SRQ Resources Inc./ Ressources SRQ Inc. NR2024-01 SRQ Resources: Additional Nickel-Copper Intercepts at Lac Brulé’s Ultramafic Intrusive Complex High-Grade Copper Veins and Stringers Intersect Mineralisation Grading up to 6.49% Copper
SRQ Resources Inc./
Ressources SRQ Inc.
NR2024-01
SRQ Resources: Additional Nickel-Copper Intercepts at Lac Brulé’s
Ultramafic Intrusive Complex
High-Grade Copper Veins and Stringers Intersect Mineralisation Grading up
to 6.49% Copper
Montreal, Quebec – January 16, 2024, SRQ Resources Inc. (“SRQ” or the “Company”) (TSX-
V: SRQ) is pleased to announce assay results from the October 2023 drill program at the newly
discovered ultramafic magmatic intrusive complex hosting base metal mineralisation at its Lac
Brulé project in Quebec.
Highlights
• From the Phase II five-hole drill program for 1,246 metres (“m”) on the Gossan Zone:
o Hole LB -23-15 intersected 160m of Ultramafic Magmatic (“UM”) intrusions with
34.35m of combined mineralisation grading 1.16% Copper Equivalent (“Cu Eq”)
including 17.85m at 0.49% nickel (“Ni”) and 0.36% copper (“Cu”).
o All holes returned UM intrusive sequences with intercalated sulfide mineralised
layers.
o At the Gossan Zone, the UM intrusive sequence can be traced over 800m along a
southwest to northeast direction.
o High-grade Cu veins and stringers intersect mineralisation grading up to 6.49% Cu
• A 600-kilometer (“km”) lin e gravimetric airborne survey identified additional targets and
validated the North Zone.
• Phase II results are in addition to the July 2023 maiden drilling program of 13 holes for
3,950m (holes: LB-23-01 to -13) that led to the discovery of Lac Brulé’s UM intrusive complex
and its associated high-grade Ni-Cu mineralisation.
Hole LB -23-15 intersected 160m of UM intrusions with 34.35m of combined mineralisation
grading 1.16% CuEq including 17.85m at 0.49% Ni and 0.36% Cu. A key feature is the presence
of several millimetric to centimetric veins of sulfide -rich material, mostly massive chalcopyrite,
pyrrhotite and pentlandite, that intersect the early-stage sulfide mineralisation at various angles
(mostly between 45 and 90 degrees from the core axes) and return up to 6.49% Cu (Figure 4).
Additionally, in October 2023, a 600km-line airborne gravimetry survey carried out by Xcalibur
Multiphysics (“MPH”) Canada Inc over the area of interest at the Lac Brulé project revealed new
targets in the vicinity of the current discovery.
Dr. Marc-Antoine Audet, Ph.D., P.Geo., CEO and President of SRQ, said, “Today’s results from
our October drilling campaign continue to return nickel and copper mineralisation and
demonstrate the prospectivity of our Lac Brulé underexplored property. We will follow up with
drilling in summer 2024 and expand the airborne gravity coverage on the exciting results gained
from these new drilling intercepts and from the 2023 test airborne gravity survey. "
Untapped Geological Potential of SRQ’s Lac Brulé Property
SRQ’s discoveries are being made on its 100%-owned Lac Brulé property located 50km north-
west of the former Renzy Ni -Cu mine on the unceded lands of t he Kitigan Zibi Anishinabeg
community in the Upper Laurentian region of Quebec and a five-hour drive from Montreal. The
former Renzy mine operated from 1969 to 1972 (Figure 5). UM intrusive bodies host
mineralisation at both the Renzy mine and at Lac Brulé. Both sites present several striking
similarities, including mineralogy, petrology and timing of emplacement.
Key Findings
1. UM Intrusive Complex : The existence of an UM intrusive complex provides valuable
new insights into the geological history of this never-explored region and implies untapped
potential for additional mineralised bodies.
2. Tectonic Significance: Pyroxenite intrusive units are injected into highly deformed and
highly metamorphosed gneiss, intercalated with garnet-rich amphibolite’s of the Grenville
geological province. Characteristics of the newly discovered UM intrusion suggest it
intruded the g neissic assemblage during the last tectonic event related to the Grenville
metamorphic event.
3. Base Metal Sulfide Mineralisation : Analysis of the drilling samples indicates the
presence of significant Ni and Cu mineralisation associated with pyrrhotite, chalcopyrite
and pentlandite. This discovery strongly suggests potential for additional mineralised units
of large UM intrusive complexes.
Geophysical Surveys of Gossan and North Zones
In December 2021, SRQ commissioned MPH to conduct a HELITEM II electromagnetic (“EM”)
survey to follow up on the May 2021 gossan discovery . The July and October 2023 drill hole
locations in relation to conductivity targets are shown on Figure 1. Only the Gossan Zone has
been drilled while the larger North Zone is still untested.
The SW-NE longitudinal vertical cross -section (Figure 2) shows a low-dipping, thick layer of
peridotite-pyroxenite magmatic intrusive sequence intruding the Grenville aged paragneiss and
garnet-rich amphibolite assemblage. At the Gossan Zone , the UM intrusive sequence can be
traced over 800m along the cross-section.
In October 2023, SRQ followed up with a 600 km-line airborne gravimetry survey that outlined
several high gravity target zones (Figures 1 & 3) confirming the North Zone as a prime target
area.
Figure 1: Compilation map of 2021 EM conductive zones and 2023 drillholes. The large
North Zone EM target has not been drill tested. The test gravimetric survey area is shown
in dashed lines.
Figure 2: SW-NE longitudinal cross-section showing the UM intrusive and the Ni-Cu
mineralised horizon.
