Q2 Metals Corp. (TSXV: QTWO) (OTCQB: QUEXF) (FSE: 458) (“Q2” or the “Company“) is pleased to announce that it has collared the first drill hole of the 2024 inaugural drill program (“Spring 2024 Drill Campaign”) at the Cisco Lithium Property (the “Property” or the “Cisco Property“) located within the greater Nemaska traditional territory of the Eeyou Istchee James Bay region of Quebec, Canada. The detailed mapping and sampling campaign remains ongoing at the Property.
Figure 1 Active drill rig at the Cisco Lithium Property for inaugural drill program
The Spring 2024 Drill Campaign will test the mineralized zone where the Property vendors drilled and made a discovery in the fall of 2023 (the “Discovery Zone”). The primary objective will be to test for mineralized pegmatite along strike and to define the size and orientation of the Discovery Zone.
The detailed mapping and sampling campaign will provide guidance on the extent of the lithium mineralization at the Discovery Zone and identify other potential target areas on the sizeable primary exploration trend measuring 21 kilometres (“km”) long.
About the Cisco Property
The Cisco Property is comprised of 222 mineral claims and is 11,374 hectares in size. It is located less than 10 km east of the Billy Diamond Highway, and is approximately 150 km north of Matagami, a small town that contains the closest rail link to much of James Bay. The Property lies within the greater Nemaska Community lands of the Eeyou Itschee Territory, James Bay, Quebec.
The Property is situated along the Frotet Evans Greenstone Belt, comprised of a volcanic package dominated by mafic to felsic metavolcanic rocks, of the southern James Bay Lithium District, the same belt that hosts the Sirmac and Moblan lithium deposits, located 130 km and 180 km away, respectively.
On February 28, 2024, the Company announced it had signed an option agreement which gives the Company the exclusive right and option for the acquisition of a 100% interest in three groups of minerals claims, collectively known as the Cisco Property (the “Transaction”). The Transaction is expected to close in short order.
Qualified Person
Neil McCallum, B.Sc., P.Geol, is a registered permit holder with the Ordre des Géologues du Québec and Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, and has reviewed the technical information in this news release. Mr. McCallum is a director and VP of Exploration for Q2.
About Q2 Metals Corp
Q2 Metals is a Canadian mineral exploration company focused on unlocking its portfolio of lithium projects in the Eeyou Istchee James Bay region of Quebec, Canada, that includes its 100-per-cent-owned Mia lithium property.
In addition to the Mia lithium property, the Company expects to add the Cisco lithium property to its property portfolio once the property transaction closes. The Cisco lithium property is located approximately 150 km north of Matagami, Que., and comprises 222 mineral claims and is 11,374 ha in size. The property has district-scale potential with an already identified mineralized zone and a discovery drill result of 115.4 metres of 1.40 percent lithium oxide (hole CS-23-05), cumulatively in five separate pegmatites.
The Company’s exploration advancement at its 8,668-hectare flagship Mia lithium property is focused on the more than 10-kilometre-long Mia trend which is host to both the Mia 1 and Mia 2 lithium occurrences and 11 other mineralized zones along trend.
This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian legislation. Forward-looking statements are typically identified by words such as: “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “may”, “should”, “would”, “will”, “potential”, “scheduled” or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. Accordingly, all statements in this news release that are not purely historical are forward-looking statements and include statements regarding beliefs, plans, expectations and orientations regarding the future including, without limitation, any statements or plans regard the geological prospects of the Company’s properties and the future exploration endeavors of the Company. 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 and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in such forward-looking statements. The forward-looking statements in this news release speak only as of the date of this news release or as of the date specified in such statement. Forward looking statements in this news release include, but are not limited to, that the objective of the Spring 2024 Drill Campaign will test for mineralized pegmatite along strike and define the size and orientation of the Discovery Zone, that the detailed mapping and sampling campaign will provide guidance on the extent of the lithium mineralization at the Discovery Zone and identify other potential target areas on the sizeable primary exploration trend, that Q2 will add the Property to its property portfolio, that the focus of the Company’s current and future exploration and drill programs, the scale, scope and location of future exploration and drilling activities, the Company’s expectations in connection with the projects and exploration programs being met, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, variations in ore grade or recovery rates, changes in project parameters as plans continue to be refined, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same. Readers are cautioned that mineral exploration and development of mines is an inherently risky business and accordingly, the actual events may differ materially from those projected in the forward-looking statements. Additional risk factors are discussed in the section entitled “Risk Factors” in the Company’s Management Discussion and Analysis for its recently completed fiscal period, which is available under Company’s SEDAR profile at www.sedarplus.ca.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Q2 Metals Corp. (TSXV: QTWO) (OTCQB: QUEXF) (FSE: 458) (“Q2” or the “Company“) is pleased to announce that the Q2 geology team and drilling contractors have mobilized to begin its inaugural exploration program at the Cisco Lithium Property (the “Property” or the “Cisco Property“).
The Company will commence a detailed mapping and sampling program at the Cisco Property which will provide guidance on the extent of the lithium mineralization at the initial target area and identify other potential target areas on the sizeable primary exploration trend measuring 21 kilometres (“km”) long.
“Our geology team has arrived at our camp and work at the Cisco Property will ramp up this week,” said Q2 Metals President and CEO Alicia Milne. “Our team is motivated by the property vendors’ 2023 discovery and the massive scale of the project will keep us busy this summer.”
Q2 will also commence an inaugural drill campaign (“Spring 2024 Drill Campaign”) which will be focused on the 2023 discovery area. As the other target areas are assessed by the Q2 geology team, the Spring 2024 Drill Campaign may expand outwards.
Youdin-Rouillier Drilling of the Eeyou Istchee Territory, James Bay, Quebec is contracted to complete the diamond drilling with Dahrouge Geological Consulting Ltd. of Edmonton, Alberta managing the drill program and property-wide geological exploration.
Figure 1. Q2 Metals geologist standing on the 2023 discovery area
The Cisco Property is comprised of 222 mineral claims and is 11,374 hectares in size. Located less than 10 km east of the Billy Diamond Highway, the Property is approximately 150 km north of Matagami and the closest rail link to much of James Bay. The Property lies within the greater Nemaska traditional territory of the Eeyou Istchee Territory, James Bay, Quebec.
The Property is situated along the Frotet Evans Greenstone Belt, comprised of a volcanic package dominated by mafic to felsic metavolcanic rocks, of the southern James Bay Lithium District, the same belt that hosts the Sirmac and Moblan lithium deposits, located 130 km and 180 km away, respectively.
On February 28, 2024, the Company announced it had signed an option agreement which gives the Company the exclusive right and option for the acquisition of a 100% interest in three groups of minerals claims, collectively known as the Cisco Property (the “Transaction”). The Transaction is expected to close in short order.
Neil McCallum, B.Sc., P.Geol, is a registered permit holder with the Ordre des Géologues du Québec and Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, and has reviewed the technical information in this news release. Mr. McCallum is a director and VP Exploration of Q2.
Stock Option Grant
Pursuant to its equity incentive plan and subject to the acceptance by the TSX Venture Exchange, the Company has granted 1,500,000 stock options to directors, officers, and consultants of the Company to purchase an aggregate of 1,500,000 common shares in the capital of the Company at an exercise price of $0.31 per share until May 22, 2029.
About Q2 Metals Corp
Q2 Metals Corp. is a Canadian mineral exploration company focused on unlocking its portfolio of lithium projects in the Eeyou Istchee James Bay region of Quebec, Canada that includes its 100% owned Mia Lithium Property. In addition, the Company expects to add the Cisco Lithium Property to its property portfolio once the Transaction closes.
The Company’s exploration advancement at its 8,668-ha flagship Mia Lithium Property is focused on the more than 10-kilometre-long Mia Trend which is host to both the Mia 1 and Mia 2 lithium occurrences and 11 other mineralized zones along trend.
The Cisco Lithium Property is located approximately 150 km north of Matagami, Quebec and comprised of 222 mineral claims and is 11,374-ha in size. The property has district scale potential with an already identified mineralized zone and a discovery drill result of 115.4 m of 1.40% Li2O (hole CS-23-05), cumulatively in five separate pegmatites.
