Abitibi Metals Corp (CSE:AMQ, OTC:AMQFF) has announced the final results from its Phase 1 drill program at the B26 Deposit, showcasing significant mineralization and setting the stage for an aggressive Phase 2 program starting in July.
Highlights from the Phase 1 drill program include 0.75% copper equivalent (CuEq) over 57.75 metres starting at 81 metres depth, including 2.33% CuEq over 11.3 metres, as well as 4.43% CuEq over 5.8 metres and 3.97% CuEq over 9.75 metres.
CEO Jonathon Deluce told investors that the Phase 1 drilling has successfully extended the deposit’s western and eastern limits, identified high-grade mineralization through infill drilling, and supported the open-pit potential of the deposit.
"The success of these objectives combined with our modeling to date highlighting new trends and the strength of the alteration in the system support B26 having large-scale growth potential," Deluce said in a statement.
Abitibi Metals is finalizing its Phase 2 drill program set to start in July, which aims to expand the deposit at depth and along strike.
In addition, the company is awaiting results from a 2,325-metre drill program at the Beschefer property, located 7 km east of B26, and from a property-wide gravity survey at B26 covering the deposit and an 8.3 km priority target trend.
Abitibi said it has nearly $17 million available to complete the remaining 16,500 metres planned for the 2024 work program and an additional 20,000 metres in 2025. These efforts will contribute to a Preliminary Economic Assessment needed to complete the B26 option.
“Our focus is on growing the resource and developing our gold asset 7 km from the B26 Deposit, a potential district-scale opportunity in one of Canada's most exciting camps,” CEO Deluce added.
Abitibi Metals plans to provide further updates on its growth model and Phase 2 drill plans in the coming weeks.