VANCOUVER, British Columbia, Aug. 31, 2023 (GLOBE NEWSWIRE) -- Foremost Lithium Resource & Technology Ltd. (NASDAQ:FMST) (CSE:FAT) (FSE:F0R), a hard-rock exploration company with a focus on lithium, is busy with an extensive exploration program on its Manitoba properties prior to its upcoming drill season.
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On August 24th, the company began trading on NASDAQ under the symbol “FMST”, while closing a financing of 800,000 units at US$5.00, raising gross proceeds of US$4 million.
This was followed by the appointment of Jody Dahrouge, President of Dahrouge Geological Consulting, to its Advisory Board. Jody and his company played significant roles in unearthing some of the largest Canadian hard-rock lithium discoveries and have a proven track record including being the original vendor of Patriot Battery Metal’s Corvette Property in Quebec.
Dahrouge Geological is conducting a large-scale surface exploration program on Foremost’s four Lithium Lane properties, which cover more than 43,000 acres in Snow Lake, Manitoba for Lithium Cesium Tantalum or “LCT” pegmatites, focussing on areas that are either under-explored or exhibit potential for discovering additional LCT pegmatites.
The program will include:
- 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.
The Peg North Project, which covers 16,697 acres or 6,757 hectares, 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. Spodumene-bearing LCT pegmatite has been historically associated with the Crowduck Bay Fault. 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. Its presence indicates the possibility of it being a potential conduit for LCT mineralization, thus warranting further exploration.
At the Grass River or “GRC” Project, which covers 15,664 acres or 6,339 hectares, a total of 10 pegmatites have been identified. 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, which showed 19 pegmatite intersections, 7 of which are drill-indicated spodumene-bearing pegmatites, providing additional evidence of LCT pegmatite mineralization on the property.
The Zoro Property covers 8,377 acres or 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%. Two additional option agreements on the Zoro Property host 15 additional spodumene-bearing pegmatite dykes discovered to date.
The Jean Lake Property, which covers 2,476 acres or 1,002 hectares, contains three pegmatites. 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 to assess B1, B2 and B3 and their strike extensions.
Moving to Quebec, the company’s Lac Simard South property, 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. The company also holds an asset in precious commodities with its Winston Gold/Silver Project in New Mexico.
The shares are trading at $6.00 on the CSE. For more information, please visit the company’s website, www.ForemostLithium.com, contact Jason Barnard, President and CEO, at 604-330-8067 or email info@ForemostLithium.com.
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