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
second and final cash payment in the amount of $17,500 plus GST for
the acquisition of Lac Simard South Property (the
“
Property”), previously announced on March 20,
2023.
Lac Simard South land package consists of 80 mineral claims
covering 11,482 acres/4,647 hectares.
Figure 1. Property Location Map of Lac Simard South in
Quebec, Canada
https://www.globenewswire.com/NewsRoom/AttachmentNg/25d8170b-d855-4749-992d-8c47a1dd9639
“Acquiring the Lac Simard South property aligns with our
strategy to be in proximity of a lithium mine and concentrator,”
said Jason Barnard, Chief Executive Officer and President of
Foremost Lithium. “Producing and delivering Direct Shipping Ore
(DSO) will enable us to generate net cash and partner with
downstream refineries to supply their raw lithium ore. We intend to
optimize the advantages the property offers and look forward to
beginning our exploration efforts.”
Figure 2. Lac Simard South Property Claims with
surrounding concentrators and refineries. Total – 11,482
acres/4,647 hectares.
https://www.globenewswire.com/NewsRoom/AttachmentNg/2750c18e-7c4f-499b-8df2-d7fedb6f284c
Lac Simard South Property is located approximately 90km
southwest from the NAL Lithium Processing Plant (a Piedmont/Sayona
Joint Venture) (“NAL”). On September 06, 2023, NAL announced the
receipt of the first cash proceeds following the inaugural shipment
of lithium spodumene concentrate to the international lithium
market. The first shipment consisted of approximately 20,500 wmt
(19,200 dry metric tonnes or dmt) of spodumene concentrate and was
sold via a major trading company.¹
Lac Simard South Property is located in a well-developed mining
region with readily available support facilities and services and
is situated 80km southwest of Val-D'or, an established logistics
hub for mining services. Val-d’Or is a city with a population of
30,000 and is well-known for its mining history, with an
experienced mining workforce. The Property is easily accessible
year-round by way of well-maintained roads, with little overburden
connecting and within a few km from major highways. The province of
Quebec is a major producer of electricity and one of the largest
hydropower generators in the world, and a hydroelectric power plant
is situated right within the property claim block, allowing access
to grid power and low-cost hydroelectricity.
The Company intends to begin a future work program to test the
identified pegmatites associated in Quebec’s active lithium,
mining, and refining region. The exploration program’s first steps
are expected to include ground truthing to confirm and describe the
nature of the identified pegmatites as well as prospecting selected
areas to find lithium-bearing pegmatites. Uses of indirect
techniques such as drone-assisted magnetic surveys, in addition to
surficial geochemical surveys including MMI, will be contemplated
in areas with scarce outcrops to help delineate new targets
prospective for lithium-bearing pegmatites. Foremost will
strategize further plans upon the return of initial assay
results.
About Foremost Lithium
Foremost Lithium (NASDAQ: FMST) (CSE: FAT) 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.
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
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.
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.
CompanyJason Barnard, President
and CEO+1 (604) 330-8067info@foremostlithium.com
Investor RelationsMichael Kim or
Brooks HamiltonMZ North America +1 (737)
289-0835FMST@mzgroup.us
_______________________¹ https://wcsecure.weblink.com.au/pdf/SYA/02708461.pdf
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