Q2 Metals extends Cisco lithium mineralization 100m north

Q2 Metals Corp. CVEQTWO OTCMKTSQUEXF reported Wednesday that hole 96 cut 134.5 metres grading 1.20 per cent lithium oxide at its Cisco project in Quebec. The result extends known mineralization 100 metres north. A separate 101.6-metre interval at 1.02 per cent lithium oxide sits entirely outside the conceptual pit shell used for the April resource estimate, though Q2 has not assigned new resource tonnes to it.

Shares fell 3.8 per cent to C$2.17 at the Oct. 7 close at 4 p.m. EDT on the TSX Venture Exchange, as shown on its CVEQTWO quote page.

The Oct. 7 release covers 1,090 metres of drilling across three holes. Hole CS26-095 returned 70 metres grading 1.28 per cent lithium oxide at the western margin of the main deposit. Hole CS26-094 cut 29.2 metres grading 1.53 per cent lithium oxide.

The April 20 estimate put Cisco's inferred resource at 295 million tonnes grading 1.36 per cent lithium oxide, including 270 million tonnes within a conceptual pit. Q2 says that estimate will inform its first preliminary economic assessment, while drilling done in 2026 and early 2027 will feed a later resource update.

The results table places the upper interval in hole 96 at 11.8 metres downhole, despite the release describing it as starting at surface. It reaches roughly 100 metres vertically below surface. The lower 101.6-metre interval begins 214.3 metres downhole and sits beyond the pit shell used for the April estimate.

The assay intervals are core lengths rather than established true widths. Hole CS26-095's 70-metre interval confirms mineralization at the deposit's western margin; the northern extension comes from CS26-096. The release does not quantify how much, if any, additional material could enter a future resource estimate.

"We’ve now extended the previously known mineralization of the Cisco Deposit by an additional 100 metres to the north at a shallow depth while also defining a significant interval outside of the conceptual pit-shell outlined in the April-2026 MRE," exploration vice-president Sage McCallum said.

By Oct. 7, Q2 had completed 19,521 metres in 43 holes in the summer program. Five rigs were working at Cisco, two on infill drilling and three on expansion and exploration targets to the north, south and east. The company says assays will be reported as they are received and validated.

Q2 said it had $70.9 million on its balance sheet as of Aug. 31 but gave no cash-runway estimate in the release. Q2 gave no date for the updated resource estimate; the company says it will include drilling done in 2026 and early 2027.

Q2 expects to publish Cisco's first preliminary economic assessment in fall 2026.