Figure 3: Compilation map of the 2021 EM and the October 2023 gravimetry survey
results, showing high ranking exploration targets.
Figure 4: LB-23-18 - Vein of sulfide-rich material, mostly massive chalcopyrite, pyrrhotite
and pentlandite, intersecting the early -stage sulfide mineralisation and returning up to
6.49% Cu.
Figure 5: SRQ’s properties in the Canadian province of Quebec.
Lac Brulé Newly Discovered Ni-Cu Mineralisation
The Ni -Cu mineralisation encountered is characterized by cumulate and aggregates of iron,
copper and nickel sulfides: pyrrhotite, chalcopyrite and pentlandite , respectively. Pyrrhotite is
the dominant sulfide with visible chalcopyrite. Pentlandite can be seen mixed with pyrrhotite. The
textures of the sulfide mineralisation vary from disseminated to semi-massive to massive (> 80%
of sulfide material) showing net-texture or brecciated sulfides between pyroxene and
amphiboles. Thin massive sulfide horizons are intercalated and sometimes associated with
garnet-rich xenoliths.
Appendices 1 and 2 provide composited drilling results at cut -off-grades (“COG”) of 0.2% and
0.4% Ni, respectively for the October 2023 drill program. All measurements are in core lengths.
Quality Control
Core logging and sampling are performed at SRQ’s field facilities by SRQ’s staff . Sample
preparation and analysis are carried out by Activation Laboratories Ltd (Actlab), Ancaster and
Thunder Bay, Ontario, Canada. All samples were assayed for Ni, Cu, Co, Fe, S, Pt, Pd and Au
using sodium peroxide fusion ICP for the first five elements and by Fire Assay ICPOES for the
last three.
The technical information in this release has been reviewed and approved by Dr. Marc -Antoine
Audet, Ph. D geology, P. Geo and President and CEO of SRQ Resources, and a ‘ Qualified
Person’, as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.
Renmark Financial Communications Inc.
The Company is pleased to announce that it has retained the services of Renmark Financial
Communications Inc. (“Renmark”) to handle its investor relations activities in accordance with
TSX Venture Exchange (“TSXV”) policies.
“We are pleased to announce that we have selected Renmark to reinforce S RQ Resources
Inc.’s profile in the financial community and to enhance the visibility of our company. We chose
Renmark because its standards and methodologies fit best with the messag e we wish to
communicate to the investing public,” noted Marc-Antoine Audet, Director, President, and Chief
Executive Officer.
In consideration of the services to be provided, the monthly fees incurred by SRQ will be a cash
consideration of C$6,000, starting January 16th, 2024, for an initial period of seven months. The
agreement is subject to the approval of the TSXV.
Renmark Financial Communications does not have any interest, directly or indirectly, in S RQ
or its securities, or any right or intent to acquire such an interest.
Independent Trading Group.
The Company is pleased to announce that it has retained Independent Trading Group ("ITG") to
provide market making services in accordance with TSX V policies and subject to the approval
of the TSXV.
ITG will trade the securities of the Company on the TSXV for the purpose of maintaining an
orderly market. In consideration of the services provided by ITG, the Company will pay ITG a
monthly fee of $5,000 from the Company's available cash for a minimum term of one month and
renewable for successive one -month te rms thereafter. Either Party may terminate the
arrangement by providing written notice to that effect 30 days prior to the end of the then current
term. The services provided by ITG commenced on August 21, 2023.
The Company and ITG are unrelated and unaffiliated entities and ITG has no interest, directly
or indirectly in the Company or its securities. ITG will not receive shares or options as
compensation, nor have they indicated any immediate intent to acquire shares of the Company
through the open market or otherwise. The capital used for market making will be provided by
ITG.
About ITG
ITG is a full -service securities dealer regulated by the Investment Industry Regulatory Organization of
Canada and is dedicated specifically to professional trading. ITG’s head office is located at 370 King
Street, Suite 701, Toronto, Ontario M5V 1J9
About SRQ Resources Inc.
SRQ is a Canadian base metals company exploring for nickel, copper and platinum in the
province of Québec.
A near-surface Ni-Cu project, Lac Brulé is located on a 288 km² virgin exploration property at a
five-hour drive from Montréal. The project’s prospectivity for base metals has been confirmed by
geological mapping, the presence of a surface gossan, and geophysical surveys. The presence
of the historic Renzy Ni-Cu mine located 50 kilometers to the south-east and at the heart of the
large regional pattern further adds to the area’s mineral exploration appeal.
For more information about SRQ, please visit SRQ’s website at www.srqexploration.com
Contact Information:
Marc-Antoine Audet, President and CEO
Tel: (514) 726-4158
Forward-Looking Statements and Forward-Looking Information:
Certain of the statements made and information contained herein are “forward -looking
statements” or “forward -looking information” within the meaning of Canadian securities
legislation. Forward-looking statements and forward-looking information characterized by terms
such as “will”, could”, “expect”, “estimate”, “evidence”, “potential”, “appears”, “seems”, “suggest”,
are inherently subject to significant business, economic, and competitive uncertainties and
contingencies. Known and unknown factors could caus e actual results to differ materially from
those projected in the forward -looking statements and forward -looking information, and undue
reliance should not be placed on such statements and information. Such factors include, but are
not limited to: the spec ulative nature of mineral exploration and development; assumptions
relating to the trading price of the Company’s common shares; the ability of the Company to
convert resources in reserves, its ability to see through the next phase of development on any
project, its ability to produce a pre-feasibility study or a feasibility study regarding any project, its
ability to execute on its development plans in terms of metallurgy or exploration, the availability
of financing for activities, risks and uncertainties relating to the interpretation of drill results and
the estimation of mineral resources and reserves, the geology, grade and con tinuity of mineral