Abitibi Metals Corp. (CSE: AMQ) (OTCQB: AMQFF) (FSE: FW0) is pleased to announce it has received assay results from the four holes completed before breakup as part of its Phase III drill program at the B26 Polymetallic Deposit. To date, a total of 2,522 meters have been drilled as part of 20,000-meters Phase III program. The remaining 17,500 metres are set to commence with all necessary permits received and both equipment and technical crews (including technicians and drillers) already mobilized on site. Details of the program were announced last week (see news release dated June 18, Abitibi Metals Announces Phase 3 Drill Strategy and Growth Model Potential). The Company currently owns 50% of the B26 Deposit and retains the option to earn an additional 30% from SOQUEM Inc., a subsidiary of Investissement Québec (see news release dated November 16, 2023).

Figure 1: Plan Map (CNW Group/Abitibi Metals Corp.)

Figure 2: Longitudinal section looking north with Significant Results from Initial Phase III (CNW Group/Abitibi Metals Corp.)

Figure 3: Drill Hole 1274-25-363 Cross section looking west – Mineralized intervals from 412.3 to 475.5m (CNW Group/Abitibi Metals Corp.)

Figure 4: Drill Hole 1274-25-366 Cross section looking west – Mineralized intervals from 546 to 612.5m (CNW Group/Abitibi Metals Corp.)

Figure 5: Drill Hole 1274-25-364b & 365 Cross section looking west – Respectively Mineralized intervals from 577.9 to 618 m and 507.2 to 546 m (CNW Group/Abitibi Metals Corp.)

Figure 6: Core picture 3.38% CuEq over 8.3 metres from 566.3 m to 574.6 m in hole 1274-25-366 (CNW Group/Abitibi Metals Corp.)

Highlights:

• Results from targeted drilling which expanded high-grade areas of the B26 Deposit: 
  • Hole 1274-25-363 – 1% CuEq over 63.2 metres beginning at 412.3 metres depth, including 4.8% CuEq over 4.1 metres beginning at 455.5 metres depth.
  • Hole 1274-25-365 – 2.13% CuEq over 11 metres beginning at 507.2 metres depth.
  • Hole 1274-25-366 – 1.84% CuEq over 29.6 metres beginning at 546 metres depth, including 3.38% CuEq over 8.3 metres.
  • Positive impact on B26 Resource Growth Potential – Holes intercepted higher-grade mineralization both within and beyond the current interpreted block model (see figures 3, 4 & 5), encountering >2% CuEq mineralization in areas previously modeled at 1–1.5% CuEq.

“We are very encouraged by these positive initial results from the Phase III drill program,” said Jonathon Deluce, CEO of Abitibi Metals. “The assays not only confirm the potential for resource growth, but also align closely with our block model by intersecting mineralization where predicted. This supports both the continuity and predictability of the deposit. These first four holes represent progress on one of the three strategic objectives of Phase III, which is focused on increasing overall resource grade by expanding known higher-grade zones within the block model.”

To recap, Phase III is a fully funded drilling program designed around three strategic objectives: increasing the overall B26 resource by expanding Higher-Grade zones in the block model; extending open-ended mineralized trends outside of the B26 block model and unlocking regional potential with new discoveries across AMQ’s 3,328-hectare property.

The results from these initial holes further validate the continuity of mineralization within the current resource model of 11.3MT @ 2.13% Cu Eq (Ind- 1.23% Cu, 1.27% Zn, 0.46 g/t Au and 31.9 g/t Ag) & 7.2MT @ 2.21% Cu Eq (Inf – 1.56% Cu, 0.17% Zn, 0.87 g/t Au and 7.4 g/t Ag). The Company anticipates these results to positively contribute to the expansion of its mineral resource base.

Table 1: Significant Intercepts from Initial Phase III

Note 1: The intercepts above are not necessarily representative of the true width of mineralization. The local interpretation indicates core length corresponding generally to 70 to 80% of the mineralized lens’ true width.

Note 2: Copper equivalent values calculated using metal prices of $4.00/lb Cu, $1.50/lb Zn, $20.00/ounce Ag and $2,500/ounce Au. Recovery factors were applied according to SGS CACGS-P2017-047 metallurgical test: 98.3% for copper, 90.0% for gold, 96.1% for zinc, 72.1% for silver.

Note 3: Intervals are generally composited starting with a 0.1% CuEq cut-off and between 0.6% CuEq cut-off grade for the “including” intervals, allowing for up to 3 consecutive samples below cut-off grade.

Discussion of Results:

The objective of the spring program was to obtain drill intercepts within high-grade copper stringer shoots located in sparsely drilled areas (100-200m gaps) of the block model at mid-range depths. The four drill holes cut typical chalcopyrite chlorite stringer mineralization style at predicted depths. The best intercepts came from holes 1274-25-363 and 1274-25-366, both in the eastern portion of the deposit and in proximity to the north-south trending post mineral diabase dyke. Drill hole 1274-25-366 returned grades and thickness significantly higher than the block model. These results reinforce expectations for significant expansion potential of the deposit, as well as improvements in grade and thickness in the eastern area compared to what is currently reflected in the block model. Drill hole 1274-25-365 intercepted higher grades than predicted by the block model and confirmed surrounding historical intercepts.

Table 2: Drill Hole Information 

Note 1: Numbers have been rounded to the nearest whole number in the table above.

QAQC

The core logging program was run by Technominex in Rouyn-Noranda, Quebec. The drill core was split in half, sent to AGAT Laboratories Ltd. All sample preparation takes place in Val-d’Or, all fire assay takes place in Thunder Bay and all four acid digestion and multi element analysis takes place in Calgary. Prepared samples are fused using accepted fire assay techniques, cupelled and parted in nitric acid and hydrochloric acid. Sample splits of 30g are routinely used though 50g may also be used (AGAT Code 202 551). 0.2g of prepared samples are digested with a series of acids (HClO4, HF, HCL and HNO3) at a temperature of ~200oC until incipent dryness. It is then heated with HNO3 and HCl, then diluted to 12mL with de-ionized water. While very aggressive, the solubility of some elements can be dependent on the mineral species present and as such, data reported from the 4-Acid digestion should be considered as representing only the leachable portion of a particular analyte. Some elements show poor recovery due to volatilization (B, As, Hg). PerkinElmer 7300DV/8300DV ICP-OES and Agilent 5900 ICP-OES instruments are used in the analysis. Inter-Element Correction (IEC) techniques are used to correct for any spectral interferences. Blanks, sample replicates, duplicates, and internal reference materials (both aqueous and geochemical standards) are routinely used as part of AGAT Laboratories quality assurance program. AAS instruments are used in the analysis. Technominex also applied a QAQC protocol including insertion of blanks, standards and reject duplicates.

Qualified Person

Information contained in this press release was reviewed and approved by Louis Gariépy, P.Eng (OIQ #107538), VP Exploration of Abitibi Metals, who is 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. (CSE: AMQ) 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 estimate1 of 11.3MT @ 2.13% Cu Eq (Ind- 1.23% Cu, 1.27% Zn, 0.46 g/t Au and 31.9 g/t Ag) & 7.2MT @ 2.21% Cu Eq (Inf – 1.56% Cu, 0.17% Zn, 0.87 g/t Au and 7.4 g/t Ag), 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 (BE13-038) and 13.07 g/t gold over 8.75 metres (BE12-014) 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.