Copper Soars as Giustra Backed AMQ Prepares to Release More Drill Results in Coming Days

Copper is up by 2.45% today to a new two-year high of $4.676 per lb.

Abitibi Metals Corp. (CSE: AMQ) announced polymetallic drill results this morning for new drill holes located 500m west of the main high-grade B26 Polymetallic Deposit in a brand-new expansion area known as “Satellite West” previously unexplored by historical drill holes and not contributing towards the historical resource estimate of 11.4 million tonnes at just under 3% copper equivalent.

Assays from 30 drill holes are currently pending and AMQ said this morning, “We look forward to releasing additional drill results over the coming days.”

AMQ announced this morning that pending drill hole 1274-24-339, “intercepted a 106.5 metre interval beginning at 83 metres depth with copper mineralization concentrated in separate 0.4 to 4 metre bands with 10% to 60% chalcopyrite.”

Chalcopyrite is the most common source of copper and often contains a high percentage of copper.

AMQ announced this morning that it intercepted 0.93% copper equivalent over 26.9m beginning at a shallow depth of 44.5m in drill hole 1274-24-335.

This same drill hole also intercepted 1.89% copper equivalent over 2.57m beginning at a depth of 113.98m, 1.05% copper equivalent over 8.6m beginning at a depth of 125.4m, 0.49% copper equivalent over 7.55m beginning at a depth of 148.3m, and 0.82% copper equivalent over 6.4m beginning at a depth of 289.75m.

AMQ announced this morning that it intercepted 1.35% copper equivalent over 19.75m beginning at a depth of 216.2m in drill hole 1274-24-336.

This same drill hole also intercepted 0.73% copper equivalent over 8.4m beginning at a depth of 114.3m, 0.62% copper equivalent over 8.5m beginning at a depth of 132.95m, and 0.54% copper equivalent over 7.35m beginning at a depth of 146.75m.

AMQ is fully funded with CAD$18.5 million in cash to complete an additional 16,500 meters of drilling in 2024 plus an additional 20,000 meters of drilling in 2025, for a total 2024-2025 drill program of 50,000 meters. AMQ plans to launch Phase 2 drilling in early June when the winter thaw is over.

Global X Copper Miners ETF (COPX) closed last week at a new 13-year high. 

AMQ is backed by some of Canada’s most successful investors including Frank Giustra, Greg Chamandy and the Deluce Family.

Past performance is not an indicator of future returns. NIA is not an investment advisor and does not provide investment advice. Always do your own research and make your own investment decisions. This message is not a solicitation or recommendation to buy, sell, or hold securities. NIA has received compensation from LFG Equities Corp. of US$30,000 cash for a three-month AMQ marketing contract. This message is meant for informational and educational purposes only and does not provide investment advice.