Abitibi Metals Corp. announce results from the first two holes of the maiden drill program currently underway at the B26 Polymetallic Deposit. The Company is currently completing its winter drill program at the Deposit, where a minimum of 10,000 metres is targeted by the end of March under the first phase of a fully funded 30,000-metre 2024 field season.

On November 16th, 2023, the Company entered into an option agreement on the B26 Polymetallic Deposit to earn 80% over 7 years from SOQUEM Inc. Drillholes 1274-24-293 and 1274-24-294 were designed to test the geometry and validate (infill & extension) of mineralization in historical hole B26-40 at the intersection with historical hole 1274-16-224 (3.05% CuEq over a length of 48.1 metres) on section 652900E. Hole 1274-16-224 was drilled to the south at 180°. Hole 1274-24-293 was planned to reproduce historical hole B26-40 and extend the hole to cover the entire mineralized structure to the north.

Hole 1274-24-294 is an undercut, drilled at about 20 metres down-dip of 1274-24-293 in a 70-metre gap in the model. The results obtained in both holes are associated with well-defined mineralization composed of a network of nearly massive chalcopyrite veins hosted in sheared chlorite-sericite alteration assemblage developed with varied intensity in felsic tuffs. The grade within the first 140 metres of 1274-24-293 was significantly better than historical hole B26-40 with a 22.7 metre interval in 1274-24-293 grading 4.0% CuEq from 120 to 142.7 metres whereas the same approximate interval of 24.6 metres from 115.5 to 140.1 metres graded 1.2% CuEq in B26-40.

This represents an opportunity to investigate other areas in the deposit where the grade could be understated. The Company is awaiting assays from the remainder of the hole. Hole 1274-24-294 illustrates a variant of the same type of mineralization with a higher fraction of quartz veining associated with local tectonic breccia.

This environment can be related to gold enrichment observed from 136.2 to 146.3 metres (4.8 g/t Au and 8.1% Cu over 10.1 metres). Overall, the style of mineralization observed in the two holes close together could follow a braided deformation pattern which can explain part of the grade variations observed. On the section drilled, the interlacing of veins creates a lens structure that can be followed from hole to hole 150 metres vertically.

This preliminary study done by duplicating while extending a historical hole and undercutting mineralized intervals supports the results representing a higher grade than the block model and historical intercepts surrounding these holes. The purpose of drilling a close-range key mineralized interval was both to infill the drill pattern and document the precision of assays. The core logging program is run by Explo-Logik in Val d'Or.

The drill core was split with half sent to AGAT Laboratories and prepared in Val d'Or, QC. All samples are processed by fire assays on 50gr 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 106µm. 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.