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Abitibi Royalties Inc
Symbol RZZ
Shares Issued 10,251,000
Close 2014-10-21 C$ 3.00
Market Cap C$ 30,753,000
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Abitibi Royalties JV drills 42.5m of 2.39 g/t Au at CHL

2014-10-22 08:15 ET - News Release

Mr. Ian Ball reports

ABITIBI ROYALTIES MALARTIC CHL EXPLORATION UPDATE

The Canadian Malartic Corp. (partnership between Agnico Eagle and Yamana Gold) has provided Abitibi Royalties Inc. with new drill assays from the Malartic CHL property. The Malartic CHL property, where Abitibi Royalties currently has a 30-per-cent free carried interest to commercial production, is situated beside Canadian Malartic, presently the largest producing gold mine in Canada. The following information is an interpretation of the data provided by the Canadian Malartic Corp. All weighted averages included in this news release have been calculated by Abitibi Royalties.

"The latest drill results from Odyssey North are in line with our expectations and help confirm Osisko Mining's previously disclosed interpretation that the zone above hole ODY11-2404 (2.85 grams per tonne gold over 110.5 metres -- April 23, 2014) is approximately 40 metres wide, with a average grade between two to 2.5 g/t gold. We are now waiting for additional drill assays that tested below ODY11-2404 that were designed to expand the zone. In addition, drilling encountered numerous high-grade intercepts adjacent to Odyssey North that appear similar to Agnico Eagle's Lapa mine that is located approximately 25 kilometres to the west. These high-grade results could potentially represent a new and separate discovery on the Malartic CHL property. I believe we are just beginning to understand the properties exploration potential and that these results are even more important when one considers the Malartic CHL property adjoins the largest gold mine in Canada," stated Ian Ball, president.

New Odyssey North drilling -- 2.39 g/t Au over 42.5 metres

Assays for three core holes targeting the Odyssey North zone have been received. The holes intersected the zone above hole ODY11-2404 (2.85 g/t Au over 110.5 metres -- April 23, 2014), which is the same as the historic holes completed by Lac Minerals (1.83 g/t Au over 51.8 metres and 2.12 g/t over 70.1 metres -- 1988 to 1990). The new holes help confirm the grades and widths previously outlined by Osisko Mining for this portion of the zone (average true thickness of 40 metres at an average grade between two to 2.5 g/t gold), highlighting the potential for an underground bulk-tonnage deposit. Assays are pending for the holes that tested below hole ODY11-2404. Results for the Odyssey North holes are shown in the table.

     ODYSSEY NORTH ZONE DRILL RESULTS -- MALARTIC CHL PROPERTY                    

Drill hole ID              From        To     Length    Gold grade
                             (m)       (m)        (m)         (g/t)

ODY14-2480                977.0     997.5       20.5          1.36
and                     1,111.0   1,124.5       13.5          4.63
ODY14-2481                387.0     404.5       16.0          1.74
ODY14-2482              1,135.5   1,169.3       33.8          2.29
including               1,163.4   1,169.3        5.9          6.96
ODY14-2483              1,170.0   1,212.5       42.5          2.39
    
No upper cut was applied due to no assays being reported above 15 
g/t gold.

The deepest drill hole and most significant result to date on the Odyssey discovery is ODY11-2404 (released on April 23, 2014, which yielded 2.85 g/t Au over 110 metres). Drilling has been completed below this intersection and the samples have been sent for assay. Assays remain pending from five additional drill holes sent to the lab that targeted the Odyssey North zone.

Data from the recent and historic holes indicate that the Odyssey North zone is generally a tabular body dipping 70 degrees south with a true average width of five to 70 metres.

More high grade discovered adjacent to Odyssey

On April 22, 2014, Abitibi Royalties announced that in addition to hole ODY11-2404 intersecting the Odyssey North zone, it returned a high-grade intersection grading 105.5 g/t gold over one metre. The data recently received show that other high-grade intercepts also existed in this hole. Further drilling adjacent to the Odyssey zone continues to discover additional high-grade gold mineralization. Although more drilling will be required to determine the full extent of this mineralization and its continuity, it demonstrates additional exploration upside at the project.

 HIGH-GRADE DRILL RESULTS ADJACENT TO ODYSSEY -- MALARTIC CHL PROPERTY        

Drill hole ID             From          To   Core length      Gold grade  
                            (m)         (m)           (m)           (g/t)     

ODY11-2404             1,096.5     1,098.0           1.5            5.73     
and                    1,347.0     1,348.5           1.5           10.60     
ODY11-2481               219.6       223.2           3.6           12.80     
including                219.6       220.7           1.1            21.2     
ODY14-2482               825.8       827.5           1.7            5.76     
and                      865.3       866.5           1.2           13.20     
and                      892.0       893.5           1.5            7.74     
and                    1,192.8     1,195.0           2.3            6.46     
ODY14-2484             1,318.2     1,319.7           1.5            4.54     
ODY14-2486(i)            953.5       955.0           1.5            9.75     

(i) Assays from this hole targeting the Odyssey North zone are pending.

Quality assurance/quality control reporting

Historical assays reported for the Odyssey North zone are believed to be reliable but no details of analytical nor quality assurance/quality control procedures (QA/QC) are available. All core assays reported above were obtained by standard 50-gram fire assaying-AA finish or gravimetric finish on split NQ core from ALS Minerals laboratories in Val d'Or, Que., an ISO/IEC guideline 17025-accredited facility.

Qualified person

Glenn Mullan, chairman and chief executive officer, is the qualified person (as that term is defined in National Instrument 43-101) who has reviewed this news release and is responsible for the technical information reported herein, which was generated from data provided by Canadian Malartic Corp.

We seek Safe Harbor.

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