first public company with the option to earn into the B26 Deposit, which has a strike length of 1 km and depth extent of 0.8 km, both of which are open to expansion. Abitibi will focus on delivering shareholder value with an aggressive exploration approach, including a fully financed approximate 50,000 metres of drilling in 2024 and 2025 that will focus on advancing the historical 2018 resource1 while testing its open-pit potential.
Property Highlights Include:
- Historical 2018 resource prepared by
SGS Canada Inc. forSOQUEM Inc. that includes 254 holes over 115,311 meters, advancing the asset to a significant resource that includes, across all categories, 400 million pounds of copper, 286,000 ounces of gold, and significant zinc silver exposure. - B26 Historical Resource Summary1 (2018)
- Indicated: 6.97 Mt at 2.94% Cu Eq (1.32% Cu, 1.80% Zn, 0.60 g/t Au and 43 g/t Ag)
- Inferred: 4.41 Mt at 2.97% Cu Eq (2.03% Cu, 0.22% Zn, 1.07 g/t Au and 9 g/t Ag)
- Historical drilling by
SOQUEM has established the continuity down to a vertical depth of 800 meters and the deposit remains open at depth and laterally with strong historical intercepts including:
- 2.32% Cu Eq over 89.5 metres (1274-13-117)
- 3.05% Cu Eq over 48.1 metres (1274-16-224)
- 8.95% Cu Eq over 11.5 metres (1274-14-152)
- The B26 deposit is situated within 7 km of the historical
Selbaie Mine , a Polymetallic Deposit with a variety of mineralization styles and element combination, that had a historical resource of 56.9 Mt @ 0.87% Cu, 1.85% Zn, 0.55 g/t Au, 39 g/t Ag (CONSOREM 2012). Reference to this nearby property is for information only, and there are no assurances that the Company will achieve the same results at the B26 Deposit.
Information contained in this press release was reviewed and approved by
ON BEHALF OF THE BOARD
The Company also maintains an active presence on various social media platforms to keep stakeholders and the general public informed and encourages shareholders and interested parties to follow and engage with the Company through the following channels to stay updated with the latest news, industry insights, and corporate announcements:
Twitter: https://twitter.com/AbitibiMetals
LinkedIn: https://www.linkedin.com/company/abitibi-metals-corp-amq-c/
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Note 1: A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves. The issuer is not treating the historical estimate as current mineral resources or mineral reserves. Source: Rapport Technique NI 43-101 Estimation des Ressources Projet B26, |
Note 2: Copper Equivalent values were calculated using metal prices of |
Note 3 - Sources: |
Fayard, Q, Mercier-Langevin, P., Wodicka, N., Daigneault, R., & Perreault, S. (2020). The |
Fayard, Q. (2020). CONTRÔLES VOLCANIQUES, HYDROTHERMAUX ET STRUCTURAUX SUR LA NATURE ET LA DISTRIBUTION DES MÉTAUX USUELS ET PRÉCIEUX DANS LES ZONES MINÉRALISÉES DU PROJET B26, COMPLEXE VOLCANIQUE DE BROUILLAN, ABITIBI, |
This news release contains certain statements, which may constitute "forward-looking information" within the meaning of applicable securities laws. Forward-looking information involves statements that are not based on historical information but rather relate to future operations, strategies, financial results or other developments on the
SOURCE
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