Abitibi Metals (CSE:AMQ) has announced the addition of a second drill rig to its Phase II drilling program at the B26 polymetallic deposit, located in Quebec, Canada. The company, which has been steadily advancing its efforts at the high-grade deposit, plans to complete a total of 16,500 metres of drilling by the end of 2024. This announcement marks a significant milestone in Abitibi’s exploration efforts, as the company continues to explore two priority targets that have shown promising signs of mineralization.

Jonathon Deluce, CEO and President of Abitibi Metals, commented in a press release: “We are excited to announce the arrival of a second drill for our Phase 2 drill program at the B26 Deposit. The addition of this drill underscores our commitment to accelerating the exploration process and building credibility for our target size of 30 – 50 million tonnes at B26. With Phase 1 having successfully extended mineralization close to surface, this second drill will allow us to further test high-priority targets across the Mid-Level and Western Plunge Targets. Currently the first rig is drilling 1274-24-342 which is an important up to 400 metre step-out to test the western-plunge downdip. The first hole of Phase II (338) is the deepest intercept in the Project’s history. Pending positive assays, we look forward to cost effectively continuing to expand the mineralized zones with additional directional drilling at multiple levels covering the western plunge target. While some shareholders may have concerns about the current drilling depth, it’s important to emphasize that given the size and scale of our target, this depth is still considered shallow for a potential underground mine. When comparing the alteration signature to other significant deposits in the Abitibi region, the potential for B26 suggests a much deeper system, making this drilling phase essential for fully understanding the deposit’s potential.”

The B26 deposit has been a focal point for Abitibi since it entered into an option agreement with SOQUEM Inc. on November 16, 2023. Under the terms of this agreement, Abitibi has the option to earn an 80% interest in the deposit over a seven-year period. SOQUEM, a subsidiary of Investissement Québec, is a key player in the Quebec mining industry, promoting exploration and development in the region.

The Phase II drilling program at B26 focuses on two main targets: the Western Plunge Target and the Mid-Level Resource Growth Target. These areas have seen limited drilling in the past, and Abitibi aims to further define the extent of mineralization within these zones as part of its larger goal to establish a resource base of 30 to 50 million tonnes.

So far, Abitibi has completed three drill holes and a wedge, totaling 3,385 metres. These efforts have been aimed at exploring both the Western Plunge and Mid-Level Resource targets. Two additional drill holes are currently in progress, using the company’s expanded drilling capacity.

One of the ongoing drill holes, labeled 1274-24-342, has a planned total length of 1,500 metres, with 1,400 metres of vertical depth. This hole targets the Western Plunge, a key area of interest due to prior drill results from 1274-16-236, which intercepted 5.08% copper equivalent (Cu Eq) over 7.1 metres. The current drilling aims to further assess this zone and explore step-out sections up to 400 metres from the previous interception. Depending on assay results, this drill hole could be used as a launching point for further wedge or directional holes, providing additional data on the Western Plunge at various levels.

The second drill hole underway, labeled 1274-24-345, is planned to reach 600 metres in total length. This hole targets the Mid-Level Resource, located approximately 100 metres away from a previous drill hole, 1274-13-97, which intercepted 2.86% Cu Eq over 4.7 metres. The goal of this hole is to better define the Mid-Level Resource and provide more information on the mineralization in this area.

Recent core observations from completed drill holes have provided encouraging signs of mineralization. In particular, drill hole 1274-23-338 and its wedge, 1274-23-338-W1, showed strong chalcopyrite stringer mineralization. Chalcopyrite, a key copper-bearing mineral, was found in concentrations ranging from 2% to 20% over intervals of several metres. The wedge hole intercepted a zone of mineralization from 1159.4 to 1230 metres in depth, with significant chalcopyrite concentrations observed over a stretch of 71 metres. These findings are particularly notable as they support the Western Plunge thesis, further validating the potential of this target zone.

Abitibi’s ongoing efforts at B26 are guided by a strategic vision to expand the resource base and build a significant polymetallic deposit. The company’s current drilling campaign is focused on two critical areas with high upside potential. The Western Plunge and Mid-Level Resource targets represent opportunities to uncover substantial mineralization, and Abitibi aims to gather enough data to define a 30 to 50 million tonne resource at B26.

The B26 deposit itself hosts a historical resource estimate of 7 million tonnes at 2.94% Cu Eq in the indicated category, with an additional 4.4 million tonnes at 2.97% Cu Eq in the inferred category. Abitibi’s current exploration efforts are aimed at updating and expanding this resource estimate as drilling progresses.

SOQUEM, Abitibi’s partner at B26, plays a key role in the development of Quebec’s mining industry. The organization, a subsidiary of Investissement Québec, focuses on the exploration and development of mining properties within the province. SOQUEM promotes local economic development through its exploration initiatives and seeks to position Quebec as a leader in the mineral sector, with an emphasis on innovation and strategic mineral resources.

As Abitibi continues its work at B26, the company remains focused on unlocking the deposit’s full potential. The addition of a second drill rig underscores the importance of this phase of exploration, as the company looks to gather the data necessary to advance the project and establish the resource base it envisions.

Highlights from the update are as follows:

• Second Drill Rig Added: Phase 2 drill program is targeting 16,500 metres with the aim of building credibility for an exploration target supporting our vision to define a 30 – 50 million tonne resource at B26.
• Major Step-Out Drilling: The first rig is currently drilling an up to 400-metre step-out hole (1274-24-342) to test the Western Plunge downdip that would expand known mineralization including 5.08% Cu Eq over 7.1 metres in 1274-16-236.
• Significant Mineralization Encountered: Initial drilling from Phase II has shown strong chalcopyrite stringer mineralization over 81 metres, with the deepest intercept in the Project’s history identified in the first hole (1274-23-338, see news release dated September 5, 2024). This coupled with the recently drilled wedge (1274-23-338-W1), which indicates strong mineralization composed of chalcopyrite stringers developed against late-tectonic quartz veining, highlights significant potential for resource expansion.

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