Highlights:

• Expansional results from the Mid-Level and Eastern Satellite Targets: 
  • #343 – 1.65% CuEq over 7.4 metres beginning at 640.6 metres depth, including 4.73% CuEq over 2.0 metres
  • #347 – 1.82% CuEq over 12.5 metres beginning at 514 metres depth, including 2.8% CuEq over 7.85 metres
  • #349 – 2.2% CuEq over 4.0 metres beginning at 571 metres depth
  • #355 – 2.24% CuEq over 20.6 metres beginning at 72.3 metres depth, including 8.72% CuEq over 3.2 metres

Jonathon Deluce, CEO of Abitibi Metals, commented, “The Phase II drill results at B26 continue to demonstrate the impressive potential of this polymetallic deposit, with multiple high-grade intersections across key target zones, including the Mid-Level, and Eastern Satellite Targets. These results have filled gaps in the current geological model, particularly where thinning has occurred due to insufficient drill spacing, expanding the resource and enhancing confidence in the continuity of mineralization. We look forward to receiving the remainder of the assays from hole #355, which tested the up-dip extension of hole 1274-13-117, where an intercept of 2.32% Cu Eq over 89.5 metres was previously reported in an area with limited drilling.”

Abitibi Metals Corp. (CSE: AMQ) (OTCQB: AMQFF) (FSE: FW0) is pleased to announce that it has successfully completed its Phase II drill program at the B26 Polymetallic Deposit  and has received assays on 8 holes (6,016 metres) which is 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).

Jonathon Deluce, CEO of Abitibi Metals, commented, “The Phase II drill results at B26 continue to demonstrate the impressive potential of this polymetallic deposit, with multiple high-grade intersections across key target zones, including the Mid-Level, and Eastern Satellite Targets. These results highlight both the continuity and expansion potential of copper-gold mineralization, and the presence of new volcanogenic stringer zones enriched in zinc and silver. Notable intervals (#355) such as 2.24% CuEq over 20.6 metres, including 8.72% CuEq over 3.2 metres, underscore the strength of the system. We look forward to receiving the remainder of the assays from hole #355, which tested the up-dip extension of hole 1274-13-117, where an intercept of 2.32% Cu Eq over 89.5 metres was previously reported in an area with limited drilling.

These results have filled gaps in the current geological model, particularly where thinning has occurred due to insufficient drill spacing, expanding the resource and enhancing confidence in the continuity of mineralization.”

Drilling Summary:

A total of 16,400 metres in 24 drill holes were completed under the second phase of the fully funded approximate 50,000 metre, 2024-2025 drill program. The Company is currently still waiting for results from 12 holes across 7,577 meters. Once all assays have been released the Company plans to announce its 2025 exploration program that will include a fully funded approximately 20,000-metre Phase III drilling campaign targeting resource expansion and potential new standalone discoveries outside the main B26 Deposit within the 3,328-hectare land package.

Seven out of eight drill holes yielded results with copper equivalent grades exceeding 1% over core lengths of 2 to 20 meters. Results from the Mid-Level Target vary from 1% CuEq to 2.8 % CuEq over lengths of 4 to 12.5 metres. These holes targeted extensions of the block model at vertical depths of 325 to 650 metres, and span laterally by approximately 400 metres.

From the Eastern Satellite Target, 1274-24-355 intercepted 8.72% CuEq over 3.2 meters within a larger section of 2.24% CuEq over 20.6 meters, beginning at 73.3 meters depth. Chalcopyrite stringers were intercepted roughly 20 meters above hole 1274-13-117, along strike of inferred mineralization. The Company has only received 30% of the assays from this hole to date and will report the complete results once received.

Table 1: Result Highlights

B26 Mid-Level Target

A new volcanogenic hanging wall stringer zone hosting significant zinc and silver grades within a thick siliceous replacement zone was observed in holes 1274-24-343, 344 and 345. The new VMS related hydrothermal environment is about 150 metres west of the main zinc-silver lens. The vertical continuity of copper-gold resources was also demonstrated further down hole.

Holes 1274-24-346, 347 and 349 were drilled in the eastern part of the B26. In this area, the Company is further refining the model which includes the continuity of the quartz-chalcopyrite stockwork mineralization that incorporates the displacement of local faults. The three holes crosscut the VMS related mineralization to reach the copper-gold veins covering a lateral extension of 75 metres centered on a vertical depth of 500 metres. The main copper-gold stringer was also extended and connected between vertical depths of -50 to -700 metres.

