Abitibi’s B26 hits high-grade copper in Quebec

Drilling at Abitibi Metals’ (CSE: AMQ; US-OTC: AMQFF) main B26 polymetallic project in western Quebec has returned results as high as 13.25% copper, the company reported Wednesday. Shares rose.

Highlight hole 1274-24-359 cut 16.5 metres grading 0.15% copper, 0.01 gram gold per tonne, 77.1 gram silver and 4% zinc from 326 metres depth. It included 1 metre at 13.25% copper, 0.17 gram gold, 33.3 grams silver and 0.1% zinc, as well as 6.85 metres at 2.65% copper, 1.01 grams gold, 13.8 grams silver and 0.1% zinc. B26 is about 90 km west of Matagami.

“The consistency and grade of the mineralized zones intersected in (the second stage drilling program), particularly in underexplored gaps and beyond the current block model, are highly encouraging,” Abitibi CEO Jonathon Deluce said in a release. “As we prepare to launch our (stage three) program this month, these results validate our exploration model and continue to support B26 as a compelling base metal asset.”

Deluce also pointed to the results from hole 1274-24-360 as bolstering the strength of the B26 deposit and the potential for resource expansion and grade enhancement.

That hole intersected 2.9 metres grading 0.84% copper, 0.04 gram gold, 187.2 grams silver and 17.3% zinc from 287 metres depth, as well as 29 metres at 0.12% copper, 0.04 gram gold, 67.4 grams silver and 4% zinc.  

Abitibi shares were up 13% to 31¢ apiece on Wednesday at noon in Toronto, valuing the company at $35.56 million. Its shares traded in a 52-week range of 21¢ to 68¢.

Good as gold

Another noteworthy hole, 1274-24-362, cut 33.5 metres at 1.15% copper, 0.44 gram gold and 2.5 grams silver, including 4 metres grading 2.13% copper, 0.29 gram gold and 3.9 grams silver. It also hit a significant yellow metal intercept of 1.2 metres at 8.35 grams from 263 metres depth. 

The drill holes reported were chosen to test for high-grade lenses in previously underexplored gaps within the resource model, Abitibi said.

The company holds an option agreement for B26 signed in 2023 with SOQUEM (La Société québécoise d’exploration minière), a subsidiary of provincial government corporation Investissement Quebec. The deal allows Abitibi to earn an 80% interest over seven years.

B26 hosts 11.3 million indicated tonnes grading 1.23% copper, 1.27% zinc, 0.46 gram gold and 31.9 grams silver, for 307.9 million lb. of contained copper, 316.9 million lb. zinc, 168,200 gold and 11.6 million oz. silver, according to a resource from last year.

Inferred tonnage totals 7.2 million tonnes at 1.56% copper, 0.17% zinc, 0.87 gram gold and 7.4 grams silver, for 246 million lb. of contained copper, 27.3 million lb. zinc, 200,800 oz. gold and 1.7 million oz. silver.

Abitibi’s fully-funded third stage of drilling is to consist of about 17,000 metres.