Q2 extends lithium mineralization at Mia in Quebec

Q2 Metals (TSX.V: QTWO; US-OTC: QUEXF) says winter drill results confirmed mineralization across several zones at the Mia lithium project in Quebec.

Highlights include drill hole MIA24-033, which cut 13.7 metres grading 1.28% lithium oxide (Li₂O) from 88.9 metres depth, including 9.1 metres at 1.79% Li₂O from 89.9 metres downhole, the company said on Friday.

Drill hole MIA24-039 returned 8.8 metres at 1.33% Li₂O from 39.5 metres depth, including 5.8 metres grading 1.71% Li₂O from 51.2 metres downhole.

The 87-sq.-km property is located in the Eeyou Istchee James Bay territory, 22 km from the Billy Diamond Highway, near a major hydro-powerline and all-season road infrastructure. The Mia trend comprises a roughly 10-km-long series of sub-parallel pegmatite intrusions, of which 11 are mineralized with spodumene at surface, Q2 said. The individual pegmatite bodies vary in thickness between a few metres and more than 20 metres in some cases.

“Our modest winter drill program continued to successfully confirm the continuity of the mineralization encountered during our fall drill program at the Mia 1, 2 and 3 zones,” Neil McCallum, vice president of exploration, said in a release. “These results have provided us with information about what is happening across the broader Mia trend and will be used to vector towards areas where we will test for thickening and higher-grade mineralization.”

James Bay

The James Bay region of Quebec is one of Canada’s leading lithium exploration areas as companies seek the battery metal mindful of a long-term outlook after the prices collapsed last year. Patriot Battery Metals (TSX: PMET; US-OTC: PMETF; ASX: PMT) is advancing the high-grade Corvette project while larger companies such as Allkem (TSX: AKE; ASX: AKE) and Rio Tinto (NYSE: RIO; LSE: RIO; ASX: RIO) comb the area, attracting scores of fledgling operations.

Q2 plans two weeks of mapping and sampling this summer to probe for an extension of the 10-km-long Mia trend, as well as the Bruce and Lady trends identified late last year. Q2 logged several high-priority targets with high-resolution aerial imagery and LiDAR data. Last year’s severe fire season shortened the company’s time in the field, leaving much of the property untested, it said.

Q2’s winter drill program targeted the western end of the Mia trend. Combined with the 2023 fall drill program, 8,685 metres were completed over 50 drill holes along the trend, the company said. All assay results from both drill campaigns have now been reported.

Gentle dip

Drill results at the Mia zone confirmed spodumene mineralization within a continuous pegmatite zone that dips gently to the north, the company said. The mineralized zone extends roughly 600 metres east-west and roughly 375 metres north-south. The pegmatite body appears to be open to the west, east and north.

Drilling confirmed the continuity of the mineralization in some areas of the zone, while also showing some grade variability at the northern portions of the pegmatite at depth, Q2 said. Holes 42, 44, 46 and 48 lacked significant lithium grades, it said.

Q2 also has the Cisco lithium property about 150 km north of Matagami, Que. The 113-sq.-km site has 222 mineral claims the company says represent district scale potential. Drill hole CS-23-05 cut 115.4 metres grading 1.21% Li₂O, Q2 said.

Shares in Q2 Metals were unchanged on early Friday afternoon in Toronto at 34¢ apiece, valuing the company at $29.4 million. They gained 18% on Thursday and have traded in a 52-week range of 18¢ to $1.08.