GSKKF - Abitibi Metals Highlights Major 2023 Corporate Milestones and Provides Outlook for 2024

February, 01 2024 06:00 AM Goldseek Resources

(TheNewswire)

February 1, 2024 – TheNewswire - London, Ontario – Abitibi Metals Corp. (CSE:AMQ) (OTC:AMQFF) (FSE:FW0)(“Abitibi” or the “Company”) is pleasedto profile the achievement of several significant milestonesthroughout 2023 and provide the Company’s outlook for 2024.

Since going public in 2020, Abitibi has focused onunlocking shareholder value through accretive acquisitions and beingstrategic and responsible with the Company’s treasury.

In 2023, Abitibi made the decision to rebrandreflecting its vision of creating a metals company in the mineral-richAbitibi Greenstone Belt centred around an advanced-stage copper andgold Project. Abitibi executed this vision by securing the high-gradeB26 Polymetallic Copper Deposit (Ind: 7.0MT @ 2.94% Cu Eq & Inf:4.4MT @ 2.97% Cu Eq).

Over the past 4 months, Abitibi executed its financinggoals by bringing on strategic investors in Frank Giustra and GregChamandy, as well as numerous other high value partners andshareholders, and raising over $14 million dollars which finances thefirst four-year work requirement under the B26 Polymetallic CopperDeposit option.

Major 2023 Milestones:

Secured the High-Grade B26Polymetallic Copper Deposit

Abitibi became the first public company with the optionto earn into the B26 Polymetallic Copper Deposit (Cu-Zn-Au-Ag), one ofQuebec’s most promising mineral discoveries, with a current strikeof 1 km and depth extent of 0.8 km, open for expansion. Abitibi has now optioned two advanced-stage assets along theSelbaie trend with the B26 Polymetallic Copper Deposit and Beschefer Project, located only 7 kmapart.
The Project’s 2018 resource included 254 holes over115,311 metres, advancing the asset to a significant resource thatincludes, across all categories, 400 million pounds of copper, 286,000ounces of gold, and significant zinc silver exposure.
Deposit remains open at depth and laterally with stronghistorical intercepts* including:
- 2.32% CuEq over 89.5 metres (1274-13-117)
- 3.05% CuEq over 48.1 metres (1274-16-224)
- 8.95% CuEq over 11.5 metres (1274-14-152)

With the B26 Polymetallic CopperD eposit open for expansion at depth and onstrike, there is significant growth potential in the resource and thepotential to make a new discovery on trend.
Bringing an experienced partner in, SOQUEM, asubsidiary of Investissement Québec, dedicated to promoting theexploration, discovery and development of mining properties in Quebec.

Fully Financed Development for 2024at the B26 Copper Deposit

Abitibi raised over $14 million dollars whichaccelerates the option agreement at the B26 Deposit by completing the first four-year work requirement under theoption in the first year of development.
Added Frank Giustra and Greg Chamandy as strategicinvestors who have extensive track-records of success in the miningbusiness.
With insider ownership at 20% and the Deluce Familyholding an additional 13%, a total of 33% of the Company, Abitibi’sprimary stakeholders demonstrate a strong alignment with shareholders.This is complemented by industry-low general and administrativeexpenses (GA), further enhancing the commitment to shareholderinterests.

Building a World-Class Advisory Board

Added Eric Kallio to its Advisory Committee. Mr. Kalliobrings a wealth of experience from his four-decade career in themining industry, where he has served in a number of roles focused onexploration, underground and open pit mine planning, scoping andfeasibility studies in Canada and abroad, including most recently asExecutive Vice President, Exploration Strategy and Growth at AgnicoEagle (2022 – 2023) and Senior Vice President, Exploration forKirkland Lake Gold (2018 – 2022).
In early 2024, Abitibi added Shane Williams to itsAdvisory Committee. Mr. Williams is an accomplished mining executiveand engineer, renowned for his track record of executional excellencein successful mine restarts and builds. With extensive experience inCanada’s gold mining sector, and particularly his successful trackrecord in Quebec. Mr. Williams played a instrumental role intransforming the Lamèque gold project in Quebec from a PreliminaryEconomic Assessment stage to a fully operational mine in just 18months.

