Foremost Lithium Resource & Technology Ltd. (NASDAQ: FMST)
(CSE: FAT) (“Foremost Lithium”, “Foremost” or the “Company”), a
North American hard-rock lithium exploration company, is pleased
today to provide a drilling progress update for its 2024 winter
drill program on its Zoro Property located in the Snow Lake region
of Manitoba. The Company reports that 2 holes targeting Dyke 1 (see
figure 1 below) have been completed with assay results confirming
lithium mineralization spanning a cumulative length of 25.92m.
Highlights in drill holes FL24-009 and FL24-010 include 1.52% Li2O
over 5.02 m and 1.09% Li2O over 9.88 m. Dyke 1 hosts the Company's
maiden inferred resource of 1,074,567 tons at a grade of 0.91%
Li2O, with a cut-off grade of 0.3%, as outlined in the Company’s
filed Regulation SK-1300 Technical Report Summary (2023) and
NI-43-101 Technical Report (2018).
“We are very encouraged as we continue to expand
the lithium mineralization on our maiden resource,” states Jason
Barnard, President and CEO of Foremost Lithium. “Foremost Lithium
is striving to become a premier supplier of North America’s lithium
feedstock. Further resource development along with our continued
business development, such as planned infrastructure, will pave the
way to our continued growth. Dyke 1 currently contains 24,000 tons
of lithium carbonate which, when converted, would be able to
manufacture roughly 400,000 car batteries to power electric
vehicles. With the potential to increase resource as drilling
progresses – and as government regulation, such as the current U.S.
administration’s Inflation Reduction Act, incentivizes U.S.
domestic supply – we look forward to future upside for our Company
and shareholders.”
Figure 1 - Zoro Dyke 1 Location Map Indicating Drill
Hole Locations
Dyke 1 Drill Results
Drill results for the 2 drill holes completed at
the Dyke 1 spodumene pegmatite are reported below in Tables 1 and
2. These holes primarily target the depth extension of the
pegmatite body. Results include:
- Drill hole FL24-009
intersected 7.96 m of spodumene-bearing pegmatite returning 1.03%
Li2O starting at a depth of
233.04 m
- Drill hole FL24-009
intersected 5.02 m of spodumene-bearing pegmatite returning 1.52%
Li2O starting at a depth of
235.98 m
- Drill hole FL24-010
intersected 9.88 m of spodumene-bearing pegmatite returning 1.09%
Li2O starting at a depth of 77.57
m
- Drill hole FL24-010
intersected 5.37 m of spodumene-bearing pegmatite returning 1.34%
Li2O starting at a depth of
180.73 m
These intersections mark a development in the
understanding of the Dyke 1 spodumene pegmatite, revealing
previously untested mineralization at depth. The assay results
confirm the presence of a well-mineralized zone, suggesting the
potential for an expanded resource base within this sub-section of
the pegmatite body, as well as continued drilling indicates the
potential of mineralization outside of the current resource
estimate for Dyke 1.
Table 1 – 2024 Drilling Summary
Hole ID |
Target |
Core Size |
Hole Depth (m) |
Grid |
Northing |
Easting |
Elevation |
Azimuth |
Dip |
AnalyticalResults |
FL24-001 |
Dyke 8 |
NQ |
124 |
NAD83 / UTM zone 14N |
6080344 |
6080344 |
290 |
68 |
-55 |
Pending |
FL24-002 |
Dyke 8 |
NQ |
179 |
NAD83 / UTM zone 14N |
6080311 |
6080311 |
290 |
68 |
-65 |
Pending |
FL24-003 |
Dyke 8 |
NQ |
124.98 |
NAD83 / UTM zone 14N |
6080391 |
6080391 |
290 |
77 |
-55 |
Pending |
FL24-004 |
Dyke 8 |
NQ |
149 |
NAD83 / UTM zone 14N |
6080251 |
6080251 |
290 |
100 |
-65 |
Pending |
FL24-005 |
Dyke 8 |
NQ |
119 |
NAD83 / UTM zone 14N |
6080201 |
6080201 |
288 |
93 |
-45 |
Pending |
FL24-006 |
Dyke 8 |
NQ |
125 |
NAD83 / UTM zone 14N |
6080116 |
6080116 |
288 |
102 |
-45 |
Pending |
FL24-007 |
Dyke 1 |
NQ |
248 |
NAD83 / UTM zone 14N |
6079098 |
6079098 |
276.6 |
74 |
-45 |
Pending |
FL24-008 |
Dyke 1 |
NQ |
394 |
NAD83 / UTM zone 14N |
6079080 |
6079080 |
277.1 |
73 |
-55 |
Pending |
FL24-009 |
Dyke 1 |
NQ |
308 |
NAD83 / UTM zone 14N |
6078940 |
6078940 |
284.9 |
77 |
-55 |
Received |
FL24-010 |
Dyke 1 |
NQ |
288.88 |
NAD83 / UTM zone 14N |
6078940 |
6078940 |
284.9 |
77 |
-45 |
Received |
Table 2 – 2024 Pegmatite Interval Assay Results (Drill
Holes FL24-009 & FL24-010)
Hole number |
Intersection |
From (m) |
