SRQ Resources Discovers Ultramafic Intrusive Complex Hosting Base Metal Mineralisation at Lac Brulé Project

Highlights

- Discovery of a new mineralised ultramafic magmatic intrusive complex. This strongly suggests potential for additional mineralised bodies in the Lac Brulé virgin territory.

- The July 2023 maiden drill program outlined nickel and copper mineralisation within the discovered Ultramafic Magmatic ("UM") intrusive complex:
-- Hole LB-23-12 intersected 112 metres ("m") of UM intrusions with 19.1m of combined mineralisation grading 1.35% Copper Equivalent ("Cueq") including 12.6m at 0.56% nickel ("Ni") and 0.38% copper ("Cu").
-- Hole LB-23-04 intersected a total of 50m of UM intrusions with a combined 14m grading 1.19% Cueq including 6.1m at 0.54% Ni and 0.39% Cu.
-- Hole LB-23-05 intersected a total of 155m of UM intrusions with a combined 13m grading 1.08% Cueq including 4.3m at 0.55% Ni and 0.35% Cu.


MONTREAL, Oct. 3, 2023 - SRQ Resources Inc. ("SRQ" or the "Company") (TSX-V:SRQ) is pleased to announce the discovery of a virgin UM intrusive complex hosting base metal mineralisation at its Lac Brulé project in Quebec. This important new discovery reinforces SRQ's commitment to unlocking the region's mineral potential. The UM intrusive complex discovery was informed by SRQ's geological reinterpretation of the notoriously under-explored region and revealed through a maiden 13-hole drilling program on Lac Brulé.

The 13 drill holes for the 3,950m maiden drilling program were conducted in July 2023 on Lac Brulé located in the Upper Laurentian region of Quebec (Figure 1), a five-hour drive from Montreal.


Key Findings

1. UM Intrusive Complex: The existence of an UM intrusive complex provides valuable new insights into the geological history of this never-explored region and implies untapped potential for additional mineralised bodies.

2. Tectonic Significance: Pyroxenite intrusive units are injected into highly deformed and highly metamorphosed gneiss, intercalated with garnet-rich amphibolites of the Grenville geological province. Characteristics of the newly discovered UM intrusion suggest it intruded the gneissic assemblage during the last tectonic event related to the Grenville metamorphic event.

3. Base Metal Sulfide Mineralisation: Analysis of the drilling samples indicates the presence of significant Ni and Cu mineralisation (Figures 2 & 3) associated with pyrrhotite, chalcopyrite and pentlandite. This discovery strongly suggests potential for additional mineralised units of large UM intrusive complexes.

Dr. Marc-Antoine Audet, Ph.D., P.Geo., CEO and President of SRQ, said, "We are thrilled that our first-ever drilling program on the Gossan Zone led to the discovery of this mineralised magmatic complex intruding the highly deformed Grenville rock sequence. Today's maiden results not only underline the prospectivity of the region, but also demonstrate our commitment to structured and sustainable exploration for base metals. We look forward to unlocking the full potential of this fantastic discovery."


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 1). 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.

No historical prospecting or ground exploration had been reported from the Lac Brulé area prior to SRQ's involvement. The past-producing Renzy Ni-Cu mine is the closest mining activity with historical information available.The Company is targeting Ni and Cu mineralisation at Lac Brulé that could be similar to those at the Renzy mine and at other known Ni-Cu deposits in Canada and worldwide.

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Figure 1: SRQ's Properties in Canadian Province of Quebec

As a follow-up to the gossan discovered in May 2021 (see Sama Resources Inc, Press Release 2021-06-16),SRQ commissioned Xcalibur Multiphysics (MPH) Canada Inc. to conduct a HELITEM II electromagnetic ("EM") survey in December 2021. SRQ followed up with ground EM and Induced Polarisation ("IP") surveys in the summer of 2022, confirming two major target sectors with high conductivity (Figure 2).

July drill hole locations in relation to conductivity targets are shown on Figure 2. Only the Gossan Zone has been drilled while the larger North Zone is still untested.

Holes LB-23-01 to -05 and LB-23-10 to -13 were drilled at the main 600m-long, NE-SW oriented conductive zone. Holes LB-23-06 to -08 tested a smaller conductive zone 500m north of the first one. Hole LB-23-09 was used for geological purposes to help understand the geological sequencing.

