Q2 Metals (TSX-V:QTWO) is planning to expand on the latest drilling results returned from the Cisco Lithium Property in Québec, Canada, after wrapping up a private placement financing raising C$6.87 million ($7.57 million).
As part of the summer 2024 drilling campaign, three holes were drilled for 1,419m. The campaign focused on exploring the connection of the wide, continuous pegmatite zones encountered in holes CS24-010 and CS24-018.
Q2 Metals says all of the holes had intersected pegmatites with visual indications of spodumene mineralised identified.
Drillhole CS24-021 encountered five spodumene pegmatite intervals, with the wide continuous interval recording 347.1m. Q2 Metals says this is the longest interval announced to date.
The company reports drillhole CS24-019 encountered 16 spodumene pegmatite intervals, while drillhole CS24-020 encountered 17 spodumene pegmatite intervals.
CEO Alicia Milne says the property is continuing to deliver and exceed expectations.
“The latest visuals from holes 19 to 21 reveal thick intersections of spodumene-mineralised pegmatite with beautiful white core and large crystals, reaffirming Cisco’s immense potential and scale,” Milne says.
“With the verification of a large and continuous mineralised body at the core of our drill tested area, hole 21 has been an absolute mindset shift for our team.”
“Our next steps will be to continue to expand upon our already excellent results.”
Following this announcement, Q2 Metals’ share price increased 38.3% to C$0.65 at close of trade on 11 September.
The company is also ranked 48 on the Toronto Stock Exchange Venture’s Rising Stars list — which is a list of stocks with the largest price gains in the past three months.
Further, on 2 August 2024, the company completed the first tranche of its private placement, raising C$2.52 million.
Tranche one comprised the issue of 1.14 million flow-through units at C$0.35 per unit, as well as 8.51 million non flow-through units at C$0.25 per unit.
On 9 August 2024, the company completed the second tranche, raising C$4.34 million via the issue of 8.5 million charity flow-through units at $0.475 per unit, 22,800 flow-through units at $0.35 per unit, and 1.2 million non flow-through units at $0.25.
Q2 Metals says the funds will be used towards exploration activities and general working capital.
The Cisco Property comprises 222 mineral claims and covers 11,374 hectares. It lies within the greater Nemaska Community lands of the Eeyou Istchee Territory in the James Bay region.
Q2 Metals is a Canadian mineral explorer focused on its portfolio of lithium projects in the Eeyou Istchee James Bay region of Québec, Canada. The company’s projects include the Mia and Cisco lithium properties.
Write to Aaliyah Rogan at Mining.com.au
Images: Q2 Metals
