ABITIBI METALS CORP. Abitibi Metals Corp. announced that drilling has commenced at the Beschefer Gold Project ("Beschefer" or the "Project"). The Company's Beschefer Project is located approximately 7km eastward along trend with the B26 Deposit, where drilling is underway.
Beschefer is also located 30 kilometres southwest of Wallbridge Mining Company Limited's ("Wallbridge") Fenelon Gold Project. On March 3rd, 2021, the Company entered into an option agreement on the Beschefer Project to earn 100% over 4 years from Wallbridge Mining Company Limited's ("Wallbridge"). As of December 31, 2023, the Company has completed approximately $2 million in work expenditures at the Project.
The Company is funded to achieve its final option milestone of incurring $3.0 million in work expenditures by February 2025 to earn 100% of the Project. To relaunch the exploration of the Beschefer project, a series of 26 holes totaling over 7,200 metres was initially planned. The planned drill grid covers about 650 metres along strike for a vertical influence of about 250 metres, starting at the bedrock contact.
From the initial planning, 6 holes for 1,285 metres were selected to first test the lateral extension potential of the gold system to the northeast using a spacing of about 50 meters. Previous results and the geometry of modelled mineralized lenses support the extension model. Two holes for 380 meters will be drilled in the upper portion of the central zone to evaluate the north-eastward up-dip continuity of the gold-bearing structure at shallow depth.
Two holes, combining 430 metres, are planned to test an intrusion contact corresponding to the western limit of the modelled mineralization. The Company now has two active drill programs on-going. Abitibi continues to drill the first 12,000 metres of a fully funded approximately 50,000-metre drill program at the B26 Polymetallic Deposit ("B26" or the "Deposit"), where it recently released some of the highest-grade intercepts in the project's history, including 11.4% CuEq over 10.6 metres and 6.3% CuEq over 10.6 metres.
