Highlights:
- The Company has received the final results from the Phase 1 drill program highlighted by the following intervals:
- #318 – 0.75% CuEq over 57.75 metres beginning at 81 metres depth, including 2.33% CuEq over 11.3 metres
- #318 – 0.97% CuEq over 17.05 metres beginning at 164.8 metres depth
- #325 – 1.16% CuEq over 14 metres beginning at 118 metres depth
- #326 – 4.43% CuEq over 5.8 metres beginning at 144.5 metres depth
- #330 – 3.97% CuEq over 9.75 metres beginning at 265.85 metres depth
- The Company is currently finalizing the Phase 2 drill program which will commence in July and target the expansion of the Deposit at depth and along strike.
Jonathon Deluce , CEO ofAbitibi Metals , commented, "We are very excited about the impact of the Phase 1 drilling and move in commodity prices on our internal resource model. As a result, we are currently evaluating the potential of publishing an updated resource in the near-term."- The Company is awaiting results from the 2,325 metres drill program at Beschefer, located 7km east of B26 and the property wide gravity survey at B26 which covered the Deposit and the 8.3km priority targeted trend.
- The Company remains well funded with approximately
$17.0 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.
Phase 1 Highlights:
Since optioning B26, the Company completed 13,529 metres of drilling in 44 holes in its' first Phase. Phase 1 successfully met the following objectives which were set out:
- Extensions:
- Western Satellite: Drilling located up to 500 metres west of the Main B26 Deposit intercepted strong mineralization highlighted by 1.35% CuEq over 19.75 metres in 1274-24-336 opening up a new expansion target with no historical drill coverage to the northwest.
- Eastern Extension: Mineralization at the eastern limit of the deposit was extended 75 metres with 1274-24-230 intercepting 1.78% CuEq over 57.2 metres. The Company has targeted this area in follow-up modeling which has resulted in some high-priority follow-up targets being identified for Phase 2.
- Open-Pit:
- The Company believes it has successfully delivered on its objective of testing the open-pit potential of B26 investigating the lower-grade material around the high-grade core of the deposit. This was highlighted by 1274-24-301 which intercepted 1.47% CuEq over 97.5 metres starting close to the bedrock interface of 30.5 metres.
- Infill:
- Infill drilling at the Deposit has successfully filled gaps in the model with strong intercepts and also highlighted areas of the potential grade increase amongst the Deposit. This was highlighted by 11.4% CuEq over 10.6 metres within 2.5% CuEq over 61.3 metres in 1274-24-294 which is one of the highest grade intercepts in the Project's history.
- On Budget:
- The Company is on-track to deliver the program at under
$250 per metre.
B26 Main Drilling
The B26 Main Deposit has a continuous strike length of 1.0 kilometers and mineralization has been historically drilled to 850 metres in vertical depth with limited drill coverage below 500 metres. This batch of results consists of fifteen holes (see details below), distributed amongst the B26 Main Deposit made up of infill and short-range extensions targeting the open northern limit of the deposit identified as the footwall while passing through the known deposit.
Mineralization calculated with an exploration minimum cut off grade of 0.3% CuEq over 5 metres was obtained in 10 of 15 holes. Three holes intersected wide anomalous copper halos close to the surface such as 0.75% CuEq over 57.75 metres from 81 metres to 138.75 metres in hole 1274-24-318.
Hole 1274-24-318 was collared inside the easternmost section of the B26 Deposit to overrun the known core of copper-gold mineralization and test potential for footwall mineralization going northward. New results are located close to the historical hole 1274-14-173M. The mineralized interval in the deposit hanging wall returned 165 g/t Ag and 3.48% Zn over 11.3 metres. Further down hole, footwall mineralization previously untested returned 0.97% CuEq over 17.05 metres from 164.8 metres to 181.85 metres.
Holes 1274-24-325 and 1274-24-326 were drilled inside the core of the deposit, about 500 metres westward from hole 1274-24-318 with the objective of following up on mineralization in historical hole B26-22M. In hole 1274-24-325, an intersection of 1.16 % CuEq over 14 metres was obtained from 118 to 132 metres, followed by a second interval returning 0.63% CuEq over 12 metres from 139 to 151 metres. The higher-grade interval of 4.43% CuEq over 5.8 metres from hole 1274-24-326 corresponds to a brecciated vein associated with a strong percentage of chalcopyrite overlapping the contact between volcaniclastic unit and a porphyritic unit.
Hole 1274-24-330 was drilled about 100 metres west of 1274-24-325 and 1274-24-326 to expand the mineralized interval seen in 1274-14-145B. The hole intercepted strong mineralization about 20 metres under the historical hole with 3.97% CuEq over 9.75 metres.