This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian legislation. Forward-looking statements are typically identified by words such as: “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “may”, “should”, “would”, “will”, “potential”, “scheduled” or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. Accordingly, all statements in this news release that are not purely historical are forward-looking statements and include statements regarding beliefs, plans, expectations and orientations regarding the future including, without limitation, any statements or plans regard the geological prospects of the Company’s properties and the future exploration endeavors of the Company. 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 and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in such forward-looking statements. The forward-looking statements in this news release speak only as of the date of this news release or as of the date specified in such statement. Forward-looking statements in this news release include, but are not limited to, the commencement of a mapping and sampling program at the Cisco Property and inferences made therefrom, closing of the Transaction in short order, , that the Spring 2024 Drill Campaign will commence on the 2023 discovery area with the opportunity to increase as the results dictate, that the Q2 will add the Cisco Property to its property portfolio, the focus of the Company’s current and future exploration and drill programs, the scale, scope and location of future exploration and drilling activities, the Company’s expectations in connection with the projects and exploration programs being met, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, variations in ore grade or recovery rates, changes in project parameters as plans continue to be refined, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same. Readers are cautioned that mineral exploration and development of mines is an inherently risky business and accordingly, the actual events may differ materially from those projected in the forward-looking statements. Additional risk factors are discussed in the section entitled “Risk Factors” in the Company’s Management Discussion and Analysis for its recently completed fiscal period, which is available under Company’s SEDAR profile at www.sedarplus.ca.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Q2 Metals Corp. (TSXV: QTWO) (OTCQB: QUEXF) (FSE: 458) (“Q2” or the “Company“) is pleased to announce the results of the re-assaying of the initial core samples from the drill program that was conducted by the property vendors at the Cisco Lithium Property (the “Property” or the “Cisco Property“) in fall of 2023.
The Property vendors drilled six holes, totaling 1,287 metres (“m”), at one of the six mineralized zones at the Property. Their drill program confirmed a strike length of approximately 220 m, open along strike in both directions and down-dip.
As announced on April 30, 2024, Q2 geologists re-logged the drill core and then submitted the previously sampled intervals for analysis using the processed material from the original analytical lab. The samples were sent to SGS Laboratories in Burnaby, BC, where they were analyzed for Lithium (“Li”) and Tantalum (“Ta”) using sodium peroxide fusion with ICP-AES/MS finish (code GE-ICP91A50).
The objectives of the re-assaying and re-logging program were:
To confirm the historical analytical results with a method consistent with that used for the Mia Property, and which will be used in future programs at Cisco.
To utilize an analytical method appropriate for tantalum as well as one more appropriate for higher grades of lithium.
Q2 Metals VP of Exploration Neil McCallum said: “We are pleased with the positive outcome of the re-analysis of the Cisco drill results. A thorough review of the quality control measures has solidified that the new results are more accurate than the original results previously announced. It’s not an unexpected change as the analytical methods now used are more accurate at higher grades above roughly 1.5% Li2O and we have several samples above that range.“
Q2 Metals President and CEO Alicia Milne said: “These results add to our overall excitement around the Property. We’ve been counting down the days to get boots on the ground at Cisco and are looking forward to a busy exploration season.”
The results of the re-analysis are summarized in Table 1. A plot of both analytical methods is shown in Figure 1 to visualize the difference indicating the higher results of the re-analysis at grades greater than about 0.75% Li2O.
Table 1. Results of re-analysis for the 2023 Cisco drilling
Q2 will commence a detailed mapping and sampling program at the Cisco Property shortly after the local goose harvesting season is completed on May 20, 2024. The detailed groundwork will provide guidance on the extent of the lithium mineralization at the initial target area and identify other potential target areas on the sizeable primary exploration trend measuring 21 kilometres (“km”) long.
Q2 will also commence an inaugural drill campaign (Spring 2024 Drill Campaign) which will be focused on the 2023 discovery area. As the other target areas are assessed by the Q2 team, the drilling will expand outwards.
About the Cisco Property
The Cisco Property is comprised of 222 mineral claims and is 11,374 hectares in size. It is located less than 10 km east of the Billy Diamond Highway, and is approximately 150 km north of Matagami, a small town that contains the closest rail link to much of James Bay. The Property lies within the greater Nemaska Community lands of the Eeyou Itschee Territory, James Bay, Quebec.
The Property is situated along the Frotet Evans Greenstone Belt, comprised of a volcanic package dominated by mafic to felsic metavolcanic rocks, of the southern James Bay Lithium District, the same belt that hosts the Sirmac and Moblan lithium deposits, located 130 km and 180 km away, respectively.
On February 28, 2024, the Company announced it had signed an option agreement which gives the Company the exclusive right and option for the acquisition of a 100% interest in three groups of minerals claims, collectively known as the Cisco Property (the “Transaction”). The Transaction is expected to close in short order.
Analytical Methods and QA/QC Protocols
All drill core samples were shipped from Techni-Lab Abitibi Inc. (a division of Activation Laboratories Ltd.) to SGS Canada’s preparation facility in Val d’Or, Quebec, for processing. The pulps were shipped by air to SGS Canada’s laboratory in Burnaby, BC, where the samples were homogenized and subsequently analyzed for multi-element (including Li and Ta) using sodium peroxide fusion with ICP-AES/MS finish (code GE_ICM91A50).
An in-depth review of the QA/QC standards of both methods reveals that the analytical results reported herein are more accurate.
Advance Notice Policy
The Company is pleased to report that it has received the approval of the TSX Venture Exchange for an amendment to the Company’s articles (the “Articles“) to add a requirement for advance notice in connection with the election of directors (“Advance Notice Provisions“), as approved by shareholders at the Company’s annual and special meeting of shareholders held on November 1, 2023.
The purpose of the Advance Notice Provisions is to provide shareholders, directors and management of the Company with direction on the procedure for shareholder nomination of directors. The Advance Notice Provisions are the framework pursuant to which the Company fixes a deadline by which holders of record of common shares must submit director nominations to the Company prior to any annual or special meeting of shareholders and set forth the information that a shareholder must include in the notice to the Company for the nomination notice to be in proper written form. A copy of the amended Articles can be found under the Company’s profile on SEDAR+ at www.sedarplus.ca and further details on the Advance Notice Provisions may be found in the Company’s management information circular dated September 27, 2023.
Qualified Person
Neil McCallum, B.Sc., P.Geol, is a registered permit holder with the Ordre des Géologues du Québec and Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, and has reviewed the technical information in this news release. Mr. McCallum is a director and VP Exploration of Q2.
About Q2 Metals Corp
Q2 Metals Corp. is a Canadian mineral exploration company focused on unlocking its portfolio of lithium projects in the Eeyou Istchee James Bay region of Quebec, Canada that includes its 100% owned Mia Lithium Property. In addition, the Company expects to add the Cisco Lithium Property to its property portfolio once the Transaction closes.
The Company’s exploration advancement at its 8,668-ha flagship Mia Lithium Property is focused on the more than 10-kilometre-long Mia Trend which is host to both the Mia 1 and Mia 2 lithium occurrences and 11 other mineralized zones along trend.
The Cisco Lithium Property is located approximately 150 km north of Matagami, Quebec and comprised of 222 mineral claims and is 11,374-ha in size. The property has district scale potential with an already identified mineralized zone and a discovery drill result of 115.4 m of 1.40% Li2O (hole CS-23-05), cumulatively in five separate pegmatites.
This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian legislation. Forward-Looking statements are typically identified by words such as: “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “may”, “should”, “would”, “will”, “potential”, “scheduled” or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. Accordingly, all statements in this news release that are not purely historical are forward-looking statements and include statements regarding beliefs, plans, expectations and orientations regarding the future including, without limitation, any statements or plans regard the geological prospects of the Company’s properties and the future exploration endeavors of the Company. 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 and actual results or developments may differ materially from those in the forward-looking statements. Forward-Looking statements are based on a number of material factors and assumptions.
