Abitibi Metals (CSE:AMQ) has provided an update on its 16,500-metre Phase 2 drilling program at the B26 Polymetallic Deposit, located in Quebec. The project is fully funded, with $15.5 million allocated for the completion of the 2024 program, and an additional 20,000 metres of drilling planned for 2025. The results from this drilling program are intended to contribute to a Preliminary Economic Assessment as part of Abitibi’s option to acquire an 80% interest in the deposit from SOQUEM Inc.

Jonathon Deluce, CEO of Abitibi Metals, commented in a press release: “The first hole of Phase 2 has delivered exceptional observations of continuity of visual copper mineralization. This hole supports our expansion thesis of the western plunge and is the deepest intercept in the Project’s history. We are now planning on extending the zone with a wedge 50 metres from the first intersection. The LaRonde Mine (2P reserve of 2.9 Moz Au) located 62 kilometres west of Val-d’Or in Quebec extends beyond 4.0 km highlighting potential size of these deep seeded systems in the Abitibi.”

The company’s latest step-out drilling at the deposit, specifically Drillhole 1274-24-338, has yielded promising results in the western plunge extension of the deposit. The hole, initially planned to reach a depth of 1,250 metres, was extended to 1,422 metres after positive visual indicators of mineralization were observed. This hole was designed to test the extension of a high-grade mineral lens previously identified in drillhole 1274-16-236, which intercepted 5.08% copper equivalent (Cu Eq) over 7.1 metres.

Key Drilling Results and Mineralization Zones

Drillhole 1274-24-338 intercepted the copper-gold zone at a depth of 1,206 metres, extending to 1,287 metres. This intercept occurred 35 metres west of hole 1274-16-236 and 90 metres deeper. Notably, this is one of the deepest western extensions in the history of the B26 project. Continuous chalcopyrite mineralization was observed in the intercept, marking a significant development in the ongoing exploration of the deposit.

The drilling identified three distinct mineralized domains at depth:
1. Copper-Gold (Cu-Au) Zone: Located between 1,206 and 1,287 metres, this zone contained significant quartz veining and chalcopyrite stringers.
2. High-Grade Zone within the Cu-Au Zone: Spanning from 1,262 to 1,272 metres, this section exhibited semi-massive bands of chalcopyrite, with chalcopyrite making up 10% to 60% of the core volume. Quartz veining accounted for 30% of the structure.
3. Volcanogenic Massive Sulfide (VMS) Zone: Found between 1,314 and 1,344 metres, this zone contained notable concentrations of zinc (Zn), silver (Ag), copper (Cu), and lead (Pb).

The 81-metre-long Cu-Au mineralized interval (1,206 to 1,287 metres) included chalcopyrite stringers within strongly altered felsic volcanic rocks. Mineralized bands ranged from 0.4 to 4 metres in thickness, offering further indications of the potential scale of the deposit’s mineralization.

Abitibi Metals has commenced drilling a wedge from Drillhole 1274-24-338, designated as 1274-24-338 W1. This wedge hole aims to intercept the mineralized zone approximately 50 metres west of the original pilot hole, further testing the extension of the deposit at depth. The wedge was initiated at a downhole depth of 900 metres and has reached 1,407 metres, with further drilling planned.

This next phase of exploration is part of the company’s broader efforts to fully assess the potential of the B26 deposit and will inform future development plans.

Abitibi Metals entered into an option agreement on November 16, 2023, to earn up to an 80% interest in the B26 Polymetallic Deposit over a seven-year period. The B26 Deposit is situated within the Brouillan Volcanic Complex in the Abitibi Greenstone Belt, a region well-known for its base and precious metal deposits. The deposit is host to a historical resource estimate of 7.0 million tonnes (Mt) at 2.94% Cu Eq (indicated) and 4.4 Mt at 2.97% Cu Eq (inferred), according to a 2018 report by SGS Canada Inc. However, the company has clarified that this historical estimate has not been verified as current resources or reserves by a qualified person under National Instrument 43-101 standards.

SOQUEM Partnership

SOQUEM Inc., a subsidiary of Investissement Québec, retains a 20% interest in the project as part of the option agreement. SOQUEM is focused on the exploration and development of mining properties across Quebec, contributing to the province’s economic growth. SOQUEM has been a key partner in the development of the B26 project, bringing both technical expertise and local knowledge to the venture.