Highlights:

• Expansional results from key target areas at the B26 Deposit: 
  • Hole 1274-24-359 – Over 32 metres of more than 2% CuEq across multiple intervals including:
    • 2.0% CuEq over 16.5 metres, beginning at 326m depth,
    • 3.3% CuEq over 6.85 metres, beginning at 381.15m depth, and
    • 2.14% CuEq over 7.2 metres, beginning at 476.4m
  • Hole 1274-24-360 – 1.94% CuEq over 29 metres beginning at 262 metres depth, including 8.08% CuEq over 2.9 metres beginning at 287 metres.
  • Hole 1274-24-362 – 1.42% CuEq over 33.5 metres beginning at 262 metres depth, including 2.32% CuEq over 4.0 metres.
  • Strong Gold Credit – 8.4 g/t Au over 1.2 metres  and 3.1 g/t Au over 1.75 metres in holes #362 and #359, respectively.
  • B26 Growth Potential – Hole #359 hit high-grade mineralization (444–518.4m) beyond the current block model (see figure 4), while holes 360–362 intersected >2% CuEq in areas modeled at 1–1.5% CuEq, based on wide 50-100m drill spacing.
  • “The consistency and grade of the mineralized zones intersected in Phase II, particularly in underexplored gaps and beyond the current block model, are highly encouraging,” said Jonathon Deluce, CEO of Abitibi Metals. “Intercepts such as 8.08% CuEq over 2.9 metres within 1.94% CuEq over 29 metres reinforce the strength of the deposit and the potential for both resource expansion and grade enhancement. As we prepare to launch our Phase III program this month, these results validate our exploration model and continue to support B26 as a compelling base metal asset.”

Abitibi Metals Corp. (CSE: AMQ) (OTCQB: AMQFF) (FSE: FW0) is pleased to announce it has received remaining balance of assays from its Phase II drill program at the B26 Polymetallic Deposit from 5 additional holes (2,135 metres) that are reported below. On November 16th, 2023, the Company entered into an option agreement on the B26 Polymetallic Deposit to earn 80% over 7 years from SOQUEM Inc.  a subsidiary of Investissement Québec (see news release dated November 16, 2023).

Holes 1274-24-359, 1274-24-360, 1274-24-361, and 1274-24-362 have delivered promising results that further confirm the expansion potential of mineralization within the recently released resource model of 11.3MT @ 2.13% Cu Eq (Ind) & 7.2MT @ 2.21% Cu Eq (Inf). The drill holes within this release were strategically designed to test for high-grade lenses in previously underexplored gaps within the resource model. Notable intercepts include 2.02% CuEq over 16.5 meters in hole #359 and 1.42% CuEq over 33.5 meters in hole #362. Out of the holes drilled and included in this release, 5 out of 5 yielded results with copper equivalent grades exceeding 2% over core lengths of 0.5 to 16.5 meters (see figure 1 & 2).

With all Phase II assay results now reported, the Company plans to announce its 2025 exploration program in the coming weeks. This will include a fully funded Phase III drilling campaign of about 17,000 meters, aimed at expanding resources, further defining high-grade lenses within the main B26 Deposit, and advancing other standalone high-priority exploration targets across the entire B26 Property totalling 3,328-hectares.

Drilling Summary:

The main goal of drill holes 1274-24-359, 1274-24-360, 1274-24-361 and 1274-24-362 was to extend higher-grade mineralization and define higher grade lenses in the upper section of the Mid-Range Depth Target as well as evaluate the potential for elevated grades within untested gaps in the drill coverage. Overall, results indicate there is a strong potential to further expand the overall tonnage of the B26 deposit and improve its grade profile, which ranks among the highest compared to similar North American polymetallic deposits. The four holes drilled encountered polymetallic mineralization exceeding 2% CuEq over more than 5 meters (not including 1274-13-117EXT). The distribution of sulfides indicates a stacking of one to four lenses intersected over a length of 5 to 29 metres. This information will be integrated into the current model to delineate lenses at a greater level than the current 1 to 1.5% CuEq grades while reducing the spacing from 100 to 200 metres down to 50 metres.

Hole 1274-24-359 was drilled to a depth of 553.4 metres and intersected multiple high-grade intercepts (highlights in Table 1) hosted within a sequence of sericite-altered tuff. Sulfide concentrations vary continuously inside envelopes that are 150 metres wide (see figure 3). These results further confirmed the VMS related mineralization style at the northeastern part of the B26 deposit. Standout results include 3.86% CuEq over 7.05 metres, beginning at 330.8 metres highlight strong mineralization at the upper levels of the deposit and higher-grade lenses in areas previously drilled with wide spacing. Elevated gold grades of 3.1 g/t Au over 1.75m were associated with 5% pyrite, 2-3% fine grade sphalerite and 2% chalcopyrite.

