Abitibi Metals Corp. announced the final results from Phase 1 of drilling at the B26 Polymetallic Deposit ("B26", the "Project" or the "Deposit"). Abitibi Metals is fully funded with $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 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.

The core logging program was run by Explo-Logik in Val d'Or, Quebec. The drill core was split with half sent to AGAT Laboratories Ltd. and prepared in Val d'Or, Quebec. All samples are processed by fire assays on 50 gr with atomic absorption finish and by "four acids digestion" with ICP-OES finish, respectively, for gold and base metals.

Samples returning a gold grade above 3 g/t are reprocessed by metallic screening with a cut at 106 µm. Material treated is split and assayed by fire assay with ICP-OES finish to extinction. A separate split is taken to assay separately mineralized intervals with target grades above 0.5% Cu using Na2O2 fusion and ICP-OES or ICP-MS finish. Samples preparation duplicates, varied standards, and blanks are inserted into the sample stream.