Jonathon Deluce, CEO of Abitibi Metals, commented, “Iam incredibly proud of the team at Abitibi Metals for theirexceptional work in 2023, which has been transformational. We havesuccessfully fulfilled our commitment to shareholders by establishinga metals company in the Abitibi Greenstone Belt featuring theremarkable high-grade B26 Deposit. Furthermore, we have been activelyexpanding our team, bringing on board individuals with years ofsuccessful experience in the industry, along with world-classfinancial supporters of our vision."

2024 Outlook

Exploration -$10M exploration budget in 2024 broken down by the followingobjectives:
- Approximately 30,000 metres of drilling at theB26 Polymetallic Copper Deposit which is currently underway with 10,000 metres planned for Q1.To date, four holes have been completed, totalling 1,135 metres, withinitial results expected by the end of February following compilationand review.
- A complete review of the historical geophysicsevaluating the signature of the B26 PolymetallicCopper Deposit and the best approaches to extendthe mineralized zones.
- Abitibi will continue to develop the 3D model andupdated internal resource in order to support a strong explorationapproach leading to our resource growth goals.
- Approximately 3,000 metres of drilling at the BescheferGold Project planned for Q1. Abitibi is positioned to complete theoption agreement and earn 100% of the Beschefer Project in 2024.
Corporate:
- Abitibi continues to evaluateother talent to join the Advisory Committee and/or Board of Directors.
- Position Abitibi for shareholders by leveraging high-quality assets. Thisstrategic approach aims to capitalize on the opportunity to constructa portfolio of projects in a safe jurisdiction to conduct business.These projects are geared towards addressing the anticipated shortagesin various essential elements, including copper and silver, in thecoming years.
Marketing
- Abitibi has completed its’ OTCQB and DTC applicationsin order to increase its’ marketing and awareness initiatives aheadof a catalyst full 2024.
- Abitibi will be attending thePDAC during March 3-6 at booth #2617.
- Abitibi is exploring variousopportunities to increase its presence at more conferences. Thisinitiative aims to broaden our audience reach and enhance visibility.Additionally, it provides a platform for Jonathon Deluce, CEO ofAbitibi, to deliver the corporate presentation, further highlightingour strategic vision and goals.

Jonathon Deluce, CEO of Abitibi, commented, I amexcited for this year as our company is financially strong and hasgreat assets, particularly with us securing the high-grade B26Polymetallic Copper Deposit. We plan to drill 30,000 metres in 2024and have already completed four holes. Our goal is to expand theresource and introduce this deposit to the market, a first for apublic company. We are also carefully managing our finances tomaximize shareholder value. The metals business looks promising,especially with potential supply shortages, highlighting theimportance of our high-grade projects in Quebec's globally recognizedmineral-rich greenstone belt."

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.

ON BEHALF OF THE BOARD

Jonathon Deluce, Chief Executive Officer

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

The Company also maintains an active presence onvarious social media platforms to keep stakeholders and the generalpublic informed and encourages shareholders and interested parties tofollow and engage with the Company through the following channels tostay updated with the latest news, industry insights, and corporateannouncements:

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 or results “may,”“could,” “might” or “occur. Mineral exploration anddevelopment are highly speculative and are characterized by a numberof significant inherent risks, which may result in the inability ofthe Company to successfully develop current or proposed projects forcommercial, technical, political, regulatory or financial reasons, orif successfully developed, may not remain economically viable fortheir mine life owing to any of the foregoing reasons, among others.There is no assurance that the Company will be successful in achievingcommercial mineral production and the likelihood of success must beconsidered in light of the stage of operations.

Company Name:	Goldseek Resources
Stock Symbol:	GSKKF
Market:	OTC