To (m) |
Width (m) |
Li2O% |
FL24-010 |
176.22 |
186.1 |
9.88 |
1.09 |
incl. |
176.22 |
179.48 |
3.26 |
1.08 |
incl. |
180.73 |
186.1 |
5.37 |
1.34 |
FL24-009 |
197.01 |
205 |
7.99 |
0.92 |
and |
223.07 |
241 |
17.93 |
0.61 |
incl. |
233.04 |
241 |
7.96 |
1.03 |
incl. |
235.98 |
241 |
5.02 |
1.52 |
Analytical results are still pending on the
remaining drill core to date and will be reported upon
analysis.
Exploration StrategyForemost
remains focused on advancing its lithium projects to meet the
growing demand for lithium, which is essential for electric
vehicles and the stationary storage batteries market. Foremost will
continue its exploration efforts at Dyke 1, with additional
drilling planned to further define and expand the known zones of
mineralization. A geological cross-section of FL24-009 and FL24-010
is presented in Figure 2 below. These mineralized drill intercepts
confirm an extension of Zoro Dyke 1 in a zone that was previously
unexplored. The pegmatite remains open at depth along its southern
extension.
The extension of Dyke 1 to the southeast and at
greater depths has emerged as a priority based on a detailed
analysis of geological data. The Company’s drilling efforts are
expanding southward, aiming to explore and potentially increase the
resource estimate by identifying new mineralized zones. This
approach leverages advanced geological expertise, aiming to
maximize the potential for resource expansion.
Figure 2 – Zoro (Dyke 1) Cross Section of FL24-009,
FL24-010 & Historical Drilling
Data Verification / Quality Assurance and Quality
Control
Due to the vertical orientation and variable
nature of mineralization at the Company’s Dyke 1 deposit, the
reported drill intersection lengths, derived from linear
measurements along the drill core, may not accurately represent the
true width of the mineralized zones. Best practice drilling
techniques and geological interpretation are being utilized to
intersect mineralization in an orientation that approximates the
true width as closely as feasible. Detailed geological modelling
and analysis are being conducted to refine these estimates and
achieve a more precise characterization of the mineralized body’s
true dimensions.
Sample collection, handling, preparation and
analysis are monitored with the implementation of chain-of-custody
procedures and quality assurance-quality control (QA-QC) programs
that follow industry best practices. All samples were submitted to
SGS Labs in Burnaby, BC, for determination of lithium via sodium
peroxide fusion.
Qualified Person
Technical information in this news release has been reviewed and
approved by Matthew Carter, P.Geo., who is a Qualified Person as
identified by Canadian National Instrument 43-101-Standards of
Disclosure for Mineral Projects and as defined by the Securities
and Exchange Commission’s Regulation S-K 1300 Rules for Disclosure
by Registrants Engaged in Mining Operations.
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.
Contact and Information
CompanyJason Barnard, President and CEO+1 (604)
330-8067info@foremostlithium.com
Investor RelationsLucas A. ZimmermanManaging
DirectorMZ Group - MZ North America(949) 259-4987FMST@mzgroup.us
www.mzgroup.us
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media:Twitter: @foremostlithium (now X)Linkedin:
https://www.linkedin.com/company/foremost-lithium-resource-technology/
Facebook: https://www.facebook.com/ForemostLithium
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.
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 analyses and other
information that are based on forecasts of future results,
estimates of amounts not yet determinable, 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. For forward-looking statements in this news
release, the Company claims the protection of the safe harbor for
forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995. 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.sedarplus.com for further information respecting the risks
affecting the Company and its business. This news release shall not
constitute an offer to sell or the solicitation of an offer to buy
securities.
Photos accompanying this announcement are available at
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