Hole 1274-24-360 emphasizes strong Zn-Ag VMS mineralization at shallow depth at the hangingwall of B26. Highlight results include 4.0 % Zn, 67.4 Ag and 0.1% Cu over 29 metres, for a CuEq grade of 1.9% CuEq, starting at 262 metres depth. The mineralization takes the form of concordant and discordant semi-massive pyrite-sphalerite sub-concordant bands and discordant stringers. A sulfide rich core is composed of 35% sphalerite, 20% chalcopyrite, and 10% pyrite. Another highlight interval associated within this zone was 8.08% CuEq over 2.9 metres, starting at 287 metres depth.

Hole 1274-24-361 was drilled to a depth of 516 metres and planned to crosscut the up-dip projection of the hanging wall VMS mineralization. At depth, the hole was planned to explore the extension of copper bearing stockwork mineralization at the margin of the current block model. Isolated highlights include 2.34% CuEq over 0.65 metres beginning at 390.75 metres depth. The rocks within this target area exhibit moderate to strong chloritization, with intervals of moderate sericitization and contain quartz veins that are comprised of upwards of 2% chalcopyrite and 2% pyrite.

Hole 1274-24-362 was drilled to explore for extensions 50 metres beneath the significant mineralization found in holes 1274-24-393 and 1274-24-394. Highlight intervals include 1.42% CuEq over 33.5 metres beginning at 262 metres depth, including 7.10% CuEq over 1.2 metres. Moderate to strong sericite and chlorite alteration is present in both matrix and the breccias with 1-2% quartz and quartz-chlorite-carbonate veins. Strong gold grades of 8.35 g/t Au over 1.2 metres were associated with these veins at a depth of 262.2 metres.

Hole #117 EXT was an extension of hole 1274-13-117 that was drilled along strike at the eastern side of the deposit, and east of north-south trending mafic dykes and chalcopyrite stringer mineralization that is slightly displaced to the north-east by north-trending fractures and faults. As part of the upcoming Phase III drill program, perpendicular drilling will be conducted in that section to more accurately determine the local true thickness of the deposit and target eastern extensions of known mineralization. Highlight results include 1.26% CuEq over 3.0 metres, beginning at 412m depth.

Table 1: Significant Intercepts

Table 2: Drill Hole Information

QAQC

The core logging program was run by Explo-Logik in Val d’Or, Quebec. The drill core was split with half sent to AGAT Laboratories Ltd. and prepared in Val d’Or, Quebec. All samples are processed by fire assays on 50 gr with atomic absorption finish and by “four acids digestion” with ICP-OES finish, respectively, for gold and base metals. Samples returning a gold grade above 3 g/t are reprocessed by metallic screening with a cut at 106 µm. Material treated is split and assayed by fire assay with ICP-OES finish to extinction. A separate split is taken to assay separately mineralized intervals with target grades above 0.5% Cu using Na₂O₂ fusion and ICP-OES or ICP-MS finish. Samples preparation duplicates, varied standards, and blanks are inserted into the sample stream.

In the 2018 resource estimate, SGS recommended the QAQC protocol to explain the replicability for the four metals (Au-Cu-Ag-Zn). The Company has set up for this program 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). Other measures put in place include the automatic re-assaying of gold results above 3 g/t by metallic screening and the use of sodium peroxide fusion in mineralized intervals corresponding to a target grade above 0.5% Cu.

Qualified Person

Information contained in this press release was reviewed and approved by Martin Demers, P.Geo., OGQ No. 770, a qualified person as defined under National Instrument 43-101, and responsible for the technical information provided in this news release.

About Abitibi Metals Corp:

Abitibi Metals Corp. is a Quebec-focused mineral acquisition and exploration company focused on the development of quality base and precious metal properties that are drill-ready with high-upside and expansion potential. Abitibi’s portfolio of strategic properties provides target-rich diversification and includes the option to earn 80% of the high-grade B26 Polymetallic Deposit, which  hosts a resource estimate of 11.3MT @ 2.13% Cu Eq (Ind) & 7.2MT @ 2.21% Cu Eq (Inf), and the Beschefer Gold Project, where historical drilling has identified 4 historical intercepts with a metal factor of over 100 g/t gold highlighted by 55.63 g/t gold over 5.57 metres and 13.07 g/t gold over 8.75 metres amongst four modeled zones.

About SOQUEM:

SOQUEM, a subsidiary of Investissement Québec, is dedicated to promoting the exploration, discovery and development of mining properties in Quebec. SOQUEM also contributes to maintaining strong local economies. Proud partner and ambassador for the development of Quebec’s mineral wealth, SOQUEM relies on innovation, research and strategic minerals to be well-positioned for the future.

Figure 1: Phase II Drillholes with the Location of Significant Results (CNW Group/Abitibi Metals Corp.)

Figure 2: Plan Map (CNW Group/Abitibi Metals Corp.)

Figure 3: Drill Hole 1274-24-359 – Mineralized intervals from 330.8m to 337.85m depth @ 3.86 CuEq (CNW Group/Abitibi Metals Corp.)

Figure 4: Cross Section – 1274-24-359, 361 (CNW Group/Abitibi Metals Corp.)