Highlights
- The 2025 Summer Drill Program is underway with a focus on infill drilling of the main mineralized zone.
- The program commenced with the continuation of hole CS-25-036 which, as reported on June 10, 2025 encountered nine (9) separate intervals, the widest being 64.3 m at 1.34% Li2O before being stopped at a depth of 315.3 m.
- Follow-up drilling on Hole 36 has intercepted three (3) additional spodumene intervals, with the widest continuous interval being 151.0 metres, along with intervals of 64.3 m and 52.1 m.
VANCOUVER, British Columbia, June 24, 2025 (GLOBE NEWSWIRE) -- Q2 Metals Corp. (TSX.V: QTWO | OTCQB: QUEXF | FSE: 458) ("Q2" or the "Company") is pleased to announce that drilling has commenced at the Cisco Lithium Project (the "Project" or the "Cisco Project") located within the greater Nemaska traditional territory of Eeyou Istchee James Bay region of Quebec, Canada. The Cisco Project is transected by the paved Billy Diamond Highway and just 150 kilometres ("km") north of the Canadian National Railway in the town of Matagami.
The primary objective of the 2025 summer drill program ("2025 Summer Program") is infill drilling of the 1.5 km of northeast-southwest trending mineralized strike length.
The 2025 Summer Program commenced with a continuation of hole CS-25-036 ("Hole 36"), which was paused at a depth of 315.3 metres ("m") at the end of the 2025 winter drill program. Hole 36 has now been completed to depth of 582.11 m over which it intersected an additional three (3) spodumene pegmatite intervals, with the widest continuous interval of 151.0 m.
"The first hole completed as part of the 2025 Summer Program has exceeded expectations by extending the depth of the main mineralized zone beyond what was previously known and ranks as the best hole of the Project in terms of total spodumene pegmatite intersected, to date," said Q2 VP Exploration Neil McCallum. "Our priority now will be to tighten our drill spacing around the wide mineralized zone at Cisco as we build towards a mineral resource estimate."
Summary of Spodumene-Bearing Pegmatite Intervals
The pegmatite intervals (greater than 2 m) of Hole 36 are reported below in detail (Table 1). The three intervals below the blue dashed line are the additional spodumene pegmatite intervals that were intersected since re-starting operations.
Table 1. Summary of Spodumene-Pegmatite Intervals, Drill Hole CS-25-036, Cisco Project
The mineralized intervals in all the holes are not necessarily representative of the true width and the modelled pegmatite zones are being refined with every additional hole.
Cautionary Statement: The presence of pegmatites does not confirm the presence of lithium (spodumene or other lithium minerals). Pegmatites are fractionated coarse grained igneous rocks commonly associated with lithium mineralization; however, many pegmatites do not contain mineralization. The presence of any mineralization can only be confirmed with assaying.
The geological team has completed the core cutting and logging of Hole 36 and the samples will be dispatched to the SGS Canada preparation laboratory located in Val-d'Or, QC for mineral analysis to confirm the presence of lithium.
Drilling Discussion
Hole 36 has increased the depth extent of the main mineralized zone at the northern portion of the zone (Figure 1 and Figure 2).
Hole 36 collar information is detailed below, including basic location and dip/azimuth:
Table 2. Summary of Drill Hole Collar Information, Cisco Project (CS-25-036)
Ongoing Exploration Program
A detailed mapping and sampling campaign of the greater 41,253-hectare Cisco Project was initiated in late May 2025 and is ongoing. To date, 390 rock samples have been collected from the Cisco Project and analytical results are expected in the coming weeks. Several pegmatite intrusions have been sampled and although no visible spodumene was encountered, the results are expected to guide additional follow up by focusing on areas with anomalous trace-element geochemistry such as rubidium, cesium or tantalum. Potential gold mineralization from sulphide-enriched or silicified zones are also being targeted when encountered. The field work is expected to continue through the summer.
Additionally, orientation-style geophysical surveys are being conducted over a portion of the main mineralized zone. The surveys may be expanded upon if they are determined to be a suitable method of defining the known mineralization.
Initial metallurgical testing is in process by SGS Inc. on three composite samples from holes CS-24-018, 021 and 023. Dense Media Separation (DMS), Heavy Liquid Separation (HLS), magnetic separation and flotation (if necessary) methods are being explored. The objective is to evaluate the beneficiation of the defined mineralized zone at the Cisco Project with a traditional lithium pegmatite flowsheet.
Cisco Option Agreements
Pursuant to the terms of three individual option agreements (together, the "OptionAgreements") entered into by the Company on February 28, 2024 and amended on June 12, 2024 (see news release of June 13, 2024) for the acquisition of certain claim groups which comprise part of the Cisco Project, known as the Broadback, Ouagama and Cisco claim groups, the Company has made the year one anniversary payments consisting of cash and common shares, as detailed below.
Under the terms of the Option Agreement for the Broadback claim group, the Company would acquire a 100% interest in 24 mineral claims on the payment to the vendors of a total of $200,000 (paid June 12, 2024) and the issuance of 10,000,000 common shares of the Company (5,000,000 common shares issued June 12, 2024) (the "Broadback Option"). The remaining 5,000,000 common shares have now been issued to the Broadback vendors and as such, the Broadback Option has been fully and properly exercised and a 100% right, title and interest in and to the Broadback claim group has vested to the Company.
Under the terms of the Option Agreement for the Ouagama claim group, the Company would acquire a 100% interest in 77 mineral claims on the payment to the vendors of a total of $200,000 (paid June 12, 2024) and the issuance of 10,000,000 common shares of the Company (5,000,000 common shares issued June 12, 2024) (the "Ouagama Option"). The remaining 5,000,000 common shares have now been issued to the Ouagama vendors and as such, the Ouagama Option has been fully and properly exercised and a 100% right, title and interest in and to the Ouagama claim group has vested to the Company.
Under the terms of the Option Agreement for the Cisco claim group, the Company would acquire a 100% interest in 121 mineral claims on the payment to the vendor of a total of $2,000,000 (paid $1,100,000 June 12, 2024) and the issuance of 40,000,000 common shares of the Company (10,000,000 common shares issued June 12, 2024) and incur a total of $12,000,000 in exploration expenditures over a four (4) year period (the "Cisco Option"). The Company has now made the first anniversary payment of $500,000 and a partial issuance of 6,500,000 common shares to the Cisco vendor. The Cisco vendor has elected to defer the issuance of 3,500,000 common shares which comprise the remaining common shares to be issued in connection with the first anniversary payment.
The common shares issued under the Option Agreements are subject to a hold period in accordance with applicable securities laws.
Upcoming Events
Fastmarkets 17th Lithium Supply and Battery Raw Materials Conference
Q2 will be attending the Fastmarkets 17th Lithium Supply and Battery Raw Materials Conference in Las Vegas, Nevada from June 23-26, 2025.
