Q2 Metals Clarifies Technical Disclosure

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Q2 Metals Corp. (TSXV:QTWO)(OTCQB:QUEXF) has issued a clarification regarding its technical disclosure for the Cisco Property drilling results. The company has removed previously reported cumulative grades over 'cumulative intervals' and 'cumulative metres' from all news releases. Key highlights from the inaugural drilling campaign include:

- CS-24-010: 120.3 m at 1.72% Li₂O (including 19.0 m at 2.06%)
- CS-24-007: 27.1 m at 1.96% Li₂O (including 11.1 m at 2.49%)
- CS-24-008: 19.3 m at 1.75% Li₂O (including 6.2 m at 2.23%)
- CS-24-009: 82.1 m at 1.43% Li₂O (including 15.7 m at 1.88%)

These results represent 1,017 m of drilling over four holes out of a total 3,753 m drilled in 12 holes. The Spring 2024 Drill Campaign expanded on previous drilling, with holes CS-24-009 and 010 designed as 50 m westward step-outs from a previous hole. Drilling is ongoing and will continue into fall 2024.

Positive

• CS-24-010 showed a wide interval of 120.3 m at 1.72% Li2O, indicating significant lithium mineralization
• Multiple drill holes revealed high-grade lithium intersections, with CS-24-007 showing 11.1 m at 2.49% Li2O
• The drilling campaign expanded upon previous results, potentially increasing the known mineralized area
• Ongoing drilling campaign with results from 8 more holes pending, suggesting potential for additional positive findings

Negative

• Removal of previously reported cumulative grades and intervals from all news releases, indicating potential overstatement of results in past disclosures
• True width of mineralized intervals is not yet determined, which may affect the actual volume of mineralization
• Internal dilution of non-pegmatite material was included in reported intervals, potentially affecting overall grade calculations

VANCOUVER, BC / ACCESSWIRE / August 20, 2024 / Q2 Metals Corp. (TSXV:QTWO)(OTCQB:QUEXF)(FSE:458) (" Q2 " or the " Company ") announces that, as a result of a technical review by the British Columbia Securities Commission, the Company is issuing the following news release to clarify its technical disclosure as it pertains to the news release issued on August 19, 2024.

The Company previously reported the cumulative grades of drill holes CS-24-007 to CS-24-010 at the Company's Cisco Property over ‘cumulative intervals' and ‘cumulative metres.' This disclosure has been removed from the August 19, 2024 news release as well as all previously issued news releases that reported cumulative intervals and/or cumulative metres.

As such, the highlights of the Company's inaugural drilling campaign at the Cisco Property included:

• CS-24-010: Widest interval of 120.3 m at 1.72% Li ₂ O including 19.0 m at 2.06% Li ₂ O

• CS-24-007: Widest interval of 27.1 m at 1.96% Li ₂ O including 11.1 m at 2.49% Li ₂ O

• CS-24-008: Widest interval of 19.3m at 1.75% Li ₂ O including 6.2 m at 2.23% Li ₂ O

• CS-24-009: Widest interval of 82.1m at 1.43% Li ₂ O including 15.7 m at 1.88% Li ₂ O

The analytical results reported represent the first 1,017 m of drilling over four (4) holes of the 3,753 m that were drilled over 12 holes at the Cisco Property. Initial visual results of those four holes were reported by the Company on June 17, 2024.

The Spring 2024 Drill Campaign was designed to expand upon the 2023 drilling by the Property vendors. Hole CS-23-05 ("Hole 5") drilled by the Property vendor ended in pegmatite and assays results confirmed its widest interval of 48.0 m at 1.23% Li ₂ O including 9.0 m at 1.73% Li ₂ O.

Holes CS-24-009 and 010 ("Hole 10") were designed as 50 m westward step-outs from Hole 5. Assay results from these two holes confirmed wide intervals of spodumene pegmatite, with the widest interval reaching 120.3 m at 1.72% Li ₂ O, including 19.0 m at 2.06% Li ₂ O in Hole 10.

Complete highlighted intervals from holes CS-24-007 to 010 are summarized in Table 1 and represented in Figure 1. All intervals of greater than two (2) metres of core-length are included in the table. Internal dilution of non-pegmatite material was limited to intervals of less than five (5) metres. No specific grade cap or lower cut-offs were used during grade and width calculations. All intervals are reported as core widths and mineralized intervals in all the holes drilled thus far are not representative of the true width as the modelled pegmatite zones are being refined with every additional hole.

Figure 1. Map of Inaugural Drill Hole Analytical Results at Cisco Property

Table 1. Summary of Analytical Results of Spring Drill Holes at Cisco Property

Table 2. Summary of Drill Hole Collar Information, Cisco Property

Results from approximately 2,700 m of drilling eight (8) holes (CS-24-011 to CS-24-018) remain to be reported from the Spring 2024 Drill Campaign and will be released as soon as results are available. Drilling at the Cisco Property is ongoing and will continue into the fall of 2024.

About the Cisco Property
The Cisco Property is comprised of 222 mineral claims and is 11,374 hectares in size. It is located less than 10 kilometres ("km") east of the Billy Diamond Highway, and is approximately 150 km north of Matagami, a small town that contains the closest rail link to much of James Bay. The Property lies within the greater Nemaska Community lands of the Eeyou Istchee Territory, James Bay, Quebec.

