12:56 PM EDT, 03/19/2024 (MT Newswires) -- Abitibi Metals Corp. ( AMQFF ) announced Tuesday that a third drill rig has been secured for the on-going maiden drill program underway at the B26 Polymetallic Deposit.

The third rig is expected to arrive on Tuesday, keeping the company on track to complete over 10,000 metres across its three priority targets by quarter end under the first phase of a fully funded 30,000-metre 2024 field season.

On Nov. 16, 2023, the company entered into an option agreement on the B26 Deposit to earn 80% over 7 years from SOQUEM Inc., based out of Val-d'or, Que.

With the success of the program to-date, the two rigs now turning will remain focused on the B26 Main Deposit and Satellite West Target, and the third rig will be brought onsite to advance drilling at the company's priority target, the Eastern Extension, where it is targeting an expansion of the main deposit where 2.32% Cu Eq over 89.5 metres, including 3.98% CuEq over 22.5 metres (1274-13-117) was intercepted in historical drilling.

Jonathon Deluce, CEO of Abitibi Metals ( AMQFF ), said in a statement: "We are excited to add a third rig to the drilling program at the B26 Polymetallic Deposit, where we continue to observe exceptional copper mineralization and the recent release of some of the highest-grade intercepts in the project's history. Given our ongoing success at the Main Deposit and Satellite West Target, adding a third rig allows us to advance B26 aggressively on multiple fronts, maximizing metres at these targets while further unlocking the Project's exploration potential at a high-priority target in the Eastern Extension where we see a second path to potentially expanding the main deposit."

After completing the priority targets at the Eastern Extension, the company will then commence a 2,500-metre drill program at the Beschefer Gold Project, with historical intersections such as 55.63 g/t gold over 5.57 metres and 13.07 g/t gold over 8.75 metres.

Deluce continued: "Our first phase of drilling has demonstrated the robust nature of the B26 Polymetallic Deposit and has established a solid foundation and technical vision for resource expansion and de-risking of the project. With assays pending from the 29 holes completed, including overlimit assays from the lower half of 1274-24-294, we look forward to continuing to share the results in the coming weeks."

To date, the company has focused drilling on the B26 Main Deposit and Satellite West Target, where 29 holes totalling 8,839 metres have been completed as of March 14, 2024.

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