Forward-Looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in such forward-looking statements. The forward-looking statements in this news release speak only as of the date of this news release or as of the date specified in such statement. Forward-Looking statements in this news release include, but are not limited to, exploration results on the Cisco Property and inferences made therefrom, closing of the Transaction in short order, the commencement of a detailed mapping and sampling program at the Cisco Property shortly after the local goose harvesting season has completed on May 20, 2024, that the Spring 2024 Drill Campaign will commence on the 2023 discovery area with the opportunity to increase as the results dictate, that the Q2 will add the Property to its property portfolio, the focus of the Company’s current and future exploration and drill programs, the scale, scope and location of future exploration and drilling activities, the Company’s expectations in connection with the projects and exploration programs being met, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, variations in ore grade or recovery rates, changes in project parameters as plans continue to be refined, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same. Readers are cautioned that mineral exploration and development of mines is an inherently risky business and accordingly, the actual events may differ materially from those projected in the forward-looking statements. Additional risk factors are discussed in the section entitled “Risk Factors” in the Company’s Management Discussion and Analysis for its recently completed fiscal period, which is available under Company’s SEDAR profile at www.sedarplus.ca.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Q2 Metals Corp. (TSXV: QTWO) (OTCQB: QUEXF) (FSE: 458) (“Q2” or the “Company“) is pleased to announce core assay results for the drill program completed in the winter of 2024 (the “Winter Drill Program“) at the Company’s wholly owned, 8,668 hectare (“ha”) Mia Lithium Property (the “Property“) located in the Eeyou Istchee James Bay Territory of Quebec.
The 2024 Winter Drill Program targeted the western end of the more than 10-kilometre-long Mia Lithium Exploration Trend (the “Mia Trend“), located 22 kilometres (“km”) from the Billy Diamond Highway, proximal to major hydro-powerline and all-season road infrastructure. The Mia Trend comprises an approximately 10-km-long series of sub-parallel pegmatite intrusions, of which there are 11 mineralized with spodumene at surface. The individual pegmatite bodies vary in thickness between a few metres (“m”) and over 20 m in some cases. Combined with the 2023 fall drill program, a total of 8,685 m was completed over 50 drill holes along the Mia Trend. All assay results from both drill campaigns have now been reported.
Neil McCallum, VP Exploration, commented: “Our modest Winter Drill Program continued to successfully confirm the continuity of the mineralization encountered during our fall drill program at the Mia 1, 2 & 3 Zones. These results have provided us with information about what is happening across the broader Mia Trend and will be used to vector towards areas where we will test for thickening and higher-grade mineralization.”
The primary objective of the Winter Drill Program was to follow up on the fall-2023 drilling along the Mia Trend, with a total of 20 drill holes completed for approximately 3,085 m. One drill rig was used to test the main Mia 1, 2 & 3 zones (the “Mia Zone“) with 11 drill holes; while a second drill rig tested the greater Mia Trend with nine holes at the Mia 5,6, 7, 8 & Carte Zones.
Drill results at the Mia Zone confirmed the previously announced spodumene mineralization within a continuous pegmatite zone that dips gently to the north (see news release from April 25, 2024; Hole MIA23-004: 17.8 m at 1.51% Li2O, including 12.2 m of 2.16% Li2O).
Thickness of the mineralized zone varies from 8 to 20 m and extends roughly 600 m east-west and roughly 375 m north-south. The pegmatite body appears to be open to the west, east and north. The Winter Drill Program confirmed the continuity of the mineralization in some areas of the zone, while also showing some grade variability at the northern portions of the pegmatite at depth, with pegmatite intervals as expected but without significant lithium grades in holes 42, 44, 46, 48.
The results of the greater Mia Trend have revealed significantly wide pegmatite intervals, with relevantly anomalous LCT-style geochemistry, but without significant lithium intervals. For instance, drill hole MIA24-035 at the Mia 8 Zone intersected 14.9 m of pegmatite, followed by 2.6 m of metasediments, followed by another 20.6 m of pegmatite. The geochemistry revealed elevated rubidium of 989 ppm and only 96 ppm lithium. Additionally, drill hole MIA24-049 at Mia 5 Zone intersected three near-surface pegmatites (1.4 m wide, 2.9m wide and 0.8 m wide) with anomalous lithium (723, 76 and 57 ppm Li, respectively), anomalous rubidium (1,795, 996 and 1276 ppm Rb, respectively) and anomalous tantalum (107, 59 and 116 ppm Ta2O5, respectively); with potassium-rubidium ratios (K/Rb) of 9, 22 and 7, respectively. The positive indicator-geochemistry in drill-holes, combined with anomalous surface geochemistry, indicates the potential for the discovery of additional mineralized zones along the Mia Trend. Drill holes 32, 34, 35, 37, 38 and 41 to 50 all returned elevated but not significant amounts of lithium.
Figure 3. Mia Zones 5, 6, 7, 8, 9 & Carte. Drill hole locations
Due to an abnormal fire season in 2023, much of the Property remains completely untested as the field season was drastically shortened. Further exploration will be undertaken at the Mia Lithium Property during the summer of 2024 with a 2-week long property-wide ground mapping and sampling campaign. The focus of the campaign will be on the continuation of the Mia Trend as well as the prospective Bruce and Lady trends that were identified at the end of the 2023 field season. Several high-priority targets were identified with the high-resolution aerial imagery and LiDAR that was collected at the end of the 2023 season.
Analytical Methods and QA/QC Protocols
All drill core samples were shipped to SGS Canada’s preparation facility in Val d’Or, Quebec, for standard sample preparation (code PRP89) which includes drying at 105°C, crush to 75% passing 2 mm, riffle split 250 g, and pulverize 85% passing 75 microns. The pulps were shipped by air to SGS Canada’s laboratory in Burnaby, BC, where the samples were homogenized and subsequently analyzed for multi-element (including Li and Ta) using sodium peroxide fusion with ICP-AES/MS finish (code GE_ICM91A50).
A Quality Assurance / Quality Control protocol following industry best practices was incorporated into the sampling program.
Qualified Person
Neil McCallum, B.Sc., P.Geol, is a registered permit holder with the Ordre des Géologues du Québec and Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, and has reviewed the technical information in this news release. Mr. McCallum is a director and VP Exploration of Q2.
About Q2 Metals Corp
Q2 Metals Corp. is a Canadian mineral exploration company focused on unlocking its portfolio of lithium projects in the Eeyou Istchee James Bay region of Quebec, Canada that includes its 100% owned Mia Lithium Property and its recently acquired Cisco Lithium Property.
The Company’s exploration advancement at its 8,668-ha flagship Mia Lithium Property is focused on the more than 10-kilometre-long Mia Trend which is host to both the Mia 1 and Mia 2 lithium occurrences and 11 other mineralized zones along trend.
The Cisco Lithium Property is located approximately 150 km north of Matagami, Quebec and comprised of 222 mineral claims and is 11,374-ha in size. The property has district scale potential with an already identified mineralized zone and a discovery drill result of 115.4 m of 1.21% Li2O (hole CS-23-05), cumulatively in five separate pegmatites.
This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian legislation. Forward-looking statements are typically identified by words such as: “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “may”, “should”, “would”, “will”, “potential”, “scheduled” or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. Accordingly, all statements in this news release that are not purely historical are forward-looking statements and include statements regarding beliefs, plans, expectations and orientations regarding the future including, without limitation, any statements or plans regard the geological prospects of the Company’s properties and the future exploration endeavors of the Company. 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 and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in such forward-looking statements. The forward-looking statements in this news release speak only as of the date of this news release or as of the date specified in such statement. Forward-looking statements in this news release include, but are not limited to, exploration results on the Cisco Property and inferences made therefrom, the focus of the Company’s current and future exploration and drill programs, the scale, scope and location of future exploration and drilling activities, the Company’s expectations in connection with the projects and exploration programs being met, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, variations in ore grade or recovery rates, changes in project parameters as plans continue to be refined, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same. Readers are cautioned that mineral exploration and development of mines is an inherently risky business and accordingly, the actual events may differ materially from those projected in the forward-looking statements. Additional risk factors are discussed in the section entitled “Risk Factors” in the Company’s Management Discussion and Analysis for its recently completed fiscal period, which is available under Company’s SEDAR profile at www.sedarplus.ca.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Q2 Metals Corp. (TSXV: QTWO) (OTCQB: QUEXF) (FSE: 458) (“Q2” or the “Company“) is pleased to announce that the Company recently completed a review of the drill core from the drill program conducted by the property vendors at the Cisco Lithium Property (the “Property” or the “Cisco Property“) in fall of 2023.
