09:19 AM EDT, 06/20/2024 (MT Newswires) -- Abitibi Metals ( AMQFF ) reported Thursday the final results from phase-one drilling at the B26 polymetallic deposit in Quebec.

According to a statement, highlights include 9.75 meters at 3.97% copper equivalent, 5.8 meters at 4.43% copper equivalent and 14 meters at 1.16% copper equivalent.

"We are very excited about the impact of the phase 1 drilling and move in commodity prices on our internal resource model," CEO Jonathon Deluce said in the statement. "As a result, we are currently evaluating the potential of publishing an updated resource in the near-term."

Abitibi said it is currently finalizing the phase 2 drill program that will commence in July, targeting the expansion of the B26 deposit at depth and along strike. The company is awaiting results from the 2,325 metres drill program at Beschefer, located 7km east of B26 and the property wide gravity survey at B26 which covered the Deposit and the 8.3km priority targeted trend.

The company said it remains well funded with about $17.0 million to complete the remaining 16,500 meters planned for its 2024 work program, as well as an additional 20,000 meters in 2025, which will be incorporated into a preliminary economic assessment to complete the B26 option.

On November 16, 2023, the company entered into an option agreement on the B26 Deposit to earn 80% over seven years from SOQUEM Inc