VANCOUVER, British Columbia, June 30, 2022 (GLOBE NEWSWIRE) -- Foremost Lithium Resource & Technology Ltd. (CSE:FAT) (OTCQB:FRRSF) (FSE:F0R0) has signed an agreement to acquire a 100% interest in the Peg North Claims in Manitoba. The Peg North Claims, which host five known pegmatite dykes, are located in the highly prospective Snow Lake pegmatite fields.
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The property, consisting of 28 claims, captures the northern extension of the Crowduck Bay Fault and surrounding area, known for its lithium-enriched pegmatite dyke clusters. This acquisition will significantly expand the company's Snow Lake lithium holdings by 16,697 acres to a total of 43,031 acres.
To acquire its 100% interest in the Peg North Claims, subject only to a 2% NSR granted to Strider Resources, with Foremost having an option to purchase one-half (1%) of the NSR for $1.5 million, Foremost must make cash payments totalling $750,000, issue shares valued at $750,000 and incur $3,000,000 in exploration expenditures on or before the fifth anniversary of the Option Agreement. The shares will be issued at deemed market prices, with the initial option payment to Strider consisting of $100,000 in cash and 526,316 shares valued at $0.19 per share.
In addition to its 5 Manitoba lithium properties, the company has its Hidden Lake lithium project in the Northwest Territories. The company also holds an asset in precious commodities with its Winston Gold/Silver Project in New Mexico, USA
The shares are trading at $0.14. For more information on the company and its other projects, please visit www.ForemostLithium.com, or contact the company at 604-330-8067 or by email at IR@ForemostLithium.com.
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