Q2 Metals Corp. (TSX.V: QTWO | OTCQB: QUEXF | FSE: 458) reported its best drill hole to date at the Cisco Lithium Project in Quebec's James Bay region, with a significant portion of the deepest interval extending beyond the boundaries of the deposit's current resource estimate.
In the company's August 25, 2026 news release, Q2 reported first assays from drill hole CS26-093, part of the 2026 summer program. The hole returned three separate mineralized intervals: 60.8m at 1.24% Li₂O from 17.7m depth, 213.8m at 1.93% Li₂O from 154.2m depth, and 403.7m at 1.57% Li₂O from 383.6m depth.
Vice-President of Exploration Sage McCallum described the result in the August 25 release as "the best hole ever drilled on the Cisco project in terms of total mineralized pegmatite in one hole."
Per the August 25 release, approximately 170 metres of the 403.7m at 1.57% Li₂O interval falls outside the conceptual pit shell that underpinned Cisco's April 2026 Mineral Resource Estimate — signalling the deposit has room to grow beyond its current boundaries.
Cisco's April 2026 resource stands at 295 million inferred tonnes grading 1.36% Li₂O, comprising 270 million pit-constrained tonnes at 1.36% Li₂O and 24 million underground-constrained tonnes at 1.34% Li₂O. Canaccord Genuity has described it as the Western Hemisphere's biggest hard-rock lithium deposit.
Canaccord made its own move on August 17, 2026, when analyst Katie Lachapelle raised the brokerage's price target on QTWO to C$9.50 per share from C$5.80 — shifting the firm's valuation methodology from an in-situ approach to a full mine model ahead of a Preliminary Economic Assessment. Canaccord's base case, per the research, envisions a 6-million-tonne-per-year operation producing approximately 1 million tonnes annually of spodumene concentrate grading 5.5% Li₂O.
The 2026 summer drill program has now completed 9,552 metres across 22 holes, with four rigs currently running on site. The PEA is in preparation and will be based on the April 2026 inferred resource.
The most recent verified closing price located for QTWO is C$2.40 as of August 13, 2026, per Yahoo Finance — prior to the August 25 announcement. No verified closing price for August 27, 2026 was available at publication.
Assays from the remaining 2026 summer holes are pending. Whether CS26-093's out-of-pit mineralization translates into a resource addition will depend on how Q2 incorporates these results into a future estimate update.