Foremost Lithium Resource & Technology Ltd. (NASDAQ:
FMST) (CSE: FAT) (“
Foremost Lithium”,
“
Foremost” or the “
Company”), a
North American hard-rock lithium exploration company, today
announced that it has made the third and final cash payment in the
amount of $25,000USD to acquire a 100% interest in and to the
Little Granite Gold/Silver Mine claims (collectively, the
"Property") within the Winston Group of Properties
as previously announced on December 14, 2022.
Under the amended terms of this acquisition,
Foremost successfully negotiated a reduction in the final cash
payment required to exercise its option to acquire the Property
from $380,000USD to $75,000USD (which was paid) which had been
satisfied through the issuance a non-interest-bearing promissory
note to the arm's length Property Vendor (the
"Note"). The Note was due and payable by October
15, 2023 and, following the amendments, the Company has now
acquired the Property for aggregate consideration of $186,000USD
versus aggregate consideration of $434,000USD under the original
terms of the acquisition.
“This is a great property, drilled in 1980’s
with a historical geologic report by geologist Christopher B.
Dewitt, detailing the tracing of a gold bearing vein for over 1,000
feet with assay results returning gold grades of over one ounce per
ton1” comments Jason Barnard, Chief Executive Officer and President
of Foremost. “As the precious metals market resumes its uptrend, I
expect investors will begin to recognize the value of this
property. It’s great to be part of an organization with a portfolio
that is rich not just in battery minerals but also precious metals,
which adds another layer of opportunity for our company and its
stakeholders to increase value. The Board and I would also like to
Thank Ray Strafehl who was integral in assisting us with the
acquisition of Little Granite Gold/Silver Mine claims.”
Figure. 1 - Location of the Winston Property Winston,
New Mexico
Foremost has extended its land holdings most
recently by staking seven additional claims at the north end of the
Property. The purpose was to secure a more solid holding of the
northern extension of the PayMaster Fault, a structural trend known
for historic gold discoveries. The Winston Property now consists of
147 unpatented mining claims and 2 patented Ivanhoe and Emporia
lode mining claims, comprising a total of 3,000 acres.
The Winston Group of Properties contains three
historic mines: Ivanhoe; Emporia; and Little Granite; located in
Sierra County, New Mexico, USA. The Little Granite Mine has been
worked during several periods since discovery in the 1870s;
workings consist of 3 shafts, a 470ft decline and several
underground levels. The historic mines are hosted by north-south
orientated vein systems which display characteristics typical of
low sulphidation epithermal style mineralization, carrying grades
in gold and silver. A sampling program at the Little Granite Mine
last year returned results ranging from 0.10 to 66.50 g/t gold and
7.6 to 2,940 g/t silver as disclosed in the Company's press release
on June 29, 2022.
Foremost contracted KLM Geophysical Exploration,
from Caliente, Nevada, to complete a ground magnetic survey in
Spring 2023. This data was processed to generate Total Magnetic
Intensity and other map products which provide important structural
context for the Property. A 3D GIS (“Geographic Information
System”) is used for all drill targeting and project
planning. Special attention was given to maintaining a high level
of vertical accuracy due to the local topography. Data compilation
both of historic and recent work, along with acquisition of
Magnetic and LiDAR data, has enabled the construction of a
high-precision geologic model.
Current exploration plans for the Winston Group
of Properties include review and focus along the northern portion
of the 7km long Paymaster Fault.
QP Statement
The technical content of this news release has
been reviewed by Dr. Michael Feinstein, CPG, who is a Qualified
Person as defined in NI 43-101 and as defined by SEC’s S-K
1300.
About Foremost Lithium
Foremost Lithium (NASDAQ: FMST) (CSE: FAT) (FSE:
F0R0) (WKN: A3DCC8) 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 includes a property in a
known active lithium camp situated on over 11,400 acres in Quebec
called Lac Simard South.
Foremost’s four flagship Lithium Lane Projects
(Zoro, Jean Lake, GRC, and Peg North), as well as its Lac Simard
South project, are located 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
CompanyJason Barnard, President and CEO+1 (604)
330-8067info@foremostlithium.comInvestor
RelationsMichael Kim or Brooks HamiltonMZ North America +1
(737) 289-0835FMST@mzgroup.us
The CSE has neither approved nor disapproved the
contents of this news release. The CSE does not accept
responsibility for the adequacy or accuracy of this release.
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.
1 “Economic Evaluation of the Little Granite Mine” (1984) by
Christopher B. DeWitt, Numex Geologic and Engineering Services;
Source: New Mexico Geological Society, c/o: New Mexico Bureau of
Geology & Mineral Resources, 801 Leroy Place Socorro, NM
87801-4796
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/bb9218db-7e24-46cf-bc6b-4b727733ff3f
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