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Q2 Metals to acquire 100% of the large-scale Cisco Lithium Property in NW Quebec

Mar 1, 2024

Q2 Metals Corp. has entered into three individual option agreements which give 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, 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. 

"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.

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