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Foremost Lithium Reports Widest Intercept to Date; 32.53 Metres of Spodumene-Bearing Pegmatite at its Zoro Lithium Project in Manitoba, Canada

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Foremost Lithium Reports Widest Intercept to Date; 32.53 Metres of Spodumene-Bearing Pegmatite at its Zoro Lithium Project in Manitoba, Canada

 

 

 

 

 

Highlights Include:

  • Drill hole FL 24-009 intersected 32.53 metres of spodumene-bearing pegmatite at its Zoro Dyke 1, the Company’s maiden resource area, starting at 196.23 metres
  • Drill hole FL24-010 intersected 14.19 metres of spodumene-bearing pegmatite starting at 174.57 metres
  • Ongoing definition drilling continues with systematic step-outs to test southward continuity of spodumene-bearing pegmatite at Dyke 1

 

Foremost Lithium Resource & Technology Ltd. (NASDAQ: FMST) (CSE: FAT) a North American hard-rock lithium exploration company, is pleased today provide a drilling progress update at the Zoro Lithium Property located in the Snow Lake region of Manitoba. Foremost reports the widest drill intercept to date with an intersection of spodumene-bearing pegmatite at Dyke 1, spanning a cumulative length of 32.53 meters. Dyke 1 hosts 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). Drill holes FL-24-009 and FL24-010 intersected 32.53 metres and 14.5 metres of spodumene-bearing pegmatite, respectively (See pictures 1 and 2 for pictures of drill core from two holes). Analytical results are still pending.

 

The presence of spodumene and the length of pegmatite encountered in multiple holes, highlighted by over 32-metres of spodumene-bearing pegmatite hit in one hole, are very positive in terms of the potential for our maiden resource to now grow in significant scale,” states Jason Barnard, President and CEO of Foremost Lithium. “As drilling progresses, the focus will continue to build resource to the south of Dyke 1, a promising new unchartered area, which has confirmed spodumene pegmatite as drilling progresses. Manitoba is emerging as a critical minerals hub of Canada and we are encouraged by the drilling results to date, of our Zoro Property for our Company and for our shareholders. We look forward to further results.”

 

 Picture 1 – Drill Core from FL 24-009

 

 Picture 2 – Drill Core from FL 24-010

 

Dyke 8

 

Drilling on the Zoro Property commenced in February, 2024, with holes FL2024-001 through FL2024-006 targeting Dyke 8 and surrounding areas. Drilling confirmed spodumene presence in some drill core. The core has been packaged and shipped to SGS in Burnaby, B.C. for assay analysis.

 

Zoro 1

 

Drilling is now focused on Zoro’s Dyke 1 at the southeast section of the property. Based on a comprehensive geological review, Dahrouge Geological Consulting (“DGC”) has identified the southern extension of Dyke 1 as a priority target. This section of Dyke 1 remains largely unexplored with limited historical drilling. The Company’s objective is to explore the pegmatite both at depth and along strike, and to test new zones that have remained unexplored until now.

 

Jody Dahrouge of DGC comments, “The winter exploration at Zoro, has confirmed the presence of spodumene mineralization within the drilled intersections at Dyke 1. Several of the drilled thicknesses exceed expectations and we are cautiously optimistic that these will provide the basis for the expansion of the known pegmatite system. The ongoing drill program will test the Dyke 1 strike extensions and elsewhere, as winter drill conditions permit.”

 

Drilling will further explore mineralization in order to create what is presently expected to be a geological framework for an updated Regulation SK-1300/ and Ni 43-101 resource estimate. To date, a total of 10 drill holes have been reported to be completed on the property covering approximately 2,100 meters. Refer to Figure 1 for drill hole location map and Tables 1 and 2 for more detailed information for each drill hole.