“While we eagerly await access to the property, the team has been busy in the background reviewing the data and preparing for an exciting summer in the field,” said Q2 Metals President and CEO Alicia Milne. “Details on our summer exploration plans will be announced in the coming weeks.”
As part of the review, the geological team re-logged the six drill holes (1,287 metres (“m”)) and ensured that all relevant intervals were sampled. The previously sampled drill-core was dispatched to SGS Canada for lab analysis and confirmation and the Company will report on results once received.
Q2 announced the 100% acquisition of the Cisco Lithium Property on February 29, 2024.
About the Cisco Project
The Cisco Property is comprised of 222 mineral claims and is 11,374 hectares (“ha”) in size. It is located less than 10 kilometres (“km”) east of the Billy Diamond Highway, and is approximately 150 km north of Matagami, a small town that contains the closest rail link to much of James Bay (Figure 2). The Property lies within the greater Nemaska Community lands of the Eeyou Itschee Territory, James Bay, Quebec.
The Property is situated along the Frotet Evans Greenstone Belt, comprised of a volcanic package dominated by mafic to felsic metavolcanic rocks, of the southern James Bay Lithium District, the same belt that hosts the Sirmac and Moblan lithium deposits, located 130 km and 180 km away, respectively.
During 2023 and 2024 the Property vendors discovered the lithium zone by collecting 28 rock samples, 21 of which returned over 1.0% Li2O (Figure 3). The results are within a 1.2 km by 1.5 km area, clustered into six separate mineralized zones.
In the fall of 2023, the Property vendors drilled six holes, totaling 1,287 m, at one of the six mineralized zones. The drilling confirmed a strike length of approximately 220 m and open along strike in both directions and down-dip. The first three holes were drilled towards the south and are interpreted to have undercut the mineralized pegmatite that is also dipping to the south, thus did not intersect the large outcrops that were observed from surface.
Limited follow up drilling successfully intersected multiple, wide spodumene-bearing pegmatites from surface (mapped in Figure 3, with complete results in Table 2). Including:
CS-23-05 consisting of five separate pegmatite intervals with a cumulative 115.4 m at 1.21% Li2O.
CS-23-06 consisting of three separate pegmatite intervals with a cumulative 57.8 m at 1.27% Li2O.
CS-23-04 consisting of a continuous interval of 31.5 m at 1.30% Li2O.
Due to drill rig issues, drill hole CS-23-05 ended in mineralized pegmatite and was followed up with hole CS-23-06 at a shallower dip (Figure 4). The result of the two holes from the same drill pad infers that the pegmatite is dipping to the south, and the intervals intersected are possibly the near true thickness of the mineralized pegmatite. Additional drilling will need to be conducted to confirm this theory.
Figure 4 Cross Section of Drill Holes CS-23-05 and 06
The remainder of the Property is largely unexplored for its lithium potential and there may be more than one prospective greenstone belt on the Property (Figure 5). The Northern, Central and Southern lithium trends are each approximately 21, 13 and 3.5 km long, respectively.
Neil McCallum, B.Sc., P.Geol, is a registered permit holder with the Ordre des Géologues du Québec and Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, and has reviewed the technical information in this news release. Mr. McCallum is a director and VP Exploration of Q2.
About Q2 Metals Corp
Q2 Metals Corp. is a Canadian mineral exploration company focused on unlocking its portfolio of lithium projects in the Eeyou Istchee James Bay region of Quebec, Canada that includes its 100% owned Mia Lithium Property and its recently acquired Cisco Lithium Property.
The Company’s exploration advancement at its 8,668-ha flagship Mia Lithium Property is focused on the more than 10-kilometre-long Mia Trend which is host to both the Mia 1 and Mia 2 lithium occurrences and 11 other mineralized zones along trend.
The Cisco Lithium Property is located approximately 150 km north of Matagami, Quebec and comprised of 222 mineral claims and is 11,374-ha in size. The property has district scale potential with an already identified mineralized zone and a discovery drill result of 115.4 m of 1.21% Li2O (hole CS-23-05), cumulatively in five separate pegmatites.
This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian legislation. Forward-Looking statements are typically identified by words such as: “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “may”, “should”, “would”, “will”, “potential”, “scheduled” or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. Accordingly, all statements in this news release that are not purely historical are forward-looking statements and include statements regarding beliefs, plans, expectations and orientations regarding the future including, without limitation, any statements or plans regard the geological prospects of the Company’s properties and the future exploration endeavors of the Company. 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 and actual results or developments may differ materially from those in the forward-looking statements. Forward-Looking statements are based on a number of material factors and assumptions.
Forward-Looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in such forward-looking statements. The forward-looking statements in this news release speak only as of the date of this news release or as of the date specified in such statement. Forward-Looking statements in this news release include, but are not limited to, exploration results on the Cisco Property and inferences made therefrom, the focus of the Company’s current and future exploration and drill programs, the scale, scope and location of future exploration and drilling activities, the Company’s expectations in connection with the projects and exploration programs being met, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, variations in ore grade or recovery rates, changes in project parameters as plans continue to be refined, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same. Readers are cautioned that mineral exploration and development of mines is an inherently risky business and accordingly, the actual events may differ materially from those projected in the forward-looking statements. Additional risk factors are discussed in the section entitled “Risk Factors” in the Company’s Management Discussion and Analysis for its recently completed fiscal period, which is available under Company’s SEDAR profile at www.sedarplus.ca.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Q2 Metals Corp. (TSXV: QTWO) (OTCQB: QUEXF) (FSE: 458) (“Q2” or the “Company“) is pleased to announce core assay results of the inaugural drill program completed in fall of 2023 at the Company’s wholly owned, 8,668 hectare (“ha”) Mia Lithium Property (the “Property“) located in the Eeyou Istchee James Bay Territory of Quebec. The targeted drill area for the inaugural program was the approximately 10-kilometre-long Mia Lithium Exploration Trend (the “Mia Trend“) which is located 22 kilometres (“km”) from the Billy Diamond Highway, proximal to major hydro-powerline and all-season road infrastructure.
Neil McCallum, VP Exploration, stated: “Core assay results received to date indicate our 2023 drill program was successful in confirming spodumene mineralization in the pegmatites at the Mia Property. Using innovative targeting methods, our 2023 drill program on the Mia Trend has revealed that pegmatites are in some cases complex and variably mineralized at depth and in other cases, such as at Mia-1/2 and Carte, the pegmatite bodies have a simple geometry and consistent mineralization. We are very encouraged with these first drill results and believe we have only just begun to unlock the potential of the Mia Property.”
The Mia Trend comprises an approximately 10-km-long series of sub-parallel pegmatite intrusions, of which there are 11 demonstrated spodumene mineralized zones. The individual pegmatite bodies vary in thickness, between a few metres (“m”) and over 20 m in some cases.
The primary objective of the drill program was to drill test along the Mia Trend, with a total of 31 drill holes completed for approximately 5,601 m. One drill rig was used to test the main Mia 1, 2 & 3 zones (the “Mia Zone”) (17 holes) while the other rig tested the Carte Zone (eight holes) and the greater Mia Trend (six holes at zones Mia 7,8 & 9). The Mia Zone represents the most significant finding of the inaugural program, as outlined below. The wide spacing of the drill holes on the greater Mia Trend of between 500 m and 2.8 kms represents several opportunities for additional discoveries that are similar to the well-mineralized pegmatite at the Mia Zone.