Table 1: Significant Intercepts
Hole ID | From (m) | To (m) | Length (m) | CuEq (%) | Cu (%) | Au (g/t) | Ag (g/t) | Zn (%) |
1274-24-308 | 30 | 62 | 32 | 0.26 | 0.19 | 0.02 | 3.37 | 0.13 |
1274-24-317 | 59.3 | 79.9 | 20.6 | 0.76 | 0.55 | 0.09 | 7.77 | 0.34 |
Incl. | 64.55 | 71.3 | 6.75 | 2.07 | 1.57 | 0.22 | 19.15 | 3.34 |
1274-24-318 | 81 | 138.75 | 57.75 | 0.75 | 0.01 | 0.07 | 47.44 | 1.24 |
Incl. | 82 | 93.3 | 11.3 | 2.33 | 0.03 | 0.30 | 165.06 | 3.48 |
And | 164.8 | 181.85 | 17.05 | 0.97 | 0.92 | 0.07 | 4.31 | 0.01 |
1274-24-321 | 127 | 130 | 3 | 0.61 | 0.00 | 0.06 | 4.51 | 1.51 |
1274-24-325 | 89 | 93 | 4 | 0.77 | 0.58 | 0.30 | 2.88 | 0.03 |
And | 118 | 132 | 14 | 1.16 | 1.0 | 0.27 | 2.16 | 0.02 |
And | 139 | 151 | 12 | 0.63 | 0.56 | 0.11 | 1.23 | 0.01 |
1274-24-326 | 144.5 | 150.3 | 5.8 | 4.43 | 4.03 | 0.65 | 12.2 | 0.04 |
1274-24-329 | 209.2 | 214.6 | 5.4 | 0.46 | 0.06 | 0.01 | 1.44 | 1.06 |
1274-24-330 | 265.85 | 275.6 | 9.75 | 3.97 | 3.06 | 1.54 | 8.16 | 0.02 |
And | 302 | 303.85 | 1.85 | 2.11 | 2.08 | 0.08 | 3.57 | 0.01 |
Note 1: The intercepts above are not necessarily representative of the true width of mineralization. The local interpretation indicates core length corresponding generally to 70 to 80% of the mineralized lens' true width. Note 2: Copper equivalent values calculated using metal prices of Note 3: Intervals were calculated using a cut off grade of 0.1% Cu Eq, which represents the visual limit of the mineralized system. Note 4: 1274-24-306 to 307, 316, 322, 324 & 327, 328 had no significant values or values under the cut off parameter. |
Table 2: Drill Hole Information | |||||||
Drill hole | Target | UTM East | UTM | Elevation | Azimuth | Dip | Length (m) Drilled |
1274-24-306 | B26 Main | 653000 | 5513550 | 276 | 360 | -60 | 222 |
1274-24-307 | B26 Main | 652950 | 5513530 | 276 | 360 | -50 | 162 |
1274-24-308 | B26 Main | 652950 | 5513485 | 276 | 360 | -60 | 162 |
1274-24-316 | B26 Main | 653250 | 5513390 | 276 | 360 | -48 | 252 |
1274-24-317 | B26 Main | 653250 | 5513325 | 276 | 360 | -48 | 324 |
1274-24-318 | B26 Main | 653250 | 5513277 | 276 | 360 | -50 | 279 |
1274-24-321 | Eastern | 653350 | 5513314 | 276 | 40 | -62 | 372 |
1274-24-322 | Eastern | 653350 | 5513275 | 276 | 40 | -62 | 471 |
1274-24-324 | B26 Main | 652850 | 5513500 | 276 | 360 | -58 | 210 |
1274-24-325 | B26 Main | 652750 | 5513384 | 276 | 360 | -50 | 327 |
1274-24-326 | B26 Main | 652700 | 5513360 | 276 | 360 | -50 | 261 |
1274-24-327 | B26 Main | 652700 | 5513470 | 276 | 360 | -52 | 261 |
1274-24-328 | B26 Main | 652650 | 5513485 | 276 | 360 | -57 | 276 |
1274-24-329 | B26 Main | 652625 | 5513430 | 276 | 360 | -45 | 276 |
1274-24-330 | B26 Main | 652600 | 5513264 | 276 | 360 | -50 | 489 |
The core logging program was run by Explo-Logik in
In the 2018 resource estimate, SGS recommended the QAQC protocol to explain the replicability for the four metals (Au-Cu-Ag-Zn). The Company has set up for this program a series of assaying protocols with the objective to control QAQC issues from the beginning of the project. As a result, samples are crushed finer with 95% of particles passing 1.7 mm and a large split of 1 kg is pulverized down to 106 µm (150 mesh). Other measures put in place include the automatic re-assaying of gold results above 3 g/t by metallic screening and the use of sodium peroxide fusion in mineralized intervals interval corresponding to a target grade above 0.5% Cu.
Qualified Person
Information contained in this press release was reviewed and approved by
ON BEHALF OF THE BOARD
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Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release. |
Note 1: A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves. The issuer is not treating the historical estimate as current mineral resources or mineral reserves. Source: Rapport Technique NI 43-101 Estimation des Ressources Projet B26,
Note 2: Copper equivalent values calculated using metal prices of
This news release contains certain statements, which may constitute "forward-looking information" within the meaning of applicable securities laws. Forward-looking information involves statements that are not based on historical information but rather relate to future operations, strategies, financial results or other developments on the
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