VANCOUVER, British Columbia, Sept. 14, 2023 (GLOBE NEWSWIRE) — Foremost Lithium Resource & Technology Ltd. (NASDAQ:FMST) (CSE:FAT) (FSE:F0R), a North American hard-rock exploration company focusing on lithium, has completed an extensive summer exploration program on its “Lithium Lane Properties”, near the historic mining center of Snow Lake, Manitoba.
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Dahrouge Geological Consulting (“DGC”) completed a 19-day mapping and sampling program on the 43,000-acre four properties, which included:
- Prospecting and rock sampling for geochemical analysis, focused on predefined priority targets
- Detailed geological mapping in highly prospective areas
- Systematic Mobile Metal Ion (MMI) geochemical grid covering structural areas-of-interest on the Peg North Property.
DGC focused on properties that are either under-explored or have good potential for discovering additional LCT pegmatite. To broaden the understanding of the source-rock relationships and zonation of the pegmatite, 71 pegmatite samples were collected, with 7 from spodumene-mineralized pegmatite and 64 from granitic pegmatite.
Jason Barnard, President and CEO, stated: “The initial exploration from DGC covering all four properties has gone exceedingly well. This approach including both geological and prospecting evaluations, combined with onsite rock geochemistry, will enable us to be well-positioned to have high-priority targets this coming drill season. We are focused on advancing our lithium project to the next phase while we work to build long-term shareholder value.”
At the Peg North Property, the historically mapped pegmatites were mapped and sampled, which verified the original 1949 mapping by the Geological Survey of Canada. Further exploration on the Peg North property uncovered an additional 45 pegmatites that were mapped and sampled. Additionally, 174 Mobile Metal Ion samples were collected from the area of a large magnetically depleted zone that occurs at the southern end of the previously unrecognized sinistral fault structure identified by Foremost Lithium’s recent UAV-assisted magnetic survey.
At the GRC Property, the historically mapped pegmatite outcrops were mapped and sampled with 11 samples collected from visible, granitic pegmatite exposures. This verified the 1950s exploration work undertaken on the property, verified in the assessment files housed in the office of the Manitoba Mining Recorder and subsequently mapped by the Manitoba Geological Survey.
At the Jean Lake Property, spodumene-pegmatite occurrences B1, B2, and B3, collectively referred to as the “Beryl Pegmatite” were sampled and mapped in further detail to assist with drill targeting for the upcoming drill season. This verified the presence of mineralized spodumene-pegmatite originally re-discovered during Foremost Lithium’s 2021 program, which consisted of 5 rock chips samples, 2 of which were from the B1 spodumene-pegmatite occurrence which returned assays of 3.89% and 5.17% Li2O. The 2023 exploration campaign returned 4 samples, 3 of which were from spodumene-bearing pegmatite at the B1 and B2 occurrences.
At the Zoro Property, the mapped spodumene occurrence “Dyke 1” was revisited for sampling and detailed mapping to assist with targeting for a proposed drill program. This verified the presence of spodumene-mineralized pegmatite on surface at Dyke 1. Eight pegmatite samples, 5 of which contained spodumene, were collected for assay.
Results from this summer exploration program, coupled with regional/local geological assessments, historical data, and high-resolution geophysics have enabled an effective drill targeting strategy, with drilling planned on all four properties in Q1, 2024. This marks a pivotal phase in the projects’ advancement.
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. The shares are trading at $6.18 on the CSE.
For more information on the company’s Lac Simard South property in Quebec and its Winston Gold/Silver Project in New Mexico, please visit the company’s website, www.ForemostLithium.com, contact Jason Barnard, President and CEO, at 604-330-8067 or email [email protected].
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