Drill results at the Mia Zone confirmed spodumene mineralization within a continuous pegmatite zone that dips gently to the north. Thickness of the mineralized zone varies from 8 and 20 m, and extends roughly 600 m east-west and roughly 375 m north-south. The pegmatite body appears to be open to the west, east and north.
Drill results at the Carte Zone have confirmed spodumene mineralization with a pegmatite zone that appears at surface and dips gently to the northwest. Thickness of the mineralized zone varies from 5.8 and 7.3 m, and extends roughly 170 m in a northeast-southwest strike direction and has been intersected to a depth of roughly 65 m.
Table 1 summarizes the highlights from the fall 2023 drilling program. Drill results for the remaining 20 holes and approximately 3,085 m completed in January and February 2024 will be reported once received.
All drill core samples were shipped to SGS Canada’s preparation facility in Val D’Or, Quebec, for standard sample preparation (code PRP89) which includes drying at 105°C, crush to 75% passing 2 mm, riffle split 250 g, and pulverize 85% passing 75 microns. The pulps were shipped by air to SGS Canada’s laboratory in Burnaby, BC, where the samples were homogenized and subsequently analyzed for multi-element (including Li and Ta) using sodium peroxide fusion with ICP-AES/MS finish (code GE_ICM91A50).
A Quality Assurance / Quality Control protocol following industry best practices was incorporated into the sampling program. The review process indicated numerous inconsistencies and thus a re-evaluation of the affected results was conducted. Upon final acceptance by the QP, the results have been promptly reported herein.
Qualified Person
Neil McCallum, B.Sc., P.Geol, is a registered permit holder with the Ordre des Géologues du Québec and Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, and has reviewed the technical information in this news release. Mr. McCallum is a director and VP Exploration of Q2.
About Q2 Metals Corp
Q2 Metals Corp. is a Canadian mineral exploration company focused on unlocking its portfolio of lithium projects in the Eeyou Istchee James Bay region of Quebec, Canada that includes its 100% owned Mia Lithium Property and its recently acquired Cisco Lithum Property.
The Company’s exploration advancement at its 8,668-ha flagship Mia Lithium Property is focused on the more than 10-kilometre-long Mia Trend which is host to both the Mia 1 and Mia 2 lithium occurrences and 11 other mineralized zones along trend.
The Cisco Lithium Property is located approximately 150 km north of Matagami, Quebec and comprised of 222 mineral claims and is 11,374-ha in size. The property has district scale potential with an already identified mineralized zone and a discovery drill result of 115.4 m of 1.21% Li2O (hole CS-23-05), cumulatively in five separate pegmatites.
This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian legislation. Forward-Looking statements are typically identified by words such as: “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “may”, “should”, “would”, “will”, “potential”, “scheduled” or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. Accordingly, all statements in this news release that are not purely historical are forward-looking statements and include statements regarding beliefs, plans, expectations and orientations regarding the future including, without limitation, any statements or plans regard the geological prospects of the Company’s properties and the future exploration endeavors of the Company. 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 and actual results or developments may differ materially from those in the forward-looking statements. Forward-Looking statements are based on a number of material factors and assumptions.
Forward-Looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in such forward-looking statements. The forward-looking statements in this news release speak only as of the date of this news release or as of the date specified in such statement. Forward-Looking statements in this news release include, but are not limited to, the belief that the Company has only just begun to unlock the potential of the Mia Property, the indication that wide spacing of drill holes on the greater Mia Trend representing opportunities for additional discoveries that are similar to the well-mineralized pegmatite at the Mia Zone, the focus of the Company’s current and future exploration and drill programs, the scale, scope and location of future exploration and drilling activities, the Company’s expectations in connection with the projects and exploration programs being met, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, variations in ore grade or recovery rates, changes in project parameters as plans continue to be refined, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same. Readers are cautioned that mineral exploration and development of mines is an inherently risky business and accordingly, the actual events may differ materially from those projected in the forward-looking statements. Additional risk factors are discussed in the section entitled “Risk Factors” in the Company’s Management Discussion and Analysis for its recently completed fiscal period, which is available under Company’s SEDAR profile at www.sedarplus.ca.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Q2 Metals Corp. (TSXV: QTWO) (OTCQB: QUEXF) (FSE: 458) (“Q2” or the “Company“) is pleased to announce that it has entered into three individual option agreements which gives the Company the exclusive right and option (the “Option”) for the acquisition of a 100% interest in three groups of minerals claims, collectively known as the Cisco Property (the “Property” or the “Cisco Property“), subject to the retention by certain vendors of a gross metals return royalty, as further detailed below. The Cisco Property is located in the southern portion of Eeyou Istchee James Bay, Quebec, Canada.
“Adding the Cisco Property with a new discovery and district-scale exploration potential to our current portfolio is a game-changer for Q2 Metals and all of our stakeholders,” said Alicia Milne, President & CEO of the Company. “With the notable spodumene intercepts from the work done to date, we believe the Property has considerable potential. We have worked with the Property vendors in the past and look forward to continuing our relationship with them.”
Neil McCallum, Q2 Metals Vice President Exploration, commented, “The Cisco Property potentially holds tremendous value for Q2 to unlock. The exploration work done by the Property vendors uncovered exceptional results in a short amount of time. Combined with the considerable property-wide exploration along an untested cumulative 37.5 kilometres along three separate trends, we’re looking forward to a busy year ahead with work at both Mia and Cisco.”
About the Cisco Project
The Cisco Property is comprised of 222 mineral claims and is 11,374 hectares (“ha”) in size. It is located less than 10 kilometres (“km”) east of the Billy Diamond Highway, and is approximately 150km north of Matagami, a small town that contains the closest rail link to much of James Bay (Figure 1). The Property lies within the greater Nemaska Community lands of the Eeyou Itschee Territory, James Bay, Quebec.
The Property is situated along the Frotet Evans Greenstone Belt, comprised of a volcanic package dominated by mafic to felsic metavolcanic rocks, of the southern James Bay Lithium District, the same belt that hosts the Sirmac and Moblan lithium deposits, located 130km and 180km away, respectively.
During 2023 and 2024 the Property vendors discovered the lithium zone by collecting 28 rock samples, 21 of which returned over 1.0% Li2O (Figure 2). The results are within a 1.2km by 1.5km area, clustered into six separate mineralized zones.
In the fall of 2023, the Property vendors drilled six drill holes, totaling 1,287 metres (“m”), at one of the six mineralized zones. The drilling confirmed a strike length of approximately 220m and open along strike in both directions and down-dip. The first three drill holes were drilled towards the south and are interpreted to have undercut the mineralized pegmatite that is also dipping to the south, thus did not intersect the large outcrops that were observed from surface.
Limited follow up drilling successfully intersected multiple, wide spodumene-bearing pegmatites from surface (mapped in Figure 2, with complete results in Table 2). Including:
CS-23-05 consisting of 5 separate pegmatite intervals with a cumulative 115.4m at 1.21% Li2O.
CS-23-06 consisting of 3 separate pegmatite intervals with a cumulative 57.8m at 1.27% Li2O.
CS-24-04 consisting of a continuous interval of 31.5m at 1.30% Li2O.
Due to drill rig issues, drill hole CS-23-05 ended in mineralized pegmatite and was followed up with hole CS-23-06 at a shallower dip (Figure 4). The result of the two holes from the same drill pad infers that the pegmatite is dipping to the south, and the intervals intersected are possibly the near true thickness of the mineralized pegmatite. Additional drilling will need to be conducted to confirm this theory.
The remainder of the Property is largely unexplored for its lithium potential and there may be more than one prospective greenstone belt on the Property (Figure 3). The Northern, Central and Southern lithium trends are each approximately 21, 13 and 3.5km long, respectively.
The Company is well funded and immediate plans are to conduct property-wide sampling/mapping, airborne magnetic surveying and LiDAR surveying on the Property. Follow-up drilling at the previously sampled area will also be a high priority focus of work.
