Q2 Metals Corp. (TSX-V: QTWO)(OTC: QUEXF) VP Exploration Neil McCallum on Start of Winter 2025 Drill Program at Flagship Cisco Lithium Project, James Bay, Quebec

 

Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me today is the VP of Exploration for Q2 Metals Corp. — Mr. Neil McCallum. 

Neil, it's great to have you on. It was great to catch up with you at the Vancouver Resource Investment Conference. Great to meet in person, though I felt I knew you already. How are you doing today?

Neil McCallum: Yes, it was a good conference. I think there's a lot of positivity despite perhaps what the market is doing. It was great to see everyone and just get that sense of positivity going forward.

Gerardo Del Real: I agree with you 100%. The sentiment was as positive as I’ve seen in quite some time. The attendance at the conference was great. You all were gracious enough to host a breakfast that I was fortunate enough to be invited to and that was well attended. 

You and Alicia Milne did a phenomenal job outlining the expansion drill program for Cisco here in 2025. I'm extremely excited about it. I’ll let you provide the details, and then we can talk about why I'm so excited.

Neil McCallum: Absolutely. So it's coming up. Our crews are going to get out there next week, and we’re anticipating collaring that first hole of the season roughly February 1st. 

We're going to start with one drill rig. And soon after that, we'll get the second drill up to site within a few days and then be off and running until mid-April. So pretty much the whole winter with two drill rigs, and we're anticipating 6,000 to 8,000 meters. 

The plan is to cover the entire surface expression of what we've got at Cisco because we've only really tested a quarter of that surface showing area. And I think that just demonstrates how much potential is left, even though we've already got some really, obviously, wide intervals that are positive, and we're going to continue to understand that area. 

There's just a whole lot left. From the area that we've drilled so far, there's another double the strike length when we go from that northeast-southwest direction. It’s a pretty simple story, and now we have to do the work to prove it out.

Gerardo Del Real: You're being modest when you say wide intervals. I'll say world-class intervals, right? I think some of the hits stack up with some of the best projects globally. 

Let me tell you why I'm really excited. Infill drilling is very important, and I understand the purpose of it. I get it. It's necessary for resource delineation. But what really gets me excited are aggressive step outs, and you're doing 200-meter to 400-meter step outs to really, really demonstrate the scale. 

There's nothing as exciting to me as growing a resource with aggressive step outs. Can you speak to that a bit because you don't see that every day, right? Usually, you see 50-meter step outs or 100-meter step outs, and those are fine. Yet, 200 to 400-meter step-outs, I think, speaks to the quality of the system and the mineralization that exists at the property.

Neil McCallum: That's right. We've had really good success so far with 200-meter step outs. With pegmatites being the way that they are, once we do that definition scale drilling, we will resolve exactly what that pegmatite looks like and connecting them from hole to hole. 

But at this stage, that's like later-this-year's problem. We have so much left to test to understand the scale of this. When you say the word world-class, we've been putting that in our news releases, and that's something that we strongly believe in. 

Part of my experience at the Roundup Conference this year in Vancouver, which was paralleled with the Resource Investment Conference, was giving a talk on lining up exactly one cross-section to the next for Cisco and other world-class deposits. 

And I think it really demonstrated that the scale is there in terms of those widths; like you said, the 200 to 300-meter continuous pegmatite intervals. It's just something you don't often get to see, and I'm really excited to see what we can find this winter and find more of it along strike. We're very excited.

Gerardo Del Real: I've seen estimates online, and I know you're not going to comment on that because I've gotten to know you, Neil. But I've seen estimates, ‘back of the napkin’ estimates, that you likely have anywhere between 160 to 190 million tonnes of lithium thus far, and that's just within 850 meters of strike. 

That was really, really neat for me to see both at the breakfast and in the most recent news release; people can go to that news release to see just how open this is. Can you speak to that because, I think, again, it speaks to the potential of the system.

Neil McCallum: Absolutely. The strike direction that I'm seeing, which is confirmed by down-hole measurements that we're taking, orienting the contacts, and also just relationships of the contacts on surface, indicate that that northeast-southwest corridor is in total about 1.9 kilometers. And like you said, only 850 meters has been tested. 

And so we've got a little over a kilometer of completely open ground that we need to test. When you say that what we've found so far seems sizable, I don't disagree. And we could pool all of our resources together and define a resource on the area that we see so far. But I think that will discount the project as a whole. We need to understand exactly what we have before we put a resource together.

So those 200 to 400-meter step outs won't get us to an Inferred or Measured & Indicated resource but they will get us to something that’s referred to as an exploration target. So that's like a window of tonnage and grade that we can put out to market ourselves with an independent consultant's opinion, to say, ‘Hey, this is the potential here.’ 

And that's really the goal of this winter's program to say, ‘Yeah, this is what the project has right now and could have given additional work.’

Gerardo Del Real: Exciting times. I think 2025 is going to be a transformational year for Q2 Metals. You're funded for the program. You have warrant money still coming in. I couldn't be more excited, and I’m really looking forward, as a shareholder, to seeing the potential really being defined. 

I think we all know that the system is one of the better ones, globally, but proving it with the drill-bit with 200 to 400-meter step outs, I think, is going to be a game-changer for the company. Anything to add to that, Neil?

Neil McCallum: No. Like I said, I think that's a good point to make that we're fully funded for this winter. And with the warrant money coming in, we will be funded for the upcoming program as well. We need to think about adding as many drills as possible to really advance this and catch up to some of the other lithium explorers and just move this thing forward.

Gerardo Del Real: Good stuff. Neil, thank you for your time. I’m looking forward to having you back on soon.

Neil McCallum: Yep, it was fun as always. Thanks.

Gerardo Del Real: Alright, cheers.

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