Foremost Lithium Resource & Technology Ltd.
(
NASDAQ: FMST) (
CSE: FAT)
(“
Foremost Lithium”, “
Foremost”
or the “
Company”), a North American hard-rock
lithium exploration company, confirms further to its news release
on June 29, 2022 in respect of the Company's option ("the
Option") to acquire a 100% interest in the Peg
North Claims located in the historic Snow Lake Mining District in
Manitoba, that the Company has completed its third installment of
the Option payment due on or before June 28, 2024. In accordance
with the terms of the Option agreement, the third installment
payment consisted of a cash payment of $100,000 and the issuance of
28,818 common shares at a deemed price of $3.47 per share, being
the 30-day weighted volume average price of the Company’s shares on
the Canadian Securities Exchange. The shares are subject to a hold
period of four months and one day expiring on October 13, 2024.
Fig 1. Peg North Property
Map
The Peg North Property
The Peg North Claim block is the largest of the
Company’s Lithium Lane properties and consists of 16,697
acres/6,757 hectares or approximately, 26.4 square miles. It
contains many historically documented pegmatite outcrops, and high
volume of pegmatite dykes were discovered during the Summer 2023
exploration field program that Dahrouge Geological Consulting
undertook. The focus was on the historically mapped pegmatites to
assess the degree of pegmatite fractionation and to determine LCT
mineralization potential. Dense cover, difficult terrain, and
forest fires hindered exploration progress and a large area of Peg
North remains to be prospected. The Crowduck Bay Fault extends into
the Peg North Property which is known for its lithium-enriched
pegmatite dyke clusters; significant numbers of pegmatites seem to
be within unexplored territory highlighting the prominence of the
Crowduck Bay Fault.
“We are delighted to complete the third
installment of the option payment to acquire 100% interest of the
Peg North Claims, which we believe is a significant prospective
property for our Company, and believe it brings inherent value for
our shareholders,” states Jason Barnard, President and CEO of
Foremost Lithium. “While lithium pricing has experienced transitory
challenges, we feel market conditions are starting to change and
reflective of positive sentiment. We remain highly confident in our
Lithium Lane projects, and their potential. We are well positioned
within the industry and remain committed on the path towards future
value creation for our stakeholders.”
Foremost announced on October 08, 2023, that
LiDAR survey on the Peg North claim block would be completed in the
fall last year to add to the collection of high-resolution
magnetics aerial drone surveys on the property to better understand
the structural details of the property and its topographic
expressions. High-resolution LiDAR models of ground elevation or
relief on other of Foremost’s Lithium Lane properties have also
defined many areas with comparable orientations as known
spodumene-bearing pegmatite, suggesting that LiDAR and magnetic
could also be an effective tool for future drill targeting on Peg
North.
Future Plans
Foremost’s plans include extensive exploration
as the summer 2023 was limited due to the forest fires inhibiting
access to a large portion of the property. Additional
lithium-bearing pegmatites occur northeast, east and southeast of
the Peg North property which underscore the highly prospective
nature for repetitions of lithium-bearing pegmatite dykes, making
this property potential extremely favourable. Both magnetic survey
and LiDAR images, with appropriate orientations, coupled with
mapping, and geochemical survey, will provide a base to follow-up
exploration and drill targeting.
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
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
Except for the statements of historical fact
contained herein, the information presented in this news release
and oral statements made from time to time by representatives of
the Company are or may constitute “forward-looking statements” as
such term is used in applicable United States and Canadian laws and
including, without limitation, within the meaning of the Private
Securities Litigation Reform Act of 1995, for which the Company
claims the protection of the safe harbor for forward-looking
statements. These statements relate to analyses and other
information that are based on forecasts of future results,
estimates of amounts not yet determinable and assumptions of
management. Any other statements that express or involve
discussions with respect to predictions, expectations, beliefs,
plans, projections, objectives, assumptions or future events or
performance (often, but not always, using words or phrases such as
“expects” or “does not expect,” “is expected,” “anticipates” or
“does not anticipate,” “plans,” “estimates” or “intends,” or
stating that certain actions, events or results “may,” “could,”
“would,” “might” or “will” be taken, occur or be achieved) are not
statements of historical fact and should be viewed as
forward-looking statements. Forward-looking statements in this news
release include, among others, statements relating to: the timing,
structure and completion of the Spin-Out; the formation of RGR; the
transfer of the Winston Group of Properties from Foremost to RGR;
the timing and receipt of required shareholder, court, stock
exchange and regulatory approvals for the Spin-Out; the retained
ownership interest of Foremost in RGR; the terms of the Spin-Out;
the completion of the Financing and the amount of proceeds to be
received therefrom; and the listing of RGR on the CSE. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Such risks
and other factors include, among others, the availability of
capital to fund programs and the resulting dilution caused by the
raising of capital through the sale of shares, accidents, labor
disputes and other risks of the automotive industry including,
without limitation, those associated with the environment, delays
in obtaining governmental approvals, permits or financing or in the
completion of development or construction activities or claims
limitations on insurance coverage. Although the Company has
attempted to identify important factors that could cause actual
actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors
that cause actions, events or 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. Although the Company believes that the expectations
reflected in such forward-looking statements are based upon
reasonable assumptions, it can give no assurance that its
expectations will be achieved. Forward-looking information is
subject to certain risks, trends and uncertainties that could cause
actual results to differ materially from those projected. Many of
these factors are beyond the Company’s ability to control or
predict. Important factors that may cause actual results to differ
materially and that could impact the Company and the statements
contained in this news release can be found in the Company’s
filings with the Securities and Exchange Commission. The Company
assumes no obligation to update or supplement any forward-looking
statements whether as a result of new information, future events or
otherwise. Accordingly, readers should not place undue reliance on
forward-looking statements contained in this news release and in
any document referred to in this news release. This news release
shall not constitute an offer to sell or the solicitation of an
offer to buy securities. and information. Please refer to the
Company’s most recent filings under its profile at www.sedarplus.ca
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.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/e4d052d4-1a0a-42f0-a291-2211339ceacb
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