Subject to TSX Venture Exchange (the “TSXV“) acceptance, the Company will acquire an Option to acquire the Cisco Project for total consideration of an aggregate of 60,000,000 common shares of the Company (the “Consideration Shares“), $2,400,000 (the “Cash Consideration“) and $12,000,000 in exploration expenditures. The following are the terms for each of the three mineral claim groups being acquired:
Cisco Claim Group
Pursuant to the terms of an option agreement between the Company and 9490-1626 Quebec Inc. (the “Cisco Vendor“) dated February 28, 2024 (the “Cisco Agreement“), in order for the Company to exercise the option to acquire a 100% interest in 121 mineral claims (the “Cisco Claims“) from the Cisco Vendor, the Company must pay to the Cisco Vendor total consideration of an aggregate of 40,000,000 Common Shares, $2,000,000 and $12,000,000 in exploration expenditures as follows:
Cash Consideration
Share Consideration
Exploration Expenditures
Closing date of the Cisco Agreement
$1,100,000
10,000,000
Year 1
$500,000
10,000,000
$1,000,000
Year 2
$400,000
10,000,000
$2,500,000
Year 3
–
10,000,000
$3,500,000
Year 4
–
–
$5,000,000
Total
$2,000,000
40,000,000
$12,000,000
Upon satisfaction of the above payments and expenditures, the Company will earn a 100% interest in the Cisco Claims.
The Cisco Vendor will retain a 4% gross metals returns royalty (“GMR”) on the Cisco Claims (the “Cisco GMR“), of which up to 3% of the Cisco GMR can be purchased by the Company at any time prior to commercial production for $1,500,000 on the first 1%, $3,000,000 on the next 1% and a right of first offer on the next 1% at a price to be determined based on fair market value of the Cisco GMR at the time of such purchase. The foregoing Cisco GMR purchase payments may be satisfied in either cash or Common Shares, at the election of the Company. The Cisco Vendor will also be paid a cash bonus of $2,500,000 on the completion and delivery of an initial mineral resource calculation report, prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects, on the Cisco Claims demonstrating an inferred resource (or higher category) of at least 25 million tonnes grading over 1% Li2O.
Broadback Claims
Pursuant to the terms of an option agreement between the Company, 9219-8845 Quebec Inc (“9219“), Steven Labranche and Anna-Rosa Giglio (the “Broadback Vendors“) dated February 28, 2024 (the “Broadback Agreement“), in order for the Company to exercise the option to acquire a 100% interest in 24 mineral claims (the “Broadback Claims“) from the Broadback Vendors, the Company must pay to the Broadback Vendors total consideration of an aggregate of 10,000,000 Common Shares and $200,000 as follows:
Cash Consideration
Share Consideration
Closing date of the Broadback Agreement
$200,000
5,000,000
Year 1
–
5,000,000
Total
$200,000
10,000,000
Upon satisfaction of the above payments and expenditures, the Company will earn a 100% interest in the Broadback Claims.
9219 will be granted a 3% gross metals returns royalty on the Broadback Claims (the “Broadback GMR“), of which up to 2% of the Broadback GMR can be repurchased by the Company at any time prior to commercial production for $1,000,000 for the first 1% and $2,000,000 for the next 1%. The foregoing Broadback GMR purchase payments may be satisfied in either cash or Common Shares, at the election of the Company.
Ouagama Claims
Pursuant to the terms of an option agreement between the Company, 9219, Steven Labranche, Anna-Rosa Giglio and Trent Potts (the “Ouagama Vendors“) dated February 28, 2024 (the “Ouagama Agreement“), in order for the Company to exercise the option to acquire a 100% interest in 77 mineral claims (the “Ouagama Claims“) from the Ouagama Vendors, the Company must pay to the Ouagama Vendors total consideration of an aggregate of 10,000,000 Common Shares and $200,000 as follows:
Cash Consideration
Share Consideration
Closing date of the Ouagama Agreement
$200,000
5,000,000
Year 1
–
5,000,000
Total
$200,000
10,000,000
Upon satisfaction of the above payments and expenditures, the Company will earn a 100% interest in the Ouagama Claims.
The Ouagama Vendors will be granted a 3% gross metals returns royalty on the Ouagama Claims (the “Ouagama GMR“) of which up to 2% of the Ouagama GMR can be repurchased by the Company at any time prior to commercial production for $1,000,000 for the first 1% and $2,000,000 for the second 1%. The foregoing Ouagama GMR purchase payments may be satisfied in either cash or Common Shares, at the election of the Company.
No finder’s fee is payable in connection with the Option. The Option remains subject to TSXV acceptance.
Undertaking
The Cisco Vendors, Broadback Vendors and Ouagama Vendors are expected to severally undertake to not acquire or hold, together with any person acting jointly or in concert with such vendor, more than 9.9% of the Common Shares outstanding immediately after giving effect to such receipt of Consideration Shares. If any issuance of Consideration Shares will result in a vendor owning more than 9.9% of the Common Shares, such vendor will defer such issuance until such time his or her beneficial ownership of the Company is equal to or less than 9.9% of the Common Shares.
Qualified Person
Neil McCallum, B.Sc., P.Geol, is a registered permit holder with the Ordre des Géologues du Québec and Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, is responsible for the scientific and technical data presented herein and has reviewed and approved this news release. Mr. McCallum is a director and VP Exploration of Q2.
The drilling and sampling performed by the Property vendors was supervised by Jeannot Théberge, a registered permit holder with the Ordre des Géologues du Québec. Mr. Théberge is a shareholder of the Cisco Vendor and as such, is not independent.
Quality Control
The samples were sent to Techni-Lab Abitibi Inc. (a division of Activation Laboratories Ltd.), whereupon the samples were tested for lithium with the Actlabs analytical Code 8 Sodium Peroxide Fusion – ICP-OES/ICP-MS Finish – Lithium Ore analysis package with a sodium peroxide fusion digestion and ICP/OES analysis. Sodium peroxide fusion is considered as a total digestion method for lithium assays. Actlabs performs its own internal QAQC checks and the Property Vendors included sufficient QAQC samples (standards and blanks) that are sufficient to match the level of work that was conducted.
About Q2 Metals Corp
Q2 Metals Corp. is a Canadian mineral exploration company currently advancing exploration at the more than 10 km long Mia Trend on its 8,668-ha flagship Mia Lithium Property in the Eeyou Istchee James Bay Territory of Quebec, Canada which is host to both the MIA 1 and MIA 2 lithium occurrences as well as eleven confirmed mineralized zones. The Company also owns the Stellar Lithium Property with 77 claims totaling 3,972-ha, located approximately six kilometres north of its Mia Lithium Property.
This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian legislation. Forward-looking statements are typically identified by words such as: “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “may”, “should”, “would”, “will”, “potential”, “scheduled” or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. Accordingly, all statements in this news release that are not purely historical are forward-looking statements and include statements regarding beliefs, plans, expectations and orientations regarding the future including, without limitation, any statements or plans regard the geological prospects of the Company’s properties and the future exploration endeavors of the Company. 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 and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in such forward-looking statements. The forward-looking statements in this news release speak only as of the date of this news release or as of the date specified in such statement. Forward looking statements in this news release include, but are not limited to, the Cisco Property being a game-changer for Q2, the potential of the Property, the potential for the Cisco Property to be located in a new lithium pegmatite district, the Cisco Property holding tremendous value for Q2 to unlock, exploration results on the Cisco Property and inferences made therefrom, future plans on the Property include property-wide exploration including sampling/mapping, airborne magnetic surveying and LiDAR surveying, exercising the option of the claims comprising the Cisco Property, the ability to buy back the gross metals returns royalties and the terms thereof, the completion of each of the Cisco Agreement, Broadback Agreement and Ouagama Agreement on the terms stated or at all, the focus of the Company’s current and future exploration and drill programs, the scale, scope and location of future exploration and drilling activities, the Company’s expectations in connection with the projects and exploration programs being met, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, variations in ore grade or recovery rates, changes in project parameters as plans continue to be refined, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same. Readers are cautioned that mineral exploration and development of mines is an inherently risky business and accordingly, the actual events may differ materially from those projected in the forward-looking statements. Additional risk factors are discussed in the section entitled “Risk Factors” in the Company’s Management Discussion and Analysis for its recently completed fiscal period, which is available under Company’s SEDAR profile at www.sedarplus.ca.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Q2 Metals Corp. (TSXV: QTWO) (OTCQB: QUEXF) (FSE: 458) (“Q2” or the “Company“) is pleased to announce it has concluded its winter 2024 drill program (“Winter Drill Program“) at its wholly owned, 8,668-ha Mia Lithium Property (the “Property“) located in the Eeyou Istchee James Bay Territory of Quebec.
