GSKKF - Abitibi Metals Announces Commencement of Drilling at the B26 Deposit (Ind: 7.0MT @ 2.94% Cu Eq & Inf: 4.4MT @ 2.97% Cu Eq)

(TheNewswire)

January 23, 2024 – TheNewswire - London, Ontario – Abitibi Metals Corp. (CSE:AMQ) (OTC:AMQFF) (FSE:FW0)(“Abitibi” or the “Company”) is pleasedto announce that drilling has commenced at the high-grade B26Polymetallic Copper Deposit (“B26” or the “Project”).

The drill program is the first undertaken by Abitibi atthe Project and represents a significant milestone for the Companyfollowing the closing of its recent financings, totalling $14.37million. On November 16th, 2023, the Company entered into an optionagreement on the B26 Deposit to earn 80% over 7 years from SOQUEM Inc(see news release dated November 16, 2023 ).

Jonathon Deluce, CEO of AbitibiMetals stated: “We are excited to announce the arrival of the firstdrill rig as Abitibi initiates the maiden drill program at thehigh-grade B26 Polymetallic Copper Deposit. With a robust treasury of$15 million, the upsizing of our recent financings is a clear mandatefrom our shareholders to accelerate our drilling and drive growth ofthe existing deposit and Abitibi will be aggressive in deploying ourfully funded 30,000 metres across 2024 as we enter a transformativeperiod for the Company. Abitibi intends to drill a minimum of 10,000metres in this first quarter targeting a rapid expansion of thehigh-grade resource and we look forward to sharing further updates asdrilling advances. Upon positive feedback from the field, we will beready to mobilize a second drill.”

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Figure 1 – Left, central Sectionshowing expansion targets at depth 3 . Right, plan view showing lateral expansion targetslaterally and along strike 3 .

An initial 10,000-metre drill campaign is planned forthe first phase of the fully funded 30,000-metre 2024 field season.The primary objective of the initial drilling will be to delineate theopen-pit potential of the B26 Deposit while concurrently advancing andexpanding the existing resource with a focus on high-metal factortrends within the first 300-metre vertical.

During the program, the Company will continue todevelop the 3D model, integrating the improvement points identified inthe 2018 resource and inputting information from the progress of thecurrent drill program.

The Company is also reviewing the history ofgeophysical surveys done on the Property to evaluate the signature ofthe B26 deposit and identify the best approaches to assist withextrapolating extensions of the fertile B26 volcanic contact acrossthe Property. Considering the continuous overburden cover, the Companyis evaluating parameters for a gravimetric survey to identify possiblesulfides concentrations close to surface and at moderate depth of 300to 600 metres.

The initiated program is slated to be completed overthe next eight to ten weeks and the Company will provide regularupdates as fieldwork progresses.

B26 Polymetallic Copper DepositSummary

Located within the prolific Abitibi Greenstone Belt,B26 comprises 66 claims covering 3,328 hectaresin the Eeyou Istchee Baie-James territory andrepresents a substantial opportunity to develop a copper, zinc, gold,and silver Polymetallic Deposit in a region with a rich history ofbase and precious metal production, which includes the Detour and Casa Berardi Mines. There is year-round road access with a power line runningthrough the Project.

Abitibi is the first public company with the option toearn into the B26 Deposit. With a strike length of 1 km and depthextent of 0.8 km, both of which are open to expansion, Abitibi willfocus on delivering shareholder value with an aggressive explorationapproach which includes a fully financed 30,000 metres of drilling in2024 that will focus on advancing and expanding the existingunderground resource (Ind: 7.0MT @ 2.94% Cu Eq & Inf: 4.4MT @2.97% Cu Eq) while delineating its open-pit potential.

Property highlights include:

• 2018 resource thatincludes 254 holes over 115,311 meters, advancing the asset to asignificant resource that includes, across all categories, 400 millionpounds of copper, 286,000 ounces of gold, and significant zinc silverexposure.

