GSKKF - Abitibi Metals Strengthens Operations with Second Drill at the B26 Deposit

(TheNewswire)

February 8, 2024 / TheNewswire / London, Ontario – Abitibi Metals Corp. (CSE:AMQ) (OTC:AMQFF) (FSE:FW0)(“Abitibi” or the “Company”) is pleasedto announce the arrival of a second drill on-site at the B26Polymetallic Deposit (“B26” or the “Deposit”). The Company iscurrently completing its winter drill program at the Deposit, where aminimum of 10,000 metres is targeted by the end of March under thefirst phase of a fully funded 30,000-metre 2024 field season. OnNovember 16th, 2023, the Company entered into an option agreement onthe B26 Deposit to earn 80% over 7 years from SOQUEM Inc (see newsrelease dated November 16, 2023 ).

Jonathon Deluce, CEO of Abitibi Metals, commented,“We are very excited to announce the arrival of a second drill atthe B26 Polymetallic Deposit. This strategic decision stems from thevery promising visual observations made from the first 5 holesdrilled, underscoring our commitment to thoroughly assess all ourPhase 1 objectives before the onset of winter breakup.”

Mr. Deluce continued. “This initial phase of ourdrill program aims to test the open-pit potential at the B26 Depositwith the goal of increasing near-surface tonnage over a 1.2-kilometrestrike length. As the program progresses, we will then shift focus toadvancing and expanding the existing high-grade underground resource.The current drilling is starting to demonstrate the potential of theB26 Deposit, and positive results should add blue sky potential andvalue to an already advanced copper-gold resource at the Project.”

To-date, five holes have been completed on the B26“Main Deposit" target, totalling 1,477 metres.

Drilling in this first phase is broken down between 3targets along strike testing the first 300 vertical metres:

1. B26 Main Deposit

   1. a. The key objective of drillingwithin the B26 Main Deposit is to evaluate the open pit potential andpotential up-dip near-surface extensions of the main deposit to thenorth. This testing is distributed over a 1.2-kilometre strike length.

2. Satellite West:

   1. a. Targeting the geometriccontinuity of a potential satellite zone 500 metres to the west of themain deposit.

3. Eastern Extension:

   1. a. Targeting the expansion of themain deposit to the east where 2.45% Cu Eq over 26.7 metres* , including 4.74% CuEq over 11.7metres (1274-14-167) was intercepted inhistorical drilling.

Drill Hole Descriptions:

• Holes 1274-24-293 1274-24-294 were designed to testthe geometry (infill extension) of mineralization in historical holeB26-40 and secondly to crosscut historical hole 1274-16-224 whichgraded 3.05% CuEq over alength of 48.1 metres* from 113.4 to 161.5metres.

• Holes 1274-24-295 1274-24-296 were designed tointercept the copper-bearing structure up-dip close to surface, whichwas previously intercepted 3.65% CuEq over a length of 31.8 metres* inhole 1274-14-202M at a vertical depth of approximately 60 metres.

• Hole 1274-24-297 was designed to test the up-dipstructure closer to the surface of historical hole 1274-14-193, whichintercepted 1.65% CuEq over12.8 metres* , ending at a depth of 200.5 metres.

Table 1: Drill Locations

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 Deposit(Ind: 7.0MT @ 2.94% Cu Eq & Inf: 4.4MT @ 2.97% Cu Eq) and theBeschefer 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 , 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 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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