Abitibi Metals Provides Drill Program Update at the High-Grade B26 Polymetallic Deposit (Ind: 7.0MT @ 2.94% Cu Eq & Inf: 4.4MT @ 2.97% Cu Eq)

LONDON, ON, Feb. 22, 2024 /CNW/ - Abitibi Metals Corp. (CSE: AMQ) (OTC: AMQFF) (FSE: FW0) ("Abitibi" or the "Company") is pleased to provide an update on its drill program currently underway at the B26 Polymetallic Deposit ("B26" or the "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 Deposit to earn 80% over 7 years from SOQUEM Inc (see news release dated November 16, 2023).

Abitibi Metals Logo (CNW Group/Abitibi Metals)

Jonathon Deluce, CEO of Abitibi Metals, commented, "Drilling continues to be positive with visuals supporting our objective of successfully testing the open-pit potential at the B26 Deposit with the goal of increasing near-surface tonnage over a 1.2-kilometre strike length. We are currently reviewing the possibility of adding a third drill in order to continue the momentum of these positive developments. We are eagerly awaiting the assay results from the over-limit tests to finalize and announce the results of our first two holes 1274-24-293 & 1274-24-294 next week."

To date, fourteen holes have been completed, totalling 4,275 metres. Drilling in this first phase is broken down between 3 targets along strike testing the first 300 vertical metres:

1. B26 Main Deposit

2. Satellite West:

3. Eastern Extension:

Drill Hole Highlights:

• For a description of holes 1274-24-293 to 1274-24-297, please see our news release dated February 8, 2024.

• Hole 1274-24-298 was drilled with two main goals in mind. The first objective was to verify the up-dip copper-gold bearing structure encountered in historical hole 1274-14-152 (3.7% Cu, 7.9 g/t Au over 11.5 metres*). Additionally, it aimed to investigate the possibility of a secondary parallel structure downhole. A gossanous oxidation with minor copper oxide was intercepted starting at bedrock down to 50 metres along hole. Disseminated chalcopyrite was observed sporadically down to 137 metres.

• Hole 1274-24-299 was designed to test the up-dip extension closer to surface of the copper bearing structure intercepted in historical hole 1274-14-197, which graded 1.22% Cu over 19.5 metres*. A succession of sub-concordant chalcopyrite stringers, dissemination halos and chalcopyrite-bearing quartz veins were observed from 30 to 109.5 metres.

• Hole 1274-24-300 was designed to validate B26-03M drilled in the nineties as part of the initial discovery. Best results obtained at that time were 3.3% Cu and 2.2 g/t Au over 9.8 metres* as part of a stacking of stringer zones. Hole 1274-24-300 intersected a stacking of stringer and disseminated chalcopyrite and pyrite zones over more than 264m. Notably, there is an interval over 8 metres from 251 meters to 259 meters that hosts approximately 20% chalcopyrite mineralization.

• Holes 1274-24-301, 1274-24-302 and 1274-24-304 were designed to confirm the geometry of the copper-gold stringer close to the surface. They were planned as a 5-hole fence covering a large gap in the model between the current resource at 150 meters depth and the northern bedrock interface. These holes are located to the north of 1274-13-104, which graded 3.45% CuEq over a length of 9.5 metres* from 64.5 to 74 metres. Observations to date on 1274-24-301 indicate strong sub-parallel chalcopyrite stringer from 50 to 85 metres which includes one interval showing chalcopyrite concentration above 10% from 49 to 59 metres and an interval with 20% chalcopyrite from 81 to 85 metres.

• Holes 1274-24-334 to 336 were designed to test the continuity of a potential satellite zone 500 metres to the west of the main deposit. 1274-24-336 crosscut historical hole 1274-16-227, which graded 1.24% CuEq over a length of 22.5 metres* from 181 to 203.5 metres and 334 & 335 tested the up-dip potential.

Table 1: 2024 Completed Drill Holes

Drill hole number	Target	UTM East	UTM North	Elevation	Azimuth	Dip	Length (m) Drilled
1274-24-293	B26 Main	652950	5513385	276	360	-52	291
1274-24-294	B26 Main	652950	5513385	276	360	-56	310
1274-24-295	B26 Main	653150	5513380	276	360	-57	312
1274-24-296	B26 Main	653150	5513380	276	360	-45	222
1274-24-297	B26 Main	653200	5513320	276	360	-55	342
1274-24-298	B26 Main	652750	5513465	276	360	-45	248
1274-24-299	B26 Main	652800	5513440	276	360	-50	261
1274-24-300	B26 Main	652850	5513310	276	360	-57	375
1274-24-301	B26 Main	653000	5513450	276	360	-68	321
1274-24-302	B26 Main	652900	5513480	276	360	-58	177
1274-24-303	B26 Main	653000	5513550	276	180	-83	300
1274-24-334	Satellite West	652100	5513460	276	360	-57	312
1274-24-335	Satellite West	652100	5513410	276	360	-57	384
1274-24-336	Satellite West	652100	5513350	276	360	-57	420

The Company further announces that it has entered into an agreement with OGIB Corporate Bulletin Ltd. ("OGIB") dated February 15, 2024 (the "OGIB Agreement"), whereby OGIB has agreed to provide marketing services to the Company, including the publication of a series of online articles about the Company.  The term of the OGIB Agreement is 12 months that can be terminated after April 15, 2024 with 30 days notice.  Pursuant to the OGIB Agreement and upon signing, the Company will pay an initial retainer of $60,000 plus applicable taxes.

