Highlights:
The Company has received results from drillholes 1274-24-333 to 337, highlighted by the following intervals:
#335 – 0.93% CuEq over 26.9 metres beginning at 44.5 metres depth #336 – 1.35% CuEq over 19.75 metres beginning at 216.2 metres depth
The results from #335 and #336 confirm and extend the copper and zinc-silver VMS potential of the “Satellite West” zone located 500 metres to the west of the Main Deposit. These new results demonstrate that the felsic volcanic complex hosting the mineralization is open to the northwest and represents a new expansion target with no historical drill coverage. Assays from 30 holes remain pending, including drill hole 1274-24-339, where the Company intercepted a 106.5-metre interval beginning at 83 metres depth with copper mineralization concentrated in separate 0.4 to 4-metre bands with 10% to 60% chalcopyrite. The Company remains well funded with $18.5 million to complete the remaining 16,500 metres planned for the 2024 work program as well as an additional 20,000 metres in 2025, which will be incorporated into a Preliminary Economic Assessment to complete the B26 option.
LONDON, ON, April 29, 2024 – () () (FSE:FW0) (“Abitibi” or the “Company”) is pleased to announce results from the 13,500 metre maiden drill program at the B26 Polymetallic Deposit (“B26”, the “Project” or the “Deposit”) completed under the first phase of a fully funded 30,000-metre 2024 field season. Abitibi Metals is fully-funded with $18.5 million to complete the remaining 16,500 metres planned for the 2024 work program and an additional 20,000 metres in 2025 which will be incorporated into a Preliminary Economic Assessment to complete the option. On November 16th, 2023, the Company entered into an option agreement on the B26 Deposit to earn 80% over 7 years from SOQUEM Inc (see news release dated November 16, 2023). Jonathon Deluce, CEO of Abitibi Metals, commented, “We are very excited to announce the results from the Satellite West target, which has outlined a new northwest expansion target with no historical drill coverage. The near-surface results from #335 are excellent and represent a 26.9 metre VMS Zinc-Silver lens with a strong Copper-Gold lens at depth, which intercepted 1.35% CuEq over 19.75 metres. These holes align with our objective of identifying new targets outside the Main Deposit, and we will add this target as a priority for further evaluation under Phase 2. We look forward to releasing additional drill results over the coming days.” Satellite West Zone The Satellite West Zone is located approximately 500 metres west of the western margin of the B26 Main Deposit. According to the Company’s evaluation, the thick accumulation of siliceous material reaching 100 metres in width is related to strong VMS activity and is a proximity indicator for a copper-gold mineralized system similar to B26. The best interval received from drillhole 1274-24-336, 1.35% CuEq over 19.75 metres beginning at 216.2 metres, confirmed a visual chalcopyrite stringer cut close to true thickness by cross-cutting historical holes drilled with a different orientation. Holes 1274-24-333 to 1274-24-335 and 1274-24-337 tested the felsic complex on section at a regular 50 metres spacing northwards. Results obtained at the northern margin of the known system include 0.5% CuEq over 4.5 metres (#333), 0.95% CuEq over 3 metres (#334), and 3.32% CuEq over 1.95 metres (#334) and are part of extensive copper enrichment halos hosted in tuffaceous host rock open northwards. Additional data integration and geophysics work will be required to evaluate the potential of the area and see if the system extends further to the west and northwest. Figure 1 – Copper Plan View (CNW Group/Abitibi Metals Corp.) Figure 2 – Copper Long View (CNW Group/Abitibi Metals Corp.)
Note 1: The intercepts above are not necessarily representative of the true width of mineralization. The local interpretation indicates core length corresponding to 75 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 $1,800/ounce Au. Metal recoveries of 100% are applied in the copper equivalent calculation. Note 3: Intervals were calculated using a cut-off grade of 0.1% Cu Eq, which represents the visual limit of the mineralized system.
The core logging program is 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 absorp