Foremost Lithium Resource & Technology Ltd. (NASDAQ: FMST)
(CSE: FAT) (“Foremost Lithium”, “Foremost” or the “Company”), a
North American hard-rock lithium exploration company, has
undertaken an extensive summer exploration program on its “Lithium
Lane Properties”, near the historic mining center of Snow Lake,
Manitoba.
Fig. 1 Lithium Lane Claim Map
Dahrouge Geological Consulting Ltd. (“DGC”), is
conducting a large-scale surface exploration program on Foremost’s
four Lithium Lane properties for Lithium Cesium Tantalum (“LCT”)
pegmatites which includes:
- Targeted geochemical sampling and geological mapping
- Prospecting and rock sampling over priority target areas
- MMI-soil or till sampling of target areas lacking outcrop
- Detailed geological mapping in highly prospective zones, and
data captured using ESRI Field Maps.
DGC has applied its established targeting
methodology to Foremost’s extensive geological database,
integrating historical and recent exploration records to highlight
high-priority targets. The program's focus includes properties that
are either under-explored or have good potential for discovering
additional LCT pegmatites.
Jason Barnard, Foremost President, and CEO
comments “Preliminary assessment on our Lithium Lane Properties
provided from Dahrouge are encouraging for discovery of further LCT
pegmatites. The properties are certainly not short on potential
targets, and we look forward for results of this exploration
program to help delineate drill targets on all our Lithium Lane
Properties”.
Peg North Property
The Peg North Project consists of 28 contiguous
claims, totaling 16,697 acres/6,757 hectares.
Peg North hosts significant potential for
lithium mineralization, given its proximity to the Wekusko
Pegmatite Fields and its position along strike of the Thompson
Brothers Lithium Deposit and the Crowduck Bay Fault (“CBF”).
Spodumene-bearing LCT pegmatite has been historically associated
with the CBF.
High-resolution magnetic data acquired and
processed by EarthEx Geophysical Solutions has identified a
substantial sinistral fault on the eastern side of the property,
accompanied by a magnetically depleted zone at its southern
boundary. Notably, this fault has not been documented in regional
government mapping. The structure attains a width of approximately
50 meters, extending upwards of three kilometers in a northerly
direction within the property. Its presence indicates the
possibility of it being a potential conduit for LCT mineralization,
thus warranting further exploration.
Historical records from the Geological Survey of
Canada (GSC) in 1949 confirm the existence of five pegmatites on
the property. Furthermore, historical sampling records from 1981
suggest the presence of numerous additional pegmatites. The
property has not been subjected to substantial LCT Pegmatite
exploration, making it a focus for the 2023 surface exploration
initiatives.
Fig. 2 Peg North Magnetic Map Highlighting a Prominent
Sinistral N-S Fault.
Grass River Property
The “GRC” Project consists of 29 contiguous
claims totaling 15,664 acres/6,339 hectares.
A total of 10 pegmatites have been identified on
the property. These pegmatites were not well documented in
historical literature, warranting further exploration. Historical
exploration on the property includes 69 drillholes specifically
targeting base metal mineralization. Among these 69 drillholes are
19 pegmatite intersections, seven of which are drill-indicated
spodumene-bearing pegmatites. These intersections provide
additional evidence of LCT pegmatite mineralization on the
property.
Fig. 3 Grass River Property Geology
The Zoro Property
The Zoro Property consists of 16 claims totaling
8,377-acre /3,390-hectares.
It is comprised of three option agreements
including The Zoro 1, which hosts a high-grade partially
outcropping lithium bearing spodumene pegmatite within Dyke 1. This
dyke hosts an inferred resources of 1,074,567 tons at a grade of
0.91% Li2O, with a cut-off of 0.3% in accordance with the Company’s
SK-1300 Technical Report Summary (2023) and NI-43101 Technical
Report titled “NI 43-101 Technical Report on the Zoro Lithium
Project, Snow Lake, Manitoba” Fedikow and Zelligan (2018). The
company has earned 100% undivided interest in all minerals on the
option agreement.
Two additional option agreements on the Zoro
Property host 15 additional spodumene-bearing pegmatite dykes
discovered to date. Foremost has earned 100% interest in all
lithium bearing pegmatite dykes, with the balance of the mining
rights, including precious metals, owned by an armed length
party.
The property was recently surveyed with
UAV-borne magnetic and Lidar surveys conducted EarthEx Geophysical
between May 28 and June 15, 2022, and comprised 1,264.7-line km.
Dyke 1 and Dyke 8, are the most prominent dykes on Zoro, as they
remain open at depth and along strike and the survey results, along
with further summer exploration, will provide a base map for
targeting for planned follow-up drilling to assess both dykes with
the goal of expanding existing resource.
Jean Lake Property
The Jean Lake Property consists of five contiguous claims
totaling 2,476 acres/1,002 hectares.
