Q2 Metals has successfully closed the acquisition of 545 additional mineral claims at the Cisco lithium property in James Bay, Quebec.
This acquisition, made under an agreement with CMH and Anna-Rosa Giglio, significantly expands Q2 Metals’ claim position at the site by more than tripling its holdings.
This strategic move positions Q2 Metals to leverage the district-scale potential of the Cisco lithium property, which now comprises 767 claims covering a total area of 39,389 hectares.
The property is strategically located along the Billy Diamond Highway, with the main mineralised zone situated just 6.5km from the highway. This proximity offers logistical advantages for future development.
The Cisco property lies within the greater Nemaska traditional territory of the Eeyou Istchee Territory.
It is part of the Frotet Evans Greenstone Belt, a region known for its volcanic rocks and lithium deposits, including the Sirmac and Moblan sites.
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The newly acquired claims are primarily located south of the original Cisco property, adding several kilometres of prospective greenstone rocks.
This expansion provides Q2 Metals with extensive strategic sites for future development and mining infrastructure.
To complete this acquisition, Q2 Metals is required to pay CMH a total of $2.4m (C$3.45m) over 42 months and conduct $1.2m in exploration expenditures.
Certain claims are subject to a 3% gross metals returns (GMR) royalty, while others have a 2% net smelter returns (NSR) royalty and a 1% gross metals returns royalty.
Q2 Metals has the option to repurchase 2% of the GMR royalty for $3m and 1% of the NSR royalty for $500,000.
Q2 Metals also recently announced the core assay results for drill-hole CS-24-020, as well as for a small remaining interval from drill-hole CS-24-021, from the 2024 drilling campaign at the Cisco Lithium Property.
All core assay results from the 2024 drilling campaign at the Cisco Property have now been received and reported.
The company also revealed that all share purchase warrants issued as part of a private placement financing in December 2022 have been exercised ahead of their expiration date on 15 December 2024.
The exercise of 6,250,000 share purchase warrants, with a strike price of $0.305 per share, has generated total proceeds of $1,906,250.
