GSKKF - Abitibi Metals Unveils 2024 Exploration Strategy for the High-Grade B26 Deposit (Ind: 7.0MT @ 2.94% Cu Eq & Inf: 4.4MT @ 2.97% Cu Eq) Focused on Growth and Discovery

(TheNewswire)

November 23 ,2023 – TheNewswire- London, Ontario – Abitibi Metals Corp. (CSE:AMQ) (OTC:GSKKF) (FSE:4KG)(“Abitibi” or the “Company”), is pleasedto unveil its 2024 exploration strategy for the high-grade B26Polymetallic Copper Deposit (“B26” or the “Project”). Locatedwithin the prolific Abitibi Greenstone Belt, B26 represents asubstantial opportunity to develop a copper, zinc, gold, and silverPolymetallic Deposit in a region with a rich history of base andprecious metal production, which includes the Detour and Casa BerardiMines. On November 16, 2023 the Company announced that it had signed a DefinitiveAgreement to acquire up to 80% of the B26 Deposit (“B26” or the“Project”) from SOQUEM Inc. (“SOQUEM”), a subsidiary ofInvestissement Québec, and an entity at arms’ length to theCompany.

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 a 3-phased approach, whichincludes a minimum targeted 10,000 metres of drilling that will focuson both growing the resource and testing the expansion potential.

Abitibi Metals will launch a fully financed 2,750-metredrilling program in January 2024. The initial focus will be todelineate the open-pit potential of the B26 Deposit while concurrentlyadvancing and expanding the existing underground resource.

Property Highlights

• The Project’s 2018 resource included 254 holes over115,311 meters, 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.

• 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)

• Deposit remains open at depth and laterally with stronghistorical 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 the historical Selbaie Mine, a similarPolymetallic Copper Deposit with a variety of mineralization stylesand element combination, that had a historical resource of 56.9 Mt @0.87% Cu, 1.85% Zn, 0.55 g/t Au, 39 g/t Ag (CONSOREM 2012).

Jonathon Deluce, CEO of Abitibi Metals, stated,"We're thrilled to unveil our first-year strategy for the B26Polymetallic Copper Deposit. We are focused on growth and discoveryand will leverage the extensive work already completed to drillexisting high-priority targets in the near-term while systematicallybuilding a robust 3D model that provides additional high-value targetsto grow and expand the resource in our follow-up programs throughoutthe rest of the first year.

We believe that the initial 10,000 metres of drillingwe have planned is only the tip of the iceberg and that B26 willdeserve much larger programs as this Project progresses.”

Mr. Deluce continued: “We are confident that our twodynamic projects, the B26 Deposit and the Beschefer Gold Project(known historically as B14), located just 7 km apart, create adistrict-scale metals opportunity in the Abitibi Greenstone Belt. Thestandout historical intercept at B26 of 2.32% Cu Eq over 89.5 metres,coupled with Beschefer's impressive 55.63 g/t gold over 5.57 metres,exemplifies the high-grade potential of both Projects.

As countries increasingly seek to secure criticalmetals, we take pride in being a Canadian company focused ondeveloping home-grown assets. Our year one exploration strategy isdesigned with clear objectives: to de-risk, expand, and aim to make new discoveries outside of thissignificant resource. As the first public company to have theopportunity to option B26, we fully intend on pairing our aggressiveexploration program with an equally aggressive marketing and awarenessstrategy in order to deliver B26 the attention itdeserves."

The Company will advance B26 through a first-yearexploration plan focused on 3 milestones:

1. 10,000+ Metres of Drilling:

• he Company anticipates commencingdrilling upon permit approval, targeting the completion of at least10,000 metres in the first year. This phase will concentrate onhigh-priority infill drilling in areas with higher metal factorswithin the resource, roughly from surface down to 300 metres andexploring mineralized lenses continuity and geometry, and expansionpossibilities.

• The Company is confident that the Project will warrantmuch larger annual drill budgets for expanding the resource anddeveloping new targets. The Company will be ready to scale up drillingonce valuation and financing goals are met.

• Abitibi Metals will launch a fully financed 2,750-metredrilling program in January 2024. The initial focus will be todelineate the open-pit potential of the B26 deposit while concurrentlyadvancing and expanding the existing underground resource.

2. Updated Internal Resource & 3DModel:

• Through the review of the 2018 resource, we haveidentified opportunities for improvement, which will strengthen ourdrill plan and a potential increase of current tonnage without furtherdrilling. These areas include:

  • Geological Modeling: Betterdefine high-grade lenses to generate strong resource growth-focuseddrilling

  • Density Factor: Review andanalyze additional samples to determine the correct density factor toinclude in the updated internal resource / 3D model. The Companybelieves the density factor could be currently understated, whichcould result in the correct factor contributing additional tonnage above the 2018 resource numbers.