 

Figure 1 – Zoro Property Location Map Indicating Drill Hole Locations

 

Table 1 – 2024 Drilling Header Summary

 

Hole ID Target Core Size Hole Depth (m) Grid Northing Easting Elevation Azimuth Dip
FL24-001 Dyke 8 NQ 124 NAD83 / UTM zone 14N 6080344 6080344 290 68 -55
FL24-002 Dyke 8 NQ 179 NAD83 / UTM zone 14N 6080311 6080311 290 68 -65
FL24-003 Dyke 8 NQ 124.98 NAD83 / UTM zone 14N 6080391 6080391 290 77 -55
FL24-004 Dyke 8 NQ 149 NAD83 / UTM zone 14N 6080251 6080251 290 100 -65
FL24-005 Dyke 8 NQ 119 NAD83 / UTM zone 14N 6080201 6080201 288 93 -45
FL24-006 Dyke 8 NQ 125 NAD83 / UTM zone 14N 6080116 6080116 288 102 -45
FL24-007 Dyke 8 NQ 248 NAD83 / UTM zone 14N 6079098 6079098 276.6 74 -45
FL24-008 Dyke 1 NQ 394 NAD83 / UTM zone 14N 6079080 6079080 277.1 73 -55
FL24-009 Dyke 1 NQ 308 NAD83 / UTM zone 14N 6078940 6078940 284.9 77 -55
FL24-010 Dyke 1 NQ 288.88 NAD83 / UTM zone 14N 6078940 6078940 284.9 77 -45

Table 2 – 2024 Pegmatite Interval Summary

 

Hole number From To Length Rock Type
FL24-001 41.78 44.07 2.29 Pegmatite
FL24-001 56.56 62.12 5.56 Spodumene Pegmatite
FL24-002 71.62 75.36 3.74 Spodumene Pegmatite
FL24-002 80.73 81.7 0.97 Pegmatite
FL24-002 84.08 89.19 5.11 Spodumene Pegmatite
FL24-003 13.92 15.23 1.31 Pegmatite
FL24-003 19.78 24.4 4.62 Pegmatite
FL24-003 37.52 39.1 1.58 Pegmatite
FL24-005 26.34 27.6 1.26 Pegmatite
FL24-005 78.22 79.06 0.84 Pegmatite
FL24-006 69.41 71.1 1.69 Pegmatite
FL24-007 79.64 80.19 0.55 Pegmatite
FL24-009 196.23 206.38 10.15 Spodumene Pegmatite
FL24-009 222.09 233.04 10.95 Spodumene Pegmatite
FL24-009 234.37 245.8 11.43 Spodumene Pegmatite
FL24-010 174.57 177.48 2.91 Pegmatite
FL24-010 177.48 188.76 11.28 Spodumene Pegmatite

Geology

 

Spodumene-bearing pegmatite is defined by the visible occurrence of spodumene as distinct mineral crystals, varying in size and orientation, within a quartz-feldspar pegmatite matrix across the specified interval. Visual assessments of mineral abundance are not to be used as replacements or equivalents for laboratory analyses, where precise measurements of concentrations or grades are critical for economic evaluation.

 

The reported drill intersection lengths, derived from linear measurements along the drill core, may not accurately represent the true width of the mineralized zones due to angular differences between the drill path and mineralization orientation. Best practices in drilling techniques and geological interpretation are being utilized to intersect mineralization in an orientation that approximates the true width as closely as feasible. Detailed geological modelling and analysis are being conducted to refine these estimates and achieve a more precise characterization of the mineralized body’s true dimensions.

 

Analysis

 

Core processing continues on-site, with core samples being shipped and submitted to SGS Canada’s laboratory in Burnaby, BC. Core sample assays remain to be announced as current processing is underway at the laboratory. Results are anticipated to be reported in batches in the coming weeks.

 

Option Grant

 

Foremost Lithium wishes to announce it has granted a consultant to the Company a fully vested stock option to purchase an aggregate of up to 20,000 common shares of the Company at an exercise price of CAD $3.30 per common share of the Company, expiring two years of date of grant. The stock option is granted in accordance with the Company’s current Stock Incentive Plan and the policies of the Canadian Securities Exchange.

 

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 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.

 

Posted March 27, 2024

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