InvestmentPitch Media Video Discusses Foremost Lithium and its Pending Acquisition of the Pegmatite-Hosting Lac Simard South Property within Sayona Mining’s Abitibi Hub of Lithium Projects in Quebec
31 Août 2023 - 12:00PM
Foremost Lithium Resource & Technology Ltd. (CSE:FAT)
(OTCQB:FRRSF) (FSE:F0R0), a hard-rock exploration company with a
focus on lithium, is acquiring a 100% interest on the Lac Simard
South property in Quebec, Canada. The Lac Simard South property,
consisting of 120 mining claims covering approximately 20,349
acres, or 8,235 hectares, is located approximately 90 km southwest
of Sayona Mining’s North American Lithium Mine, a joint venture
with Piedmont Lithium, and 80 km southwest of Val d’Or, a logistics
hub for mining services.
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It lies within the area that Sayona refers to as
its Abitibi Hub, which includes the Authier Lithium Project, the
Tansim project and the restored NAL operation. Sayona reported an
estimated Measured, Indicated and Inferred Mineral Resource of
101.9 million tonnes @ 1.06% Li2O, for 1.081 million tonnes of
contained Li2O for its Abitibi Hub and nearby Moblan Project.
Lac Simard South, with 24 pegmatites identified
from satellite imagery, is easily accessible year-round by way of
well-maintained roads with little overburden. According to a report
from 1980, the Lac Simard South property sampled 2.1% Lithium which
is 4.52% Lithium Oxide and 5.88% Tantalum Oxide.
Jason Barnard, President and CEO, stated: "We are
excited to be adding this pegmatite rich property to our growing
portfolio of lithium assets, in addition to moving east in this
prospective lithium-dense area of Canada. This acquisition is
consistent with our focus of acquiring quality assets near known
established lithium production and processing regions. Not only is
Lac Simard South property in an active lithium camp with large
established resources, but we will be located near Sayona's lithium
concentrators and refineries. We couldn't have picked a better
location as it offers year-round access with close proximity to
infrastructure enabling us to explore and drill during all seasons.
Quebec is known for being the most generous tax-incentive province
in our country, and our management team has already begun
strategizing ways to capitalize on this amazing opportunity for our
company and for shareholders."
Foremost Lithium will pay $50,000 upon closing and
another $50,000 within four months of closing, along with 1.5
million units. Each unit will consist of one share and one warrant,
which is exercisable at $0.35 for 36 months.
The property is underlain by the large
monzodiorite batholith of Lac Simard Sud, which is pinkish grey in
color and composed of plagioclase, K-feldspar hornblende with minor
amounts of epidote and quartz.
The company intends to begin an active work
program to test the identified pegmatites as well as prospecting
selected areas to locate lithium-bearing pegmatites. The company
anticipates using a EarthEx drone-assisted magnetic survey in
addition to surficial geochemical surveys including Mobile Metal
Ions technology to help delineate new targets in areas lacking
outcrops, which if located will be followed up with a drilling
program.
Québec’s clean and green hydropower, its
world-class infrastructure, skilled labour and proximity to North
American battery markets make it a leader in ESG-friendly lithium
production, with the province focused on developing its own battery
sector from mining to manufacturing.
Foremost Lithium also holds five Lithium Lane
Properties, Peg North, Jol, Grass River, Jean Lake and Zoro, which
cover more than 43,031 acres or 17,414 hectares, in Snow Lake,
Manitoba. These properties are all near existing infrastructure
including highway, grid power and railway. When combined with its
new acquisition, Foremost’s total lithium land holdings exceed
63,000 acres or 25,000 hectares.
The company also holds an asset in precious
commodities with its Winston Gold/Silver Project in New Mexico.
The shares are trading at $0.205. For more
information, please visit the company’s website,
www.ForemostLithium.com, call 604-330-8067 or email
info@ForemostLithium.com.
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video is for the viewers information only. Foremost Lithium has
paid a fee not exceeding $2,000 in cash to have its current news
release produced in video format. The corporate information is
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