Foremost Lithium Resource & Technology (FAT-Cse) Completes Exploration Program in Preparation of Upcoming Drill Season
September 11th 2023 - NR
Foremost Lithium Resource & Technology a North American hard-rock lithium exploration company, has completed an extensive summer exploration program on its “Lithium Lane Properties”, near the historic mining center of Snow Lake, Manitoba.
Figure 1-0 Foremost Lithium’s Lithium Lane Claim Map
Dahrouge Geological Consulting Ltd. (“DGC”), has conducted a large-scale surface exploration program on Foremost’s four Lithium Lane properties for Lithium Cesium Tantalum (“LCT”) pegmatites including:
Prospecting and rock sampling for geochemical analysis, focused on predefined priority targets
Detailed geological mapping in highly prospective areas
Systematic Mobile Metal Ion (MMI) geochemical grid covering structural areas-of-interest on the Peg North Property.
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.
“The initial exploration from DGC covering all four properties has gone exceedingly well,” said Jason Barnard, President and Chief Executive Officer of Foremost Lithium. “This approach including both geological and prospecting evaluations, combined with onsite rock geochemistry, will enable us to be well-positioned to have high-priority targets this coming drill season. We are focused on advancing our lithium project to the next phase while we work to build long-term shareholder value.”
Summary of 2023 Exploration Program
Dahrouge Geological Consulting Ltd., on behalf of Foremost Lithium, completed a 19-day mapping and sampling program on their Lithium Lane properties that resulted in the collection of seventy-one (71) pegmatite samples. Seven (7) samples were collected from spodumene-mineralized pegmatite and the remaining sixty-four (64) from granitic pegmatite to broaden the understanding of the source-rock relationships, and zonation of the pegmatite. Additionally, a systematic MMI survey was conducted on the Peg North property to assess the nature of the magnetically depleted zone associated with a substantial north-trending sinistral fault and its potential as a pegmatite conduit. From this, 174 samples were collected to test for geochemical anomalies that may indicate the presence of subsurface pegmatites.
All samples have been submitted to SGS Laboratory in Burnaby for analysis, with results anticipated in the coming weeks.
Peg North Property
At the Peg North Property, the historically mapped pegmatites were mapped and sampled. This work verified the original 1949 mapping by the Geological Survey of Canada. Further exploration on the Peg North property uncovered an additional forty-five (45) pegmatites that were mapped and sampled. Additionally, 174 MMI samples were collected from the area of a large magnetically depleted zone that occurs at the southern end of the previously unrecognized sinistral fault structure identified by Foremost Lithium’s recent UAV-assisted magnetic survey.
Photo 9, Photo 10, and Photo 11: Identification of spodumene crystals at the Dyke 1 occurrence on the Zoro Property.
Next Steps – Drilling and Enhanced Field Program
Preparations have now commenced for an upcoming drill campaign on all four properties, marking a pivotal phase in the projects’ advancement. The field program will also be enhanced to incorporate channel sampling and higher-resolution mapping and sampling to advance Foremost Lithium’s understanding of the geological landscape.
The results from the 2023 summer exploration program, coupled with regional/local geological assessments, historical data, and high-resolution geophysics have all been essential inputs and have enabled an efficient and effective drill targeting strategy. Drilling is planned for Q1 2024.
Corporate News
The Company would like to announce that Dr. Mark Fedikow has stepped down in his role as Vice President of Exploration but will remain with Foremost as a geoscientific advisor and remain on the company’s advisory board. Dr. Fedikow has more than 40 years of industry and government experience as a mineral deposits geologist and an exploration geochemist. He has been with the company since 2016 and co-authored the Company’s SK-1300 Technical Report Summary (2023)/ NI-43101 Technical Report titled “NI 43-101 Technical Report on the Zoro Lithium Project, Snow Lake, Manitoba” (2018). The Company looks forward to a continued relationship with Dr. Fedikow in an advisory capacity.
The Company also wishes to update disclosure made previously in its September 7, 2023, news release to clarify that the Company has granted incentive stock options exercisable to acquire an aggregate of 125,000 common shares, rather than 155,000 common shares as disclosed on previous news release at $CAD 6.60 per share, of which 85,000 are exercisable for a period of five (5) years, and 40,000 are exercisable for a period of three (3) years.
Qualified Person
The technical information contained in this news release has been reviewed by Matthew Carter B.Sc., P.Geo., of Dahrouge Geological Consulting, who is a “Qualified Person” as defined in NI 43-101.
On Behalf of the Board of Directors
Jason Barnard, President and CEO
Email: info@foremostlithium.com
Phone: +1 (604) 330-8067
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 hosts 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 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.
Company
Jason Barnard, President and CEO
+1 (604) 330-8067
info@foremostlithium.com
Investor Relations
Michael Kim or Brooks Hamilton
MZ North America
+1 (737) 289-0835
FMST@mzgroup.us
Photos accompanying this announcement are available at:
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Figure 1-0
Foremost Lithium’s Lithium Lane Claim Map
Figure 2-0
2023 Pegmatite Samples on the Peg North Property
Photo 1 and Photo 2
Peg North Property, outcrop FM23-016. Typical pegmatite composition on the Peg North Property.
Figure 3-0
2023 MMI Samples on the Peg North Property
Figure 4-0
2023 Pegmatite Samples on the GRC Property
Photo 3 and Photo 4
Typical appearance of granitic pegmatite on the GRC Property.
Figure 5-0
2023 Pegmatite Samples on the Jean Lake Property
Photo 5 and Photo 6
Large spodumene crystals at the B1 Occurrence on the Jean Lake Property.
Photo 7 and Photo 8
Identification of spodumene at occurrence B2, outcrop FM23-058
Figure 6-0
2023 Pegmatite Samples on the Zoro Property
Photo 9, Photo 10, and Photo 11
Identification of spodumene crystals at the Dyke 1 occurrence on the Zoro Property. |
