Q2 Metals - Cisco Lithium Project: High Grade Drill Results, 20,000M Program Underway, PEA This Fall
Summary
Final winter assays at Cisco hit wide spodumene (the lithium ore mineral) intervals, including about 137 metres in hole 88 with a 40-metre high-grade core.
The maiden resource, published in April, is entirely Inferred; drilling at 120-metre centres, tightening toward 75 metres, aims to convert most of it to Indicated.
A 20,000-metre summer program runs to mid-September and resumes in late October, feeding a resource update targeted for early 2027.
A PEA (Preliminary Economic Assessment — an early-stage mine study) based on the maiden resource is due this fall, with feasibility the next likely step.
A May financing raised $70 million, lifting cash to roughly $75 million — enough, management says, to fund drilling and studies through feasibility.
Alicia Milne's takeaways
- Top takeaway She argues Cisco is a large, continuous spodumene body whose wide intervals should let the company convert a good majority of the inferred resource to indicated at about 75-metre drill spacing, possibly down to 50 metres in places.
- She frames the company's strategy as shifting from resource growth to a development story, concentrating on the main Cisco deposit while treating outcrop targets as optional upside.
- She points out the April 2026 maiden resource used only data received through December 31, 2025, so none of the winter program assays are reflected in it.
- She prioritizes near-surface mineralization in the current drilling because it enters a mine plan sooner, with an underground portion wrapping the open-pit shell.
- She is still weighing whether second-phase metallurgical results feed into the PEA or are held for a PFS or the feasibility study.
Cory Fleck's takeaways
- Top takeaway He frames Cisco's April 2026 maiden resource as the largest spodumene lithium deposit in the Western Hemisphere.
- He presses on infill conversion odds, the pivot toward development, and the cash runway and upcoming news flow.