There might be a new large copper and gold project in Canada. And it belongs to Abitibi Metals.
What’s happening:
- Abitibi Metals (CSE: AMQ) has announced new results from their updated resource estimate which shows they have significantly expanded the size of their flagship B26 Deposit located in Quebec, Canada
By the numbers:
- The new total resource estimate of the B26 Deposit has now grown to 11.3M tonnes, which is an increase of 62% from previous estimates
- The newest resource estimate also shows a 38% increase in contained copper, a 29% increase in contained gold, a 22% increase in contained silver and a 15% increase in contained zinc
- Abitibi Metals has a cash position of approximately $13M CAD and is fully funded to begin their next phase of exploration
Why it matters:
- There has been a feverish search underway in the public markets for the next meaningful large copper deposits, which has recently led to mining giants such as Lundin Mining (TSX: LUN) and Ivanhoe Mines (TSX: IVN) accelerating their plans for copper production at a global scale
Going deeper:
- Gold prices hovering around all time highs has also heightened the excitement in the public markets for early stage gold exploration companies, which has been leading to a surge in capital inflows to publicly listed companies with highly promising projects that were previously being largely ignored
- One of the most prominently known entrepreneurial families in Canada the Deluce family are notable large shareholders of Abitibi Metals and have been publicly backing the company since it was first founded
The intrigue:
- Wallbridge Mining (TSX: WM) is also a minority shareholder of Abitibi Metals