Eastern Satellite Target:

Hole 1274-24-355 was drilled to follow up on 1274-13-117 along strike at the eastern side of the deposit, and east of a north-south mafic dykes. At that location, about 50 metres east of the known B26 deposit, the chalcopyrite stringer mineralization is slightly displaced to the north-east by north-trending fractures and faults. Drilling was done longitudinally of known mineralization, to bypass water courses and test targets located closer to surface.  Down dip drilling in Phase III will be done from drill bases that are positioned further from natural barriers that more accurately reflect the actual thickness of the mineral deposit.

Western Plunge Target

Hole 1274-24-342 was designed as a step-out hole to test the western-plunge at depth of 1,400 metres. It extended to a vertical depth of 1,475 meters. However, after analyzing the final drill path, the Company concluded that the intended target was missed by approximately 200 meters due to displacement of the mineralized structure to the south. There is a possibility, that the deepest part of the geological structure was not fully explored, given the sequence of geological units observed at the B26 site. To prepare Phase III the Company is considering this hole for down-hole geophysics and will design a wedge off of this pilot hole to better target the projected location of the mineralized zone in this area while also crosscutting the entire B26 system.

Detailed Hole Descriptions:

• Drill hole 1274-24-343 intersected five mineralized lenses between 495 and 653 metres including new evidence at the hanging wall of fertile volcanogenic mineralization hosted in a quartz-siderite concordant replacement zone. The highest-grade interval was 0.86% CuEq over 17.65 metres from 636 to 653.65 metres, with significant gold enrichment. The higher-grade gold interval obtained was 7.72 grams per tonne gold over 2.0 metres from 646 to 648 metres.
• Drill hole 1274-24-344 encountered a main interval of 0.88% CuEq over 21 metres from 557 to 578 metres including a shorter interval of 1.62% CuEq over 7.3 metres from 569.9 to 577.9 metres. The copper enrichment correlates with a discontinuous interval of coarse-grained chalcopyrite stringers.
• Drill hole 1274-24-345 intersected an interval of 1.1% CuEq over 3.2 metres from 423.6 to 426.8m centered on a main 0.5 metres wide pyrite-chalcopyrite stringer returning 4.52% Cu and 30.7 grams per tonne silver over 0.5 metre.
• Hole 1274-24-347 encountered numerous quartz veins and veinlets within the mid-level target area below -500 metres depth showing traces of pyrite and chalcopyrite. Mineralization exhibited significant fracturing in several locations, indicating a late-tectonic deformation regime. Highlight assays include 1.82% CuEq over 12.5 metres from 514 to 526.5 metres, which included a higher-grade interval of 2.83% CuEq over 7.85 metres from 514.85 to 522.7 metres.
• Hole 1274-24-348 hosts three pluri-metric zinc intervals giving 1 to 2% zinc over 3.5 metres to 8.7 metres, from 373 to 404.6 metres. The stringer type mineralization is hosted in a variably silicified lapilli tuff unit. The best result obtained is 2.23 CuEq over 2.1 metres. Chalcopyrite sub-concordant centimetric veinlets can be observed from 397.5 metres, overlapping the zinc mineralization down to 474.9 metres. The best result obtained in this environment is 0.64 % CuEq over 6.45 metres from 438 to 444.45 metres.
• Results from Hole 1274-24-349 illustrate the polymetallic signature of the VMS system with a staking of pyrite-sphalerite and pyrite-sphalerite-chalcopyrite stringers and disseminated zones developed from 553 metres down to about 800 metres, close to the end of the hole covering a true thickness close to 200 metres. The best result obtained was 2.20 % CuEq over 4 metres starting at 571 metres, including 4.2 % zinc and 52.4 grams per tonne silver over 4 metres from semi-massive lenses.
• Hole 1274-24-355 returned a series of 4 mineralized intervals from 73.3 to 406.8 metres, which apparent thickness varies between 2.5 and 5 metres with grade 1.45% CuEq to 2.9% CuEq. Host rocks are highly foliated and broken, generally crosscut at core angle close to 0 degrees due to the drilling orientation along strike with the east-west mineralized structure. Mineralized intervals are related to quartz-chalcopyrite breccia crosscut at varied angles indicating an orientation oblique to the vein.

Table 2: 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.)