Abitibi Metals’ (CSE: AMQ; US-OTC: AMQFF) shares shot to a new yearly high on the strongest copper-gold intercepts drilled yet at its main B26 polymetallic project in western Quebec.
Highlight hole 1274-17-269W5 cut 19.5 metres grading 5.05% copper, 2.19 grams gold per tonne and 8.55 grams silver from 976.5 metres depth, including 6.3 metres at 13.5% copper, 5.15 grams gold and 20.2 grams silver, Abitibi said on Thursday. B26 is about 90 km west of Matagami.
“This is an exceptional drill hole result, delivering world-class copper and gold grades within a previously untested 80-metre gap underscoring the true scale and quality of this system,” Abitibi CEO Jonathon Deluce said in a release. “With this intercept we see mineralization strengthening at depth, clearly demonstrating that B26 hosts high-value zones capable of materially enhancing the overall grade profile and supporting future resource growth within a deposit already ranked among the top 10% of the largest felsic VMS systems globally.”
The intercepts build on strong drill results already reported this year at B26 that validated the company’s exploration model.
Abitibi shares jumped 31% to 46¢ apiece on Thursday morning in Toronto, for a market capitalization of $65 million.
‘High-grade source’
Hole 1274-17-269W5 could be tapping into the source of a “massive, higher-grade source” for a copper-gold stringer zone and Abitibi plans to follow it up to target a 15 to 30-metre zone of more than 10% copper-equivalent at depth, Deluce added.
Another result, in hole 1274-25-373W2 cut 8.5 metres at 0.87% copper, 0.03 gram gold and 1.7 gram silver from 1411 metres depth. That hole pierced the B26 copper-gold horizon, and extended mineralization 150 metres down plunge.
The resource improvement drilling campaign keeps outperforming expectations as it confirms remarkable grade continuity. The “world-class intercepts” in hole 269W5 highlight areas of outstanding grade potential and open the possibility for significant resource growth and enhanced potential project economics, Abitibi said.
With almost all of its 20,000-metre stage three drill program completed, the company aims to wrap it up by the end of November.
20,000 more metres
The company is fully funded through 2027 and it plans to start a 20,000-metre stage four program next year to support resource growth at B26.
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 owns 50% of B26 and holds the option to earn another 30% from provincial agency Investissement Québec, a SOQUEM subsidiary.