  • Gold Silver Grades: Review andanalyze metal grade variability for resource estimationupdate.

  • Resource Estimation (open-pit andunderground): To complete a robust 3D andinternal resource model which will provide a strong basis forevaluating economic potential.

3. Gravity Survey:

• The Company is planning a Gravity Survey grid to coverextensions of the VMS contact to help model the geology, primarily themafic-felsic contacts and sulphide-rich environment, in order totarget new mineralized extensions close to the surface and at amoderate depth (300-600 metres). This is aligned with our first-yearobjective of improving our understanding and model of the open-pitpotential of the Project.

About the B26 Deposit:

Click Image To View Full Size

Figure 1 – Project outline and area map.

The B26 Deposit is located 7 kilometres to theSouth-East of the historical Selbaie Mine. The Selbaie Mine had ahistorical resource of 56.9 Mt @ 0.87% Cu, 1.85% Zn, 0.55 g/t Au, 39g/t Ag (CONSOREM 2012) and was in production for over 20 years.Reference to this nearby property is for information only, and thereare no assurances that the Company will achieve the same results atthe B26 Deposit.

The B26 mineralization is composed of a stacking ofmassive polymetallic and semi-massive polymetallic sulfide lensesextending over a kilometric strike length within a strongly dippingbasin filled by felsic volcanism products. Sulfide-rich mineralizationis mostly hosted in rhyolite and associated tuffs. Two main types ofmineralization characterize the B26 Deposit. The northern part of themineralized system is characterized by chalcopyrite veins and veinletshosted in sericitized and chloritized rhyolite. The southern portionof the system contains mostly disseminated to massive sphalerite,pyrite and galena mineralization, hosted in a dome of massiverhyolite. The zones are stacked in a sub-parallel pattern, orientedgenerally east-west, and dip 87° to the south. Prior drilling hasestablished the continuity down to a vertical depth of 800 meters.

Project Summary:

Location: TheProject comprises 66 claims covering 3,328 hectares in the EeyouIstchee Baie-James territory, Nord du Québec region. There isyear-round road access with a power line running through the Project.

History : In 1997, SOQUEM drilled discoveryhole B26-03, which intercepted 1.87 g/t Au and 2.89% Cu over 11.3metres. Since that time, the project has been systematically exploredby SOQUEM by drilling 254 holes over 115,311 meters, which wasincluded in their 2018 resource update.

Resource: OnMarch 4, 2018 2 , SOQUEM announced its’ updated resource on the B26 depositprepared by SGS Canada Inc. (N.I. 43-101 Compliant), which consistedof indicated resources totaling 6.97 Mt grading 1.32 % Cu, 1.80 % Zn,0.60 g/t Au and 43 g/t Ag and inferred resources totaling 4.41 Mtgrading 2.03 % Cu, 0.22 % Zn, 1.07 g/t Au and 9 g/t Ag.

Drill Results:

A summary of selected historical drill results isreported in Table 2:

Expansion Potential: The B26 Deposit has a continuous strike length of 1 km withadditional mineralization drilled up to a strike length of 1.6 km andto a depth of 0.8 km. The deposit shows expansion potential laterallywithin the down dip inside the felsic unit hosting the deposit ashighlighted in geoscientific works produced by SOQUEM and researchpartners; UQAC (University of Québec at Chicoutimi) and GSC(Geological Survey of Canada).

Given the nature of the VMS systems typically observedin the Abitibi, which are both deep-seated and occur in clusters andthe proximal location of Selbaie, the Company, therefore, believesthat the growth potential is significant and will provide furtherdetails in upcoming releases to highlight its exploration plan and theexpansion opportunities laterally and at depth.

The following plan view and central section provide anoverview of the current mineralization and expansion potential:

Click Image To View Full Size

Figure 3 - Plan View showing lateral expansion targetslaterally and along strike 3 .

Click Image To View Full Size

Figure 4 - Central Section showing expansion targets atdepth 3 .

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 high-grade B26 Polymetallic Copper Deposit (Ind: 7.0MT @ 2.94% CuEq & Inf: 4.4MT @ 2.97% Cu Eq) and the Beschefer Gold Project,where historical drilling has identified 4 historical intercepts witha metal factor of over 100 g/t gold highlighted by 55.63 g/t gold over5.57 metres and 13.07 g/t gold over 8.75 metres amongst four modelledzones. With approximately 45% insider ownership and a market cap under$15M, the Company is tightly structured for potential positivedevelopments.

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 bewell-positioned for the future.

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 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.

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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