Q2 Metals (TSX-V: QTWO)(OTC: QUEXF) VPE Neil McCallum on Discovery of 8 New Pegmatite Zones


Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me today is the VP of Exploration for Q2 Metals, Mr. Neil McCallum. Neil, great to have you back on. How are you?

Neil McCallum: I'm great, thanks. Good.

Gerardo Del Real: Well, listen, you just put out some news and I want to get to it here in just a second.

But before we get to it, I got to ask, how is the drilling coming along? We are all anticipating assays here, hopefully shortly. How are things going onsite and then how are things coming along as it relates to the labs?

Neil McCallum: Absolutely. So we are just wrapping things up this week, so we'll have news out soon, so look out for that. That'll have really the drilling intercepts and locations for all the holes that we've done so far. So obviously, I can't say too much, but yeah, look forward to that pretty soon.

And then on the analytical, the lab has let me know that things will be quicker than the fall sampling that we just put out because that was roughly between 9 and 10 weeks results. But they're telling me that they're going to get that back a lot sooner, so we should hopefully have analytical out in January. I was worried it was going to push later than that, but they're definitely increasing capacity at the lab. So that's good news, for sure, for us.

Gerardo Del Real: Excellent. Let's get to the most recent news. You just confirmed the discovery of eight new mineralized pegmatite zones with assay results and then the assay results and, look, it's just samples, right, but the assay results were really, really impressive. Can you speak to what you found, the assay results and where you go from here?

Neil McCallum: Yeah, absolutely. So you know what, it's really a follow-up from our news releases that we had put out in October, looking at the visuals of spodumene and those pegmatites. We know that it's pretty obvious, but really these assays are highlighting it, bringing it home. But the grades are looking excellent and we're really targeting, obviously, the higher grade pegmatite zones. And that's exactly what this news release has done for us is really telling us where to focus our efforts and those efforts being drilling. So we want to make sure that we're putting out those better results on the holes once we get the analytical back.

And like I mentioned, though, we were drill testing those targets that we knew had spodumene and would have the lithium. So we were kind of, we're catching up from the lost summer of exploration. And luckily with lithium we can do that because we can see the spodumene. We don't have to wait for analytical. And this just really drives it home that some of these new zones that we've discovered between the trend that we knew there was pegmatite, but we didn't know if they were spodumene bearing and this just confirms it without a doubt.

Gerardo Del Real: You mentioned the summertime and the delays and obviously due to the fires, right? But what does 2024 look like now that you have a solid treasury, you've started to drill, you're honing in on these targets, you're getting a better understanding of the geology and where to chase, what comes next in 2024?

Neil McCallum: Oh, I'm really excited because really this first pass is just confirming some of the better zones subsurface, and then we're going to be focusing and doing more tightly spaced drilling on those better-looking targets.

The trouble with this, it's 10 kilometers of trend that we're chasing. We've got pegmatites all the way along, so it felt like kind of an overabundance of targets in a way. But luckily we're well-funded. We have good amount of cash in the bank, and then we'll be able to fund a lot of 2024's activity.

And on top of that, we have to wait until the summer. But I'm really excited about testing those new zones with sampling on the ground once the snow melts in the summer. That's kind of a long-term game. We have to wait until the snow melts, obviously. But I'm really excited about those new zones on the property that we really only touched like maybe 20, 30% of the property so there's a lot more to come.

Gerardo Del Real: Sounds like a critical 2024, pun intended, right? So, I'm excited as a shareholder. I'm looking forward to it. Thank you again for your time. Anything to add to that, Neil?

Neil McCallum: No, I think that's it. I think this release is really good. I think it just confirms the potential of the entire property and of the zones we've already been working on and already drilling. You know, it was only two weeks of ground sampling, so I think we did a pretty good job of coming up some really great results in a short amount of time. So 2024 is going to be amazing because there's going to be no wildfires in the property because pretty much the wildfires cover the entire project, so no worries there.

Gerardo Del Real: Well, it also looks like the lithium spot price that everybody's so obsessed about is starting to bottom and a turnaround there looks like in early 2024. So I think your timing on the assays and the drilling for discoveries is going to be spot on.

Neil, thank you so much. I appreciate the time.

Neil McCallum: Yep, of course. Take care.

Gerardo Del Real: All right. Chat soon.

Neil McCallum: Bye.

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