“The winter drill program at the Mia Property has confirmed the spodumene mineralized pegmatite at the western end of the Mia Trend,” commented Q2 Metals VP Exploration, Neil McCallum. “The drilling has successfully evaluated a large portion of the Mia Trend that had been explored at the surface. I look forward to having our team conduct additional property-wide mapping and sampling this summer to get a greater understanding of the remainder of the Mia Property as a large portion of it has not yet seen any exploration.”
The Winter Drill Program commenced on January 18th at the west end of the more than 10-kilometre-long Mia Lithium Exploration Trend (the “Mia Trend“) which is located 22 km from the Billy Diamond Highway, proximal to major hydro-powerline and all-season road infrastructure. A total of 20 drill holes were completed on the Mia Trend for approximately 3,085 Metres (Figure 1).
The work completed at the Mia Zones 1-3 at the western end of more than 10-kilometre-long Mia Trend consisted of 11 drill holes (Tables 1 and 2, Figures 1-4). Several drill holes intersected visual spodumene-bearing pegmatite intervals. Drill holes MIA24-033 and 036, located in the centre of the mineralized zone, highlight the potential with aggregate lengths of spodumene-mineralized core intervals of 19.0 and 23.7 metres, respectively.
A total of 9 additional drill holes were completed along the remainder of the more than 10-kilometre-long Mia Trend.
The geological team has completed the processing of all 2024 drill holes, and the samples have been dispatched to the lab for analysis. The preliminary pegmatite intervals of each drill hole are reported in Table 1 and the basic location and dip/azimuth details are also included below in Table 2.
The presence of spodumene in drill core is based primarily on visual identification, and a portable LIBS (Laser Induced Breakdown Spectroscopy) analyzer was used to confirm the presence of lithium, which strongly suggests the presence of spodumene. There are drill holes that have intersected pegmatite without visual identification of spodumene however, analytical results will ultimately confirm the presence of lithium mineralization.
A Quality Assurance / Quality Control (“QA/QC”) protocol that follows industry best practices was incorporated into each of the fall and winter drill programs. Due to QA/QC concerns with the analytical laboratory, the Company is awaiting receipt of assay results for the 31 drill holes completed during the fall 2023 drill program. Results will be reported as soon as they are available.
Future Field Work at Mia Lithium Property
The Company is planning to conduct a property-wide mapping and sampling program to expand upon the shortened 2-week ground mapping field program that was conducted in 2023. A particular focus will be to understand the mineralization potential along the Bruce and Lady trends and the possibility of extending the Mia Trend.
Q2 Metals to Attend 2024 PDAC Convention
Q2 Metals is pleased to announce its participation in the 2024 PDAC Convention in Toronto, Canada. PDAC event and booth details:
Event: PDAC 2024 Date: March 3 – 6, 2024 Location: Investors Exchange, Metro Toronto Convention Centre, Toronto, Canada Booth Number: 3148
Qualified Person
Neil McCallum, B.Sc., P.Geol, is a registered permit holder with the Ordre des Géologues du Québec and Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, and has reviewed the technical information in this news release. Mr. McCallum is a director and VP Exploration of Q2.
About Q2 Metals Corp
Q2 Metals Corp. is a Canadian mineral exploration company currently advancing exploration at the more than 10-kilometre-long Mia Trend on its 8,668-ha flagship Mia Lithium Property in the Eeyou Istchee James Bay Territory of Quebec, Canada which is host to both the MIA 1 and MIA 2 lithium occurrences as well as 11 confirmed mineralized zones. The Company also owns the Stellar Lithium Property with 77 claims totaling 3,972-ha, located approximately six kilometres north of its Mia Lithium Property.
Q2 also holds the highly prospective Big Hill and Titan gold projects covering approximately 110 km² in the Talgai Goldfields of the broader Warwick-Texas District of Queensland, Australia. The Big Hill Gold Project is host to 54 high-grade historical gold mines.
This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian legislation. Forward-Looking statements are typically identified by words such as: “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “may”, “should”, “would”, “will”, “potential”, “scheduled” or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. Accordingly, all statements in this news release that are not purely historical are forward-looking statements and include statements regarding beliefs, plans, expectations and orientations regarding the future including, without limitation, any statements or plans regard the geological prospects of the Company’s properties and the future exploration endeavors of the Company. 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 and actual results or developments may differ materially from those in the forward-looking statements. Forward-Looking statements are based on a number of material factors and assumptions.
Forward-Looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in such forward-looking statements. The forward-looking statements in this news release speak only as of the date of this news release or as of the date specified in such statement. Forward-Looking statements in this news release include, but are not limited to, the focus of the Company’s current and future exploration and drill programs, the scale, scope and location of future exploration and drilling activities, the Company’s expectations in connection with the projects and exploration programs being met, , the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, variations in ore grade or recovery rates, changes in project parameters as plans continue to be refined, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same. Readers are cautioned that mineral exploration and development of mines is an inherently risky business and accordingly, the actual events may differ materially from those projected in the forward-looking statements. Additional risk factors are discussed in the section entitled “Risk Factors” in the Company’s Management Discussion and Analysis for its recently completed fiscal period, which is available under Company’s SEDAR profile at www.sedarplus.ca.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Q2 Metals Corp. (TSXV: QTWO) (OTCQB: QUEXF) (FSE: 458) (“Q2” or the “Company“) is pleased to announce it has commenced its 2024 winter drill program (“Winter Drill Program“) at its wholly owned, 8,668-ha Mia Lithium Property (the “Property“) located in the Eeyou Istchee James Bay Territory of Quebec.
The first hole of the Winter Drill Program was collared on January 18th and drilling has started at the west end of the more than 10-kilometre-long Mia Lithium Exploration Trend (the “Mia Trend“) which is located 22 km from the Billy Diamond Highway, proximal to major hydro-powerline and all-season road infrastructure.
“We anticipate a busy year ahead, starting with our Winter Drill Program which will assist us in gaining a deeper understanding of the Mia property and the 11 mineralized zones identified within the more than 10-kilometre-long Mia Trend,” said Q2 Metals President and CEO Alicia Milne.
It is anticipated that the Winter Drill Program will consist of at least 4,000 metres, with potential to expand the campaign. The objective of the Winter Drill Program is to expand the subsurface pegmatite zone at the MIA 1 and MIA 2 zones and test the other new mineralized discoveries along the Mia Trend.
The Company’s inaugural drill program commenced in the fall of 2023 and concluded mid-December 2023 with a total of 31 holes drilled along the Mia Trend for approximately 5,601 metres. Through its 2023 mapping and sampling programs, the Company defined a total of 11 spodumene pegmatite mineralized zones along the Mia Trend of which only seven zones have been drill-tested. Two additional prospective LCT-style pegmatite trends (Bruce Trend and Lady Trend) were identified on the Property and initial mapping and sampling programs will commence on both new trends in the spring of 2024.
Qualified Person
Neil McCallum, B.Sc., P.Geol, is a registered permit holder with the Ordre des Géologues du Québec and Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, and has reviewed the technical information in this news release. Mr. McCallum is a director and VP Exploration of Q2.
About Q2 Metals Corp
Q2 Metals Corp. is a Canadian mineral exploration company currently advancing exploration at the more than 10-kilometre-long Mia Trend on its 8,668-ha flagship Mia Lithium Property in the Eeyou Istchee James Bay Territory of Quebec, Canada which is host to both the MIA 1 and MIA 2 lithium occurrences as well as 11 confirmed mineralized zones. The Company also owns the Stellar Lithium Property with 77 claims totaling 3,972-ha, located approximately six kilometres north of its Mia Lithium Property.
