SRQ Resources Reports Assay Results from Phase 3 Drilling on Lac Brulé

In This Article:

Discovery and At-Surface Delineation of Magmatic Intrusion and Additional Pyroxenite Units

MONTREAL, QC / ACCESSWIRE / June 24, 2024 / SRQ Resources Inc. ("SRQ" or the "Company") (TSX-V:SRQ) is pleased to announce assay results for the April 2024 Phase 3 drilling program on its exciting new discovery, the Lac Brulé Ultramafic Magmatic Intrusive Complex ("UM") (Figures 1 & 5).

Highlights (in core lengths)

  • From the Phase III drill program for 3,015 metres ("m") including ten holes at the Gossan Zone (Figure 2) and one hole (LB-24-29; Target 900) drilled 6 kilometers ("km") west of the Gossan Zone testing a high gravity target.

    • LB-24-23: 114m of magmatic pyroxenite including a combined 36.84m at 0.85% copper equivalent ("Cueq") (0.31% copper ("Cu") and 0.28% nickel ("Ni")) with several higher-grade samples including 0.72m at 2.45% Cueq and 0.75m at 1.87% Cueq (Appendix 1: 0.2% Cu cut-off-grade ("COG")) composed of pyrrhotite ("Po") + chalcopyrite ("CPy") & pentlandite ("Pn"))

    • LB-24-26: 70m of magmatic pyroxenite including a combined 11.59m at 1.0% Cueq.

    • LB-24-28: 55m of magmatic pyroxenite including a combined 9.19m at 1.17% Cueq with several higher-grade samples including 0.66m at 2.19% Cueq and a stringer of massive sulphide grading 5.54% Cueq (Appendix 1).

    • At the Gossan Zone, the UM intrusive sequence can be traced over 800m along a southwest to northeast direction with a mineralised sub-layer traced over 550m.

  • Ongoing surface regional geological mapping outlined a very large magmatic intrusive complex which seems to be deeply rooted. Hole LB-24-29 (Target 900) ended approximately 250m east of the core of the anomaly.

    • Despite missing the core by such a distance, the hole intersected several mineralised zones including 0.79m at 1.23% Cueq, indicating the mineralised potential of the entire system.

    • SRQ discovered additional magmatic pyroxenite units outcropping 8 km south-west of the Gossan Zone (Figures 1 & 6).

  • An analysis of their geological sequences and mineralisation shows that Lac Brulé Ni-Cu mineralisation has strong similarities to mineralisation from the former Renzy Ni-Cu mine.

  • SRQ has filed the compulsory "Autorisation pour travaux à impact" (ATI) with the Quebec ministry. While awaiting the ATI, SRQ is continuing geological mapping and reviewing options for possible downhole geophysics.

Dr. Marc-Antoine Audet, Ph.D., P.Geo., CEO and President of SRQ, said, "The latest drilling results from the Gossan Zone, together with the remarkable magnitude of the surface extension of the magmatic intrusive complex associated with the Target 900, are highly significant for SRQ. We are very encouraged with the discovery of extensive magmatic units at surface including numerous pyroxenite units, highlighting the sector's nickel and copper prospectivity. These results underscore our commitment to exploring the region in an environmentally friendly manner and creating sustainable jobs long-term. We are excited about the next steps and unlocking value for all stakeholders."