Drilling at Q2 Metals’ (TSXV: QTWO; US-OTC: QUEXF) Cisco lithium project in Quebec extended known mineralization by 100 metres ahead of a preliminary economic assessment (PEA) that’s expected soon.
Highlight hole CS26-096 cut 134.5 metres grading 1.2% lithium oxide (Li2O) from 11.8 metres depth, including 101.6 metres at 1.02% Li2O, which was outside the conceptual pit shell defined in April’s initial resource, Q2 reported Wednesday. See a 3-D map of drilling.
“Drill hole-96 is another clear example of how generous the Cisco project continues to be,” Q2 Vice President of Exploration Sage McCallum said in a release.
Q2 ‘s summer drilling program revealed that Cisco remains open in all directions, with significant growth potential, CEO Alicia Milne said.
“As our exploration work continues, our focus is firmly on the PEA, a pivotal milestone in Cisco’s transition from pure exploration toward a project that can be measured and valued against global peers,” she said.
Largest in Hemisphere
The results underscore the importance of Cisco, whose April resource sets it apart as the largest hard-rock lithium deposit in the Western Hemisphere, according to Canaccord Genuity. Cisco hosts 295 million inferred tonnes grading 1.36% Li2O for 9.9 million tonnes of lithium carbonate equivalent.
Other drill highlights from Q2’s summer program include CS26-095 that returned 70 metres at 1.28 % Li2O from 162.8 metres depth, including 31.3 metres grading 1% Li2O and 25.7 metres at 1.33% Li2O. The hole confirmed the main zone of the Cisco deposit at its western margin by showing 10 spodumene pegmatite intervals of up to 70 metres grading 1.28% Li2O, the company said.
Hole CS26-094 cut 29.2 metres grading 1.53% Li2O from 180.6 metres depth and 19.3 metres at 1.84% Li2O.
20,000-metre program
The results are among almost 20,000 metres of drilling across 43 holes using five rigs at Cisco, located about 6.5 km from the Billy Diamond Highway in the Eeyou Istchee James Bay region and about 700 km north of Montreal. Drilling is expected to continue into December.
The PEA for Cisco is expected to be released this fall.
Despite the strong results, shares in Q2 fell 2% to $2.20 apiece in Toronto on Wednesday morning, valuing the company at $474.4 million. The stock has traded in a 12-month range of 80¢ to $3.43.
Q2 acquired the Cisco project in February 2024 and has since consolidated a 413-sq.-km land package. The resource footprint represents only a portion of that ground, the company said, leaving room for additional discoveries.
Quebec’s James Bay region has emerged as a hot spot for lithium exploration, supported by road access, hydroelectric power and proximity to potential downstream processing facilities in eastern Canada. Quebec is also the country’s busiest province for lithium development, hosting almost half of Canada’s active lithium projects and its most advanced projects.
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