The property contains three pegmatites: B1, B2,
and B3. The B1 and B2 pegmatites contain coarse-grained spodumene,
confirmed by 2023 drilling. Results include 1.26% Li2O over a
length of 3.35 metres in drill hole FM23-01A. Additionally, hand
samples have returned assays of 3.89% to 5.17% in two samples from
pegmatite dyke B1 and 3.81% to 4.74% Li2O in three samples from
pegmatite dyke B2. Further assessment will be conducted on the Jean
Lake Property to assess B1, B2 and B3 and their strike
extensions.
Foremost will provide updates on the exploration progress and
results, on subsequent news releases.
The technical content of this news release has
been reviewed and approved by Dr. Mark Fedikow, P.Geo. who is a
Qualified Person within the meaning of SK-1300/ NI 43-101.
On Behalf of the Board of DirectorsJason
Barnard, President and CEOEmail: info@foremostlithium.com Phone: +1
(604) 330-8067
About Foremost Lithium
Foremost Lithium is a hard-rock lithium
exploration company focused on empowering the North American clean
energy economy. Foremost’s strategically located lithium properties
extend over 43,000 acres in Snow Lake, Manitoba, and It’s Lac
Simard South property in Quebec extends over 11,400 acres, in known
active lithium camps.
Foremost’s four flagship Lithium Lane Projects
as well as its Lac Simard South project are situated at the tip of
the NAFTA superhighway to capitalize on the world's growing EV
appetite, strongly positioning the Company to become a premier
supplier of North America's lithium feedstock. As the world
transitions towards decarbonization, the Company's objective is the
extraction of lithium oxide (Li₂O), and to subsequently play a role
in the production of high-quality lithium hydroxide (LiOH), to help
power lithium-based batteries, critical in developing a
clean-energy economy. Foremost Lithium also has the Winston
Gold/Silver Property in New Mexico USA. Learn More at
www.foremostlithium.com.
Follow us or contact us on social
media:Twitter: @foremostlithiumLinkedin:
https://www.linkedin.com/company/foremost-lithium-resource-technology/
Facebook: https://www.facebook.com/ForemostLithium
Forward-Looking Statements
This news release contains "forward-looking
statements" and "forward-looking information" (as defined under
applicable securities laws), based on management's best estimates,
assumptions, and current expectations. Such statements include but
are not limited to, statements with respect to the plans for future
exploration and development of the Company's properties and the
acquisition of additional exploration projects. Generally, these
forward-looking statements can be identified by the use of
forward-looking terminology such as "expects", "expected",
"budgeted", "forecasts", "anticipates" "plans", "anticipates",
"believes", "intends", "estimates", "projects", "aims",
"potential", "goal", "objective", "prospective", and similar
expressions, or that events or conditions "will", "would", "may",
"can", "could" or "should" occur. These statements should not be
read as guarantees of future performance or results. Such
statements involve known and unknown risks, uncertainties and other
factors that may cause actual results, performance or achievements
to be materially different from those expressed or implied by such
statements, including but not limited to: risks related to the
receipt of all necessary regulatory and third party approvals for
the proposed operations of the Company's business and exploration
activities; risks related to the Company's exploration properties;
risks related to international operations; risks related to general
economic conditions; actual results of current exploration
activities; unanticipated reclamation expenses; changes in project
parameters as plans continue to be refined; fluctuations in prices
of commodities including lithium and gold; fluctuations in foreign
currency exchange rates; increases in market prices of mining
consumables; possible variations in reserves; failure of plant,
equipment or processes to operate as anticipated; accidents, labour
disputes, title disputes, claims and limitations on insurance
coverage and other risks of the mining industry; delays in the
completion of exploration, development or construction activities;
changes in national and local government regulation of mining
operations; tax rules and regulations; and political and economic
developments in jurisdictions in which the Company operates.
Although the Company has attempted to identify important factors
that could cause actual results to differ materially from those
contained in forward-looking statements, there may be other factors
that cause results not to be as anticipated, estimated or intended.
There can be no assurance that such statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. The
forward-looking statements and forward-looking information are made
as of the date hereof and are qualified in their entirety by this
cautionary statement. The Company disclaims any obligation to
revise or update any such factors or to publicly announce the
result of any revisions to any forward-looking statements or
forward-looking information contained herein to reflect future
results, events, or developments, except as require by law.
Accordingly, readers should not place undue reliance on
forward-looking statements and information. Please refer to the
Company's most recent filings under its profile at www.sedar.com
for further information respecting the risks affecting the Company
and its business.
The Canadian Securities Exchange has neither
approved nor disapproved the contents of this news release and
accepts no responsibility for the adequacy or accuracy hereof.
Photos accompanying this announcement are available
athttps://www.globenewswire.com/NewsRoom/AttachmentNg/855682b5-fef1-429c-a36f-1780df7adaf5https://www.globenewswire.com/NewsRoom/AttachmentNg/b86aa368-3ffa-4fa8-ae7b-8f1c678e5367https://www.globenewswire.com/NewsRoom/AttachmentNg/1424b695-101c-4a4e-b153-6c15d3a197bc
Foremost Lithium Resourc... (NASDAQ:FMST)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Foremost Lithium Resourc... (NASDAQ:FMST)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024