Abitibi Metals Corp. announced it will be completing a high resolution property wide Gravity Survey (the Survey) at the B26 Polymetallic Deposit (B26, the Project or the Deposit) scheduled to commence on May 14, 2024. The objective of the Survey is to obtain a signature of the B26 deposit environment and to identify other similar targets on the Property.

On November 16th, 2023, the Company entered into an option agreement on the B26 Deposit to earn 80% over 7 years from SOQUEM Inc. The Company recently completed its Phase 1 winter drill program at the B26 Polymetallic Deposit where a total of 13,502 metres was drilled over 44 holes (see news release dated April 23, 2024) as part of a fully funded 30,000-metre 2024 field season. Abitibi Metals remains in a strong financial position with $18.0 million to complete the remaining 16,500 metres planned for the 2024 work program as well as an additional 20,000 metres in 2025 which will be incorporated into a Preliminary Economic Assessment to complete the option. Highlights from the program to-date include: 2.82% CuEq over 44.5 metres beginning at 146 metres depth within the Main Deposit (#1274-24-339), see news release dated May 2, 2024); 1.35% CuEq over 19.75 metres beginning at 216 metres depth within the Main Deposit (#1274-24-336), see news release dated April 29, 2024); 1.47% CuEq over 97.5 metres beginning at 30.5 metres depth within the Main Deposit (#1274-24-301), see news release dated April 16, 2024); 2.6% CuEq over 37 metres, including 6.3% CuEq over 10.6 metres, beginning at 106 metres depth within the Main Deposit (#1274-24-293); and 2.5% CuEq over 61.3 metres, including 11.4% CuEq over 10.6 metres, beginning at 128.6 metres depth within the Main Deposit (#1274-24-294), see news release dated April 16, 2024).

Assays from 23 holes of the maiden program remain pending, including drillholes 1274-24-312 and 1274-24-313 within the Eastern Target where 2.45% Cu Eq over 26.7 metres, including 4.74% CuEq over 11.7 metres (1274-14-167) was intercepted in historical drilling. The gravity survey uses density contrast between rock units to extrapolate geology beyond the known information. In the B26 deposit environment, the extensive volume of sulfides should have a higher density that can be detected with this method.

The Survey, which will be executed by a geophysics company based in Val d'Or, will consist of about 1,900 gravity stations spaced at a nominal 50 metres on a grid with an azimuth of N360, with lines nominally spaced 500 metres apart. In areas of interest such as the B26 Main Deposit and some historical drilled occurrences, additional lines spaced at 250 metres will be completed. Each survey line will be covered with a parallel line spaced at 50 metres in order to help future data treatment.

The gravity survey will be completed using a Scintex CG-6 device. In addition, a topographic survey will be carried out using a Trimble R 12 differential GPS with a base ensuring station accuracy to less than 2 centimetres on the 3 axes (XYZ).