SRQ Resources Launches Phase 2 Drilling Program on Newly Discovered Ultramafic Magmatic Intrusive Complex at Lac Brulé

MONTREAL, QC / ACCESSWIRE / October 10, 2023 / SRQ Resources Inc. ("SRQ" or the "Company") (TSXV:SRQ) is pleased to announce that the Phase 2 drilling program on its exciting new discovery, the Lac Brulé Ultramafic Magmatic Intrusive Complex ("UM Intrusive"), is scheduled to start on or about October 23, 2023. The UM Intrusive hosts significant nickel and copper mineralisation.

Following the success of the July 2023 Phase 1 drilling program, SRQ is eager to further assess the potential of the UM Intrusive complex and advance the Company's understanding of its mineralisation. Drilling under the fully funded Phase 2 program will focus on the Gossan Zone.

Key highlights of the Phase 2 program include:

• Follow-up Drilling: Phase 2 will involve drilling 5 holes for approximately 1,200 meters ("m") on the Gossan Zone. These holes are designed to follow up on the strong conductors outlined by August 2023 Downhole Electromagnetic Surveys ("DHEM") (Figure 1).
• Geological and Geochemical Studies: Detailed geological and geochemical studies will be carried out on the 51 samples collected from the Phase 1 drilling program to enhance our understanding of the host and the mineralisation's characteristics and distribution.
• Environmental Considerations: SRQ is committed to continuing its drilling activities in an environmentally responsible manner, including adhering to all relevant environmental regulations and best practices.

Dr. Marc-Antoine Audet, Ph.D., P.Geo., CEO and President of SRQ, said, "Our concurrent use of drilling and downhole electromagnetic surveys has delivered promising results with the identification of strong electromagnetic conductors that are coincident with a regional large gravity high. These new targets will be drill tested during our Phase 2 drill program on the Gossan Zone, marking an important step in our journey to unlock the potential of this newly discovered Ultramafic Magmatic Intrusive Complex."

Figure 1: Phase 2 Drill Program is Targeting Conductors Defined by August 2023 DHEM Surveys of the Gossan Zone

Lac Brulé Newly Discovered Ni-Cu Mineralisation

The Ni-Cu mineralisation encountered is characterized by cumulate and aggregates of iron, copper and nickel sulfides: pyrrhotite, chalcopyrite and pentlandite, respectively. Pyrrhotite is the dominant sulfide with visible chalcopyrite. Pentlandite can be seen mixed with pyrrhotite. The textures of the sulfide mineralisation vary from disseminated to semi-massive to massive (> 80% of sulfide material) showing net-texture or brecciated sulfides between pyroxene and amphiboles. Thin massive sulfides horizons are intercalated and sometimes associated with garnet-rich xenoliths.

Figure 2 presents a microscope photo of mineralisation from a surface sample collected at the mineralised surface outcrop (gossan) in 2022, confirming presence of the three main sulfide species (LB-40375 C. Picard - June 2022, pyrrhotite (Po), chalcopyrite (Cp), pentlandite (Pn), ilmenite (Il), magnetite (Mt). Silicates are clinopyroxene, orthopyroxene, hornblende and olivine).

Figure 2: Microscope Photo of Mineralisation from Surface Sample Collected at the Mineralised Outcrop (Gossan) in 2022

Untapped Geological Potential of SRQ's Lac Brulé Property

SRQ's new discovery was made on its 100%-owned Lac Brulé property located 50km north-west of the former Renzy Ni-Cu mine on the unceded lands of the Kitigan Zibi Anishinabeg community. The former Renzy mine operated from 1969 to 1972 (Figure 3). UM intrusive bodies host mineralisation at both the Renzy mine and at Lac Brulé. Both sites present several striking similarities, including mineralogy, petrology and timing of emplacement.

Figure 3: SRQ's Properties in Canadian Province of Quebec

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 288km² virgin exploration property at a five-hour drive from Montréal. The project's prospectivity for base metals has been confirmed by 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
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.

SOURCE: SRQ Resources