The Property is situated along the Frotet Evans Greenstone Belt, comprised of a volcanic package dominated by mafic to felsic metavolcanic rocks, of the southern James Bay Lithium District, the same belt that hosts the Sirmac and Moblan lithium deposits, located 130 km and 180 km away, respectively.

Sampling, Analytical Methods and QA/QC Protocols
As per the BCSC technical review, information required by sections 3.2 and 3.3 of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") that was inadvertently omitted has also been updated.

All drill core samples were shipped to SGS Canada's preparation facility in Val D'Or, Quebec, for standard sample preparation (code PRP92) which includes drying at 105°C, crushing to 90% passing 2 mm, riffle split 500 g, and pulverize 85% passing 75 microns. The pulps are then shipped by air to SGS Canada's laboratory in Burnaby, BC, where the samples are homogenized and subsequently analyzed for multi-element (including Li and Ta) using sodium peroxide fusion with ICP-AES/MS finish (code GE_ICM91A50). The reported Li grade was multiplied by the standard conversion factor of 2.153 which results in an equivalent Li ₂ O grade. Drill core was saw-cut with half-core sent for geochemical analysis and half-core remaining in the box for reference. The same side of the core was sampled to maintain representativeness.

A Quality Assurance / Quality Control (QA/QC) protocol following industry best practices was incorporated into the sampling program. Measures include the systematic insertion of quartz blanks and certified reference materials (CRMs) into sample batches at a rate of approximately 5% each. Additionally, analysis of pulp-split and reject-split duplicates was completed to assess analytical precision. The QP has verified the QA/QC results of the analytical work.

Qualified Person
Neil McCallum, B.Sc., P.Geol, is a registered permit holder with the Ordre des Géologues du Québec and Qualified Person as defined by NI 43-101 and has reviewed and approved the technical information in this news release. Mr. McCallum is a director and VP Exploration for Q2.

About Q2 Metals Corp
Q2 Metals is a Canadian mineral exploration company focused on unlocking its portfolio of lithium projects in the Eeyou Istchee James Bay region of Quebec, Canada, that includes both its 100-per-cent-owned Mia Lithium Property and the Cisco Lithium Property.

The Cisco lithium property is located approximately 150 km north of Matagami, Que., and comprises 222 mineral claims and is 11,374 ha in size. The property has district-scale potential with an already identified mineralized zone and a discovery drill result that included 48 metres at 1.36% lithium oxide (hole CS-23-05).

FOR FURTHER INFORMATION, PLEASE CONTACT:
Alicia Milne
President & CEO
Alicia@Q2metals.com

Jason McBride
Corporate Communications
Jason@Q2metals.com

Telephone: 1 (800) 482-7560
E-mail: info@Q2metals.com

WWW.Q2Metals.com

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Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian legislation. Forward-looking statements are typically identified by words such as: "believes", "expects", "anticipates", "intends", "estimates", "plans", "may", "should", "would", "will", "potential", "scheduled" or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. Accordingly, all statements in this news release that are not purely historical are forward-looking statements and include statements regarding beliefs, plans, expectations and orientations regarding the future including, without limitation, any statements or plans regard the geological prospects of the Company's properties and the future exploration endeavors of the Company. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in such forward-looking statements. The forward-looking statements in this news release speak only as of the date of this news release or as of the date specified in such statement. Forward looking statements in this news release include, but are not limited to, drilling results on the Cisco Property and inferences made therefrom, the potential scale of the Cisco Property, the focus of the Company's current and future exploration and drill programs, the scale, scope and location of future exploration and drilling activities, the Company's expectations in connection with the projects and exploration programs being met, the Company's objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, variations in ore grade or recovery rates, changes in project parameters as plans continue to be refined, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same. Readers are cautioned that mineral exploration and development of mines is an inherently risky business and accordingly, the actual events may differ materially from those projected in the forward-looking statements. Additional risk factors are discussed in the section entitled "Risk Factors" in the Company's Management Discussion and Analysis for its recently completed fiscal period, which is available under Company's SEDAR profile at www.sedarplus.ca .

Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Q2 Metals Corp.

View the original press release on accesswire.com

FAQ

What were the key lithium drilling results for Q2 Metals (QUEXF) at the Cisco Property?

The key results include CS-24-010 with 120.3 m at 1.72% Li2O, CS-24-007 with 27.1 m at 1.96% Li2O, CS-24-008 with 19.3 m at 1.75% Li2O, and CS-24-009 with 82.1 m at 1.43% Li2O.

Why did Q2 Metals (QUEXF) issue a clarification for its Cisco Property drilling results in August 2024?

Q2 Metals issued a clarification to remove previously reported cumulative grades over 'cumulative intervals' and 'cumulative metres' from all news releases, following a technical review by the British Columbia Securities Commission.

How many meters were drilled in Q2 Metals' (QUEXF) Spring 2024 Drill Campaign at the Cisco Property?

The Spring 2024 Drill Campaign at the Cisco Property drilled a total of 3,753 meters over 12 holes, with the reported results representing 1,017 meters from the first four holes.

When will Q2 Metals (QUEXF) release the remaining results from the Cisco Property drilling campaign?

Q2 Metals stated that results from approximately 2,700 m of drilling in eight holes (CS-24-011 to CS-24-018) remain to be reported and will be released as soon as they are available.