Canadian mineral exploration company Q2 Metals (TSX-V:QTWO) has closed the option agreement with CMH and Anna-Rosa Giglio, which more than triples its mineral claim position at the Cisco property in Canada.
Q2 Metals has now acquired the exclusive right and option to acquire 545 mineral claims, as part of the agreement.
Cisco now comprises 767 contiguous mineral claims over 39,389 hectares, including more than 30km of strike length on the Frotet-Evans Greenstone Belt, which hosts the Sirmac and Moblan lithium deposits, located 130km and 180km away, respectively.
The additional Cisco claims are primarily south of the original property claims, adding several kilometres of prospective greenstone rocks and providing extensive strategic sites for future development and mining infrastructure scenarios.
To acquire the additional claims, the company must pay to CMH an aggregate of $2.4 million over a period of 42 months and complete $1.2 million of exploration expenditures during that time.
Certain parts of the claims are subject to 3% gross metals returns royalty, while the remaining claims are subject to a 2% net smelter returns royalty (NSR) and 1% gross metals returns royalty. Some 2% of the gross metals returns may be repurchased for $3 million and 1% of the NSR may be repurchased for $500,000.
Mining.com.au yesterday reported the company is eager to resume work at Cisco after receiving the final results from the 2024 drilling campaign.
Hole CS-24-020 showed wide intervals measuring 26.5m @ 1.08% lithium oxide, and 41.6m @ 0.9% lithium oxide. Another remaining interval from a separate hole confirmed the continuity of mineralisation to the south-east, and that the system remains open in both directions.
Q2 Metals has a portfolio of lithium projects in the Eeyou Istchee James Bay region of Quebéc, Canada, that includes both its 100% owned Mia and Cisco lithium properties.
The company has been selected as a participant in the core shack at the upcoming AME annual Roundup conference being held in Vancouver from 20-23 January 2025.
Vice President of Exploration Neil McCallum, as well as senior project geologists, will be on hand with core from the 2024 drill season at Cisco. McCallum will also be presenting at the Critical and Base Metals speaker session on 21 January.
The company will be attending and exhibiting on site at the 2025 Prospectors & Developers Association of Canada event (PDAC 2025) in Toronto. Next year, Mining.com.au will be an official media partner of PDAC.
Q2 Metals has been selected to exhibit core from the Cisco Lithium property at PDAC 2025.
Mining.com.au is an official media partner for the upcoming event. To register for PDAC 2025 click here.
Write to Adam Orlando at Mining.com.au
Images: Q2 Metals
