Q2 Metals (TSX-V:QTWO) has intersected several spodumene pegmatites, including one continuous interval of 215.6m, within its Cisco Lithium Project in Québec, Canada.
Since the company’s last drilling update, a further four holes totaling approximately 1,520.6m of drilling has been completed, targeting the extension of the CO1 outcrop area towards CO3 and beyond.
A total strike length of 750m of spodumene-mineralised pegmatite has now been defined by drilling and remains open in all directions.
Q2 Metals says drillhole CS24-017 and CS24-018 were designed to test the CO4 and CO8 zones, which are southeast of the CO3 zone.
Drillhole CS24-018 encountered 12 spodumene pegmatite intervalues for 363.4m, including the continuous interval of 215.6m, recording the longest interval reported by Q2 Metals to date.
The company notes that this hole has defined the width of the mineralised spodumene pegmatite to 600m.
Further, drillhole CS24-017 encountered 22 spodumene pegmatite intervals for 195.9m.
Vice President of Exploration Neil McCallum says the company has only drill tested 10% of the total area of interest.
“We plan to continue to build scale by drilling in a systematic manner to understand the dimensions of what we have covered,” McCallum says.
“The scale of the 215.6m of continuous pegmatite recovered in hole-18 has far exceeded our expectations and has confirmed our belief that the Cisco Property is potentially a world-class discovery.”
Q2 Metals adds that ground sampling and mapping work has uncovered eight new mineralised outcrops within the area of interest for a total of 23 spodumene pegmatite zones now discovered on Cisco.
The area of interest has expanded to a 1.9km by 1.5km area.
Following this announcement, Q2 Metals’ share price increased 12.85% to $0.395.
Q2 Metals recently completed a private placement, adding a further C$4.3 million ($4.8 million) to its coffers. The total raised under the placement boosted the company’s cash balance to $6.9 million.
As a result, the company remains well funded for its summer-fall drilling program, which will focus on exploring for the possibility of the connection of the wide, continuous pegmatite zones encountered in drillholes CS24-018 and 10.
The drilling program will also focus on continuing to drill the surface mineralised area in a systematic grid-like manner with wide hole spacing, and infill drilling in areas with better results.
The Cisco Property encompasses 222 mineral claims covering 11,374 hectares. The property lies within the greater Nemaska traditional territory of the Eeyou Istchee James Bay region of Québec, Canada.
Global lithium demand is projected to rise by 17% a year between 2023 to 2026, driven by the rising adoption of EVs. However, weak Chinese demand and shifting policies in the US and European Union could see EV sales growth continue to remain slow.
According to the Department of Industry, Science and Resources’ (DISR) latest issue of its Resources and Energy Quarterly: June 2024, global lithium extraction is forecast to rise by 17% per year to 1.7Mt LCE by 2026. China’s lithium spodumene price is forecast to remain weak over H2 2024, averaging US$1,100 a tonne over the year, before picking up to US$1,300 a tonne by 2026.
Write to Aaliyah Rogan at Mining.com.au
Images: Q2 Metals
