- A drill has been secured for approximately 4,000 meters at Beschefer to commence during the first half of February
- A combination of infill and expansion targets are planned with a focus on extending the historical high-grade zones (55.63 g/t gold over 5.57 meters; 10.28 g/t gold over 8.00 meters, and 12.40 g/t gold over 3.78 meters)
January 12, 2022, London, Ontario – Abitibi Metals Corp. (CSE:GSK) (FSE:4KG) (“Goldseek” or the “Company”) is pleased to announce a 4,000-meter drill program at the Beschefer Project set to commence during the first half of February. The Beschefer Project is located approximately 30 kilometres southwest of Wallbridge Mining Company Limited’s (“Wallbridge”) Fenelon Gold Project. On March 3rd, 2021, the Company entered into an option agreement on the Beschefer Project to earn 100% over 4 years from Wallbridge (see news release dated March 3, 2021).
Goldseek’s President & CEO Jon Deluce states,”We are excited to start our winter follow-up drill program on the Beschefer Project, which has demonstrated size and grade potential. We look forward to building on the success of our maiden drill program highlighted by 4.92 g/t gold over 28.65 meters1 (141 Metal Factor), including 11.39 g/t gold over 9.1 meters1 which is the 2nd best intercept on the Property to date. The remainder of our maiden drill program consisted of low-grade with high-width intercepts (Ex. 2.17 g/t gold over 13.2 meters2), demonstrating the Project’s strong continuity and near-resource potential.
We have a catalyst packed 2022 with a goal of drilling 10,000 meters at Beschefer and targeting a maiden resource towards the end of the year.”
Goldseek has budgeted approximately 4,000 meters of diamond core drilling for high priority infill and extension targets at its’ Beschefer Project along the Detour Gold Trend. The Company is currently processing the final assays received from its’ maiden drill program and will provide full details on winter drill targets and an updated 3D model of the gold zones in subsequent news releases.
About the Beschefer Project:
- Advanced gold exploration project with significant near-term resource potential
- Located in a favourable orogenic gold setting 45 km northeast of the Casa Berardi Mine and 30 km southwest of Wallbridge’s Fenelon Gold Project.
- Highlights of the best intersections include 4.92 g/t gold over 28.65 meters in hole BE-21-02 (including 11.39 g/t over 9.1m), 55.63 g/t gold over 5.57 metres in hole BE13-038 (including 224 g/t over 1.23m ; 13.95 g/t over 0.68m and 13.70 g/t over 0.73m), 13.07 g/t gold over 8.75 metres in hole B12-014 (including 58.5 g/t over 1.5m), 3.56 g/t gold over 28.4 metres in hole B14-006 (including 7.42 g/t over 5.5m), and 10.28 g/t gold over 8.00 metres in hole B14-35 (including 86.74 g/t over 0.60m). True width in these sections vary between 89% and 99% of the intercepted width.
- The mineralization shows high-grade gold-bearing structures hosted in a lower grade envelope, highlighting the regional potential along the already defined shear zones on the Property.
FIGURE 1 – BESCHEFER LONG SECTION (2021 RESULTS IN RED)
The Company announces that it intends to extend the expiration date of 952,500 warrants (the “Warrants”) originally issued by the Company on February 14, 2020 pursuant to a non-brokered private placement. The Warrant extension is subject to approval by the Canadian Securities Exchange.
The Warrants are exercisable into common shares of the Company at a price of $0.13 per common share and currently have an expiry date of February 14, 2022. The Company wishes to extend the expiry date of the Warrants to 4:00PM EST on February 14, 2024. All other terms and conditions of the Warrants, including the exercise price, remain the same.
Goldseek has significantly advanced its exploration projects since going public thanks to these long-term shareholders and is of the opinion that an extension of these warrants is justified.
This press release was reviewed by Martin Demers, P.Geo,ogq No 770, who is a qualified person as defined under National Instrument 43-101, and who has reviewed and approved the geological information provided in this news release.
About Abitibi Metals Corp.
Abitibi Metals Corp. is a Canadian exploration company with a portfolio of assets in Ontario and Quebec, Canada. By identifying six projects in world-class mining locations, Goldseek is poised to deliver shareholder value through rigorous exploration and development on these properties. Our mission is to find the next major discovery in the mining camps of Urban Barry, Quevillon, Val D’Or, and Detour Gold Trend in Quebec and Hemlo in Ontario.
ON BEHALF OF THE BOARD
Chief Executive Officer
For more information, please contact:
Abitibi Metals Corp.
The reader is invited to visit Goldseek’s web site https://www.goldseekresources.com/
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain statements that may be deemed “forward-looking statements” with respect to the Company within the meaning of applicable securities laws, including statements with respect to the Company’s future plans of Beschefer. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “targets”, “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, are subject to risks and uncertainties, and actual results or realities may differ materially from those in the forward-looking statements. Such material risks and uncertainties include, but are not limited to, the Company’s ability to obtain all requisite approvals, including approval of the Canadian Securities Exchange and securities regulatory authorities, if required for a transaction or financing, the Company’s ability to raise sufficient capital to fund its obligations under its property agreements going forward, to maintain its mineral tenures and concessions in good standing, to explore and develop Beschefer or its other projects and for general working capital purposes, changes in economic conditions or financial markets, the inherent hazards associates with mineral exploration, changes in general economic conditions, the ability of the Company to obtain the necessary permits and consents required to explore, drill and develop its projects and if obtained, to obtain such permits and consents in a timely fashion relative to the Company’s plans and business objectives for the projects, changes in environmental and other laws or regulations that could have an impact on the Company’s operations, compliance with environmental laws and regulations, aboriginal title claims and rights to consultation and accommodation, dependence on key management personnel and general competition in the mining industry. Forward-looking statements are based on the reasonable beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.