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 to announce that is has
successfully completed its 2024 winter diamond drilling program on
its Zoro property, which was previously announced in the Company’s
press release dated February 13, 2024. The Company completed 5,826
meters, 21 diamond drill holes targeting untested mineralization to
the south-east of Dyke 1, the Company's maiden inferred resource of
1,074,567 tons at a grade of 0.91% Li2O, with a cut-off of 0.3%, as
outlined in the Company’s filed Regulation SK-1300 Technical Report
Summary (2023) and NI-43-101 Technical Report (2018).
Drilling results have demonstrated the
continuity of lithium mineralization along Dyke 1, targeting new,
untested areas proximal to the dyke, as well as infill areas along
strike and at depth. In the west, the body is comprised of multiple
near surface lithium-bearing pegmatites that range up to an
apparent 17.9 m thickness; Multiple 50-meter step-outs,
perpendicular to the strike of Dyke 1, were used to assess lateral
continuity as well as the presence of at depth, extending Dyke 1
from a previous 265-meter strike length to greater than 400 meters.
Spodumene was confirmed in drill core in several of the 50 metre
step out extensions, providing promising potential for new resource
calculation.
“We are pleased to announce the conclusion of a
successful drill program on our Zoro Property, which we believe is
likely to reflect a continuity of mineralized lithium along Dyke
1,” said Jason Barnard, President & CEO of Foremost Lithium.
“As global lithium trends continue to straighten, we look forward
to the final assay results, which provide the potential for us to
pursue additional resource expansion on the Zoro property.”
The Company reported initial assay results (see
press release dated April 08, 2024) on the first two holes
confirming lithium mineralization spanning a cumulative length of
25.92 metres including 1.09% Li2O across 10 metres on drill hole
FL24-010 and 1.52% Li2O in drill hole FL24-009 across 5.02 meters.
A total of 973 drill core samples have been collected for assay and
shipped to SGS Laboratories in Burnaby for detailed analysis. All
remaining assays are still pending and are anticipated to be
reviewed and completed in approximately 4 to 6 weeks.
Drilling Details*
Hole ID |
Prospect |
Easting (m) |
Northing (m) |
Elevation (m) |
Azimuth (deg.) |
Dip (deg.) |
Depth (m) |
FL24-001 |
Dyke 8 |
459503 |
6080341 |
291 |
68 |
55 |
125 |
FL24-002 |
Dyke 8 |
459487 |
6080307 |
290 |
68 |
65 |
176 |
FL24-003 |
Dyke 8 |
459496 |
6080388 |
291 |
77 |
55 |
125 |
FL24-004 |
Dyke 8 |
459494 |
6080256 |
291 |
100 |
65 |
149 |
FL24-005 |
Dyke 8 |
459435 |
6080198 |
295 |
93 |
45 |
119 |
FL24-006 |
Dyke 8 |
459440 |
6080115 |
296 |
102 |
45 |
125 |
FL24-007 |
Dyke 1 |
458332 |
6079101 |
280 |
74 |
45 |
248 |
FL24-008 |
Dyke 1 |
458274 |
6079080 |
280 |
73 |
55 |
395 |
FL24-009 |
Dyke 1 |
458369 |
6078943 |
287 |
77 |
55 |
308 |
FL24-010 |
Dyke 1 |
458369 |
6078943 |
287 |
77 |
45 |
287 |
FL24-011 |
Dyke 1 |
458383 |
6078886 |
286 |
76 |
45 |
300 |
FL24-012 |
Dyke 1 |
458383 |
6078886 |
286 |
74 |
55 |
311 |
FL24-013 |
Dyke 1 |
458323 |
6078872 |
288 |
76 |
60 |
449 |
FL24-014 |
Dyke 1 |
458398 |
6078833 |
286 |
75 |
45 |
299 |
FL24-015 |
Dyke 1 |
458332 |
6078826 |
288 |
75 |
55 |
425 |
FL24-016 |
Dyke 1 |
458349 |
6078773 |
287 |
75 |
45 |
395 |
FL24-017 |
Dyke 1 |
458407 |
6078788 |
286 |
75 |
45 |
350 |
FL24-018 |
Dyke 1 |
458461 |
6078856 |
286 |
75 |
45 |
200 |
FL24-019 |
Dyke 1 |
458322 |
6078872 |
288 |
70 |
52 |
350 |
FL24-020 |
Dyke 1 |
458276 |
6079080 |
273 |
95 |
52 |
350 |
FL24-021 |
Dyke 1 |
458322 |
6078873 |
288 |
68 |
52 |
350 |
*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 were utilized to intersect
mineralization in an orientation that approximates the true width
as closely as feasible.
Figure 1: Location of diamond drill holes from
the Winter 2024 drill campaign superimposed on magnetic
Root-To-Pole (RPT) geophysical data.
Dyke 1 – Future Potential
The body is still open in all directions
indicating potential for continued resource expansion and
subsequent future drill programs. Foremost will be reporting the
results of all assays on a subsequent news release.
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 resource deposit disclosure.
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
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
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. 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.
A photo accompanying this announcement is available
at
https://www.globenewswire.com/NewsRoom/AttachmentNg/6a373778-151a-46f9-be3e-49f30513995a
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