• B26 Resource Summary (2018)

  • Indicated: 6.97 Mt at 2.94% Cu Eq (1.32% Cu, 1.80% Zn,0.60 g/t Au and 43 g/t Ag)

  • Inferred: 4.41 Mt at 2.97% Cu Eq (2.03% Cu, 0.22% Zn,1.07 g/t Au and 9 g/t Ag)

• Drilling has established the continuity down to avertical depth of 800 meters and the deposit remains open at depth andlaterally with strong historical intercepts* including:

  • 2.32% Cu Eq over 89.5 metres (1274-13-117)

  • 3.05% Cu Eq over 48.1 metres (1274-16-224)

  • 8.95% Cu Eq over 11.5 metres (1274-14-152)

• Within 7 km of thehistorical Selbaie Mine, a similar Polymetallic Copper Deposit with avariety of mineralization styles and element combination, that had ahistorical resource of 56.9 Mt @ 0.87% Cu, 1.85% Zn, 0.55 g/t Au, 39g/t Ag (CONSOREM 2012). Reference to this nearby property is forinformation only, and there are no assurances that the Company willachieve the same results at the B26 Deposit.

Qualified Person

This press release was reviewed and approved by MartinDemers, P.Geo., OGQ No. 770, who is a qualified person as definedunder National Instrument 43-101, and responsible for the technicalinformation provided in this news release.

About Abitibi Metals Corp.:

Abitibi Metals Corp. is a Quebec-focused mineralacquisition and exploration company focused on the development ofquality base and precious metal properties that are drill-ready withhigh-upside and expansion potential. Abitibi’s portfolio ofstrategic properties provides target-rich diversification and includesthe option to earn 80% of the high-grade B26 Polymetallic CopperDeposit (Ind: 7.0MT @ 2.94% Cu Eq & Inf: 4.4MT @ 2.97% Cu Eq) andthe Beschefer Gold Project, where historical drilling has identified 4historical intercepts with a metal factor of over 100 g/t goldhighlighted by 55.63 g/t gold over 5.57 metres and 13.07 g/t gold over8.75 metres amongst four modelled zones.

About SOQUEM:

SOQUEM, a subsidiary of Investissement Québec, isdedicated to promoting the exploration, discovery and development ofmining properties in Quebec. SOQUEM also contributes to maintainingstrong local economies. Proud partner and ambassador for thedevelopment of Quebec’s mineral wealth, SOQUEM relies on innovation,research and strategic minerals to be well-positioned for thefuture.

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 mediaplatforms to keep stakeholders and the general public informed andencourages shareholders and interested parties to follow and engagewith the Company through the following channels to stay updated withthe 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 SecuritiesExchange nor its Regulation Services Provider accepts responsibilityfor 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-AuProject, Brouillan Volcanic Complex, Abitibi Greenstone Belt, Part 1:Geological Setting and Geochronology.

Source 2: Rapport Technique NI 43-101 Estimation desRessources 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 DESMÉTAUX USUELS ET PRÉCIEUX DANS LES ZONES MINÉRALISÉES DU PROJETB26, COMPLEXE VOLCANIQUE DE BROUILLAN, ABITIBI, QUÉBEC.

* Not necessarily representative ofthe of the true width of mineralization

Copper Equivalent values calculated using metal pricesof $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 equivalentcalculation.

Forward-looking statement:

This news release contains certainstatements, which may constitute “forward-looking information”within the meaning of applicable securities laws. Forward-lookinginformation involves statements that are not based on historicalinformation but rather relate to future operations, strategies,financial results or other developments on the B26 Project orotherwise. Forward-looking information is necessarily based uponestimates and assumptions, which are inherently subject to significantbusiness, 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. Theseuncertainties and contingencies can affect actual results and couldcause actual results to differ materially from those expressed in anyforward-looking statements made by or on the Company’s behalf.Although Abitibi has attempted to identify important factors thatcould cause actual actions, events or results to differ materiallyfrom those described in forward-looking information, there may beother factors that cause actions, events or results to differ fromthose anticipated, estimated or intended. All factors should beconsidered carefully, and readers should not place undue reliance onAbitibi’s forward-looking information. Generally, forward-lookinginformation can be identified by the use of forward-lookingterminology such as “expects,” “estimates,” “anticipates,”or variations of such words and phrases (including negative andgrammatical variations) or statements that certain actions, events orresults “may,” “could,” “might” or “occur.  Mineralexploration and development are highly speculative and arecharacterized by a number of significant inherent risks, which mayresult in the inability of the Company to successfully develop currentor proposed projects for commercial, technical, political, regulatoryor financial reasons, or if successfully developed, may not remaineconomically viable for their mine life owing to any of the foregoingreasons, among others. There is no assurance that the Company will besuccessful in achieving commercial mineral production and thelikelihood of success must be considered in light of the stage ofoperations.

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