OGIB is a subscription service based out of Victoria, British Columbia which provides research on public companies and is wholly-owned by Keith Schaefer. To the knowledge of the Company, OGIB has no holdings of the Company, directly or indirectly. Both OGIB and Mr. Schaefer are arm's length to the Company.

Qualified Person

Information contained in this press release was reviewed and approved by Martin Demers, P.Geo., OGQ No. 770, who is a qualified person as defined under National Instrument 43-101, and responsible for the technical information provided in this news release.

About Abitibi Metals Corp:

Abitibi Metals Corp. is a Quebec-focused mineral acquisition and exploration company focused on the development of quality base and precious metal properties that are drill-ready with high-upside and expansion potential. Abitibi's portfolio of strategic properties provides target-rich diversification and includes the option to earn 80% of the high-grade B26 Polymetallic Deposit (Ind: 7.0MT @ 2.94% Cu Eq & Inf: 4.4MT @ 2.97% Cu Eq) and the Beschefer Gold Project, where historical drilling has identified 4 historical intercepts with a metal factor of over 100 g/t gold highlighted by 55.63 g/t gold over 5.57 metres and 13.07 g/t gold over 8.75 metres amongst four modelled zones.

About SOQUEM:

SOQUEM, a subsidiary of Investissement Québec, is dedicated to promoting the exploration, discovery and development of mining properties in Quebec. SOQUEM also contributes to maintaining strong local economies. Proud partner and ambassador for the development of Quebec's mineral wealth, SOQUEM relies on innovation, research and strategic minerals to be well-positioned for the future.

ON BEHALF OF THE BOARD

Jonathon Deluce, Chief Executive Officer

For more information, please call 226-271-5170, email info@abitibimetals.com, or visit https://www.abitibimetals.com.

The Company also maintains an active presence on various social media platforms to keep stakeholders and the general public informed and encourages shareholders and interested parties to follow and engage with the Company through the following channels to stay updated with the latest news, industry insights, and corporate announcements:

Twitter: https://twitter.com/AbitibiMetals

LinkedIn: https://www.linkedin.com/company/abitibi-metals-corp-amq-c/

Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

Source 1: Fayard, Q, Mercier-Langevin, P., Wodicka, N., Daigneault, R., & Perreault, S. (2020). The B26 Cu-Zn-Ag-Au Project, Brouillan Volcanic Complex, Abitibi Greenstone Belt, Part 1: Geological Setting and Geochronology.

Source 2: Rapport Technique NI 43-101 Estimation des Ressources Projet B26, Québec, For SOQUEM Inc., By SGS Canada Inc., Yann Camus, ing., Olivier Vadnais-Leblanc, géo., SGS Canada – Geostat., Effective Date: April 18, 2018, Date of Report : May 11, 2018

Source 3: Fayard, Q. (2020). CONTRÔLES VOLCANIQUES, HYDROTHERMAUX ET STRUCTURAUX SUR LA NATURE ET LA DISTRIBUTION DES MÉTAUX USUELS ET PRÉCIEUX DANS LES ZONES MINÉRALISÉES DU PROJET B26, COMPLEXE VOLCANIQUE DE BROUILLAN, ABITIBI, QUÉBEC.

* Not necessarily representative of the of the true width of mineralization

Copper Equivalent values calculated using metal prices of $4.00/lb Cu, $1.50/lb Zn, $20.00/ounce Ag and $1,800/ounce Au. Metal recoveries of 100% are applied in the copper equivalent calculation.

Forward-looking statement:

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 B26 Project or otherwise. Forward-looking information is necessarily based upon estimates and assumptions, which are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company's control and many of which, regarding future business decisions, are subject to change. These uncertainties and contingencies can affect actual results and could cause actual results to differ materially from those expressed in any forward-looking statements made by or on the Company's behalf. Although Abitibi has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. All factors should be considered carefully, and readers should not place undue reliance on Abitibi's forward-looking information. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "expects," "estimates," "anticipates," or variations of such words and phrases (including negative and grammatical variations) or statements that certain actions, events or results "may," "could," "might" or "occur.  Mineral exploration and development are highly speculative and are characterized by a number of significant inherent risks, which may result in the inability of the Company to successfully develop current or proposed projects for commercial, technical, political, regulatory or financial reasons, or if successfully developed, may not remain economically viable for their mine life owing to any of the foregoing reasons, among others. There is no assurance that the Company will be successful in achieving commercial mineral production and the likelihood of success must be considered in light of the stage of operations.

SOURCE Abitibi Metals

Cision

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