08:48 AM EDT, 05/02/2024 (MT Newswires) -- Abitibi Metals ( AMQFF ) reported Thursday drill results from the 13,500-meter maiden drill program at the B26 polymetallic deposit in Quebec that was completed under the first phase of a 30,000-meter drill campaign in 2024.

Highlights include 44.5 meters at 2.82% copper equivalent, 20.75 meters at 3.35% copper equivalent and 9.9 meters at 3.24% copper equivalent.

The company said it is fully funded with $18 million to complete the remaining 16,500 metres planned for 2024. It also plans an additional 20,000 meters of drilling in 2025.

The results will be incorporated into a preliminary economic assessment to complete an option to acquire 80% of the project from SOQUEM.

"With the copper price breaking out, projects like B26, located in the world-class jurisdiction of Quebec, stand out globally for their potential to deliver critical metals at a time when there is a clear rising need for copper," CEO Jonathon Deluce said.

Abitibi's share price rose 1.1% to $0.48 yesterday.