12:01 PM EDT, 04/11/2024 (MT Newswires) -- Abitibi Metals ( AMQFF ) said Thursday a 2,975-meter drill program in underway at the Beschefer gold project in Quebec.

The company said the program is focused on 10 holes to test the strike length expansion potential of the system and test the high-metal factor zones.

In March 2021, Abitibi signed an agreement for an option to acquire the project from Wallbridge Mining ( WLBMF ) over a four-year period. As of Dec. 31 Abitibi said it completed about C$2 million in work expenditures at the project. The company added it is funded to achieve its final option milestone of incurring C$3.0 million in work expenditures by February 2025 to earn 100% of the project.

"An advanced gold exploration project with significant near-term resource potential, the first 2,975 meters of drilling in 2024 will build on the four historical intercepts with a metal factor of over 100 g/t gold highlighted by 55.63 g/t gold over 5.57 metres and 13.07 g/t gold over 8.75 metres," chief executive Jonathan Deluce said in a release.

"We have a strong 26 holes planned, from which 10 were chosen to test the strike length expansion potential of the system and test the high-metal factor zones. With our two ongoing drill programs underway, we have a catalyst-packed Spring ahead of us with continuous drill results from both B26 and Beschefer."

Abitibi shares were last seen up C$0.02 to C$0.63 on the Canadian Securities Exchange.

Price: 0.63, Change: +0.02, Percent Change: +3.23