Q2 Metals Announces Re-Assay Results and Spring 2024 Exploration Plan for Cisco Lithium Property, James Bay Territory,
Q2 Metals Announces Re-Assay Results and
Spring 2024 Exploration Plan for Cisco
Lithium Property, James Bay Territory,
Quebec, Canada
Highlights:
Confirmation of lithium and tantalum mineralization with the following results:
115.4 m at 1.40% Li
2
O and 13
9ppm Ta
2
O
5
within a cumulative width of five separate
pegmatite intervals in hole CS-23-05 (
previously reported at 1.21% Li
2
O
)
57.8 m at 1.44% Li2O and 130ppm Ta
2
O
5
within a cumulative width of three separate
pegmatite intervals in hole CS-23-06 (
previously reported at 1.27% Li
2
O
)
Vancouver, British Columbia--(Newsfile Corp. - May 16, 2024) -
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% Li
2
O 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% Li
2
O.
Table 1. Results of re-analysis for the 2023 Cisco drilling
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1454/209423_b75f8bdcc44b48ca_004full.jpg
Figure 1. Chart of the original analysis (x-axis) and the re-analysis (y-axis)
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1454/209423_b75f8bdcc44b48ca_005full.jpg
Figure 2. Spodumene pegmatite intercept from drill hole CS-23-05
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1454/209423_b75f8bdcc44b48ca_006full.jpg
Spring 2024 Exploration Program - Cisco Property
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% Li
2
O (hole CS-23-05),
cumulatively in five separate pegmatites.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Alicia Milne
President & CEO
Jason McBride
Corporate Communications
Telephone:
1 (800) 482-7560
E-mail:
WWW.Q2Metals.com
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Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (collectively,
"forward-looking statements") within the meaning of applicable Canadian legislation. Forward-Looking
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"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
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