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Figure 2: Enlargement of 2022 IP Results from Untested North Zone, together with 2022 Ground EM Survey and Location of 13 Drill Hole Maiden Drilling Program


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.

Cobalt mineralisation is present in the sulfide material on hole LB-23-06.

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Figure 3: Drill Hole Core Mineralisation: LB-23-12 at 123.6m (pyrrhotite, chalcopyrite and pentlandite)

Appendices 1 and 2 provide composited drilling results at cut-off-grades ("COG") of 0.2% and 0.4% Ni, respectively. All measurements are in core lengths.


Quality Control

Core logging and sampling are performed at SRQ's field facilities by SRQ's staff. Sample preparation and analysis are carried out by Activation Laboratories Ltd (Actlab), Ancaster and Thunder Bay, Ontario, Canada. All samples were assayed for Ni, Cu, Co, Fe, S, Pt, Pd and Au using sodium peroxide fusion ICP for the first five elements and by Fire Assay ICPOES for the last three.

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:

SRQ Resources Inc.
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.


Appendix 1 and 2

Appendix 1: Drill Hole Intercepts Defined Using a COG of 0.2% Ni (in core lengths)

Cueq: ((Cu%*3.75)+(Ni%*9.0))/3.75

HOLE-ID	FROM	TO	LENGTH	Cueq	Ni	Cu	Co	S	Fe	MgO
	m	m	M	%	%	%	%	%	%	%
LB-23-01	127.5	127.75	0.25	0.86	0.30	0.15	0.03	3.80	12.10	22.39
	134.35	135.75	1.40	0.76	0.21	0.25	0.01	1.35	8.70	15.17
	164.90	165.45	0.55	0.68	0.20	0.20	0.03	4.00	14.10	13.20
	181.00	182.00	1.00	0.66	0.21	0.17	0.03	3.99	12.20	17.74
	188.00	189.10	1.10	0.72	0.22	0.20	0.03	4.61	13.75	18.99
	192.00	211.45	19.45	0.81	0.24	0.22	0.04	4.98	14.40	18.99
	Combined	23.75	0.79	0.24	0.22	0.03	4.67	13.91	18.62
										
LB-23-02	130.70	132.00	1.30	0.77	0.23	0.23	0.02	1.98	11.40	24.54
	147.80	151.65	3.85	1.06	0.30	0.33	0.04	6.59	16.58	17.21
	152.25	152.40	0.15	1.07	0.35	0.25	0.05	7.57	18.00	18.74
	157.50	164.20	6.70	0.85	0.24	0.28	0.03	4.79	14.29	16.06
	171.20	174.80	3.60	0.77	0.22	0.24	0.03	4.86	14.27	20.10
	Combined	15.6	0.88	0.25	0.28	0.04	5.04	14.64	18.01
										
LB-23-03	130.15	149.05	18.90	0.76	0.23	0.22	0.03	4.32	13.47	16.92
	150.05	151.55	1.50	0.78	0.24	0.20	0.03	4.54	13.62	20.02
	153.35	153.70	0.35	0.84	0.27	0.19	0.04	5.28	14.00	18.08
	160.70	164.30	3.60	0.88	0.26	0.25	0.04	4.85	13.70	19.08
	168.70	171.60	2.90	0.74	0.24	0.17	0.03	4.39	12.70	18.32
	198.25	202.10	3.85	0.78	0.25	0.19	0.03	3.68	14.29	24.95
	218.20	220.20	2.00	0.84	0.27	0.19	0.03	3.05	13.55	24.71
	221.20	222.00	0.80	0.87	0.25	0.28	0.02	3.10	12.80	17.91
	222.85	223.85	1.00	0.79	0.24	0.22	0.03	2.80	13.80	27.20
	Combined	34.90	0.78	0.24	0.22	0.03	4.19	13.53	19.05
										
LB-23-04	150.70	161.30	10.60	1.30	0.41	0.32	0.05	7.91	17.65	15.52
	164.00	167.45	3.45	0.87	0.26	0.24	0.03	5.23	13.78	13.31
	Combined	14.05	1.19	0.37	0.30	0.05	7.25	16.70	14.98
										