Q2 is also exploring the highly prospective Big Hill and Titan gold projects covering approximately 110 km² in the Talgai Goldfields of the broader Warwick-Texas District of Queensland, Australia. The Big Hill Gold Project is host to 54 high-grade historical gold mines.
This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian legislation. Forward-looking statements are typically identified by words such as: “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “may”, “should”, “would”, “will”, “potential”, “scheduled” or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. Accordingly, all statements in this news release that are not purely historical are forward-looking statements and include statements regarding beliefs, plans, expectations and orientations regarding the future including, without limitation, any statements or plans regard the geological prospects of the Company’s properties and the future exploration endeavors of the Company. 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 and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in such forward-looking statements. The forward-looking statements in this news release speak only as of the date of this news release or as of the date specified in such statement. Forward looking statements in this news release include, but are not limited to, the focus of the Company’s current and future exploration and drill programs, the scale, scope and location of future exploration and drilling activities, the Company’s expectations in connection with the projects and exploration programs being met, the completion of the NSR buy-back and termination on the terms stated or at all,the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, variations in ore grade or recovery rates, changes in project parameters as plans continue to be refined, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same. Readers are cautioned that mineral exploration and development of mines is an inherently risky business and accordingly, the actual events may differ materially from those projected in the forward-looking statements. Additional risk factors are discussed in the section entitled “Risk Factors” in the Company’s Management Discussion and Analysis for its recently completed fiscal period, which is available under Company’s SEDAR profile at www.sedarplus.ca.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Q2 Metals Corp. (TSXV: QTWO) (OTCQB: QUEXF) (FSE: 458) (“Q2” or the “Company“) is pleased to provide an update on its inaugural drill program at its wholly owned, 8,668-ha Mia Lithium Property (the “Property“) located in the Eeyou Istchee James Bay Territory of Quebec. The current target drill area is the approximately 10-kilometre-long Mia Lithium Exploration Trend (the “Mia Trend“) which is located 22 km from the Billy Diamond Highway, proximal to major hydro-powerline and all-season road infrastructure.
“The fall drill program at the Mia Property has provided meaningful intercepts demonstrating connectivity along the Mia Trend. Our team has done an excellent job on the ground and were able to drill significant meterage considering the delays getting on the ground due to the fires this summer,” commented Alicia Milne, President, CEO, and Director of the Company. “The drill program has progressed well, and we look forward to providing further updates as assays are received.”
The inaugural drill program began on October 23, 2023, and has now concluded for winter freeze-up. A total of 31 drill holes were completed on the Mia Trend for approximately 5,601 metres (Figure 1). One drill rig was used to test the main MIA 1, 2 & 3 zones (17 holes) while the other rig tested the Carte Zone (eight holes) and the greater Mia Trend (six holes at zones MIA 7,8 & 9).
The work completed at the MIA 1 Zone (Figure 2) successfully traced the shallowly-dipping pegmatite between the southern fence of holes (MIA23-003/005/006/001) and the northern fence of holes (MIA23-021/024), for a north-south distance of 250 m and an east-west distance of approximately 90 m. Initial interpretations suggest that the same pegmatite bodies may extend eastward toward holes MIA23-014/016A at the MIA 2 Zone for an east-west distance of 300 m. The other mineralized bodies located vertically above will require additional work to model.
Drilling at the Carte Zone, which is at the eastern end of the 10 km Mia Trend, has defined two shallowly-dipping pegmatite bodies (Figure 4). The near-surface pegmatite body ranges in thickness between 3.4 and 7.3 m (core length).
The geological team has completed the processing of all 2023 drill holes, and the samples have been dispatched to the lab for analysis. The preliminary pegmatite intervals of each drill hole are reported in Table 1 and the basic location and dip/azimuth details are also included below in Table 2.
The presence of spodumene in drill core is based primarily on visual identification, and a portable LIBS (Laser Induced Breakdown Spectroscopy) analyzer was used to confirm the presence of lithium, which strongly suggests the presence of spodumene. There are drill holes that have intersected pegmatite without visual identification of spodumene however, analytical results will ultimately confirm the presence of lithium mineralization.
Initial mineralogical work by SGS Canada Inc. in the form of X-Ray Diffraction (XRD) from the MIA 1 and Carte zones collected during the June 2023 sampling program has confirmed that lithium mineralization is 100% and 99.4%, respectively, dominated by the mineral spodumene.
Core sample analytical results for the Fall 2023 drill program are anticipated to be received over the course of the next 2-3 months, subject to laboratory turn-around times.
The winter drill program will commence in late January 2024. A winter access trail, approximately 30 km in length, has been opened which extends site access from the Wemindji Road to the entire Mia Trend. The winter access trail will improve access to the Mia Trend and will reduce drilling costs significantly due to less reliance on helicopters.
The winter drill program will be designed to expand the subsurface pegmatite zone at the MIA 1 and MIA 2 zones, define the extent of the Carte Zone and test the other mineralized zones along the Mia Trend. The ground sampling program in September 2023 defined 11 mineralized zones along the Mia Trend and to date, only seven zones have been drill-tested. It is anticipated that the 2024 drill program will consist of at least 4,000 metres and may be upsized if results continue to be positive.
The Company remains well funded with in excess of $9 million in treasury and is focused on advancing new lithium pegmatite discoveries at the Property.
Further to the Company’s news release on November 2, 2023, the NSR buy-back from 9219-8845 QC Inc. (“CMH“), and its subsequent termination has been completed. The 2% Net Smelter Production Royalty (“NSR”) held by CMH on certain claims was acquired for $888,400 and the issuance of 1,400,000 common shares, at a deemed price of $0.544 per share. The common shares are restricted from trading until April 20, 2024.
Following the termination, the Mia Property has a 1% NSR on all claims, held by Lithium Royalty Corp., as well as an additional 1% NSR on 28 claims, held by Franco-Nevada Corporation.
Qualified Person
Neil McCallum, B.Sc., P.Geol, is a registered permit holder with the Ordre des Géologues du Québec and Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, and has reviewed the technical information in this news release. Mr. McCallum is a director and VP Exploration of Q2.
About Q2 Metals Corp
Q2 Metals Corp. is a Canadian mineral exploration company currently advancing exploration at the 10-kilometre-long Mia Trend on its 8,668-ha flagship Mia Lithium Property in the Eeyou Istchee James Bay Territory of Quebec, Canada which is host to both the MIA 1 and MIA 2 lithium occurrences as well as multiple mineralized zones. The Company also owns the Stellar Lithium Property with 77 claims totaling 3,972-ha, located approximately six kilometres north of its Mia Lithium Property.
Q2 also holds the highly prospective Big Hill and Titan gold projects covering approximately 110 km² in the Talgai Goldfields of the broader Warwick-Texas District of Queensland, Australia. The Big Hill Gold Project is host to 54 high-grade historical gold mines.
This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian legislation. Forward-looking statements are typically identified by words such as: “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “may”, “should”, “would”, “will”, “potential”, “scheduled” or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. Accordingly, all statements in this news release that are not purely historical are forward-looking statements and include statements regarding beliefs, plans, expectations and orientations regarding the future including, without limitation, any statements or plans regard the geological prospects of the Company’s properties and the future exploration endeavors of the Company. 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 and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in such forward-looking statements. The forward-looking statements in this news release speak only as of the date of this news release or as of the date specified in such statement. Forward looking statements in this news release include, but are not limited to, the focus of the Company’s current and future exploration and drill programs, the scale, scope and location of future exploration and drilling activities, the Company’s expectations in connection with the projects and exploration programs being met, the completion of the NSR buy-back and termination on the terms stated or at all, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, variations in ore grade or recovery rates, changes in project parameters as plans continue to be refined, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same. Readers are cautioned that mineral exploration and development of mines is an inherently risky business and accordingly, the actual events may differ materially from those projected in the forward-looking statements. Additional risk factors are discussed in the section entitled “Risk Factors” in the Company’s Management Discussion and Analysis for its recently completed fiscal period, which is available under Company’s SEDAR profile at www.sedarplus.ca.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
