Abitibi Metals Corp (CSE:AMQ, OTC:AMQFF) has started drilling operations at the Beschefer gold project, along trend with the B26 deposit.
A 10-hole, 2,975-metre drill program is aimed at extending the mineralized zone towards the northeast and expanding high metal factor lenses, including the Central Shallow and East Zones, Abitibi said.
Key highlights of previous intersections at Beschefer include 4.92 grams per ton (g/t) gold over 28.65 meters, including 11.39 g/t over 9.1m; 55.63 g/t gold over 5.57 meters, including 224 g/t over 1.23 m; and 13.07 g/t gold over 8.75 meters.
The 2024 drill program entails a series of 26 holes totaling over 7,200 meters, initially planned to explore the lateral extension potential of the gold system to the northeast.
Another two drill programs are underway, including the ongoing drilling of the first 12,000 meters of a fully funded approximately 50,000-meter drill program at the B26 polymetallic deposit.
"We have a strong 26 holes planned, from which 10 were chosen to test the strike length expansion potential of the system and test the high-metal factor zones,” Abitibi CEO Jonathan Deluce told shareholders in a statement.
“With our two ongoing drill programs underway, we have a catalyst-packed Spring ahead of us with continuous drill results from both B26 and Beschefer."
The Beschefer project is located 30 kilometers southwest of Wallbridge Mining's Fenelon gold project.
Abitibi entered into an option agreement on the Beschefer property in March 2021, with plans to earn 100% over four years from Wallbridge.
As of December 31, 2023, the company has expended approximately $2 million on work at the project. With funding secured, the company is on track to meet its final option milestone of reaching $3 million in work expenditures by February 2025, thereby earning full ownership of the project.