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Goldseek Resources Provides Beschefer Drill Program Details: Central Shallow and Deep Targets

Highlights:

  • Approximately 4,000 metres of drilling is currently underway at Beschefer, with 1,590 metres planned for the Central Shallow and Deep Zones 
  • The second-best result to date in terms of metal factor was encountered in the Central Shallow Zone during the 2021 drill program with 4.92 g/t gold over 28.65 metres, including 11.39 g/t gold over 9.1 metres 

March 9, 2022 – TheNewswire – London, Ontario – Abitibi Metals Corp. (CSE:GSK) (FSE:4KG) (“Goldseek” or the “Company”) is pleased to provide further details on its’ 4,000-metre drill program currently underway at the Beschefer Project. 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).

The Company has started the program with 5 holes in the Central Shallow and Deep Zones with the objective of developing further continuity in the geometry and grade of the modelled lens. Drilling has targeted areas where high metal factors were historically intercepted associated with strong feldspathic alteration hosting different forms of disseminated pyrite.

An overview of each hole’s objective is summarized below:

  1. BE-22-15: Planned to a depth of 320 metres on the Central Deep Zone to attempt extending two mineralized stacked trends, respectively at 40 metres from hole B14-1 at 150 metres depth and 50 metres up-dip from hole BE13-035, which encountered 1.95 g/t gold over 17.85 metres
  2. BE-22-18: Planned to reach a vertical depth of 260 metres to attempt the down-dip extension of the Central Shallow Zone (“CSZ”) 40 metres down-dip from BE 18-048, which encountered 2.55 g/t gold over 20.01 metres
  3. BE-22-19: Planned to reach a vertical depth of 225 metres to attempt the lateral eastward extension of the CSZ immediately following the mineralized interval of BE-11-01, which encountered 2.9 g/t gold over 9.84 metres.
  4. BE-22-20: Planned to a depth of 225 metres on the eastern side of the CSZ to attempt extending the zone down-dip 50 meters from B14-4, which encountered 16.94 g/t gold over 0.79 metres
  5. BE-22-28: Planned to a depth of 280 metres on the eastern side of the CSZ to attempt extending the zone down-dip 50 meters from BE13-035, which encountered 10.28 g/t gold over 8.0 metres

Goldseek’s President & CEO Jon Deluce states, “We are excited to finish drilling our 5 planned holes in the Central Shallow and Deep Zones. These Zones have the potential to deliver strong metal factor intercepts, so we are optimistic about the prospects of our infill and expansion holes planned. We look forward to providing a visual observation update once the logging is complete.”

As shown in Figure 1, the Central Shallow Zone has been modelled over 200 to 250 metres of strike length and extends over 300 metres of vertical depth. Intercepts with metal factors (g/t X metres) between 30 and 140 form shoots inside the lens whose geometry remains to be tested and expanded.

FIGURE 1 – BESCHEFER LONG SECTION

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 metres in hole BE-21-02 (including 11.39 g/t over 9.1m), 55.63 g/t gold over 5.57 metresin 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.

Qualified Person

This press release was prepared by Martin Demers P.Geo,OGQ (#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

Jonathon Deluce

Chief Executive Officer

Telephone: 226-271-5170

For more information, please contact:

Abitibi Metals Corp.

E-mail: goldseekresources@gmail.com

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.