Q2 Metals Outlines 2023 Exploration Program And Acquires 3900 Hectare Stellar Lithium Property In James Bay, Quebec
March 02, 2023 – Q2 Metals Corp. (TSX.V: QTWO | OTCQB: QUEXF | FSE: 458) (“Q2” or the “Company”) is pleased to outline its exploration plans for 2023. Upon the successful closing of the $10.25M non-brokered private placement announced on February 23rd, the Company is fully funded for the 2023 field season and beyond. Exploration plans include:
- Q1: Continued historical data compilation and review of high-resolution satellite imagery at the Mia Lithium Property.
- Q1/Q2: Commencement of field program which will include geophysical surveys to guide a detailed mapping and sampling campaign at the Mia Lithium Property.
- Q3: Commencement of 10,000 m inaugural drilling campaign at the Mia Lithium Property, with rolling results expected throughout Q3 and into Q1 2024.
2023 Field Exploration Program
The Company is continuing the compilation of historical data and reviewing high-resolution satellite imagery at the Mia Lithium Property. Q2 is planning to conduct orientation-style geophysical surveys, consisting of ground-IP/resistivity and ground gravity at the Mia Lithium Property as well as conduct a property-wide high-resolution airborne magnetic survey.
The geophysics are intended to provide guidance on which of the many pegmatite bodies along the approximately 8 km long trend will potentially be the largest to target for follow-up work. Additionally, the geophysics may reveal targets that are covered by vegetation or overburden that may not otherwise be apparent from satellite imagery or ground mapping/sampling.
The Company will commence a detailed mapping and sampling program as soon as weather and snow-cover permits. The detailed groundwork will provide guidance on the extent of lithium mineralization along the approximately 8 km long trend. Reconnaissance-scale sampling over the last two years has confirmed lithium mineralization at the eastern and western ends of the trend. No field work has been conducted to assess the potential of the mapped pegmatite intrusions that are visible by satellite imagery in-between. The spring work program will commence shortly after May 20th, to respect the local Cree Nation goose harvesting season of the Eeyou Istchee (James Bay territory) from April 20th to May 20th, or as soon as snow-free conditions allow.
Q2 intends to aggressively follow up the ground mapping and sampling program with a 10,000 m drilling campaign. This first phase of drilling is expected to commence in July, with up to two drill-rigs and continue until September.
Figure 1. – Mia Lithium Property Summary
Figure 2. – Potential Exploration Upside of Q2 Metals’ Mia Lithium Project
Q2 Metals Acquires Stellar Lithium Property in Quebec
Q2 is pleased to announce it has acquired, for the cost of staking, 77 claims totaling 3,972 hectares approximately 6 km north of the flagship Mia Lithium Property in the James Bay district of Quebec, Canada (the “Stellar Lithium Property”). This represents a 46% increase to the total size of Q2’s land position in this highly prospective region of a top global mining jurisdiction.
The Stellar Lithium Property contains a strike-length of approximately 13 km of the equivalent Yasinski Group volcano-sedimentary (greenstone belt) rocks. It is located relatively close to infrastructure, at only about 30 km from the nearest highway and powerline corridor.
This brings the total land area of Q2 within the James Bay region to 248 mineral claims totaling 12,640 hectares.
Stellar Lithium Property 2023 exploration plans:
- Q1: Continued historical data compilation and review of high-resolution satellite imagery at the Stellar Lithium Property.
- Q1/Q2: Reconnaissance scale mapping and sampling at Stellar Lithium Property.
Figure 3. – Q2 Metals’ Mia and Stellar Lithium Properties
The Stellar Lithium Property has seen minimal historical exploration, yet it holds potential for spodumene-bearing pegmatite, due to the regionally mapped greenstone belt rocks on the property. The majority of the spodumene-bearing LCT-style pegmatites in the James Bay region are hosted within greenstone-belt rock types. The Stellar Lithium Property will be explored along-side the spring/summer exploration work that is planned at the Mia Lithium Property.
“The addition of the Stellar Lithium Property cements our potential as the next premier lithium exploration story in Quebec, and with our strong treasury we look forward to rapidly advancing both assets to the benefit of our shareholders,” said Alicia Milne, President & CEO of Q2 Metals.
Stock Option Grant
Pursuant to its equity incentive plan and subject to the acceptance by the TSX Venture Exchange, the Company has granted 1,250,000 stock options to directors, officers, and consultants of the Company to purchase an aggregate of 1,250,000 common shares in the capital of the Company at an exercise price of $0.85 per share until March 2, 2028.
About Q2 Metals Corp
Q2 Metals Corp is a Canadian mineral exploration company currently advancing exploration of the 8,668 ha Mia Lithium project in the James Bay area of Quebec, Canada which is host to the Mia Li-1 and Mia Li-2 occurrences which grade 0.47% Li2O and 2.27% Li2O respectively. Q2 is also exploring the highly-prospective Big Hill and Titan gold projects covering approximately 110 square kilometers in the Talgai Goldfields of the broader Warwick-Texas District, hosting 54 high-grade historical gold mines.
FOR FURTHER INFORMATION, PLEASE CONTACT:
President & CEO
Telephone: 1 (800) 482-7560
Follow the Company: Twitter, Linkedin, Facebook, and Instagram
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 of Q2.
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. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, 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.sedar.com.
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.