MONTREAL, Jan. 07, 2025 (GLOBE NEWSWIRE) -- SRQ Resources Inc. ("SRQ" or the "Company") (TSX-V: SRQ) is pleased to announce an agreement with Ministère des Ressources naturelles et des Forêts ("MRNF"; Québec's Ministry of Natural Resources and Forests) whereby the MRNF has lifted the temporary suspension of mineral rights below a biological refuge ("refuge") by restoring its underlying mineral claims. SRQ is delighted with this agreement and remains committed to respecting the above-ground biodiversity within the periphery of the former refuge.
SRQ already holds a drilling permit for Target 900 (see December 03, 2024 press release) which encompasses the entire prospective area (Figure 1). Furthermore, additional target sectors have been identified within a 15-kilometer ("km") radius (Figure 3) through gravimetry and electromagnetic ("EM") surveys.
Highlights
- Mineral claims have been restored at Target 900 overlying the previously temporary refuge.
- The Company holds an "Autorisation de Travaux à Impact ("ATI")", the authorisation of impact-causing exploration work for an area of 13.6 km2 surrounding Target 900.
- Target 900 is characterised by a robust gravitational anomaly measuring 3 km by 2 km, starting 600 meters ("m") below surface.
- Target 900 is aligned with an airborne EM conductor starting 500m below surface, suggesting significant depth and lateral extension.
- The target is situated on the northern flank and hinge of Lac Brulé's folded Magmatic Intrusive Complex ("IC"), an extensive surface expression formed at the end of the Grenville Orogeny.
Dr. Marc-Antoine Audet, Ph.D., P.Geo., CEO and President of SRQ, said, "We are delighted that our win-win agreement with the MRNF allows for both protection of above-ground forest biodiversity and restoration of mineral rights below the refuge. Together with our recently issued ATI, this gives us the green light to test Target 900 with surface geophysics and a summer drilling program. Target 900's geophysical characteristics suggest considerable prospectivity for copper and nickel mineralisation both at depth and laterally. We look forward to providing more visibility on this potential to our stakeholders this year."
Figure 1: Outline of SRQ Claims Restored at Target 900, together with its ATI. The former refuge is shown as a dash line.
Figure 2: Surface Geological Mapping at Lac Brulé Outlining a Very Large Intrusive Magmatic Complex, Traced at Surface over more than 25km together with Deep Conductivity Responses.
The EM conductor overlaying the Target 900 high gravimetry response starts from 500m from surface and increases in intensity up to the technological limits of the 2021 Xcalibur airborne EM survey, at 600m below surface.
The expected EM continuity at depth coincides with the large, elevated gravimetry response starting from 600m below surface and extending at depth.
Surface mapping, together with borehole LB-24-29 drill results, the gravimetry, and EM responses described above, make Target 900 a prime target for nickel ("Ni") and copper ("Cu") mineralisation.
Target 900 and Regional Potential
Ongoing surface regional geological mapping has outlined a very large IC that appears to be deeply rooted (Figures 1 & 3). The size of the IC is visible at surface due to the extent of a magmatic-originated anorthosite/leucogabbro unit overlaying intrusive pyroxenite members (specifically outlined with the 735m of undeformed and unmetamorphosed magmatic pyroxenite of hole LB-24-29; see June 6, 2024 press release). The shape of the IC was defined using a combination of magnetic surveys and detailed geological mapping of more than 160 and 25 surface outcrops of magmatic anorthosite/leucogabbro and pyroxenite.
The IC is located in the hinge of a large fold and also on the south and north limbs of the fold. Hole LB-24-29 ended approximately 250m east of the core of the anomaly (Figure 1). Despite missing the core by such a distance, the hole intersected several mineralised zones including 1.51m at 0.42% Cu and 0.25% Ni, underscoring the mineralised potential of the entire system.
Figure 3: 3D Representation of the Intrusive Magmatic Complex at Lac Brulé.
(Target 900 is located on the northern flank and at the hinge of a large synform fold.)
The Lac Brulé property is located 6 hours by car from Montreal and 50 km west from the former Renzy Cu-Ni mine.
Quality Control
The technical information in this release has been reviewed and approved by Dr. Marc-Antoine Audet, Ph.D geology, P. Geo and President and CEO of SRQ Resources, and a 'Qualified Person', as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.
About SRQ Resources Inc.
SRQ is a Canadian base metals company exploring for nickel, copper and platinum in the province of Québec.
A near-surface Ni-Cu project, Lac Brulé is located on a +300 km² virgin exploration property at a five-hour drive from Montréal. The project's prospectivity for base metals has been confirmed by drilling, geological mapping, the presence of a surface gossan, and geophysical surveys. The presence of the historic Renzy Ni-Cu mine located 50 kilometers to the south-east and at the heart of the large regional pattern further adds to the area's mineral exploration appeal.
For more information about SRQ, please visit SRQ's website at www.srqexploration.com.
Contact Information:
Marc-Antoine Audet. President and CEO
ceo@srqexploration.com
Tel: (514) 726-4158
Forward-Looking Statements and Forward-Looking Information:
Certain of the statements made and information contained herein are "forward-looking statements" or "forward-looking information" within the meaning of Canadian securities legislation. Forward-looking statements and forward-looking information characterized by terms such as "will", "could", "expect", "estimate", "evidence", "potential", "appears", "seems", "suggest", are inherently subject to significant business, economic, and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and forward-looking information, and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: the speculative nature of mineral exploration and development; assumptions relating to the trading price of the Company's common shares; the ability of the Company to convert resources in reserves, its ability to see through the next phase of development on any project, its ability to produce a pre-feasibility study or a feasibility study regarding any project, its ability to execute on its development plans in terms of metallurgy or exploration, the availability of financing for activities, risks and uncertainties relating to the interpretation of drill results and the estimation of mineral resources and reserves, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with the Company's expectations, metal price fluctuations, environmental and regulatory requirements, availability of permits, escalating costs of remediation and mitigation, risk of title loss, the effects of accidents, equipment breakdowns, labour disputes or other unanticipated difficulties with or interruptions in exploration or development, the potential for delays in exploration or development activities, the inherent uncertainty of cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, expectations and beliefs of management and other risks and uncertainties. Many of these uncertainties and contingencies can affect the Company's actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements and forward-looking information made by or expressed on behalf of the Company. Readers are cautioned that forward-looking statements are not guarantees of future performance. The Company disclaims any intention or obligation to update or revise any forward-looking statements or forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
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