LB-23-05	139.20	152.15	12.95	1.08	0.34	0.27	0.04	6.34	15.98	16.87
										
LB-23-06	198.75	201.00	2.25	1.36	0.44	0.31	0.11	17.09	31.28	15.92
	202.30	202.40	0.10	0.91	0.31	0.16	0.08	12.50	23.70	18.24
	Combined	2.35	1.34	0.43	0.30	0.11	16.90	30.96	16.01
										
LB-23-12	106.15	113.50	7.35	1.19	0.38	0.28	0.05	7.05	15.68	14.35
	114.90	115.10	0.20	1.63	0.53	0.35	0.07	10.30	20.50	15.95
	118.00	124.70	6.70	1.32	0.42	0.31	0.06	8.15	18.71	19.49
	127.50	130.85	3.35	1.57	0.51	0.34	0.07	9.64	21.00	19.05
	133.30	134.80	1.50	1.78	0.55	0.46	0.07	10.60	20.97	17.30
	Combined	19.10	1.35	0.43	0.32	0.06	8.20	18.14	17.23

Appendix 2: Drill Hole Intercepts Defined Using a COG of 0.4% Ni (in core lengths)

Cueq: ((Cu%*3.75)+(Ni%*9.0))/3.75

HOLE-ID	FROM	TO	LENGTH	Cueq	Ni	Cu	Co	S	Fe	MgO
	m	m	m	%	%	%	%	%	%	%
LB-23-01	210.85	211.45	0.60	1.31	0.41	0.34	0.06	8.80	19.50	18.24
										
LB-23-02	149.30	149.60	0.30	1.39	0.48	0.24	0.07	10.40	21.60	16.91
										
LB-23-03	132.55	133.30	0.75	1.57	0.46	0.46	0.06	9.06	19.80	17.58
	138.80	138.95	0.15	2.00	0.62	0.51	0.09	12.40	24.80	11.26
	145.05	145.35	0.30	2.38	0.70	0.70	0.09	13.70	25.30	16.91
	146.00	146.40	0.40	2.17	0.64	0.64	0.09	12.40	23.00	17.41
	Combined	1.60	1.91	0.56	0.56	0.07	11.08	22.10	16.82
										
LB-23-04	150.70	154.95	4.25	1.68	0.56	0.35	0.07	10.72	21.45	15.62
	158.65	160.10	1.45	1.81	0.53	0.53	0.07	10.63	21.21	14.99
	160.90	161.30	0.40	1.32	0.41	0.34	0.05	8.09	17.80	15.21
	Combined	6.10	1.69	0.54	0.39	0.07	10.53	21.15	15.44
										
LB-23-05	140.20	141.20	1.00	1.16	0.41	0.17	0.05	7.44	17.00	15.85
	143.15	144.40	1.25	1.55	0.53	0.27	0.07	10.53	22.34	13.13
	145.40	145.95	0.55	1.89	0.65	0.32	0.09	12.90	23.40	15.26
	147.75	149.25	1.50	2.05	0.62	0.55	0.08	12.14	23.23	16.24
	Combined	4.30	1.68	0.55	0.35	0.07	10.68	21.54	15.12
										
LB-23-06	200.00	201.00	1.00	1.77	0.59	0.36	0.15	23.00	39.30	11.56
										
LB-23-12	106.15	107.80	1.65	2.06	0.71	0.36	0.09	12.89	23.82	17.71
	110.65	113.00	2.35	1.51	0.49	0.34	0.06	9.21	18.59	17.47
	114.90	115.10	0.20	1.63	0.53	0.35	0.07	10.30	20.50	15.95
	119.00	120.95	1.95	1.67	0.52	0.42	0.07	10.15	21.55	19.10
	122.45	124.70	2.25	1.57	0.52	0.33	0.07	9.97	22.22	20.90
	128.15	130.85	2.70	1.79	0.59	0.39	0.07	11.04	23.00	19.37
	133.30	134.80	1.50	1.78	0.55	0.46	0.07	10.60	20.97	17.30
	Combined	12.60	1.71	0.56	0.38	0.07	10.55	21.64	18.73